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Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
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Name : |
HAPPY THOSE INTERNATIONAL LTD. |
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Registered Office : |
Flat B, 6/F., Kimbry Court, 58-60 Kimberley Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.10.1988 |
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Com. Reg. No.: |
12341575 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of footwear |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on
international trade and finance - the value of goods and services trade,
including the sizable share of re-exports, is about four times GDP. Hong Kong
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong
Kong''s open economy left it exposed to the global economic slowdown that began
in 2008. Although increasing integration with China, through trade, tourism,
and financial links, helped it to make an initial recovery more quickly than
many observers anticipated, it again faces a possible slowdown as exports to
the Euro zone and US slump. The Hong Kong government is promoting the Special
Administrative Region (SAR) as the site for Chinese renminbi (RMB)
internationalization. Hong Kong residents are allowed to establish
RMB-denominated savings accounts; RMB-denominated corporate and Chinese
government bonds have been issued in Hong Kong; and RMB trade settlement is
allowed. The territory far exceeded the RMB conversion quota set by Beijing for
trade settlements in 2010 due to the growth of earnings from exports to the
mainland. RMB deposits grew to roughly 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous year. The
government is pursuing efforts to introduce additional use of RMB in Hong Kong
financial markets and is seeking to expand the RMB quota. The mainland has long
been Hong Kong''s largest trading partner, accounting for about half of Hong
Kong''s exports by value. Hong Kong''s natural resources are limited, and food
and raw materials must be imported. As a result of China''s easing of travel
restrictions, the number of mainland tourists to the territory has surged from
4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all
other countries combined. Hong Kong has also established itself as the premier
stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% of the Exchange''s market
capitalization. During the past decade, as Hong Kong''s manufacturing industry
moved to the mainland, its service industry has grown rapidly. Growth slowed to
5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply
conditions caused Hong Kong property prices to rise rapidly and inflation to
rise 4.1% in 2012. Lower and middle income segments of the population are
increasingly unable to afford adequate housing. Hong Kong continues to link its
currency closely to the US dollar, maintaining an arrangement established in
1983.
Source
: CIA
HAPPY THOSE
INTERNATIONAL LTD.
ADDRESS: Flat B, 6/F., Kimbry Court,
58-60 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2723 2613, 2723
2760
FAX: 852-2367 1837
Managing Director: Mr. Liu Wong
Hing
Incorporated on: 11th
October, 1988.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Flat B, 6/F., Kimbry Court, 58-60 Kimberley Road, Tsimshatsui, Kowloon,
Hong Kong.
China Factory:-
Panyu Lide Shoes Industry Co. Ltd.
1 Xingye Dadao, Nancun Town, Panyu, Guangzhou City, Guangdong Province,
China.
[Tel: 86-20-8476 7888 Fax:
86-20-8476 6867
E-mail: tonychang@leadershoe.com]
Associated Companies:-
Guangdong Baoyi Property Group, China.
Liju Industrial Co. Ltd., Taiwan.
Shenzhen Baojun Automotive Sales & Service Co. Ltd., China.
12341575
0229855
Managing Director: Mr. Liu Wong
Hing
Nominal Share Capital: HK$1,000,000 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 11-10-2012)
|
Name |
|
No. of shares |
|
LIU Wong Hing |
|
900,000 |
|
LIM Yih Haur |
|
100,000 |
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|
–––––––– |
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Total: |
1,000,000 ======= |
(As per registry dated 11-10-2012)
|
Name (Nationality) |
Address |
|
LIU Wong Hing |
Flat B, 6/F., Kimbry Court, 58-60 Kimberley Road, Tsimshatsui, Kowloon,
Hong Kong. |
|
LIM Yih Haur |
No. 13, Pang Jiang Xi Cun, Fuyi Road, Shiqiao, Panyu District,
Guangzhou, People’s Republic of China. |
LIU Wong Hing (As per registry
dated 11-10-2012)
The subject was incorporated on 11th October, 1988 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Block A, 8/F., Carson Mansion, 61‑63 Kimberly
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in October
2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of footwear.
Employees: Nil. (Hong Kong)
5,000. (China)
Commodities Imported: China, Taiwan, other Asian countries, etc.
Markets: Japan,
other Asian countries, Europe, North America, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$1,000,000 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory condition.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Small.
Having issued 1 million ordinary shares of HK$1.00 each, Happy Those
International Ltd. is jointly owned by Mr. Liu Wong Hing, holding 90%
interests; and Mr. Lim Yih Haur, holding 10%.
They are also directors of the subject.
The former is a Hong Kong merchant while the latter is a Malaysia
passport holder and currently residing in Panyu District, Guangzhou City,
Guangdong Province, China.
The subject does not have its own operating office. Its registered address is in a private
building located at Flat B, 6/F., Kimbry Court, 58-60 Kimberley Road,
Tsimshatsui, Kowloon, Hong Kong. This is
also the residence of Liu Wong Hing.
The subject is trading in all kinds of shoes. It has had two main associated companies,
namely, Liju Industrial Co. Ltd. [Liju], a Taiwan-bases firm, and Panyu Lide
Shoes Industry Co. Ltd. [Lide], a China base firm.
According to the subject, it is a branch company of Liju in Hong
Kong. Lide was set up by Liju in
1971. In 1995 Lide set up its own
factory in Panyu, Guangzhou City, Guangdong Province, China. In September 1997 Lide moved to its new
factory and was put into operation in the same year. The contact person of the China factory Mr.
Zhang Jianzhi is a Chinese.
Having about 5,000 workers, Lide is engaged in manufacturing all kinds
of leather shoes, PU shoes, etc. All the
products are exported to Europe, North America, Japan, etc. Its annual production capacity is about 10
million pairs of shoes. It has set up 33
groups engaged in shoes sewing, 19 production lines and a number of integrated
workshops. Lide has got ISO 9000
certification. Its total assets amount
to RMB1.5 billion Yuan.
The annual sales turnover of Lide ranges from RMB1.2 to 1.3 billion
Yuan. Business is active.
The subject is trading in the products of Lide.
The history of the subject in Hong Kong is over 24 years. The business of the subject is chiefly
handled by Mr. Liu Wong Hing himself in Hong Kong.
Since the registered office of the subject is in a residential building,
on the whole, consider it good for normal business engagements on L/C basis or
in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.41 |
|
|
1 |
Rs.91.62 |
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Euro |
1 |
Rs.78.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.