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Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
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Name : |
KANBOTON TEXTILE (H.K.) LTD. |
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Registered Office : |
Unit 701-706, 7/F., Block A, Regent Centre, 63 Wo Yi Hop Road, Kwai Chung, New Territories |
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Country : |
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Date of Incorporation : |
14.04.2009 |
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Com. Reg. No.: |
50566012 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesale of All Kinds of Fabrics, Piecegoods |
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No of Employees : |
25 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
KANBOTON TEXTILE (H.K.) LTD.
ADDRESS: Unit 701-706, 7/F., Block A, Regent
Centre, 63 Wo Yi Hop Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2619 1962
FAX: 852-2619 1938
E-MAIL: joelui@kanboton.com
Managing Director: Mr. Lui Siu
Fung
Incorporated on : 14th April, 2009.
Organization : Private Limited Company.
Paid Up Capital :
HK$1,000,000.00
Business Category :
Importer, Exporter and Wholesaler.
Employees : 25.
Main Dealing Banker : The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation : Satisfactory.
KANBOTON TEXTILE (H.K.) LTD.
Registered Head Office:-
Unit 701-706, 7/F., Block A, Regent Centre, 63 Wo Yi Hop Road,
Kwai Chung, New Territories, Hong Kong.
Associated Companies:-
Kanboton (Wuxi) Printing & Dyeing Co. Ltd., China.
Kanboton Investment Ltd., Hong Kong.
Kanboton Ltd., Hong Kong.
[Dissolved]
Kanboton Textile Ltd., Hong Kong.
50566012
1332351
Managing Director: Mr. Lui Siu
Fung
PAID UP CAPITAL: HK$1,000,000.00
(As per registry dated 14-04-2014)
|
Name |
Occupation |
No. of shares |
|
LUI Siu Fung |
Merchant |
1,000,000 ======= |
(As per registry dated 14-04-2014)
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Name (Nationality) |
Address |
|
LUI Siu Fung |
Unit 701-706, 7/F., Block A, Regent Centre, 63 Wo Yi Hop Road, Kwan
Chung, New Territories, Hong Kong. |
(As per registry dated 14-04-2014)
|
Name |
Address |
Co. No. |
|
Suave T Ltd. |
Room 2304, 23/F., Tung Che Commercial Centre, 246 Des Voeux Road West,
Hong Kong. |
1094513 |
The subject was incorporated on 14th April, 2009 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: Importer,
Exporter and Wholesaler.
Lines: All
kinds of fabrics, piecegoods
Employees: 25.
Commodities Imported: China,
other Asian countries
Markets: Europe,
US, Middle East, Japan
Terms/Sales: L/C, Advanced T/T
Terms/Buying: L/C, D/P, O/A.
Paid Up Capital: HK$1,000,000.00
Mortgage or Charge: (See
attachment)
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.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
HBZ Finance Ltd., Hong Kong.
Standing: Normal.
Having issued 1 million ordinary shares of HK$1.00 each, Kanboton
Textile (H.K.) Ltd. is wholly owned by Mr. Lui Siu Fung who is a Hong Kong
merchant. He is also the only director
of the subject.
The subject is a textile product trader.
It is chiefly trading in all kinds of printed and dyed fabrics,
piecegoods (blended or OEM). Products
are exported to Japan, the other Asian countries, the Middle East, Europe, the
United States
In Hong Kong, the subject has had several associated companies located
at a different address.
The subject’s main factory is in China which is known as Kanboton (Wuxi)
Printing & Dyeing Co. Ltd. [Wuxi Kanboton].
Its legal representative is Mr. Lui Po Fung who is also a Hong Kong
merchant. He is a family member of Mr.
Lui Siu Fung.
The registered capital of Wuxi Kanboton was US$360,000.00. It is manufacturing the commodities traded by
the subject. It has been equipped with
foreign advanced production lines and its factory area covers an area of 50,000
sq.m.
Wuxi Kanboton currently has about 220 employees. Its annual production capacity is about 10
million metres of dyed and printed fabrics and piecegoods.
The annual sales turnover of Wuxi Kanboton ranges about RMB110 to 130
million Yuan. Overall business is
active.
The business of the subject is chiefly administered by Mr. LUI Siu
Fung. History in Hong Kong is over five years
and four months.
On the whole, consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
01-09-2010 |
Instrument: Lien and Set-Off Agreement (Fixed
Deposits) Property: Fixed Deposit Receipt No.:
DFN6090130 Fixed Deposit Receipt Favouring:
Kanboton Textile (H.K.) Ltd. Principal Amount: US$130,495.35 Maturity Date: 01-12-2010 Mortgagee: HBZ Finance Ltd., Hong Kong. |
General credit facility |
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31-10-2013 |
Instrument: Security Over Deposits with the Bank Property: Initially HK$1,000,000 or equivalent and all monies whether now or
hereafter standing to the credit of the Company’s deposit with the Bank under
deposit number 400-655916-838 and whatever currency it may subsequently be
denominated in, any renewal of such deposit & the interest thereon
together with any further moneys in any deposit account with the Bank at any
of its offices. Mortgagee: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
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31-10-2013 |
Instrument: Assignment of DC Proceeds 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, benefit and interest in
the said Documentary Credits, the benefit of all powers and remedies for
enforcing the Documentary Credits and any payment made pursuant to the
contract for sale of goods in connection with which the Documentary Credit is
issued 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. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.77 |
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|
1 |
Rs.100.72 |
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Euro |
1 |
Rs.80.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
TPT |
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.