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Report Date : |
20.06.2013 |
IDENTIFICATION DETAILS
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Name : |
CORTINA CHINA LTD. |
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Registered Office : |
C/o Manimor Corporate Services Ltd. 42/F., Central Plaza, 18 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.03. 2000 |
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Com. Reg. No.: |
31044035 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of shoes. |
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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
CORTINA CHINA
LTD.
Address: c/o Manimor
Corporate Services Ltd.
42/F.,
Central Plaza,
18 Harbour
Road,
Wanchai,
Hong Kong.
(Formerly located at:
c/o Manimor Corporate Services Ltd.
34/F., The Lee Gardens, 33 Hysan Avenue,
Causeway Bay, Hong Kong. )
PHONE: 852-2909 5555, 2868 9487
FAX: 852-2810
0032, 2541 7268
Managing Director: Mr. Eddy Danny
Roland Dumarey
Incorporated on: 29th
March, 2000.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$500,000.00
Business Category: Manufacturer, Importer and Exporter.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Manimor Corporate Services Ltd.
42/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
China Main Office:-
Cortina China Ltd.
3/F., 5 Industrial Street, Baihao Industry Zone, Houjie Town, 523957
Dongguan, Guangdong, China.
[Tel: (86-769) 8503 4511; Fax:
(86-769) 8503 4522]
Associated Company:-
Dongguan Cortina Shoes & Bag Manufacturing Ltd., China.
31044035
0710286
Managing Director: Mr. Eddy Danny
Roland Dumarey
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 29-03-2013)
|
Name |
|
No. of shares |
|
Mattias J.R. VANDERSCHUEREN |
|
500,000 ====== |
(As per registry dated 29-03-2013)
|
Name (Nationality) |
Address |
|
Eddy Danny Roland DUMAREY |
Karel Martel Straat 17, B-9700 Oudenaarde, Belgium. |
(As per registry dated 29-03-2013)
|
Name |
Address |
Co. No. |
|
Manimor Corporate Services Ltd. |
42/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. |
1133655 |
The subject was incorporated on 29th March, 2000 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Texon
Enterprises Ltd., name changed to the present style on 30th April, 2005.
Formerly the subject’s registered address was located at 34/F., The Lee
Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong, where was the operating
address of a commercial service provider Manimor Corporate Services Ltd.
[Manimor], moved to the present address in August 2009 as Manimor has changed
its address since then.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer and Exporter.
Lines: All
kinds of shoes.
Employees: Nil.
Materials/Commodities: Imports raw
materials from European countries, some Asian countries and finished products
from China.
Markets: Europe,
US, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Mortgage or Charge:-
Date of Security
Over Deposits with the Bank
(Limited Company – Under Seal):
14-09-2006
Amount: To secure all monies in respect of
banking facilities
Property: Initially HK$468,000 and all monies
whether now or hereafter standing to the credit of the Company’s deposit with
the Bank under deposit No. 047-424528 and whatever currency it may subsequently
be denominated in, any renewal of such deposit and the interest thereon
together with any further moneys in any deposit account with the Bank at any of
its offices
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Profit & Loss: Making a small profit in the past years.
Condition:
Keeping in a
normal condition.
Facilities:
Adequate for
current running.
Payment:
Met as
required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 500,000 ordinary shares of HK$1.00 each, Cortina China
Ltd. was wholly-owned by Mr. Dirk D. B. O. J. Vanderschueren who was a Belgium
passport holder. Now the shareholder has
changed to Mattias J. R. Vanderschueren who is also a Belgian.
The only director of the subject has been changed to Mr. Eddy Danny
Roland Dumarey who is also a Belgium passport holder.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at 42/F., Central Plaza, 18 Harbour Road, Wanchai, Hong
Kong. known as Manimor Corporate Services Ltd. [Manim] which is handling its
correspondences and documents. Your
given phone and fax number belong to Manimor.
Manimor is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
To our knowledge, the subject’s main office, bearing the same name
[Cortina], is in Dongguan City, Guangdong Province, China.
Its associated factory Dongguan Cortina Shoes & Bag Manufacturing
Ltd. [DCSB] is also in Dongguan City which was founded in 2000. Its registered capital was RMB740,000
Yuan. DCSB has about 400 employees and
has got ISO 9001:2008 certification.
Cortina is a supplier of fashion footwear, producing more than 100,000
pairs per day. Selling directly from
China to major retailers worldwide, and through the wholesale organization in
Europe. According to Cortina, its is a
“trusted supplier of family footwear” to the EU market.
Cortina has more than 1,000 customers in over 35 countries. It offers a one‑stop solution with more
than 4,000 new shoe styles every year.
The Cortina quality assurance department of 145 people in 5 offices in
Dongguan, Xiamen, Hangzhou, Chengdu and Shanghai, are responsible for materials
selection, production follow-up and quality control.
In order to achieve the most competitive cost per unit, Cortina is
selling 25 million pairs per year. It
supplies footwear to a wide range of retail customers including family shoe
stores, department stores, hypermarkets, and mail order companies. Its collections are presented on major shoe
fairs such as GDS Germany, Expo Riva Italy, WSA the United States and in its
showrooms in China and Europe.
Cortina’s business is chiefly handled by Mr. Eddy Danny Roland Dumarey
himself.
In order to penetrate the international market further, Cortina has
taken part in fairs and exhibitions held in foreign large cities in Asian and
European countries.
Cortina and DCSB are located at the same address in Dongguan City. The annual sales turnover of Cortina and DCSB
ranges from RMB60 to 65 million Yuan.
The history of the subject in Hong Kong is over thirteen years.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.74 |
|
|
1 |
Rs.91.99 |
|
Euro |
1 |
Rs.78.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.