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Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SUPERIOR WAVE LTD. |
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Registered Office : |
Flat H, 8/F., Block 2, Golden Dragon Industrial Centre, 162-170 Tai
Lin Pai Road, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.01.1999 |
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Com. Reg. No.: |
22206406 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of cotton goods, yarn
waste, etc. |
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No. of Employees : |
7. (Including affiliates) |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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 |
SUPERIOR WAVE LTD.
Flat H, 8/F., Block 2, Golden Dragon Industrial Centre, 162-170 Tai Lin
Pai Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 2694 8836, 2494 0961
FAX: 2695 3793
E-MAIL: mscotton@netvigator.com
Managing Director: Mr. Wong Muk
Yung
Incorporated on: 18th January, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Yarn and
Cotton Product Trader.
Employees: 7. (Including affiliates)
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
SUPERIOR WAVE LTD.
Registered Head
Office:-
Flat H, 8/F., Block 2, Golden Dragon Industrial Centre, 162-170 Tai Lin
Pai Road, Kwai Chung, New Territories, Hong Kong.
Associated/Affiliated
Companies:-
Dongguan Minsheng Weaving Co. Ltd., China.
Manson Cotton Goods Company, Hong Kong.
(Same address)
New Manson Industrial Ltd., Hong Kong.
(Same address)
Shenzhen Bao’an Longhau Sanlian Minsheng Cotton Industrial Factory
Sanlian Dunbei Industrial Area, Bao’an, Shenzhen Special Economic Zone,
China.
[Tel: 86-755-2817 7349 Fax:
86-755-2817 7185]
22206406
0665125
Managing Director: Mr. Wong Muk
Yung
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 18-01-2013)
|
Name |
|
No. of shares |
|
WONG Muk Yung |
|
10,000 ===== |
(As per registry dated 18-01-2013)
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Name (Nationality) |
Address |
|
WONG Muk Yung |
Flat H, 8/F., Block 2, Golden Dragon Industrial Centre, 162-170 Tai
Lin Pai Road, Kwai Chung, New Territories, Hong Kong. |
(As per registry dated 18-01-2013)
|
Name |
Address |
|
CHENG Siu Yin |
Flat H, 8/F., Block 2, Golden Dragon Industrial Centre, 162-170 Tai
Lin Pai Road, Kwai Chung, New Territories, Hong Kong. |
The subject was incorporated on 18th January, 1999 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: Importer,
Exporter and Wholesaler.
Lines: All
kinds of cotton goods, yarn waste, etc.
Employees: 7. (Including affiliates)
Commodities Imported: India,
Taiwan, other Asian countries, etc.
Markets: China,
India, Pakistan, Bangladesh, Western Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Normal.
Superior Wave Ltd. is wholly-owned by Mr. Wong Muk Yung who is a
Hong Kong merchant.
The subject has had an affiliated company New Manson Industrial Ltd.
[New Manson] located at its operating address. Incorporated on 4th December, 1998, New
Manson is engaged in the same lines of business as the subject.
The subject is trading in yarn – blended (excluding polyester/cotton)‚
cotton, raw‚ man-made fibres (polyester staple fibre from Taiwan)‚ textile
waste (cotton hard/soft waste and cotton shoddy), etc. Products are marketed in China or exported to
India, Pakistan, Bangladesh, Western Europe, etc.
Besides the subject and New Manson, Wong Muk Yung is also operating the
following two firms in China:-
Shenzhen Bao’an Longhau Sanlian Minsheng Cotton Industrial Factory
[Shenzhen Minsheng]
Dongguan Minsheng Weaving Co. Ltd. [Dongguan Minsheng]
The first firm is located at Sanlian Dunbei Village, Longhua Town,
Bao’an District, Shenzhen Special Economic Zone, China while the second firm is
located at Yuedong Industrial District, Dongbo Village, Zhongtang Town,
Dongguan City, Guangdong Province, China.
The first factory is the main factory of the subject.
Founded in 1989, Shenzhen Minsheng is employing about 110 persons and
trading in cotton waste, cotton shoddy and waste yarns. Commodities are imported from Taiwan, Europe,
etc.
Dongguan Minsheng is trading in core yarns, OE yarns, “Bamboo Knot”
yarn, etc. Products are marketed in
China and exported to foreign markets such as Southeast Asia, India, Pakistan,
Bangladesh, etc.
The businesses of Shenzhen Minsheng and Dongguan Minsheng are normal.
As the history of the subject is over fourteen years in Hong Kong,
on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
25-06-2007 |
Instrument: Charge Over Deposits – CD 2 (06) Property: 1) By fixed Charge: all the Company’s rights in respect of (i) deposits
of HK$2,000,000 deposited by the Company; and (ii) all other sums in any
currency from time to time standing to the credit of the Company or the
credit of any other person for the Company’s benefit whether alone or jointly
with others, on any deposit account with the Bank or any other SCB Group
Company including additions to or renewals or replacements of such sum; and
all interest from time to time accruing or payable on the sums specified in
(i) and (ii) above; 2) By assignment: all Deposits held with any SCB Group
Company Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of all moneys, obligations and
liabilities, whether actual or contingent at the date of the Charge or at any
time after the date thereof, due, owing or incurred by the Company to
Standard Chartered Bank (Hong Kong) Ltd. |
|
04-05-2011 |
Instrument: Deposit Deed Property: By way of a first fixed charge and as a continuing security for the
Obligations, the company charges & assigns absolutely all its rights,
title to and interest in the Account & all deposits from time to time in
the accounts and comprising the accounts maintained with the Bank Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys now or at any time in the future owing by the company |
|
22-09-2011 |
Instrument: Charge Over Deposits - CD1 Property: 1) By fixed charge: All the Company’s right in respect of the
following i) The sum deposited by
the company or for its benefit in the account or as evidenced by deposit
instrument or other evidence of indebtedness specified in the schedule below,
including renewals of such sums; and ii) All other sums in
any currency from time to time standing to the credit of the company or the
credit of any other person for the company’s benefit, on any account in the
company’s sole or joint names maintained with the Bank or any other SCB Group
company including renewals of such sums, & all interest from time to time
accruing or payable on the sums specified in (i) and (ii) above; 2) By assignment All Deposits held with any SCB Group
company Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of all moneys, obligations and liabilities,
whether actual or contingent at the date of the charge or at any time after
the date thereof, due, owing or incurred by the company to the Bank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.05 |
|
|
1 |
Rs.82.75 |
|
Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.