MIRA
INFORM REPORT
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Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
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Name : |
BLUE FARM TEXTILE LTD. |
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Registered Office : |
Unit B, 32/F., Legend Tower, 7 Shing Yip Street, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.12.2006 |
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Com. Reg. No.: |
37454854 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Garment Trader of Fabrics, all kinds of garments. |
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No. of Employees : |
8. (Including
associates) |
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.
|
Source
: CIA |
Company name
BLUE
FARM TEXTILE LTD.
ADDRESS
Unit B, 32/F., Legend Tower, 7 Shing Yip Street,
Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-3106 3199
FAX: 852-3106 2268
E-MAIL: fred@bluefarmtextile.com
MANAGEMENT
Managing Director: Mr.
Au Kin Yip
SUMMARY
Incorporated on: 13th
December, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10.00
Business Category: Garment Trader.
Employees:
8. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company name
BLUE
FARM TEXTILE LTD.
ADDRESS
Registered
Head Office:-
Unit B, 32/F., Legend Tower, 7 Shing Yip
Street, Kwun Tong, Kowloon, Hong Kong.
China
Factory:-
Blue Farm (China) Fashion Co. Ltd.
Julongjiang Industrial Zone, Wangniudun Town,
523196 Dongguan City, Guangdong Province, China.
Holding
Company:-
Blue Farm Group Ltd., Hong Kong. (Same address)
Associated
Companies:
Blue Farm Fashion Ltd., Hong Kong.
Blue Farm Laundry Ltd., Hong Kong.
Blue Farm (China) Fashion Ltd., China.
BUSINESS REGISTRATION NUMBER
37454854
COMPANY FILE NUMBER
1095084
MANAGEMENT
Managing Director: Mr. Au Kin Yip
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided
into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
SHAREHOLDER
(As per registry dated 13-12-2012)
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Name |
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No.
of shares |
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Blue Farm Group Ltd., Hong Kong. |
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10 == |
DIRECTORS
(As per registry dated 13-12-2012)
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Name (Nationality) |
Address |
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AU Kin Yip |
Flat A, 12/F., Tower 1, The Orchards, 3
Greig Road, Quarry Bay, Hong Kong. |
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KIANG Che Keung |
Flat D, G/F., Block 18, 44 Fa Po Street,
Village Gardens, Yau Yat Chuen, Kowloon, Hong Kong. |
SECRETARY
KIANG Che Keung (As per registry dated 13-12-2012)
HISTORY
The subject was incorporated on 13th
December, 2006 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.
OPERATIONS
Activities: Garment
Trader.
Lines: Fabrics,
all kinds of garments.
Brand name:
blue farm.
Employees: 8. (Including associates)
Commodities Imported: Imports raw
materials from European countries, some of the Asian countries and finished
products from China.
Markets: Asian
countries, Europe, North America, etc.
Terms/Sales:
As per contracted.
Terms/Buying: L/C,
T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00
each)
Issued Share Capital: HK$10.00
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:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
GENERAL
Having issued just 10 ordinary shares of
HK$1.00 each, Blue Farm Textile Ltd. is a wholly-owned subsidiary of Blue Farm
Group Ltd. which is a Hong Kong-registered firm located at the same address.
The directors of the subject are Mr. Au Kin
Yip and Mr. Kiang Che Keung, both of whom are Hong Kong merchants. They are also directors of the subject.
The subject has had a team of professionals
who are experienced in Denim. The
subject provides customers with one-stop services including garment designing,
raw materials sourcing, or spinning and weaving, denim garment manufacturing
and shipping.
The subject has set up contact persons in
the following countries: the United States, the United Kingdom, Italy, Germany,
France, Holland & Belgium, Japan, China, Spain, Turkey, Colombia, South
Korea.
The subject’s target clients are large denim
retail companies, reputable fashion houses with a strong denim line as well as
boutique denim houses with positive market potential.
The subject has had an associated factory
Blue Farm (China) Fashion Co. Ltd. in Dongguan City, Guangdong Province,
China. This factory is chiefly engaged
in manufacturing denim garments. Most of
its products bear the brand name “blue farm”.
The subject has registered its trade mark “blue
farm” with Trade Marks Registry, Intellectual Property Department, the
Government of the Hong Kong SAR.
This trade mark was registered on 8th February, 2012 and the expiry date
is 7th February 2022.
The followings are some the customers of the
subject: “Diesel”, “Hugo Boss”, “Replay”, “Armani”, “Gap”, etc.
The business of the subject is chiefly
handled by the two shareholders of the subject.
It was able to make small profits in the past four years.
As the history of the subject is about seven
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 |
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US Dollar |
1 |
Rs.63.02 |
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|
1 |
Rs.102.04 |
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Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.