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Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
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Name : |
FIRST ELITE INTERNATIONAL LTD. |
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Registered Office : |
9/F., Cheung Lee Building, 137-143 Cheung Sha Wan Road, Sham Shui Po,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.06.2012 |
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Com. Reg. No.: |
59901346 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of ribbons, tapes,
garment accessories |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Business is under development |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A1 |
A1 |
|
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 levies excise duties on only four commodities,
namely: 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, it again faces a
possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system
deposits in Hong Kong by the end of 2012, an increase of 59% from the previous
year. 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 exports 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. Growth
slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight
housing supply conditions caused Hong Kong property prices to rise rapidly and
inflation to rise 4.1% in 2012. 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.
|
Source
: CIA |
FIRST ELITE
INTERNATIONAL LTD.
ADDRESS: 9/F., Cheung Lee Building, 137-143 Cheung
Sha Wan Road, Sham Shui Po, Kowloon, Hong Kong.
PHONE: 852-2470 7922, 2381
2826
FAX: 852-2381 2826
E-MAIL: thomas_hkg@yahoo.com.hk
Managing Director: Mr. Chan Man
Kit
Incorporated on: 4th June, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
FIRST ELITE
INTERNATIONAL LTD.
Registered Head
Office:-
9/F., Cheung Lee Building, 137-143 Cheung Sha Wan Road, Sham Shui Po, Kowloon,
Hong Kong.
Associated
Companies:-
Digitex Garment Accessories Net Ltd., Hong Kong. (Same address)
Dongguan Digitex Garment Accessories Ltd., China.
59901346
1754542
Managing Director: Mr. Chan Man
Kit
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 04-06-2013)
|
Name |
|
No. of shares |
|
CHAN Man Kit |
|
5,000 |
|
Kieren John HAYWOOD |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 04-06-2013)
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Name (Nationality) |
Address |
|
Kieren John HAYWOOD |
2/F., 156 Ping Long Village, Lam Tsuen, Tai Po, New Territories,
Hong Kong. |
|
CHAN Man Kit |
3A, 136-142 Boundary Street, Kowloon, Hong Kong. |
CHAN Man Kit (As per registry
dated 04-06-2013)
The subject was incorporated on 4th June, 2012 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 Manufacturer.
Lines: All
kinds of ribbons, tapes, garment accessories
Employees: 3.
Commodities Imported: China,
Markets: China,
other Asian countries, Europe, North America
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P,
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, First Elite
International Ltd. is equally owned by Mr. Chan Man Kit and Mr. Kieren John
Haywood, both of whom are Hong Kong merchants.
The latter is a Hong Kong ID Card holder and has got the right to reside
in Hong Kong permanently. They are also
director of the subject.
The subject cane be reached at your given Hong Kong phone number 852‑2470
7922.
The subject has had an associated company Digitex Garment Accessories
Net Ltd. [Digitex], a Hong Kong-registered company located at the same
address. The subject and Digitex are
engaged in the same lines of business, more or less. Digitex was incorporated on 3rd May, 2000 in
Hong Kong.
The subject is trading in the following commodities:
Plain Velvet, Ribbon, Elastic Lace, Grosgrain Tape Stripes, Nylon
Taffeta, Grosgrain Ribbon, Rainbow Ribbon, Grosgrain Ribbon, Cotton Lace,
Piping tape, Stripe Velvet Ribbon, Plaid pattern tape, Stripe ribbon, Petersham
Ribbon, Elastic skirt ribbon, Ribbon Flower, etc.
The subject’s associated factory Dongguan Digitex Garment Accessories
Ltd. [Dongguan Digitex] is in Dongguan City, Guangdong Province, China.
Dongguan Digitex has been in the business of manufacturing woven tapes
for more than 20 years. Its ISO9001/2000
certified factory covers an area of 8,000 sq. metres. It has 400 office clerks and factory
workers. In addition to the weaving
division, the factory also has its own dyeing and bleaching facilities. The investment of Dongguan Digitex was over
HK$70 million.
The products of Dongguan Digitex can be divided into 6 groups:
·
Taping --- Jacquard, crochet knitted, elastic,
velvet, metallic/silicone tapes, satin ribbons, tubular/cordage, woven, tartan,
variable width, warp and weft effect jacquard, grosgrain, etc.;
·
Ornaments --- Floral, cartoon characters;
·
Yarn and Thread --- Variety yarn and thread, cords,
and specialty cords;
·
Feathers and fur --- Birds, rabbit, camel, etc.
·
Buttons and Fasteners --- PVC, metallic, alloy and
other natural materials; &
·
Zips --- Nylon, metallic, PVC available in
different standards and models.
Since its inception, Dongguan Digitex has manufactured woven tapes with
5,000 designs. Its major buyers include
Europe, the United States, Asian countries and the Middle East.
It manufactures for such famous brand names as DKNY, Addidas, Tommy
Hilfiger and NAUTICA. It is using
top-name weaving machines such as Muller of Switzerland and Menegatto of
Italy. Its production capacity is over
2,000,000 yards per month.
One of the customers of Digitex is Marquillas Y Accessories S. A. which
is Colombia-based company.
The history of Digitex is over thirteen years while the history of the
subject is just over a year.
On the whole, since the history of the subject is short, consider it good
for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.95 |
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|
1 |
Rs.104.02 |
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Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 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.