MIRA INFORM REPORT

 

 

Report Date :

18.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ORCHID ASIA LIMITED

 

 

Registered Office :

Unit 06. 10/F, Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon,

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

11.06.2004

 

 

Com. Reg. No.:

34645866

 

 

Legal Form :

Private Limited Liability Company

 

 

LINE OF BUSINESS :

TRADING OF APPAREL ACCESSORIES

 

 

No. of Employees :

10

 

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 – 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

Company name and address

 

Company Name:

ORCHID ASIA LIMITED

Supplied Name:

ORCHID ASIA LIMITED

Trading Address:

Unit 06. 10/F, Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong

Supplied Address:

Not Supplied

Note: The exact name and address are as above

 

 

Company Identification Details

 

Registered Name:

ORCHID ASIA LIMITED

Registered Address:

Unit 06. 10/F, Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong

Telephone Number:

+852-2717-7306/2717-7922

Fax Number:

+852 2717 7900

E-mail:

sales@orchidasialtd.com

Date of Registration:

2004-6-11

Registered Number:

906011

Business Registration No.:

34645866

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

SITC Code:

84619--Other clothing accessories and parts, not for babies, not knitted or crocheted (kg)

Principal Activities:

Trading of apparel accessories and etc.

Staff:

About 10 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-6-11

 

 

History

 

Subject was incorporated on 2004-6-11 with the registered number 906011 as Private Limited Liability Company in Hong Kong.

 

 

 

Corporate Structure

 

It is introduced that subject has offices in Gaungzhou City, Guangdong Province, the mainland of China, Bangladesh and India. However, the subject refused to offer the details for us, and we cannot find any relevant information from other sources.

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Monhan Rotit Kumar

5,000

50%

Monhan Radhika

5,000

50%

Total

10,000

100%

 

Major Shareholder Information:

1

Name:

Monhan Rotit Kumar

Address:

Unit 4B, Block 19, Laguna City, Kwun Tong Kowloon, Hong Kong

2

Name:

Monhan Radhika

Address:

Unit 4B, Block 19, Laguna City, Kwun Tong Kowloon, Hong Kong

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Monhan Rotit Kumar

Address:

Unit 4B, Block 19, Laguna City, Kwun Tong Kowloon, Hong Kong

Position:

Director

ID Number:

P954820(7)

 

2

Name:

Monhan Radhika

Address:

Unit 4B, Block 19, Laguna City, Kwun Tong Kowloon, Hong Kong

Position:

Director

ID Number:

R180722(5)

3

Name:

Charlotte Consultant Company

Address:

Unit D, 12th Floor, No. 8, Hart Avenue, Tsimshatsui, Kowloon, Hong Kong

Position:

Corporate Secretary

 

Personnel Structure

 

Total Employees

About 10 Employees

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Unit 06. 10/F, Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong

 

Premises Information

 

Office address:

Address:

Workshop 06 On 10th Floor

Kwong Sang Hong Centre

Nos.151-153 Hoi Bun Road

Kowloon

Owners:

Kwok Chi Fai (Joint Tenant)

Chan Wai Chun (Joint Tenant)

Memorial Number:

12101101140395

Assignment

Date of Instrument:

2012-9-13

Date of Registration:

2012-10-11

Consideration Value:

HKD 3,670,000.00

 

History of Premises Owners’

 

1

Memorial No.:

12070501370082

Date of Instrument:

2012-6-28

Date of Registration:

2012-7-5

Nature:

Agreement For Sale And Purchase

In Favor of:

Kwok Chi Fai (Joint Tenant)

Chan Wai Chun (Joint Tenant)

Consideration:

HKD 3,670,000.00

2

Memorial No.:

11040102310374

Date of Instrument:

2011-3-15

Date of Registration:

2011-4-1

Nature:

Agreement For Sale And Purchase

In Favor of:

Lam Chun Pak

Consideration:

HKD 3,000,000.00

3

Memorial No.:

UB8887995

Date of Instrument:

2003-2-21

Date of Registration:

2003-3-11

Nature:

Memorandum Of Agreement For Sale And Purchase

In Favor of:

Li Tit Ngai

Li Sing Ming

Consideration:

HKD 560,000.00

 

Production Information

 

The subject is a trader of garment’s accessories and etc.

 

Purchase Information

 

It is introduced that subject purchases its products both at home and abroad.

 

Sales Information

 

The subject is mainly engaged in sales of apparel accessories and etc.

Subject’s selling territory includes Asia, Europe, America and etc.

Subject’s major customers are manufacturers of garments and etc.

Subject has cooperated with many famous brands such as Adidas, Reebok, Enyce, Liz Clairborne, Ann Taylor, Tommy Hilfiger, Elle and etc.

 

Types

Items

Metal

Buttons

Rivets

Snap fasteners

Metal plates

D rings

Hook & Eye

Zipper pullers

Belts

Canvas

Pu

Leather

Webbing

Cotton

Polyester
Nylon

Elastic

Hotfix

Beads

Sequins

Rhinestones

Rhinestuds

Swarovski

Crystals

Heat transfers

Others

Lace

Trim fabrics

Labels

Patches\

Hang tags

Cuff links

Tie pins

Plastic trims

 

 

Settlements

 

Purchase

 

Domestic Purchase

Products

Apparel accessories and etc.

Payment Terms

Cash, T/T and etc

 

Import

Products

Apparel accessories and etc.

Payment Terms

L/C, T/T and etc

 

Sales

 

Domestic Markets

Product

Apparel accessories and etc.

Selling Terms

Cash, T/T and etc

 

Export

Product

Apparel accessories and etc.

Selling Terms

L/C, T/T and etc

 

 

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

 

Mortgage Record

 

No mortgage record of subject was found.

 

Lawsuits

 

Up to now, no present or latent litigation of the subject has been found.

High Court Action:

Clear

High Court Baukufty Bankruptcy Proceedings:

Clear

High Court Commercial Action:

Clear

High Court Construction & Arbitration Proceedings:

Clear

High Court Companies Winding-Up:

Clear

 

 

Special Note

 

Interview Details

Department:

Sales Department

 

 

Industry Information

 

84619--Other clothing accessories and parts, not for babies, not knitted or crocheted (kg)

 

Unit: HKD/000

 

2014.05

2014.01~2014.05

 

Quantity

Value

Quantity

Value

Imports

Austria

34

26

96

78

Switzerland

258

735

1,590

4,191

The Mainland of China

228,027

23,484

1,103,756

145,346

Germany

158

94

460

413

France

76

141

701

877

USA

153

118

778

777

Italy

1,020

2,256

6,094

9,758

Japan

1,675

659

10,734

3,774

Exports

The Mainland of China

1,779

247

7,928

939

Indonesia

4,323

518

16,889

1,869

India

1,069

153

2,229

315

Italy

35

7

35

7

Singapore

--

--

3

7

USA

1,130

170

2,296

361

Vietnam

5,842

729

31,646

3,613

 

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

 

Unit 06. 10/F, Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong

IMG_5

 

Unit 06. 10/F, Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong

IMG_4

 

Unit 06. 10/F, Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong

IMG_2

 

Unit 06. 10/F, Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong

IMG_3

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.58

UK Pound

1

Rs.99.98

Euro

1

Rs.79.39

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

               

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.