MIRA INFORM REPORT

 

 

Report Date :

10.12.2014

 

IDENTIFICATION DETAILS

 

Name :

GRACEFUL HARBOUR DEVELOPMENT LIMITED

 

 

Registered Office :

G/F, 147 Ki Lung Street, Sham Shui Po, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

25.08.2005

 

 

Com. Reg. No.:

991948

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

engaged in Manufacturing and sale of garments such as Women's or girls' skirts and Divided Skirts, Knitted or Crocheted pattern Garments

 

 

No of Employees :

About 4 Employees (Hong Kong Office)

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

----

 

 

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 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Hong Kong

A1

A1

 

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 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

Contact Points

 

Company Name (in Chinese):

新悅貿易發展有限公司

Company Name (in English):

Graceful Harbour Development Limited

Supplied Name:

GRACEFUL HARBOUR DEVELOPMENT LTD

Trading Address:

G/F, 147 Ki Lung Street, Sham Shui Po, Kowloon, Hong Kong

Supplied Address:

Not Supplied

Note: The exact name and address are as above.

 

 

Credit Summary

 

Credit Opinion:

Business connections are permissible.

 

 

Company Identification Details

 

Registered Name:

Graceful Harbour Development Limited

Registered Address:

G/F, 147 Ki Lung Street, Sham Shui Po, Kowloon, Hong Kong

Telephone Number:

+852-3541-9976 

Date of Registration:

2005-8-25

Registered Number:

991948

Business Registration No.:

35956626

Paid-up Capital:

HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD 1

(As of 2014.12, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

Principal Activities:

engaged in Manufacturing and sale of garments such as Women's or Girls' Skirts and Divided Skirts, Knitted or Crocheted pattern Garments

Staff:

About 4 Employees (Hong Kong Office)

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-8-25

History

 

Subject was incorporated on 2005-8-25 with the registered number 991948 as Private Limited Liability Company in Hong Kong.

 

 

Corporate Structure

 

Subject did not register any subsidiaries or branches, from other source we can not obtain the relevant information, either.

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Yau Chun Nam

6,000

60%

Tam Wai Ying

4,000

40%

Total

10,000

100%

 

Major Shareholder Information:

1

Name:

Yau Chun Nam

Address:

Flat D, 3F, Fairyland Garden, 8 Broad Cast Drive, Kowloon Tong, Kowloon, Hong Kong

2

Name:

Tam Wai Ying

Address:

Flat D, 3F, Fairyland Garden, 8 Broad Cast Drive, Kowloon Tong, Kowloon, Hong Kong

 

 

Management Information

 

Core Management

Detailed Information of Directors:

1

Name:

Yau Chun Nam

Address:

Flat D, 3F, Fairyland Garden, 8 Broad Cast Drive, Kowloon Tong, Kowloon, Hong Kong

Position:

Director

ID Number:

G085255(3)

2

Name:

Tam Wai Ying

Address:

Flat D, 3F, Fairyland Garden, 8 Broad Cast Drive, Kowloon Tong, Kowloon, Hong Kong

Position:

Director & Secretary

ID Number:

H328240(8)

Email:

Winnie@ghdl.com.hk

 

Personnel Structure

Total Employees

About 4 Employees (Hong Kong Office)

 

 

Operation Information

 

Offices & Factories

 

Office

Address:

G/F, 147 Ki Lung Street, Sham Shui Po, Kowloon, Hong Kong

 

Premises Information

The subject is located at G/F, 147 Ki Lung Street, Sham Shui Po, Kowloon, Hong Kong However, we cannot get any related registration information for this address in the official authorities.

 

Production Information

l  Subject is engaged in manufacturing of garments.

l  It is introduced that subject has a factory in Guangdong Province of the Mainland of China for production, but we cannot obtain the detail information.

 

Purchase Information

l  It is introduced that subject purchases raw materials and components both at home and abroad.

l  It is introduced that subject’s customers can also provide raw materials.

 

Sales Information

l  Subject is engaged in sale of garments.

l  It is introduced that the major products are garments of women, men and children

l  It is introduced that subject mainly provides customized services for customers.

l  Sales regions of the subject include domestic market and abroad.

 

Settlements

 

Purchase

 

1.     Domestic Purchase

Products

Raw materials and components.

Payment Terms

T/T, Cash.

 

2.     Import

Products

Raw materials and components.

Payment Terms

L/C, T/T.

 

Sales

 

1.     Domestic Markets

Product

Garments.

Selling Terms

T/T, Cash.

 

2.     Export

Product

Garments.

Selling Terms

L/C, T/T.

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

 

Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

Public

 

Civil Litigation

1

Date:

2012-6-18

Court Name:

High Court Commercial Action

Court No.:

1751

Claimant:

(IP YUK YU)

(LBTC1751/2012)

(Parties)

Defendant:

(Graceful Harbour Development Limited)

(LBTC)

(Parties)

Reason:

Not Stated

2

Date:

2007-9-10

Court Name:

Small Claim Tribunal

Court No.:

013450/07

Claimant:

Graceful Harbour Development Ltd. (SCTC013450/07)

Defendant:

MXII Company Ltd.

YMF Apparel Ltd.

Reason:

Goods Sold and Delivered

3

Date:

2007-6-27

Court Name:

Small Claim Tribunal

Court No.:

013450/07

Claimant:

Graceful Harbour Development Ltd.

(SCTC013450/07)

Defendant:

MXII Company Ltd.

YMF Apparel Ltd.

Reason:

Goods Sold and Delivered

4

Date:

2007-04-25

Court Name:

Small Claim Tribunal

Court No.:

013450/07

Claimant:

Graceful Harbour Development Ltd.

(SCTC013450/07)

Defendant:

MXII Company Ltd.

YMF Apparel Ltd.

Reason:

Goods Sold and Delivered

5

Date:

2007-02-15

Court Name:

Small Claim Tribunal

Court No.:

075840/06

Claimant:

Graceful Harbour Development Ltd.

(SCTC075840/06)

Defendant:

YMF Apparel Ltd.

Reason:

Goods Sold and Delivered

 

Special Note

 

Interview Details

Interview Date:

2014-12-10

Name

Ms. Cako

Email:

cako@7hdl.com.hk

 

 

Industry Information

 

84425 -- Women's or girls' skirts and divided skirts, knitted or crocheted (no.)

 

Unit: HKD/000

 

2014.05

2014.01~2014.05

 

Quantity

Value

Quantity

Value

Imports

United Arab Emirates

4

56

1,225

188

Bangladesh

16,063

246

95,048

1,974

The Mainland of China

1,363,559

37,852

5,526,624

162,187

Germany

785

1,152

13,484

3,288

Spain

10,659

655

51,456

4,046

Indonesia

9,714

339

23,552

933

Italy

22,515

6,731

92,245

41,195

Japan

5,007

863

17,708

3,405

South Korea

8,014

448

32,348

2,720

Vietnam

10,595

556

32,967

2,217

Exports

United Arab Emirates

6

17

29

86

Canada

12

30

23

35

The Mainland of China

17

2

112

16

UK

57

19

57

19

Italy

--

--

642

315

Japan

74

62

415

245

South Korea

46

87

476

263

Netherlands

137

63

174

87

USA

547

183

1,437

420

 

 

External Trade Information:

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2011

3,764,596

65,662

3,271,592

3,337,253

+10.1

-427,343

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2013.03

340,857

5,073

286,638

291,711

+11.2

-49,146

2013.04

332,963

4,503

285,763

290,267

+9.0

-42,696

2013.05

335,809

4,818

286,724

291,542

-1.0

-44,267

2013.06

327,309

4,476

273,161

277,637

-0.2

-49,673

2013.07

342,565

4,783

300,630

305,413

+10.6

-37,152

2013.08

347,059

4,932

302,558

307,490

-1.3

-39,570

2013.09

359,841

4,395

313,436

317,830

+1.5

-42,010

2013.10

361,196

4,458

318,686

323,144

+8.8

-38,052

2013.11

370,104

4,587

320,935

325,522

+5.8

-44,581

2013.12

365,228

4,596

306,281

310,877

0.0

-54,351

2014.01

323,436

4,299

299,157

303,456

-0.4

-19,979

2014.02

266,587

3,276

209,638

212,914

-1.3

-53,673

2014.03

351,889

5,120

296,403

301,523

+3.4

-50,365

2014.04

340,972

4,867

280,816

285,682

-1.6

-55,290

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

Attachment

 

Address: G/F, 147 Ki Lung Street, Sham Shui Po, Kowloon, Hong Kong

 

We visited the above address and confirm the subject is located at it. But there is no company name on the wall. The following information for your reference:

 

G/F, 147 Ki Lung Street, Sham Shui Po, Kowloon, Hong Kong

IMG_1

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.88

UK Pound

1

Rs.96.90

Euro

1

Rs.76.29

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.