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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SHINING
LABELS MANUFACTURING LTD |
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Registered Office : |
Unit 1-2, 1/F., Block A, Vigor Industrial Building, 14-20 Cheung Tat Road, Tsing Yi, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.10.2002 |
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Com. Reg. No.: |
33085019 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Woven Tapes, Premium Woven Labels, Coloured Badges, Colour Labels, iPod Carrying Bags, Micro-Weave Fabrics, Printed Labels |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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.
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Source : CIA |
SHINING LABELS MANUFACTURING LTD.
Unit 1-2, 1/F., Block A, Vigor Industrial Building, 14-20 Cheung Tat Road, Tsing Yi, New Territories, Hong Kong.
PHONE: 852-2618 7338
FAX: 852-2428 6038
E-MAIL: shining@shininglabels.com
Managing Director: Mr. Yu Shu Kan
Incorporated on: 30th October, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Label and Tag Manufacturer & Trader.
Employees: 40.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Unit 1-2, 1/F., Block A, Vigor Industrial Building, 14-20 Cheung Tat Road, Tsing Yi, New Territories, Hong Kong.
China Factory:-
Zhongshan Shengliang Woven Labels Factory
Pingpu Industrial Zone, Sanxiang Town, Zhongshan City, Guangdong Province, China.
[Tel no.: 86-0760-86388613,
E-mail: shining@shininglabels.com ]
Associated
Companies:-
Falcon Fashion Co. Ltd., Hong Kong. (Dissolved)
Jazzing Knitting Co. Ltd., Hong Kong.
33085019
0819796
Managing Director: Mr. Yu Shu Kan
Contact Persons: Ms. Yu Wing La, Dodo, Ms. Yeely Pang
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry
dated 30-10-2012)
|
Name |
|
No.
of shares |
|
YU Shu Kan |
|
1,950,000 |
|
KEUNG Chi
Chung |
|
450,000 |
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CHAN Keung
Sang |
|
210,000 |
|
[to be continued] |
||
|
[continued] |
||
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KWOK Ka
Lok |
|
210,000 |
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YU Wing La, Dodo |
|
180,000 |
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|
–––––––– |
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Total: |
3,000,000 ======= |
(As per registry
dated 30-10-2012)
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Name (Nationality) |
Address |
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KEUNG Chi
Chung |
Flat B, 3/F., Tower 2, Palm
Beach, 28 Castle Peak Road, Castle Peak Bay, Tuen Mun, New Territories,
Hong Kong. |
|
CHAN Keung
Sang |
Room 1-2, 1/F., Block A, Vigor
Industrial Building, 14‑20 Cheung Tat Road, Tsing Yi, New Territories,
Hong Kong. |
|
KWOK Ka Lok |
Room 1-2, 1/F., Block A, Vigor
Industrial Building, 14‑20 Cheung Tat Road, Tsing Yi, New Territories,
Hong Kong. |
|
YU Wing La,
Dodo |
Room 1-2, 1/F., Block A, Vigor
Industrial Building, 14‑20 Cheung Tat Road, Tsing Yi, New Territories,
Hong Kong. |
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YU Shu Kan |
Flat G, Block 2, 26/F.,
Pierhead Garden, Tuen Mun, New Territories, Hong Kong. |
(As per registry
dated 30-10-2012)
|
Name |
Address |
Co.
No. |
|
Albert YKL Procorp Services Ltd. |
Room 803, 8/F., Tung Hip Commercial Building, 248 Des
Voeux Road, Central, Hong Kong. |
1726494 |
The subject was incorporated on 30th October, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Label and Tag Manufacturer & Trader.
Lines: All kinds of labels, badges, tags.
Employees: 40.
Commodities Imported: China, etc.
Markets: Asian countries, Europe, North America, Central & South America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Having issued 3 million ordinary shares of HK$1.00 each, Shining Labels Manufacturing Ltd. is jointly owned by five Hong Kong merchants while the largest shareholder Mr. Yu Shu Kan is holding 65% of the subject’s interests.
The subject is a label and tag manufacturer and trader. Its factories are in Hong Kong and Zhongshan City, Guangdong Province, China.
The subject is
trading in the following products:-
Woven Tapes, Premium Woven Labels, Coloured Badges, Colour Labels, iPod Carrying Bags, Micro-Weave Fabrics, Printed Labels
Products are marketed in Hong Kong and exported to Central & South America, South Korea, the Middle East, North America, Southeast Asia and Western Europe, etc. Business is active.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in “Hong Kong Fashion Week for Spring/Summer 2013” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 8th to 11th July, 2013. Its booth No. is 1A-E05.
Yu Shu Kan is also engaged in knitted garment trading business. He is operating a company known as Jazzing Knitting Co. Ltd. which is a Hong Kong-registered firm.
The subject’s business is chiefly handled by Ms. Yu Wing La, Dodo who is a family member of Yu Shu Kan.
As the history of the subject is over ten years in Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
25-05-2006 |
Instrument: Property: 1) By way of first fixed charge and agreement to charge: the Deposit and all right, title and interest of the Company 2) By way of set-off: any sum standing to the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.85 |
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UK Pound |
1 |
Rs.92.31 |
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Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.