MIRA INFORM REPORT
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Report Date : |
13.05.2013 |
IDENTIFICATION DETAILS
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Name : |
EURO BAG
(FIVE STARS COLLECTION)
LTD. |
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Registered Office : |
Unit 705-707, 7/F., Texwood Plaza, 6 How Ming Street, Kwun Tong,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.03.1994 |
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Com. Reg. No.: |
18051104 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of bags, etc. |
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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 : |
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.
Source
: CIA
EURO
BAG (FIVE STARS
COLLECTION) LTD.
ADDRESS: Unit 705-707, 7/F., Texwood Plaza,
6 How Ming Street, Kwun Tong, Kowloon, Hong Kong
PHONE: 2423 0886
FAX: 2425 0610, 2425 0670
E-MAIL: eurobag@eurobag.com.hk
Managing
Director: Mr. Freerk Groeneveld
Incorporated on: 31st March, 1994.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$2.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 16.
Main Dealing Banker: KBC Bank N.V., Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
Unit 705-707,
7/F., Texwood Plaza, 6 How Ming Street, Kwun Tong, Kowloon, Hong Kong
18051104
0473042
Managing
Director: Mr. Freerk Groeneveld
Contact
Person: Ms. Lao Wan Mei
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2.00
(As per registry dated 31-03-2013)
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Name |
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No. of shares |
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Dara Holding B.V. Handelsweg 14-16, 9483 We Tynaarlo, The Netherlands. |
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1 |
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Pare Beheer B.V Handelsweg 14-16, 9483 We Tynaarlo, The Netherlands. |
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1 |
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– |
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Total: |
2 = |
(As per registry dated 31-03-2013)
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Name (Nationality) |
Address |
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LAO Wan Mei |
Flat K, 19/F., Block 1, Broadview Court, 11 Shum Wan Road, Aberdeen, Hong Kong. |
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Freerk GROENEVELD |
Suite 15101, Harbour Plaza Metropolis, 7 Metropolis Drive, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 31-03-2013)
|
Name |
Address |
Co. No. |
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BMS Secretaries Ltd. |
20/F., Fung House, 19-20 Connaught Road Central, Hong Kong. |
1566261 |
The subject was incorporated on 31st March, 1994 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Flagboat Ltd., name changed to the present style on 17th May, 1994.
Last time, the subject was located at Unit 1-8, 27/F., Tower 1, Millenium City 1, 388 Kwun Tong Road, Kwun Tong, 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 bags, etc.
Brand Names: Daniel Ray, Bagsac, Axel David, Brunotti, The Chesterfield Brand.
Employees: 16.
Commodities Imported: China, other Asian countries, etc.
Markets: Asian countries, Europe, Middle East, North America, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, Advanced T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
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: KBC Bank N.V., Hong Kong Branch.
Standing: Small.
Euro Bag (Five Stars Collection) Ltd. is equally owned by two Holland based firms, namely, Dara Holding B.V. and Pare Beheer B.V.
The subject has just issued 2 ordinary shares of HK$1.00 each while each of the holding companies holds a single share.
The subject is under the MultiBrand Bags Group [MBB Group] which includes Dutchbag B.V. and Pare B.V. as well. It was established in 1994 to monitor and steer production and quality processes in the Asia Pacific Region. It soon became a sales office, producing and marketing its own bag programme to customers across the world.
The subject has more than fifteen years of experience in the local production market, the often complicated domestic trade regulations and logistic services.
The subject monitors the quality of the bags produced by the MBB Group as well as their production process. It is a company to produce all bags in 100% compliant factories, in line with the EU regulations. The subject has set up an office in Shanghai. The subject and the Shanghai office have been staffed with experienced personnel who are multilingual and understand the complexities of China’s regulations, taxation regime and corporate system.
MBB Group originated in Paré B.V., a business enterprise that entered the market in 1972 with the import and sale of household goods. In 1974 it imported its first shopping bag.
The company expanded by incorporating the Rachel brand (fashion bags) in 1989. Rachel was renamed Daniel Ray and Sur:5:al. Paré thrived in the nineteen nineties. As of 2000, only the brand Daniel Ray remained, a brand that marketed a broad fashion/sports collection.
To increase sales in the higher segment, Dutchbag was founded in 2004. From the start it specialised in trend-setting bag collections for brands operating in the middle market price segment.
In 2010 Paré, Dutchbag and Eurobag decided to join forces as “MultiBrand Bags Group”. The corporate brand bundled the strengths of the three businesses to serve new and existing relations either separately or in combination.
To our knowledge, the business of Dutchbag B.V. was not good in Holland. Now, its business in the country has ceased.
The production base of the subject is in Southern China.
The history of the subject in Hong Kong is over 19 years. On the whole, consider it good for normal business engagements in small credit amounts.
|
Date |
Particulars |
Amount |
|
06-08-2004 |
Instrument: Charge Over Deposits Property: Charged of Credit Balance by way of first
fixed charge:- Charged account means (i) every account of
whatever nature now and at any time hereafter opened and maintained in the name
of the chargor with the Bank at any of its branches and offices, (ii) every
account of the charge set-out in the Schedule including the account
maintained in the name of the charge with the financial institution named in
the said Schedule, in each case including any subsequent renewal of the
account or deposit or any part thereof, whether or not re-designated or
re-numbered or evidenced by the name deposit receipt Definition of Credit Balance:- Credit Balance means the aggregate credit
balance of the Charged accounts from time to time, including all interest
accruing from time to time in respect of them Charged Account: Name of
Financial Institution: KBC Bank N.V.,
Hong Kong. Type of
Account/Deposit: Pledge deposit Account/Deposit
Receipt Number: 4016382A996245AB Existing
Amounts: HK$1,500,000 Mortgagee: KBC Bank N.V., Hong Kong Branch. |
Secured Liabilities, all amounts which are or may become payable in
respect of principal, interest or otherwise by the Borrower to the Bank at
any time and in any currency and whether present pf future, actual or
contingent and whether incurred alone or jointly with or as surety with or as
surety for another and all expenses incurred by the Bank in connection with
recovery of any of the above. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.54 |
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|
1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.