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Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
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Name : |
LAI TAK ENTERPRISES LTD. |
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Registered Office : |
32/F., |
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Country : |
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Date of Incorporation : |
23.01.1992 |
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Com. Reg. No.: |
15369734 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Exporters; Agent of all kinds of raw
fabrics; woven fabrics of cotton, corduroy, denim, canvas, twill.; dyed fabrics;
and linen/ramie fabrics |
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No. of Employees : |
55 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
Good |
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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) |
|
Hong Kong. |
A1 |
A1 |
|
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 |
LAI TAK ENTERPRISES
LTD.
ADDRESS:
32/F., Enterprise
Square Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2798 7998, 2439 7034,
2751 2398
FAX: 852-2755 3669, 2724 6946
E-MAIL: textile@laitak.com
Managing
Director: Mr. Kong Tak Ho
Incorporated on: 23rd January, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000,000.00
Issued: HK$65,100,000.00
Business Category: Importers and Exporters; Agent.
Annual Turnover: HK$450-500 million.
Employees: 55.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
LAI TAK ENTERPRISES
LTD.
ADDRESS:
Registered
Head Office:-
32/F., Enterprise
Square Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.
China
Factory:-
Puning City Lai
Tak Textile Corporation Ltd.
Chiwei Town
Scientific Park, Puning City, Guangdong Province, China.
[Tel: 86-663-2920
238, Fax: 86-663-2930 010]
Holding
Company:-
Lai Tak Holdings
Ltd., British Virgin Islands.
Associated
Companies:-
Beauty Top Enterprises Ltd., Hong Kong.
Billion Mart Development Ltd., Hong Kong.
Koda Development Ltd., Hong Kong.
Lai Tak Fashion Ltd., Hong Kong.
Lai Tak Printing & Dyeing Factory Ltd., Hong Kong.
15369734
0341737
Managing
Director: Mr. Kong Tak Ho
Nominal Share
Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$65,100,000.00
(As
per registry dated 23-01-2014)
|
Name |
|
No.
of shares |
|
Lai Tak Holdings Ltd. Portcullis
TrustNet Chambers, P.O. Box 3444, Road Town, Tortola, British Virgin Islands. |
|
65,099,999 |
|
KONG Tak Ho |
|
1 |
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|
––––––––– |
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65,100,000 ======== |
(As
per registry dated 18-02-2014)
|
Name (Nationality) |
Address |
|
KONG Tak Ho |
11 Fei Ngo Shan Road, Kowloon, Hong Kong. |
|
CHAN Shuk Yee |
11 Fei Ngo Shan Road, Kowloon, Hong Kong. |
(As
per registry dated 23-01-2014)
|
Name |
Address |
Co.
No. |
|
PA
Corporate Advisory Services Ltd. |
Flat B, 16/F., Empire Land Commercial Centre, 81-85 Lockhart Road,
Wanchai, Hong Kong. |
0831055 |
The
company was incorporated on 23rd January, 1992 as a private limited liability
company under the Hong Kong Companies Ordinance.
It
was originally registered under the name of Lightjet Co. Ltd. and the present
style was adopted on 9th April, 1992.
Formerly
the subject was located at Unit 2-3, 16/F., Tower I, Enterprise Square, 9
Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong, moved to the present address
in April, 2006.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importers and Exporters; Agent.
Lines: All kinds of raw fabrics; woven fabrics of cotton, corduroy, denim, canvas, twill.; dyed fabrics; and linen/ramie fabrics.
Employees: 55.
Commodities Imported: China, other Asian countries, etc.
Markets: South Korea, Japan, other Asian countries, South Africa, Central & South America, etc.
Annual Turnover: HK$450-500 million.
Terms/Sales: L/C, T/T or 30 days credit.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP: The Chinese General Chamber of Commerce, Hong Kong.
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$65,100,000.00
Mortgage or Charge (Since June 2010): (See attachment)
Profit or Loss: Business is profitable.
Condition: Keeping in an active and satisfactory condition.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank, Hong Kong Branch.
Bank of China (Hong Kong) Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Very Good.
Lai
Tak Enterprises Ltd., incorporated on 23rd January, 1992, is a wholly‑owned
subsidiary of Lai Tak Holdings Ltd. which is an offshore company registered in
the British Virgin Islands.
The
subject is a member of the Lai Tak Group.
It is actually owned by the Kong family headed by Mr. Kong Tak Ho who is
a Hong Kong. Kong and his wife Ms. Chan
Shuk Yee are also directors of the subject.
The
subject is mainly trading in grey fabrics, woven fabrics of cotton, corduroy,
denim, canvas, twill, dyed fabrics, and linen/ramie fabrics, etc.
The
followings are the main products of the subject:-
·
Blended (From China, Pakistan,
India);
·
Corduroy - Cotton Blended;
·
Corduroy - Cotton;
·
Fabric - Blended;
·
Fabric - Linen & Ramie (From
China, Pakistan, India);
·
Fabric - Linen & Ramie;
·
Knitted (From China, Pakistan,
India);
·
Piecegoods - Synthetic (From
China, Pakistan, India);
·
Woven (From China, Pakistan, India);
&
·
Woven (From China, Pakistan,
India).
It
is mainly purchasing products from China and supplying to garment factories in
South Korea, Japan, Taiwan, the other Asian countries, South Africa, Central
& South America, etc.
Through
its associate Lai Tak Printing & Dyeing Factory Ltd., the subject had
operated a dyeing and printing factory in Shantou SEZ in Guangdong
Province. Now, the factory has moved to
Puning, Guangdong Province, China.
Long
time ago, a dyeing factory was set up by the subject at Kiu Tau Wai, Ping Shan,
Yuen Long, New Territories, Hong Kong.
In the early 2000’s, all the machinery equipment at Yuen Long was
moved to its Shantou factory then further to its Puning factory. The Yuen Long factory in Hong Kong now has
become a warehouse.
The
registered capital of the Puning factory was US$35 million and with a total
investment of about US$52 million. The
factory, known as Puning City Lai Tak Textile Corporation Ltd., covers an area
of about 150,000 sq.m. It has six
workshops. The followings are the annual
production capacity of the factory:-
·
Dyed & Printed Fabric --- 50
million metres;
·
Garment --- 120,000 dozens; &
·
Woven Fabric --- 30 million
metres.
The
total annual output amounts to US$50 million.
It has over 500 employees in the factory.
Besides
the Puning factory, the subject has got an associated factory in Jiangsu
Province, China.
Most
of the products are marketed in China and exported to the other Asian
countries, South Africa and South America.
Business is active and steady.
The
subject has developed its own brand Mastina. It operates Mastina Shops in Hong Kong
retailing all kinds of garments. Its
main products are contemporary executive wear and causal wear for fashionable
metropolitan office ladies. According to
the subject, its Mastina Shops have been expanded to Taiwan and
Singapore. More shops will be opened in
the years ahead.
The
subject in Hong Kong is responsible for shipping and marketing the products of
the Puning factory in China. Overall
business is good.
The
subject operates from its own office located at the present address. It also owns the other premises in Hong
Kong. The total value of the premises
owned amount to HK$800 million.
As
the history of the subject is over 22 years in Hong Kong, on the whole, consider
it good for normal business engagements.
Property
information of the company and its affiliates:-
1. Property Location: Unit No. 19 on 11/F., Pacific Trade Centre, 2 Kai Hing Road,
Kowloon Bay, Kowloon, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
22-04-1992 |
- |
The China State Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge |
2. Property Location: Unit No. 19 on 6/F., Pacific Trade Centre, 2 Kai Hing Road,
Kowloon Bay, Kowloon, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
12-11-1992 |
- |
The China State Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge |
3. Property Location: Unit No. 20 on 11/F., Pacific Trade Centre, 2 Kai Hing Road,
Kowloon Bay, Kowloon, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
18-02-1993 |
- |
The China State Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge |
4. Property Location: Unit No. 15 on the 11/F. of Pacific Trade Centre, 2 Kai Hing
Road, Kowloon, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
08-09-1995 |
- |
The China State Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge |
5. Property Location: Units 1602-1603 on 16/F., Tower I, Enterprise Square, 9 Sheung
Yuet Road, Kowloon, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
30-04-1997 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
6. Property Location: House No. K44 of Stage IV of Marina Cove, Sai Kung,
New Territories, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
14-07-1999 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
7. Property Location: 10 Fei Ngo Shan Road, Sai Kung, Kowloon, Hong Kong.
Owner: Billion Mart Development Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
15-04-1998 |
- |
Standard Chartered Bank, Hong Kong Branch. |
Tripartite legal charge |
8. Property Location: G/F., 1/F. & Roof and Car Parking Area, Lai Tak Group
Building, 13 Kiu Wong Street, Kiu Tau Wai, Ping Shan, Yuen Long,
New Territories, Hong Kong.
Owner: Beauty Top Enterprises Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
19-09-1997 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
(Since June 2010)
|
Date |
Particulars |
Amount |
|
08-06-2010 |
Instrument: Charge
Over Securities (2-Party) Property: A) Any interests, right or
property owned by the company which, at any time and for any reason, are
transferred in the name of the Bank or any nominee or agent of the Bank and
stand to the credit of the company’s securities account No. 339-017261 B) All dividends, interest,
distributions and other moneys derived therefrom C) All accretion, allotments,
and other benefits accruing or arising in respect thereof. D) All stock, securities,
moneys or property accruing or offered at any time E) All present and other party
in respect of any of the foregoing including any rights which the chargor may
have to require delivery by such clearance system or party of any of the
foregoing to or to the order of, the chargor. Mortgagee: Hang
Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency by the company to the Bank
at any time, actually or contingently, in any capacity, alone or jointly with
any other person |
|
08-06-2010 |
Instrument: Charge
Over Securities (2-Party) Property: All monies &
deposits now or hereafter in the time deposit account No. 379-056500 kept by
the company with the Bank Mortgagee: Hang
Seng Bank Ltd., Hong Kong. |
To secure all monies & liabilities which are now or at any time
hereafter may be outstanding owing or payable by the company to the Bank |
|
22-10-2010 |
Instrument: Subordination
Agreement Property: All its right,
title & interest as a creditor in respect of the Subordinated Load and of
and in the relevant Agreements and the full benefit and right to receive and
recover the Subordinated Load and the full benefit of all other provisions,
powers and covenants whatsoever contained in the applicable Agreements Mortgagee: Hang
Seng Bank Ltd., Hong Kong. |
As security for the payment of the aggregate principal amount advanced
pursuant to the term loan facility of up to principal amount of HK$38,000,000
granted by the Lender to Koda Development Ltd. and all other moneys due or to
become due to the lender under the Agreement or any Security Document |
|
03-12-2010 |
Instrument: Security
Over Deposits Property: Deposit &
the interest thereon together with any other moneys or deposits placed with
the Bank from time to time at any offices Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Amount secured |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.100.23 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
PDT |
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 |
|
|
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 |
|
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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.