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Report Date : |
30.11.2013 |
IDENTIFICATION DETAILS
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Name : |
LY
ECO LTD. |
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Formerly Known
as: |
KTV Ltd |
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Registered Office : |
c/o Sunwell Accounting & Secretarial Ltd. Unit A-C, 25/F., Seabright Plaza, 9-23 Shell Street, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.10.2005 |
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Com. Reg. No.: |
36172568 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
manufacturer
of reusable PP woven shopping bags which are either standard or customized. |
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No. of Employees : |
no employees in Hong Kong (It is to be noted that the company does not
have its own operating office in Hong Kong. The company uses the address of
its secretariat as its correspondence address only. Subject operates from
some other country and does not have a base in Hong Kong. Such companies are
registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
LY ECO LTD.
Registered
Office:-
c/o Sunwell Accounting & Secretarial Ltd.
Unit A-C, 25/F., Seabright Plaza, 9-23 Shell Street, North Point, Hong Kong.
Holding Company:-
Vicbag Lux SA, Luxembourg.
Associated
Companies:-
KTV Ltd., Vietnam.
Vicbag Holding SA, Luxembourg.
Vicbag UK Ltd., UK.
36172568
1002072
18th October, 2005.
Nominal Share Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share Capital: US$1.00
(As per registry
dated 18-10-2013)
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Name |
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No.
of share |
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Vicbag Lux SA |
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1 = |
(As per registry dated
18-10-2013)
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Name |
Address |
|
LY Ltd. |
P.O. Box 1239, Offshore Incorporations Centre, Victoria,
Mahe, Republic of Seychelles. |
(As per registry
dated 18-10-2013)
|
Name |
Address |
Co.
No. |
|
Sunwell Accounting & Secretarial Ltd. |
Unit A-C, 25/F., Seabright Plaza, 9-23 Shell Street, North
Point, Hong Kong. |
0344808 |
The subject was incorporated on 18th October, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of KTV Ltd., name changed to the present style on 21st October, 2013.
At the beginning, the subject’s registered address was in a commercial service firm located at 42/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong known as Manimor Corporate Services Ltd. [Manimor] which had handled its correspondences and documents. Formerly Manimor was located at 34/F., The Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong.
The subject’s registered address moved to the present address in June 2012 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
LY Eco Ltd. was incorporated in October 2005, is a private limited company.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit A-C, 25/F., Seabright Plaza, 9‑23 Shell Street, North Point, Hong Kong known as Sunwell Accounting & Secretarial Ltd. [Sunwell] which is handling its correspondences and documents. Sunwell is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued just 1 ordinary share of US$1.00 which is owned by Vicbag Lux SA. Vicbag Lux SA is registered in the Luxembourg. The director of the subject is LY Ltd. Nobody of the subject can be reached. The background of LY Ltd. is unknown to us.
To our knowledge, the subject has had an associated company in Vietnam known as KTV Ltd. [KTV]. KTV is a factory located in Ho Chi Minh City, Vietnam. It is engaged in manufacturing reusable PP woven shopping bags which are either standard or customized. Other products include shopping bags, liquid bags, standard bags, etc. Most of the shopping bags bear the brand name “KTV”. KTV’s products are exported to Southeast Asia, North and South America, Africa, Eastern and Western Europe, the Middle East, etc.
The contact person of KTV in Vietnam Mr. Tho Tran Nhu is a Vietnamese.
KTV has been cooperating with large supermarket chains all around the world. Its reusable bags are claimed to be environmentally friendly.
The subject has had an associated company known as Vicbag Holding SA [Vicbag], in Luxembourg.
Established on 5th November, 2010, Vicbag is engaged in manufacturing, marketing and distributing all kinds of reusable bags all shorts of articles related to bags.
The business of Vicbag has had connections with Mr. Djamal Bellehchili who is a Frenchman. He is the CEO and President of Vicbag. Djamal Bellehchili had tried to register its trade mark Vicbag in the United States, but the application was abandoned due to “Failure to Respond or Late Response”.
Your given phone number 33-01-83 976720 is not a Hong Kong line but a line in France.
It is likely that the subject and Vicbag have business ties with KTV in Vietnam.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eight years.
Since the subject does not have its own office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.102.06 |
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Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
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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 |
-- |
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.