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Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
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Name : |
NEW
LIGHT KNITTING LTD. |
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Registered Office : |
4/F., Wah Yuen Factory Building, 18 Elm Street, Tai Kok Tsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.07.1991 |
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Com. Reg. No.: |
14687830 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garments, etc. |
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No. of Employees : |
15. (Including associate) 1,500. (China) |
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 : |
Usually Correct |
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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 |
NEW LIGHT KNITTING LTD.
4/F., Wah Yuen Factory Building, 18 Elm Street, Tai Kok Tsui, Kowloon, Hong Kong.
PHONE: 2392 9984
FAX: 2789 9810
E-MAIL: nlfty@nlfty.net
Managing Director: Mr. Lau Siu Yuen
Incorporated on: 2nd July, 1991.
Organization: Private Limited Company.
Capital: Nominal: HK$4,000,000.00
Issued: HK$4,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 15. (Including associate)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
4/F., Wah Yuen Factory Building, 18 Elm Street, Tai Kok Tsui, Kowloon, Hong Kong.
China Factory:-
Zhongshan New Light Knitting Ltd.
Congtou, Shaqi, Zhongshan City, Guangdong Province, China.
Associated
Company:-
New Light Knitting Factory, Hong Kong. (Same address)
14687830
0316351
Managing Director: Mr. Lau Siu Yuen
Nominal Share Capital: HK$4,000,000.00 (Divided into 4,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
(As per registry
dated 02-07-2012)
|
Name |
|
No.
of shares |
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LAU Siu
Yuen |
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2,000,000 |
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LAU Siu Kam |
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2,000,000 |
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–––––––– |
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Total: |
4,000,000 ======= |
(As per registry
dated 02-07-2012
)
|
Name (Nationality) |
Address |
|
LAU Siu Kam |
4/F., 16 Elm Street, Tai Kok Tsui,
Kowloon, Hong Kong. |
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LAU Siu Yuen |
Flat D, 6/F., Beacon Heights,
4 Lung Ping Road, Kowloon, Hong Kong. |
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LAU Siu Chung |
Flat E, 4/F., Block 2, Beacon
Heights, 2 Lung Ping Road, Kowloon, Hong Kong. |
(As per registry dated
02-07-2012)
LAU Siu Yuen
The subject was incorporated on 2nd July, 1991 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 garments, etc.
Employees: 15. (Including associate)
1,500. (China)
Commodities Imported: China, other Asian countries, etc.
Markets: Eastern Europe, Scandinavia, Western Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$4,000,000.00 (Divided into 4,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
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.
Bankers:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.Hang Seng Bank Ltd., Hong Kong.
· Bank of China (Hong Kong) Ltd., Hong Kong.
· Citibank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Having issued 4 million ordinary shares of HK$1.00 each, New Light Knitting Ltd. is equally owned by Mr. Lau Siu Yuen and Mr. Lau Siu Kam. Being Hong Kong merchants, the two Laus are full brothers. The directors of the subject’s are the two shareholders and Mr. Lau Siu Chung.
Incorporated in
July 1991, the subject is trading in the following knitted commodities:-
· Tee & Sweat Shirts (Include OEM), Briefs (Include OEM), Singlet - Men (Include OEM), Panties (Include OEM),
· Singlet - Ladies (Include OEM),
· Briefs & Panties - Children (Briefs include OEM),
· Singlet - Children (Include OEM), etc.
The subject has had an associated company New Light Knitting Factory [NLKF] which is also located at the same operating address. NLKF and the subject are engaged in the same lines of business and under the same management.
Most of the products are exported to Eastern Europe, Scandinavia, Western Europe, North America, etc. Business is rather active.
The subject’s associated factories are in Congtou, Shaqi, Zhongshan City, Guangdong Province, China. It has three factories in Zhongshan City which are operated by Zhongshan New Light Knitting Ltd. In total there are about 1,500 employees in the factories.
The subject and the factories are administered by the Lau family. History in Hong Kong is over 21 years and eight months.
The subject owns a number of premises in Hong Kong.
On the whole, in view of the background and history of the subject, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
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28-12-1993 |
Instrument: Mortgage Property: 42/11,151st parts or shares of and in Section B of New Kowloon Inland Lot No. 5808 (Flat D on 6/F. of Block 4 of Beacon Heights, Phase 4, 1-19 & 2-14 Lung Ping Road, Kowloon, Hong Kong.) Mortgagee: Kincheng Banking Corporation, Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
To secure all sums of money including general banking
facilities |
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15-11-2007 |
Instrument: Mortgage Property: 42/11,151st parts or shares of and in Section B of New Kowloon Inland Lot No. 5808 (Flat D on 6/F. of Block 4 of Beacon Heights, Phase 4, 4 Lung Ping Road, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all money, obligations and liabilities |
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30-03-2011 |
Instrument: Charge Over Deposits - CD 1 (11) Property: 1) By fixed charge: all the Company’s rights in respect of (i) the sum(s) and (ii) all other sums in any currency 2) By assignment: all Deposits held with my SCB Group Company Mortgagee: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure all moneys, obligations and liabilities |
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19-08-2011 |
Instrument: Assignment of Insurance Policy (Two-Party) Property: All the rights, benefits and interests of the Borrower in the Insurance Policy as follow: Name of the Insured: Lau Siu Kam Insurer: HSBC Life (International) Ltd. Policy No. 28004008-50 Effective Date of the Policy: 19-08-2011 Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all moneys, obligations and liabilities
whether at the date of the Assignment or at any time after the date of the
Assignment owing to the Assignee |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
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UK Pound |
1 |
Rs.82.56 |
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Euro |
1 |
Rs.70.10 |
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.