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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
HEDY LTD. |
|
|
|
|
Registered Office : |
Flat A, 7/F., Leroy Plaza, 15 Cheung Shun Street, Cheung Sha Wan,
Kowloon |
|
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|
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Country : |
Hong Kong |
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Date of Incorporation : |
21.07.1987 |
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Com. Reg. No.: |
11384558 |
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|
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of fabrics |
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No. of Employees |
22. |
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 |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
HEDY LTD.
ADDRESS:
Flat A, 7/F.,
Leroy Plaza, 15 Cheung Shun Street, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 852-2420 3038, 2741 6886,
2266 9600
FAX: 852-2420 4215, 2785 4433,
2741 7333
E-MAIL: patrickp@mail.hedy.com
patrickp@hedy.com
Managing
Director: Mr. Lui Pui On
Incorporated on: 21st July, 1987.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$240~250 million.
Employees: 22. (Including associates in Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HEDY LTD.
ADDRESS:
Registered
Head Office:-
Flat A, 7/F.,
Leroy Plaza, 15 Cheung Shun Street, Cheung Sha Wan, Kowloon, Hong Kong.
Associated
Companies:-
Foshan Nanhai Cotton Textile Factory Co. Ltd., China.
Foshan Nanhai Cotton Textile Factory, China.
Foshan Nanhai Highrich Textile Co. Ltd., China.
* HGL Investment Ltd., Hong Kong.
* Highrich Textiles Co. Ltd., Hong Kong.
* Hintco Trading Ltd., Hong Kong.
* (same address)
11384558
0193799
Managing
Director: Mr. Lui Pui On
Nominal Share Capital:
HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share
Capital: HK$100,000.00
(As
per registry dated 21-07-2013)
|
Name |
|
No.
of share |
|
LUI Pui On |
|
100,000 ====== |
(As
per registry dated 21-07-2013)
|
Name (Nationality) |
Address |
|
LUI Pui On |
Flat A, 7/F., Leroy Plaza, 15 Cheung Shun
Street, Cheung Sha Wan, Kowloon, Hong Kong. |
(As
per registry dated 21-07-2013)
|
Name |
Address |
Co.
No. |
|
Tricor
Secretaries Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0014900 |
The
subject was incorporated on 21st July, 1987 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
located at Flat C & D, 5/F., Leroy Plaza, 15 Cheung Shun Street, Cheung Sha
Wan, Kowloon, Hong Kong, moved to the present address in March 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of fabrics.
Employees: 22. (Including associate in Hong Kong)
Commodities Imported: India, Europe, Japan, etc.
Markets: China, other Asian countries, etc.
Annual Turnover: HK$240~250 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
The Hong Kong General
Chamber of Commerce, Hong Kong.
[Membership No. HKH0318]
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000,000.00
Indebtedness: HK$12,000,000.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 21-07-2013)
Mortgage or Charge (since 2009): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Business is satisfactory.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having
issued 100,000 ordinary shares of HK$10.00 each, Hedy Ltd. is wholly owned by
Mr. Lui Pui On who is a Hong Kong merchant.
He is also the only director of the subject.
The
subject has got an associated company Hintco Trading Ltd. [Hintco] located at
its operating address. Hintco and the
subject are engaged in the same lines of business, more or less. Hintco was incorporated in Hong Kong on 15th
August, 1995. It is also managed by Lui
Pui On.
The
subject is a piecegoods trader. It is
trading in the following commodities:-
·
Corduroy/Velveteen Fabric
Products are different wale/weights of corduroy fabrics including 100% cotton corduroy,
cotton/rayon corduroy, CVC corduroy and T/C corduroy fabric, special weave of
corduroy such as check corduroy, twill effect corduroy. In addition, the factory is able to make
spandex/corduroy fabrics for its customers in different wale and construction.
·
Linen Fabric
The subject produces difference weights of pure linen and linen blended woven
fabric like linen/rayon, linen/cotton, etc.
·
Ramie Fabric
The subject produces different kinds and weights of pure ramie and ramie mixed
fabric, like ramie/cotton ramie, etc.
·
Yarn-Dyed Item
The subject has a special team handling yarn dyed item. Monthly production capacity ranges from
800,000 to 1,000,000 yards.
The
subject has had a factory known as Foshan Nanhai Cotton Textile Factory [FNCTF]
located in Foshan City, Guangdong Province, China. This factory is a dyeing, weaving, and
finishing mill employing about 1,100 workers in total. The legal representative of FNCTF is Mr. Guo Yaoxin. It is located at Liyin Village, Dienan,
Guicheng Town, Nanhai, Foshan City, Guangdong Province, China. The value of the fixed assets of this factory
is over RMB100 million Yuan. The factory
covers an area of about 140,000 sq.m.
The
factory has been equipped with 48 air jet looms, 80 shuttleless looms, pin
dyed, corn dyed, sizing machines, fabric preparation equipment, air jet, pre‑compressor,
etc. The annual production capacity is
about 11 million yards of yarn dyed fabrics.
Besides,
the subject has set up a mill in Jiangsu Province, China which is engaged in
dyeing and weaving of different kinds of corduroy fabrics.
Products
are exported to Japan, North America, Southeast Asia, Western Europe, etc.
The
annual sales turnover of the subject and Hintco ranges from HK$240 to 250
million. Making a small profit every
year.
The
subject’s total amount outstanding registered with the Companies Registry as at
late July 2013 amounted to HK$12.0 million.
Lui
Pui On is also one of the directors of HGL Investment Ltd., a Hong Kong‑registered
firm engaged in making investments in luxury properties.
As
the history of the subject is over twenty-six years in Hong Kong, on the whole,
consider it good for normal business engagements.
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Nov. 1992 |
Ford Tune Textiles Ltd. |
Hedy Ltd. |
Goods Sold and Delivered |
HK$198,163 |
(Since 2009)
|
Date |
Particulars |
Amount |
|
10-08-2009 |
Instrument: Security
Over Deposits with the Bank (Limited Company – Under Seal) Property: A deposit with
chargee in the amount of HK$4,800,000.00 under Deposit A/C No. 596‑059824,
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. |
Amount secured – (i) all monies in any currency owing by the Company
to the chargee at any time, actually or contingently, in any capacity, alone
or jointly with any other person; (ii) interest on such monies, to the date
on which the chargee receives payment, at the rates payable by the Company or
which would have been payable but for any circumstance which restricts
payment and (iii) all expenses of the chargee in perfecting or enforcing the
charge |
|
16-03-2010 |
Instrument: Assignment
of Life Insurance Property: (i) all the
Assignor’s claims, options, privileges, right, title, interest and benefit in
and under the Insurance; and (ii) all the Assignor’s claims and rights the
issuer of the Policy (No. 28001737) Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Secured Indebtedness |
|
16-03-2010 |
Instrument: Assignment
of Life Insurance Property: (i) all the
Assignor’s claims, options, privileges, right, title, interest and benefit in
and under the Insurance; and (ii) all the Assignor’s claims and rights the
issuer of the Policy (No. 28001954) Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Secured Indebtedness |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.22 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.