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Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
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Name : |
ORIENTAL
HOME SENSE CO.
LTD. |
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Formerly Known as: |
Oriental Creative
Gift Co. Ltd |
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Registered Office : |
Flat 8, 28/F., One Midtown, 11 Hoi Shing Road, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.02.2003 |
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Com. Reg. No.: |
33337185 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of giftware and premiums, candles, home fragrance, body care products, etc. |
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No. of Employees : |
06 |
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
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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 |
ORIENTAL HOME SENSE CO. LTD.
Flat 8, 28/F., One Midtown, 11 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 2311 8873
FAX: 2311 9180
E-MAIL: gift@oriental-ejp.com
Managing Director: Mr. Au Tat Choi, Eric
Incorporated on: 7th February, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$6-8 million.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Flat 8, 28/F., One Midtown, 11 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
Associated
Companies:- (same address)
Oriental E.J.P. Co. Ltd., Hong Kong.
Oriental Creative Candles Mfy. Ltd., Hong Kong.
33337185
0832711
Managing Director: Mr. Au Tat Choi, Eric
Contact Person: Ms. Sandra Wong
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 07-02-2013)
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Name |
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No.
of shares |
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AU Tat
Choi |
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6,600 |
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LAM Shui Yuk |
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3,400 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 07-02-2013)
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Name (Nationality) |
Address |
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LAM Shui Yuk |
Room 2512, 25/F., On Tzing
House, Cheung On Estate, Tsing Yi, New Territories, Hong Kong. |
|
AU Tat Choi |
Flat A, 20/F., Block 1,
Bauhinia Garden, 11 Tong Chung Street, Tseung Kwan O, New Territories, Hong
Kong. |
AU Tat
Choi (As per registry dated 07-02-2013)
The subject was incorporated on 7th February, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Oriental Creative Gift Co. Ltd., name changed to the present style on 3rd September, 2008.
Formerly the subject was located at 19/F., China United Plaza, 1008 Tai Nan West Street, Cheung Sha Wan, Kowloon, Hong Kong, moved to the present address in January 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of giftware and premiums, candles, home fragrance, body care products, etc.
Employees: 6.
Commodities Imported: China, other Asian countries, etc.
Markets: Asian countries, Eastern Europe, North America, Scandinavia, Western Europe, etc.
Annual Turnover: HK$6-8 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
The Hong Kong Exporters’ Association, Hong Kong.
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 manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Wing Hang Bank Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Oriental Home Sense Co. Ltd. is jointly owned by Mr. Au Tat Choi, holding 66% interests; Ms. Lam Shui Yuk, holding 34%. Being Hong Kong merchants, both are also directors of the subject.
The subject has
had the following two firms located at its operating office:-
· Oriental E.J.P. Co. Ltd.
· Oriental Creative Candles Mfy. Ltd.
These two firms are engaged in the same lines of business as the subject, more or less.
According to the subject its associated company or predecessor was established in 1989. The subject is a giftware and premium manufacturer and trader. It is a professional manufacturer of Handmade Candles.
Besides, it has further broadened its product range to Home Fragrance, Bath and Body Care products since 2007.
The followings are
the subject’s products:-
· Air Freshener;
· Bath Gift Set;
· Home Candle Gifts; &
· Home Fragrance.
Other products include cosmetics packaging box, storage box, card holder, cooler bag, etc.
Products are manufactured by its associated factories in Southern China.
The subject’s products have been exported to North America, Australia, the United Kingdom, the other European countries, Asian countries, etc. Business is normal.
The subject’s business is chiefly handled by Eric Au himself.
As the history of the subject is over ten years in Hong Kong, on the whole, consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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02-12-2005 |
Instrument: Letter of Guarantee and Indemnity Property: Deposit for amount not less than HK$2,000,00.00 or its equivalent in other foreign currencies plus subsequent accrued interest & subsequent renewals from time to time or Oriental Creative Gift Ltd account No. 376834-300 & other accounts of Oriental Creative Gift Co. Ltd. maintained with the Bank or its subsidiaries Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
To secure all moneys and liabilities whether actual or
contingent which are now or at any time hereafter due owing and outstanding
by the company to the Bank |
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25-06-2010 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner:- (A) Assigns and agrees to assign absolutely to the Bank all the present and future rights, title, interests and benefits of the Borrower in and to the following assets:- (i) Export Credits; (ii) Export Collection Bills; (iii) Sales Contracts; (iv) Invoice Receivables; (v) Insurances; (vi) Trade Documents; and (vii) all claims, remedies and proceeds in connection with any of the foregoing; and (B) Charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interests and benefits of the Borrower in and to the following assets: (i) the Goods together with their proceeds; and (ii) the Deposit; and (C) Pledges & agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are now or may in the future be in the Bank’s possession Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
All obligations & liabilities of whatever nature
of the Borrower to the Bank |
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18-05-2012 |
Instrument: Deed of Charge Over Deposits Property: The sum standing to the credit of deposits account No. 513726-300 and other deposits account now and hereafter held with Wing Hang Bank Ltd., including additions to or renewals or replacements of such sum in any currency Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
To secure all monies and liabilities whether actual or
contingent which are now or at any time hereafter due owing and outstanding
by Oriental Home Sense Co. Ltd., to the Bank |
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01-08-2012 |
Instrument: Assignment of DC Proceeds Property: By way of assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing proceeds payable or to be paid to the Customer under the Documentary Credits, all the Customer’s right, title, benefit, and interest in the said Documentary Credits and the benefit of all powers and remedies for enforcing the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
All loans or other advances made or to be made by the
Bank to the customer against documents submitted under a Documentary Credit,
all monies and liabilities in any currency owing by the customer to the Bank
at any time, whether separately or jointly, actually or contingently, present
or future, interest on all loans and advances and such monies and all
expenses of the Bank in perfecting or enforcing the Assignment. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
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UK Pound |
1 |
Rs.83.88 |
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Euro |
1 |
Rs.70.99 |
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.