|
Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TREND DRAGON TRADING LTD. |
|
|
|
|
Registered Office : |
Flat B, 7/F., Wing Hong Centre, 18 Wing Hong Street, Lai Chi Kok,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
27.04.1993 |
|
|
|
|
Com. Reg. No.: |
17177327 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of All kinds of leather shoes |
|
|
|
|
No. of Employees : |
4 |
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 |
TREND DRAGON
TRADING LTD.
Flat B, 7/F., Wing Hong Centre, 18 Wing Hong Street, Lai Chi Kok,
Kowloon, Hong Kong.
(Formerly located at:
Flat C, 17/F., Focus Commercial Building, 42A Wing Hong Street, Sheung
Sha Wan, Kowloon, Hong Kong.)
PHONE: 852-2722 0557
FAX: 852-2722 0775
E-MAIL: louise@bensons.com.hk
Managing Director: Mr. Chen Chen Hsi
Incorporated on: 27th April, 1993.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Leather
Shoes Trader.
Employees: 4.
Main Dealing Banker: Citibank
N.A., Hong Kong.
Banking Relation: Satisfactory.
TREND DRAGON
TRADING LTD.
Registered
Office:-
Flat B, 7/F., Wing Hong Centre, 18 Wing Hong Street, Lai Chi Kok, Kowloon,
Hong Kong.
Head Office:-
Room 1203, 12/F., Golden Dragon Centre, 38-40 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Factory:-
Dongguan Benson’s Brother Shoes Industrial Co. Ltd.
Liaoxia Administrative Area, Houjie Town, 523000 Dongguan City,
Guangdong Province, China.
[Tel: 86-769-8558 8915, 8582 0678
Fax: 86-769-8582 4339]
Associated Company
in Taiwan:
Benson’s Brother Trading Co. Ltd.
7/F., 367 Section 4, Hankow Road, Taichung, Taiwan.
[Tel.: 886-04-2233 5042 Fax:
886-04-2233 0360
E-mail: evacho@bensons.com.tw]
17177327
0417070
Managing Director: Mr. Chen Chen
Hsi
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 27-04-2013)
|
Name |
|
No. of shares |
|
CHEN Chen His |
|
2 = |
(As per registry dated 27-04-2013)
|
Name (Nationality) |
Address |
|
CHEN Chen Hsi |
Flat A, 7/F., 367, SEC 4, Hankow Road, Taichung 404, Taiwan, R.O.C.,
Taiwan. |
(As per registry dated 27-04-2013)
|
Name (Nationality) |
Address |
|
LEE Yan Tsz |
Room 3113, 31/F., Lai Lam House, Lai Yan Court, Kowloon, Hong Kong. |
The subject was incorporated on 27th April, 1993 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject was located at Room 1203, 12/F., Golden Dragon Centre, 38‑40 Cameron
Road, Tsimshatsui, Kowloon, Hong Kong in the early 90’s. Last time, it was located at Flat C, 17/F.,
Focus Commercial Building, 42A Wing Hong Street, Cheung Sha Wan, Kowloon,
Hong Kong, moved to the present address in May 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer
and Exporter.
Lines: All
kinds of leather shoes.
Employees: 4.
Materials/Commodities Imported:-
Raw materials – Spain, India, etc.
Finished products – Dongguan, Guangdong
Province, China.
Markets: Taiwan,
Europe, other Asian countries, etc.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C, D/P and T/T.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Profit & Loss: Making
a small profit every year.
Condition: Keeping
in a rather satisfactory manner.
Facilities: Adequate
for current running.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
Citibank N.A.,
Taipei, Taiwan.
Citibank N.A.,
Hong Kong.
Standing: Normal.
Trend Dragon Trading Ltd. is a private limited liability company
incorporated in April 1993. It was
equally owned by Mr. Hsiao Chien Chuen and Mr. Chen Chen Hsi while both of
whom were Taiwan merchants.
The subject had just issued 2 ordinary shares of HK$1.00 each while each
of the shareholders held a single share.
On 13th July, 2012, Hsiao Chien Chuen transferred his single share to
Chen Chen Hsi. Now, the subject is
wholly‑owned by Chen.
The subject is dealing in leather shoes which are manufactured by its
associated factory in Dongguan City, Guangdong Province, China. The factory is formally known as Dongguan
Benson’s Brother Shoes Industrial Co. Ltd. [DBB].
According to the subject, DBB was set up in 1993 and employing about
1,000 employees. Its annual sales
turnover ranges from RMB550 to 570 million.
Its total assets amounted to RMB442 million as at end of 2012. The legal representative of DBB is also Chen
Chen Hsi.
The products of DBB are exported to Taiwan, other Asian countries,
Europe, North America, etc.
The subject is responsible for supplying its associated factory in China
with raw materials which are mainly imported from Spain, other European
countries and India.
It was reported that Chen had been engaged in leather shoes
manufacturing for a very long time. Most
of the time, Chen is stationing at his Dongguan factory.
Besides, Chen is operating a firm in Taiwan known as Benson’s Brother
Trading Co. Ltd. This firm is also
trading in leather shoes.
As the history of the subject is over 20 years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.