|
Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
Winall Industries Ltd. |
|
|
|
|
Registered Office : |
Room No.101-102, 1/F., Hilder Centre, 2 Sung Ping Street, Hunghom,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
13.11.1984 |
|
|
|
|
Com. Reg. No.: |
09492006 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer and Exporter of all kinds of Leather Garment
and Clothings. |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
WINALL INDUSTRIES
LTD.
ADDRESS: Room 101-102, 1/F., Hilder Centre,
2 Sung Ping Street, Hunghom, Kowloon, Hong Kong.
PHONE: 3552 4800, 2334 6417,
3552 4797
FAX: 3552 4814, 2765 6459
E-MAIL: win1@winall.com.hk
Managing Director: Mr. Lo Sai Man, Simon
Incorporated on: 13th November, 1984.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Leather Garment Manufacturer and Exporter.
Annual Turnover: HK$320-350 million.
Employees: 15. (Hong Kong)
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 101-102, 1/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong.
China Factory:-
Jiangmen Winall Leather Products Co. Ltd.
Hongqi Mountain, Guifeng Road, Xinhui District, Jiangmen City Guangdong Province, China.
[Tel: 750-6171131 Fax: 750-6171733]
Holding Company:-
Winall Investment Ltd., [not registered in Hong Kong]. (same address)
Associated
Companies:-
Jiangmen City Winall Gallery, China.
Jiangmen Winall Industries Ltd., China.
Magazzini Vivace Ltd.
Shop B & C, G/F., Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong.
Winall Industries (USA) Ltd., US.
09492006
0143517
Managing Director: Mr. Lo Sai Man, Simon
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 13-11-2012)
|
Name |
|
No. of shares |
|
Winall Investment Ltd., Hong Kong. [It is not a Hong Kong-registered firm.] |
|
9,999,999 |
|
LO Sai Man, Simon |
|
1 |
|
|
|
––––––––– |
|
|
Total: |
10,000,000 ======== |
(As per registry dated 13-11-2012)
|
Name (Nationality) |
Address |
|
LO Sai Man, Simon |
Flat C, 3/F., Hillwood Mansion, 45-47 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong. |
|
MA Kit Ling |
Flat C, 3/F., Hillwood Mansion, 45-47 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 13-11-2012)
|
Name |
Address |
Co. No. |
|
Malo Nominees Ltd. |
Office No. 1002, 10/F., Li Po Chun Chambers, 189 Des Voeux Road Central, Hong Kong. |
0127908 |
The subject was incorporated on 13th November, 1984 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: Manufacturer, Importer and Exporter.
Lines: All kinds of leather garments and clothings.
Employees: 15. (Hong Kong)
1,500. (China)
Raw Materials: Mainly imports leather from India, Italy and the other European countries.
Markets: China, US, Europe, Southeast Asia, etc.
Annual Turnover: HK$320-350 million.
Terms/Sales: L/C or T/T.
Terms/Buying: L/C or as per contracted.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Alternation of Capital:-
|
13-11-1984 |
paid up |
HK$ 2.00 |
|
25-02-1985 |
paid up |
HK$ 449,998.00 |
|
07-11-2000 |
paid up |
HK$ 9,550,000.00 |
|
|
|
––––––––––––––––– |
|
Total: |
paid up |
HK$10,000,000.00 =============== |
Increases of Nominal Capital:-
|
From |
HK$ 10,000.00 |
to |
HK$ 500,000.00 |
on |
25-02-1985 |
|
From |
HK$500,000.00 |
to |
HK$10,000,000.00 |
on |
07-11-2000 |
Mortgage or Charge: (See attachment)
Profit & Loss: Business is profitable.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank (Hong Kong) Ltd., Hong Kong.
Bank of Communications Co. Ltd., Hong Kong Branch.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Winall Industries Ltd. is a wholly-owned subsidiary of Winall Investment Ltd. [Winall Investment] which is not a Hong Kong-incorporated company.
Founded in 1984 by Mr. Simon Lo Sai Man, the subject is a leather garment manufacturer. Initially the subject had issued 450,000 ordinary shares of HK$1.00 each of which 449,999 shares were owned by Mr. Simon Lo, while the balance 1 share was held by Ms. Lo Ming Yee. On 7th November, 2000, the issued ordinary share was increased to 10 million of the same value each. The newly issued 9,550,000 shares were allotted to Winall Investment, an investment arm of Mr. Simon Lo. Later, Winall Investment acquired more shares from the other shareholders. Now, the subject 9,999,999 shares have been owned by Winall Investment, while the founder Simon Lo keeps holding a single share.
The subject is engaged in manufacturing leather garments which have been exported to the United States, Canada, Japan, Europe and Southeast Asia, etc. In 2009, the subject’s products began marketing in China.
The subject’s factory Jiangmen Winall Leather Products Co. Ltd. is occupying a site covering an area of 123 acres in Xinhui, Guangdong Province, China. The factory was established in 1992 and now it is employing about 1,500 persons. The factory has been equipped with modern technology, production lines. Besides, the factory has got ISO 9001: 2000 certification.
Currently, the factory is able to produce over 600,000 units of jackets and garments yearly. Each jacket or garment is hand crafted and styled to the customers specifications and requirements.
According to the subject, it has got the following customers:-
Ann Taylor, Arden B, Avirex, Bass Pro Shop, Bob Timberlake, Catherine Malandrino, Chine, Colorado, Cripple Creek, Dana Buchman, DKNY, Eddie Bauer, Emanuel Ungaro, Episode, Evisu, Express, Fashioncrew, First Gear, Harley Davidson, J. Crew, Joan & David, Juliana, Kenzie, Land’s End, Limited, Mac & Jac, Madeleine, Michael Kors, Neiman Marcus, North Beach Leather, The Territory Ahead, Theory, Tori, US Polo Assn., Vivienne Tam, Weatherproof, Witchery and Yamaha, etc.
The subject also has had its own brand name Winall.
The subject has set up a leather processing factory in Jiangmen City, Guangdong Province, China.
The founder Mr. Simon Lo is experienced in the line of business. Formerly he was a technician in San Wo Garment Factory, a large leather garment manufacturer. He started his business in 1984.
Now, the overall business of the subject has been steady and active.
The subject’s jackets and garments were exhibited in fashion shows like Men’s Apparel Guild in California also known as MAGIC hold in Las Vegas, the United States, and Collections Premiere Dusseldorf Show [CPD] in Germany.
The annual sales turnover of the subject ranges from HK$320 to 350 million. Making a profit every year.
On the whole, consider the subject good for normal business engagements.
Property information of the
company:-
1.Property Location: Workshop Units Nos. 1 & 2 (including Flat Roof) on 1/F., Hilder Centre, 2 Sung Ping Street, Kowloon, Hong Kong.
Owner: Winall Industries Ltd.
Date of Purchase: 17-01-1989
Purchased Price: HK$5,280,000
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
11-04-1995 |
- |
Dao Heng Bank Ltd., Hong Kong.
[Merged into DBS Bank (Hong Kong) Ltd.] |
Mortgage to secure general banking facilities |
2.Property Location: Flat B1 on 15/F. of Block B and Car Parking Space No. 76 on Basement, Kingsland Villa, 19 Man Fuk Road, Kowloon, Hong Kong.
Owner: Winall Industries Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
12-01-2007 |
- |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
01-04-1992 |
Instrument: Deed
of Charge on Deposits and Set-Off Property: Time Deposit Receipt No. 152497 for
HK$2,150,000 dated 01-04-1992 Mortgagee: Bank
of Communications, Hong Kong Branch.
[Now known as Bank of Communications Co. Ltd.] |
To secure banking facilities |
|
11-05-1992 |
Instrument: Deed
of Charge on Deposits and Set-Off Property: Time Deposit Receipt No. 152665 for
HK$500,000 dated 09-05-1992 Mortgagee: Bank
of Communications, Hong Kong Branch.
[Now known as Bank of Communications Co. Ltd.] |
To secure banking facilities |
|
11-04-1995 |
Instrument: Mortgage Property: 22/1,148th parts or shares of and in
Section B of Kowloon Marine Lot No. 113 [Workshop Unit Nos. 1 & 2
(including Flat Roof) on 1/F. of Hilder Centre, 2 Sung Ping Street,
Kowloon, Hong Kong.] Mortgagee: Dao
Heng Bank Ltd., Hong Kong.
[Merged into DBS Bank (Hong Kong) Ltd.] |
To secure all sums of money from time to time advanced by the Lender
to the Company including general banking facilities |
|
26-03-1998 |
Instrument: Charge
Over Cash Deposits Property: All right, title and interest of the
Company Mortgagee: Dao
Heng Bank Ltd., Hong Kong.
[Merged into DBS Bank (Hong Kong) Ltd.] |
To secure general banking facilities |
|
04-08-2000 |
Instrument: Charge
Over Deposits – CD 1 (89) Property: 1) By
fixed Charge: all the Company’s
rights in respect of the following: i) Time deposit of
HK$8,000,000 ii) all other sums in any currency
at any time standing to the credit of the Company or any other person for the
Company’s benefit on any deposit account with the Bank, Standard Chartered
Asia Ltd. or Standard Chartered Finance Ltd., including additions to or
renewals or replacements of such sum, and all interest thereon; 2) By assignment: all Deposits held with Standard Chartered
Asia Ltd. or Standard Chartered Finance Ltd. Mortgagee: Standard
Chartered Bank, Hong Kong Branch.
[Business transferred to Standard Chartered Bank (Hong Kong)
Ltd.] |
To secure the payment or discharge of all moneys, obligations and
liabilities, actual or contingent at any time due, owing or incurred by the
Company to the Bank whether alone or jointly and whether as principal or as
surety |
|
15-04-2005 |
Instrument: A
Charge Over Securities – Section 1 (04) Property: 1) All the Company’s rights,
title and interest in and to: (a) all, stocks, shares, bonds, debentures,
certificates of deposit, promissory notes, units in any trust, units or other
interests in any collective investment scheme and other securities; and (b)
all securities 2) All rights in relation to
any Securities 3) All dividends, interest or other
distributions paid or to be paid on any of the Securities and the Rights and
all allotments, accretions, offers, rights, benefits and advantages Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
All moneys, obligations and liabilities, whether actual or contingent,
at the date of the Charge or at any time thereafter due, owing or incurred by
the Company to the Bank |
|
11-07-2006 |
Instrument: Assignment
of DC Proceeds re export bills restricted to other banks for
negotiation/payment 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 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 |
|
11-07-2006 |
Instrument: Security
Over Deposits Property: A deposit with chargee in the amount of
HK$11,500,000 under Deposit A/C No. 030-314470, whatever currency it may
subsequently be denominated in, any renewal of such deposit and the interest thereon
together with any further monies in any deposit account with the chargee at
any of its offices Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Amount secured – (i) all monies in any currency owing by the Company
to the chargee at any time, actually or contingently, in any capacity, alone
or jointly with any other person; (ii) interest on such monies, to the date
on which the chargee receives payment, at the rates payable by the Company or
which would have been payable but for any circumstance which restricts
payment and (iii) all expenses of the chargee in perfecting or enforcing the
charge |
|
28-01-2008 |
Instrument: Charge
on Cash Deposit to secure Liabilities of the Depositor Property: 1) By way of first fixed charge
and agreement to charge: the Deposit and all right, title and interest of the
Company 2) By way of set-off: any sum standing to the
credit of any one or more of the accounts of the Company Mortgagee: DBS
Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
|
26-09-2010 |
Instrument: Assignment
of Life Insurance Property: (1) All the Assignor’s claims under the
Insurance:- Insurance Policy
No: 28002029 Name of Insurance Co.: HSBC Life (International)
Ltd. Name of the Insured: Mr. Lo Sai Man Assignor / Policy Owner: Winall Industries Ltd. (2) All
the Assignor’s claims against the issuer of the Policy Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Secure Monies, all and any monies and liabilities |
|
17-06-2011 |
Instrument: Charge
on Cash Deposit to secure Liabilities Property: 1) By way of first fixed charge
and agreement to charge: the Deposit and all right, title and interest of the
Company 2) By way of set-off: any sum standing to the
credit of any one or more of the accounts of the Company Mortgagee: DBS
Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
|
28-11-2012 |
Instrument: Charge
on Cash Deposit and Structured Investment Deposit to secure Liabilities of
the Depositor Property: 1) By way of first fixed charge and
agreement to charge: a) The Structured Investment Deposit and all
rights, title, interest and benefit of the Company b) The Deposit and all right, title and
interest of the Company whatsoever, present & future, thereto and therein,
together with any certificates of deposit or other instruments or securities
evidencing, title, or otherwise relating, thereto and any account to which
the same is credited; and c) if any time any other Structured Investment
Deposit shall be deposited or transferred by the Company to the Bank 2) By
way of assignment: To the extent not otherwise effectively
charged Clause 3 of the Charge the company assigns absolutely, subject to a
proviso for re-assignment on redemption 3) By
way of set-off: Without limiting any general or banker’s
lien, right of set-off or other right to which the Bank may be entitled, the
Bank may at any time and from time to time, whether or not any liabilities
shall have become due and payable Mortgagee: DBS
Bank (Hong Kong) Ltd., Hong Kong. |
All present and future obligations and liabilities |
|
28-11-2012 |
Instrument: Assignment
of Insurance Policy Property: In consideration of the Assignee making
and continuing to make available credit facilities or accommodation to the
Assignor pursuant to the Transaction Documents and as a continuing security
for the due and punctual payment and discharge of the Secured Obligations and
for the due and punctual observance and performance by the Assignor of its
obligations under the Transaction Documents, the Assignor as beneficial
owner, assigns and agrees to assign absolutely to the Assignee by way of
first legal assignment free from all Encumbrances all the Assignor’s right,
title & interest in and to, and all benefits accrued and to accrue to the
Assignor under, the Policy and the Proceeds, whether in existence now or
after the date of the Assignment, to the fullest extent permitted by law. Name of the Life Insured: Lo Sai Man Policy No: 019003769 Mortgagee: DBS
Bank (Hong Kong) Ltd., Hong Kong. |
The payment and discharge in full of the Secured Obligations in
accordance with the terms subject to which the Secured Obligations were
incurred |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.77 |
|
|
1 |
Rs.83.31 |
|
Euro |
1 |
Rs.70.46 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.