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Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
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Name : |
RICHPEACE GROUP CO. LTD. |
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Registered Office : |
Flat G, 11/F., Wing Hong Industrial Building, 18-26 Kwai
Fung Crescent, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.04.2005 |
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Com. Reg. No.: |
35621388 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garment manufacturing equipment |
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No. of Employees : |
06 |
RATING & COMMENTS
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MIRAs 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 September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A1 |
A2 |
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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
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Source
: CIA |
RICHPEACE GROUP CO.
LTD.
ADDRESS: Flat G, 11/F., Wing Hong Industrial Building, 18-26 Kwai Fung Crescent, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2755 1093, 2755 1068
FAX: 852-2755 1060
E-MAIL: kk@richpeace.com.hk
sales@richpeace.com
Managing Director: Mr. Li Jin Ning
Incorporated on: 21st April, 2005.
Organization: Private Limited Company.
Capital: Nominal:HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Flat G, 11/F., Wing Hong Industrial Building, 18-26 Kwai Fung Crescent, Kwai Chung, New Territories, Hong Kong.
Associated Companies:-
Richpeace International Co. Ltd., China.
Shanghai Takatori Electromechanical Technology Co. Ltd., China.
Shenzhen Richpeace CAD/CAM Co. Ltd., China.
Shenzhen Richpeace Technology Co. Ltd., China.
Shenzhen Yingning Co. Ltd., China.
Tianjin Richforever CAD/CAM Co. Ltd., China.
Tianjin Richpeace Computer & Machinery Co. Ltd., China.
35621388
0965088
Managing Director: Mr. Li Jin Ning
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS: (As per registry dated 21-04-2013)
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Name |
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No. of shares |
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LI Jin Ning |
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620,000 |
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WU Ying |
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180,000 |
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ZHANG Zhi Guang |
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50,000 |
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LIU Jin Quan |
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50,000 |
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YANG An Wei |
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50,000 |
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[to be continued] |
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[continued] |
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ZHAO Zhi Quan |
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50,000 |
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Total: |
1,000,000 ======= |
DIRECTORS: (As per registry dated 21-04-2013)
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Name (Nationality) |
Address |
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WU Ying |
Flat 2702-C, Office of Beiboli City Garden, Dongchuangye Road, Nanhai Dadao, Nanshan District, Shenzhen Special Economic Zone, China. |
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LI Jin Ning |
Flat 2702-C, Office of Beiboli City Garden, Dongchuangye Road, Nanhai Dadao, Nanshan District, Shenzhen Special Economic Zone, China. |
SECRETARY: (As per registry dated 21-04-2013)
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Name |
Address |
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CHAN Ka Kit |
Flat B, 17/F., Block 5, Wonderland Villas, 9 Wah King Hill Road, Kwai Chung, New Territories, Hong Kong. |
The subject was incorporated on 21st April, 2005 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 garment manufacturing equipment
Employees: 6.
Commodities Imported: China, etc.
Markets: China, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: On various terms.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
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.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 1 million ordinary shares of HK$1.00 each, Richpeace Group Co. Ltd. is jointly owned by six China merchants. Two of the largest shareholders are Mr. Li Jin Ning, holding 62% interests, and Mr. Wu Ying, holding 18%.
The subject has had the following two main associated companies in Shenzhen Special Economic Zone, China:
Shenzhen Richpeace CAD/CAM Co. Ltd.;
Shenzhen Richpeace Technology Co. Ltd.
The subject is engaged in developing high-tech and computerised machinery and equipment.
Richpeace Group has became a high-tech enterprise having 12 shareholding companies.
Through years of operation, the subject has developed a number of textile and garment machinery such as engaged in computerized embroidery, computerized garment making, computerized knitting, computerized quilting, computerized shuttling, etc. It also has developed industrial automatic control systems, developed self-owned intellectual property right of high-tech products of hundreds of products kinds, 24 series, and 6 classes.
The subject has 24 patents in textile, garments, and embroidery industry, hundreds of software copyrights. It also has got 6 corporation standards, and over 20 honours.
The subject now has over 20 selling channels, 13 professional network stations. Main products are exported to over 50 countries and regions such as North America, Europe, Southeast Asia, and Africa. It also has had more than 20 international agents.
The followings are some of the products of the Group:
Accessories & Supplies;
CAD / CAM Software;
Computer Control;
Digitizer;
Embroidery Machine;
Embroidery Machine Spare Parts;
Fully Automatic Cutting Machine;
High Speed Plotter;
Laser Engraving and Cutting Machine;
Quilting Machine;
Special Sewing;
Spreading Machine;
Template Sewing Solution; &
USB Floppy Simulator.
The Group now has set up a factory in Tianjin a software development centre in Shenzhen Special Economic Zone, China.
Tianjin Richpeace Computerized Machinery Co. Ltd. is an unique company that supplies whole product lines and integrated solutions. It supplies equipments and related electronic control systems with independent intellectual property rights. There are two subsidiaries of Tianjin Richpeace: Shenzhen Richpeace Technology Co. Ltd. and Richpeace International Co. Ltd. Specializing in manufacturing, sales exporting & importing, investment and management in embroidery, this company is famous for its brand---Richpeace. Its customers are in 50 countries which are located in North America, Europe, Southeast Asia, the Middle East as well as Africa.
The business of the subject is rather active. History in Hong Kong is over eight years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.35 |
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1 |
Rs.100.21 |
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Euro |
1 |
Rs.83.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
-- |
This score serves as a reference to assess SCs 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.