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Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
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Name : |
MIMEX BRANDS & LABELS (F.E.) LTD. |
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Registered Office : |
Room 1316, 13/F., Kwai On Factory Estate, 103-113 Tai Lin Pai Road,
Kwai Chung, New Territories, |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.08.1986 |
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Com. Reg. No.: |
10808696 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Toys, souvenirs, novelties,
gifts. |
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No. of Employees |
5. (Including associate) |
RATING & COMMENTS
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MIRAs 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, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A2 |
A2 |
|
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
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
|
Source
: CIA |
MIMEX BRANDS &
LABELS (F.E.) LTD.
Room 1316, 13/F., Kwai On Factory Estate, 103-113 Tai Lin Pai Road,
Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2739 2220
FAX: 852-2724 5499
E-MAIL: info@mimex.com.hk
Managing Director: Mr. Lo Kam Wah, Paul
Incorporated on: 5th
August, 1986.
Organization: Private
Limited Company.
Capital: Nominal: HK$50,000.00
Issued: HK$200.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
5. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
MIMEX BRANDS &
LABELS (F.E.) LTD.
Registered Head
Office:-
Room 1316, 13/F., Kwai On Factory Estate, 103-113 Tai Lin Pai Road,
Kwai Chung, New Territories, Hong Kong.
Holding
Companies:-
International Bon Ton Toys B.V., The Netherlands.
International Bon Ton Toys Design B.V., The Netherlands.
Ultimate Holding
Company:-
Mimex Holding B.V., the Netherlands.
Associated
Companies:-
Living Highlights B.V., the Netherlands.
Mayco (China) Garment Co. Ltd., Hong Kong. (Same address)
Mimex Brands & Labels BV, the Netherlands.
TUG Vastgoed BV, The Netherlands.
10808696
172832
Managing Director: Mr. Lo Kam Wah, Paul (Mobile: 852-9782
3812)
Nominal Share Capital: HK$50,000.00
(Divided into 500 shares of HK$100.00 each)
Issued Share Capital: HK$200.00
(As per registry dated 05-08-2013)
|
Name |
|
No. of shares |
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International Bon Ton Toys B.V. Tokyostraat 31-33, 11-33, 1175 RB Lijnden, The Netherlands. |
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1 |
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International Bon Ton Toys Design B.V. Tokyostraat 31-33, 11-33, 1175 RB Lijnden, The Netherlands. |
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1 |
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Total: |
2 = |
(As per registry dated
05-08-2013)
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Name (Nationality) |
Address |
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Michael Aaron TUGENDHAFT |
Diepenbrockstraat 21, 1077 VX Amsterdam, The Netherlands. |
|
LO Kam Wah |
Room 1316, 13/F., Kwai On Factory Esstate, 103‑113 Tai Lin Pai
Road, Kwan Chung, New Territories, Hong Kong. |
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Johanna Gertudis Maria MOLTER‑OLTHUIS |
Albatroslaan 122, 8241 CJ Lelysted, The Netherlands. |
(As per registry dated 05-08-2013)
|
Name |
Address |
Co. No. |
|
Dickson Secretarial Services Ltd. |
Room 508, 5/F., Wing On House, 71 Des Voeux Road Central, Hong Kong. |
0097876 |
The subject was incorporated on 5th August, 1986 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of International
Bon Ton Toys (Far East) Ltd., name changed to the present style on 5th
December, 2007.
Formerly the subject was located at Room 1514, 15/F., Peninsula Square,
18 Sung On Street, Hunghom, Kowloon, Hong Kong, moved to the present
address in September 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Toys,
souvenirs, novelties, gifts.
Employees: 5. (Including associate)
Commodities Imported: China and other Asian countries.
Markets: US,
Europe, some Asian countries, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, etc.
Nominal Share Capital: HK$50,000.00 (Divided into 500 shares of
HK$100.00 each)
Issued Share Capital: HK$200.00
Mortgage or Charge:-
Date of A Charge
on Cash Deposit: 29-10-1991
Amount: To secure all obligations and
liabilities
Property: A first fixed charge on a deposit of
US$175,000
Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch.
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.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
ABN AMRO Bank
N.V., Hong Kong Branch.
Standing:
Normal.
Mimex Brands & Labels (F.E.) Ltd. is equally owned by two
Netherlands‑based firms, namely, International Bon Ton Toys B.V. and
International Bon Ton Toys Design 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 the buying office in Hong Kong for its associate Mimex
Brands & Labels BV. [Mimex Brands & Labels]. The subject in fact is one of the members of
the Mimex Group which is also a Netherlands-based firm.
Mimex Brands & Labels is trading in toys, plush products, souvenirs,
gifts and home decorations.
Currently, Mimex Brands & Labels is carrying the following brands: At Home
with Marieke, WWF
Plush Collection, Anna
Club Plush, Bijouxtiful,
Van Hunnik, Annelies van Tessel, Excellent Souvenir, PIP Studio, etc.
The subjects business is chiefly handled by Mr. Lo Kam Wah who is a
Hong Kong merchant. He can be
reached at his Hong Kong mobile phone number 852-9782 3812.
Products are chiefly exported to Europe and North America.
The subject has got an associated company Mayco (China) Garment Co. Ltd.
[Mayco] which is located at its operating address. Mayco is a garment trader. It is a well established garments company for
over 10 years with its own factory in Dongguan City, Guangdong Province,
China. It has over 250 skilful workers
producing the medium to high-end brassieres, underwear, nightwear, swimwear and
sportswear. Mayco exports these products
to Europe, Japan, Australia and the other Asian countries. Maycos business is also operated by Lo.
Mimex Brands & Labels BV [MBLBV] is engaged in the development and
marketing of concepts and products. It
offers product and concept development, product advice, product sourcing,
artwork development, packaging development, purchasing, storage and
distribution, and even export services.
MBLBV was formerly known as International Bon Ton Toys B.V. It was founded in 1995 and is based in
Lijnden, the Netherlands with a purchasing office in Hong Kong which is the
subject.
The subject is fully supported by its holding companies and ultimately
by Mimex Holding B.V. of the Netherlands.
History in Hong Kong is over 27 years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
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UK Pound |
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.83.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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
SCs 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.