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Report Date : |
11.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SEJEE CO. LTD. |
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Registered Office : |
Room 1005, 10/F., Golden Gate Commercial Building, 136-138
Austin Road, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.04.2001 |
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Com. Reg. No.: |
31751377 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a garment trader. It is chiefly trading in ladies’ pants,
ladies’ jackets, men’s pants, ladies’ coats, ladies’ skirts, ladies’ suits |
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No. of Employees |
02 |
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 : |
Small company |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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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 |
(Your enquiry given as:
SEEJEE CO. LTD.
and old address at:
Room 201, 2/F., Golden Gate Commercial Building, 136-138 Austin Road, Kowloon, Hong Kong. )
SEJEE CO.
LTD.
ADDRESS: Room 1005, 10/F., Golden Gate Commercial Building, 136-138 Austin Road, Kowloon, Hong Kong.
PHONE: 852-3112 0209
FAX: Not available.
Managing Director: Mr. Frances Lee
Incorporated on: 25th April, 2001.
Organization: Private Limited Company.
Capita Issued: US$6,000,000.00
Business Category: Garment Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1005, 10/F., Golden Gate Commercial Building, 136-138 Austin Road, Kowloon, Hong Kong.
Holding Company:-
Newcorp Int’l Ltd., British Virgin Islands.
Affiliated Company:-
Great Golden Corporation Ltd.
Room 201, 2/F., Golden Gate Commercial Building, 136-138 Austin Road, Kowloon, Hong Kong.
[Tel: 852-2730 2308]
Overseas Associated
Companies:-
Global Sourcenet Ltd., Vietnam.
Haobin Fashion Shanghai Co. Ltd., China.
Merim Co. Ltd., Bangladesh.
Merimo Ltd., Bangladesh.
31751377
0754624
Managing Director: Mr. Frances Lee
ISSUED CAPITAL: US$6,000,000.00
SHAREHOLDERS: (As per registry dated 25-04-2014)
|
Name |
|
No. of shares |
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Newcorp Int’l Ltd. OMC Chambers Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. |
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6,000,000 ======= |
DIRECTORS: (As per registry dated 25-04-2014)
|
Name (Nationality) |
Address |
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Frances LEE |
2348 B, 5th Street, Fort Lee, NJ 07024, US. |
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Yunji GUI |
Plot #25/26, Sector 6, CEP8, Chittagong, Bangladesh. |
SECRETARY: (As per registry dated 25-04-2014)
|
Name |
Address |
Co. No. |
|
Secreco Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong Kong. |
0139490 |
The subject was incorporated on 25th April, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at “Room 201, 2/F., Golden Gate Commercial Building, 136-138 Austin Road, Kowloon, Hong Kong”, moved to “Room 1005” of the same building in January 2013. The old address now is occupied by a firm known as Great Golden Corporation Ltd. which is an affiliate of it.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Garment Trader.
Lines: All kinds of garments, etc.
Employees: 2.
Commodities Imported: China, Bangladesh, Vietnam, etc.
Markets: Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capita Issued: US$6,000,000.00
Indebtedness: US$1,015,182.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 25-04-2014)
Mortgage or Charge: (See attachment)
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.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 6 million ordinary shares, Sejee Co. Ltd. is a wholly owned subsidiary of Newcorp Int’l Ltd. which is a BVI-registered company.
The directors of the subject are Mr. Frances Lee and Mr. Yunji Gui. The former is in the United States while the latter in Bangladesh.
Incorporated in April 2001 in Hong Kong, the subject is a garment trader. It is chiefly trading in ladies’ pants, ladies’ jackets, men’s pants, ladies’ coats, ladies’ skirts, ladies’ suits, etc.
According to the subject, it has had the following associated companies:
Haobin Fashion Shanghai Co. Ltd. [Haobin], China;
Merimo Ltd. [Merimo], Bangladesh.;
Global Sourcenet Ltd. [Global Sourcenet], Vietnam.; &
Merim Co. Ltd. [Merim], Bangladesh.
Haobin is an R&D centre which covers an area of 6,000 sq. m. and employing 50 persons.
Merimo is engaged in manufacturing dresses, skirts, jackets, etc. Its factory covers an area of 13,400 sq. m. and employing 1,000 people.
Global Sourcenet is also engaged in manufacturing dresses, skirts, jackets, etc. Its factory covers an area of 27,000 sq. m. and employing 1,200 people.
Merim is also engaged in manufacturing dresses, skirts, jackets, etc. Its factory covers an area of 45,000 sq. m. and employing 4,000 people.
The following companies are some of the customers of the subject:
Elie Tahari Ltd., Jones Apparel Group, Macy’s, Gap, OLD Navy, JC Penney, H&M, etc.
It has maintained a number of regular customers.
Most of the subject’s products are exported to the United States. The annual sales turnover of the Group ranges from US$100 to 120 million.
As the history of the subject is over thirteen years in Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
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05-09-2001 |
Instrument: Security Over Deposits Property: A deposit with the chargee in the amount of (US$1,000,000.00) and all monies under deposit No. (508-259819), whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All monies |
|
19-07-2002 |
Instrument: Security Over Deposits Property: A deposit with the chargee in the amount of (US$1,000,000.00) and all monies under deposit No. (508-259819), whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All monies |
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15-08-2003 |
Instrument: Charge Over attached Property: The “Securities”, being (i) all equity and debt instruments and other instruments commonly known as securities owned by the Company which, at any time and for any reason, are in the possession or control of the chargee, any nominee of the chargee or any depository named in the charge document, (ii) all dividends, interest, distributions and other monies derived therefrom and (iii) all accretions, allotments and other benefits accruing or arising in respect thereof. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All moneys |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.26 |
|
|
1 |
Rs.99.63 |
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Euro |
1 |
Rs.80.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
NIS |
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.