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Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
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Name : |
COLVETA
(HK) LTD. |
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Formerly Known as: |
Colveta HK Ltd |
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Registered Office : |
Room 1516-1519, 15/F., Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.02.1985 |
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Com. Reg. No.: |
09521611 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Long and short skirts, blouses, men’s and ladies’ overcoats, shirts, and other garments |
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No. of Employees : |
16 |
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 : |
Regular |
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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 |
COLVETA (HK) LTD.
Room 1516-1519, 15/F., Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2730 5866
FAX: 2730 3516
E-MAIL: colveta@colveta.com.hk
Managing Director: Ms. Kam Suet Mei, May
Incorporated on: 26th February, 1985.
Organization: Private Limited Company.
Capital: Nominal: HK$450,000.00
Issued: HK$450,000.00
Business Category: Manufacturer, Importer and Exporter.
Annual Turnover: HK$120~150 million.
Employees: 16.
Main Dealing Banker: ING Bank N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1516-1519, 15/F., Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Colveta AG, Switzerland.
Associated
Companies:-
Colveta (India) Ltd., India.
Colveta-Modas e Confecções Lda., Portugal.
09521611
0147612
Managing Director: Ms. Kam Suet Mei
Nominal Share Capital: HK$450,000.00 (Divided into 450,000 shares of HK$1.00 each)
Issued Share Capital: HK$450,000.00
(As per registry
dated 26-02-2013)
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Name |
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No.
of shares |
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Colveta AG Winkelriedstrasse
47, P.O. Box 2546, CH-6002 Lucerne, Switzerland. |
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449,999 |
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Alfred ELZAS |
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1 |
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––––––– |
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Total: |
450,000 ====== |
(As per registry
dated 18-05-2013)
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Name (Nationality) |
Address |
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KAM Suet Mei |
Flat E, 4/F., Tower 25, Parc
Oasis, 34 Grandeur Road, Kowloon, Hong Kong. |
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Lascombe Ltd. |
Suite 2211, 22/F., Tower 2, Times
Square, 1 Matheson Street, Causeway Bay, Hong Kong. |
(As per registry
dated 26-02-2013)
|
Name |
Address |
Co.
No. |
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Secreco Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road
Central, Hong Kong. |
0139490 |
The subject was incorporated on 26th February, 1985 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Collerion Ltd., name changed to Colveta HK Ltd. on 20th June 1985; and further changed to the present style on 14th July, 1987.
Formerly the subject was located at Room 803, 8/F., Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1517-1519, 15/F. of the same building in October 2002. The subject increased more floor space by occupying Room 1516 in September 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer, Importer and Exporter.
Lines: Long and short skirts, blouses, men’s and ladies’ overcoats, shirts, and other garments.
Employees: 16.
Raw Materials:-
· Raw materials – Europe, India, etc.
· Finished products – China.
Markets: Switzerland and other European countries.
Annual Turnover: HK$120~150 million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$450,000.00 (Divided into 450,000 shares of HK$1.00 each)
Issued Share Capital: HK$450,000.00
Profit or Loss: Made profits in the past years.
Condition: Keeping in an active condition.
Facilities: Is making use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: ING Bank N.V., Hong Kong Branch.
Standing: Good.
Colveta (HK) Ltd. is a wholly-owned subsidiary of Colveta AG [Colveta] which is a Switzerland-based firm.
One of the directors of the subject Lascombe Ltd. is a Hong Kong-registered firm.
Formerly known as Colveta HK Ltd., the subject is a garment trader.
It is trading in
the following products:-
· Suits and Jackets – Men’s (From China)
· Suits and Jackets – Women’s (From China)
· Blouses (From China)
· Dresses and Skirts (From China)
· Shirts (From China)
· Trousers (From China)
· Slacks (From China)
The subject carries the following main brands: “DIDI”, “SPS”, “VET”, etc. Products are manufactured by its affiliated factories in Guangdong Province, China or sourced from other contractors. Most of the garments are exported to Switzerland and other European countries. Business is active and steady.
Colveta is a garment distributor in Switzerland. The subject’s former director Mr. Francisco Manuel Freitas De Azevedo Miranda, a Portuguese merchant, is also the owner of Colveta. Besides Switzerland, the subject also exports some of the garments to the Netherlands, Portugal and the other European countries.
The main functions of the subject are raw materials sourcing, products marketing, payments settling for its affiliated factories in China.
Colveta is a rather significant garment distributor in Switzerland. The subject has made rather good profits in some of the past years.
In the past years, the subject had certain amount of capitals deposited in ING Bank N.V., Hong Kong Branch for acquiring banking facilities.
The managing director of the subject Ms. Kam Suet Mei, May is a Hong Kong businesswoman. She is also the contact person of the subject.
The annual sales turnover of the subject ranges from HK$120 to 150 million. Making a small profit every year.
The history of the subject is over twenty-eight years in Hong Kong.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
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UK Pound |
1 |
Rs.82.07 |
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Euro |
1 |
Rs.70.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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.