|
Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KENO
LEATHERWARES FACTORY LTD. |
|
|
|
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Registered Office : |
Room 805, 8/F., Join-In Hang Sing Centre, 71-75 Container Port Road,
Kwai Chung, New Territories, Hong Kong |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.09.1980 |
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Com. Reg. No.: |
06840478 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Leather briefcases, attache cases, suitcases, travelling bags |
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No. of Employees |
22 |
RATING & COMMENTS
|
MIRAs 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 |
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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) |
|
Hong Kong |
A1 |
A1 |
|
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 |
KENO
LEATHERWARES FACTORY LTD.
ADDRESS:
Room 805, 8/F.,
Join-In Hang Sing Centre, 71-75 Container Port Road, Kwai Chung,
New Territories, Hong Kong.
PHONE: 852-2489 0089, 2612 8100
FAX: 852-2419 2831
E-MAIL: winnie@keno.com.hk
info@keno.com.hk
shirleyli@keno.com.hk
steven@keno.com.hk
Managing
Director: Mr. Kan Kam Wing, Albert (alias: Steven Kan)
Incorporated on: 2nd September, 1980.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$600,000.00
Business Category: Leatherware Manufacturer and Trader.
Annual Turnover: HK$350~400 million.
Employees: 22.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Very Good.
KENO
LEATHERWARES FACTORY LTD.
ADDRESS:
Registered
Head Office:-
Room 805, 8/F.,
Join-In Hang Sing Centre, 71-75 Container Port Road, Kwai Chung, New
Territories, Hong Kong.
China Factories:-
Panyu Factory
Guangzhou Panyu Keno Leatherwares Ltd.
Sha Lian Road, Shiji Village, Shiji Town, Panyu, Guangzhou, Guangdong Province, China.
[Tel: 86-020-2287 4488, Fax: 86-020-8485 0585]
Qingyuan Factory
Jiayue (Qingyuan) Leather Manufacturing Co. Ltd.
Jinsba Industrial Zone, Yuatan Town, Qingcheng District, Qingyuan, Guangdong Province, China.
[Tel: 86-763-681 0988, Fax: 86-763-681 0999]
Suqian Factory
Suqian Makeni Leatherwear Manufacturing Ltd.
A21, Standard Factory Building, Suqian City, Jiangsu Province, China.
[Tel: 86-527-8810 1703, Fax: 86-527-8286 0009]
Associated Company:-
Keno Leatherwares Co. Ltd., Hong Kong.
06840478
0086184
Managing
Director: Mr. Kan Kam Wing, Albert (alias: Steven Kan)
Sales
Contact: Ms. Sweedy Li
Nominal Share
Capital: HK$1,000,000.00 (Divided into 100 shares of HK$10,000.00 each)
Issued Share
Capital: HK$600,000.00
(As
per registry dated 02-09-2013)
|
Name |
|
No.
of shares |
|
KAN
Wai Kuen |
|
5 |
|
KAN
Kam Wing, Albert |
|
42 |
|
FUNG Yuk Yee, Lina |
|
13 |
|
|
|
|
|
|
Total: |
60 == |
(As
per registry dated 02-09-2013)
|
Name (Nationality) |
Address |
|
KAN Kam Wing,
Albert |
Block 12A, 28/F., Wonderland Villas,
K.C.T.L. 369, Kwai Chung, New Territories, Hong Kong. |
|
FUNG Yuk Yee,
Lina |
Block 12A, 28/F., Wonderland Villas,
K.C.T.L. 369, Kwai Chung, New Territories, Hong Kong. |
(As
per registry dated 02-09-2013)
|
Name |
Address |
Co.
No. |
|
Marfan
& Associates Ltd. |
11/F., Fortis Tower, 77-79 Gloucester Road, Hong Kong. |
0094488 |
The
subject was incorporated on 2nd September, 1980 as a private limited liability company
under the Hong Kong Companies Ordinance.
Formerly
the subject was located at Workshop No. 3-4, 15/F., Block E, Tsing Yi Island
Industrial Centre, Phase II, 1-33 Cheung Tat Road, Tsing Yi,
New Territories, Hong Kong, moved to Room 705, 7/F., Join-In Hang
Sing Centre, 71-75 Container Port Road, Kwai Chung, New Territories,
Hong Kong in August 1993; and further to Room 805, 8/F. of the same
building in November 2003.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Manufacturer and Exporter.
Lines: Leather briefcases, attache cases, suitcases, travelling bags.
Brand Name: Keno, Lachetta Milano
Employees: 22.
Materials/Commodities: Imports raw materials from European countries, India, US, and arranges the finished products from China.
Markets: Canada, US, Europe, Hong Kong, other Asian countries.
Annual Turnover: HK$350~400 million.
Terms/Sales: L/C, T/T or as per contracted.
Terms/Buying: L/C, D/P and T/T.
Nominal Share Capital: HK$1,000,000.00 (Divided into 100 shares of HK$10,000.00 each)
Issued Share Capital: HK$600,000.00
Alternation of Issued Capital:-
|
02-09-1980 |
paid up |
HK$ 20,000.00 |
|
05-12-1980 |
paid up |
HK$580,000.00 |
|
|
|
|
|
Total: |
paid up |
HK$600,000.00 ============ |
Mortgage or Charge (since 2013): (See attachment)
Profit or Loss: Making a small profit in the past years.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Keno
Leatherwares Factory Ltd. is a private limited company jointly owned by a
couple at the very beginning, Mr. Albert Kan Kam Wing, holding 75% interests,
and Ms. Lina Fung Yuk Yee, holding 25%.
The subject has been reshuffled.
Now, it is jointly owned by Mr. Albert Kan Kam Wing, holding 70.0%
interests, Ms. Lina Fung Yuk Yee, holding 21.7%, and Mr. Kan Wai Kuen,
8.3%. All the three belong to the same
family. The former two are also the
directors of the subject.
Having
over 32 years experience, the subject is a reputed manufacturer of leather
products such as canvas bags, attachι cases, shoulder bags, briefcases, leather
handbags, travel bags with wheels, duffels, wallets, purses, rucksacks, desktop
and home decoration items.
The
subjects factory is in Panyu, Guangzhou, Guangdong Province, China. The factory covers an area of 120,000
sq.m. Besides the Panyu factory, the
subject also has set up a factory in Qingyuan, Guangdong, China known as Jiayue
(Qingyuan) Leather Manufacturing Co. Ltd.
The total employees of the two factories are about 3,000, total monthly
production capacity is about 250,000 units per item. Tailor-made services and OEM services are
available.
In
2008, the subject set up Suqian Makeni Leatherwear Manufacturing Ltd. which is
in Suqian City, Jiangsu Province, China.
The Suqian factory has about 250 employees.
The
subject is carrying the following brand names: ARGON, BRERA,
BIRKLEY CASATI, CREANDO, ENZO-ROSSI, NAN-BAGS,
LACHETTA MILANO, K KENO, etc.
Of
the above-trade marks, LACHETTA MILANO and K KENO
are owned by the subject.
The
trade mark K KENO has registered with the Trade Marks Registry,
Intellectual Property Development, the Government of the Hong Kong SAR. The filing date was 18th March, 2004 while
the expiry date is 17th March, 2024. The
latter trade mark also has been registered in Hong Kong. The filing date was 19th October, 2004 while
the expiry date is 18th October, 2024.
Products
are exported to Southeast Asia, Europe, North America, etc. Business is rather steady and active. Regular customers have been maintained.
The
Chief Designer of the subject is Mr. Vinenzo Gussip Rossi who is a
foreigner. The subject also has had its
own showroom and designing team.
The
subject is responsible for supplying its affiliated factories in Panyu and
Qingyuan, Guangdong Province, China with raw materials which are mainly
imported from Italy, Spain and India.
Besides leather, the subject also uses other materials such as nylon and
canvas (or the combination with leather) to manufacture its products.
The
annual sales turnover of the subject ranges from HK$350 to 400 million. Making a small profit every year.
The
history of the subject in Hong Kong is over 33 years.
On
the whole, consider the subject good for normal business engagements.
Property
information of the company:-
1. Property Location: Car Parking Space No. 42 on 1/F., Join-In
Hang Sing Centre, No. 2‑16 Kwai Fung Crescent and 71‑75 Container
Port Road, Kwai Chung, New Territories, Hong Kong.
Owner: Keno Leatherwares Factory Ltd.
Date of
Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
30-10-2013 |
- |
Hang Seng Bank Ltd., Hong Kong. |
All moneys to secure general banking facilities |
2. Property Location: Workshop No. 4 and 5, on 8/F., Car
Parking Space No. 25 on 1/F., Join-In Hang Sing Centre, No. 2‑16 Kwai
Fung Crescent and 71‑75 Container Port Road, Kwai Chung,
New Territories, Hong Kong.
Owner: Keno Leatherwares Factory Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
30-10-2013 |
- |
Hang Seng Bank Ltd., Hong Kong. |
All moneys to secure general banking facilities |
(Since 2013)
|
Date |
Particulars |
Amount |
|
30-10-2013 |
Instrument: Mortgage Property: All that 1/6488 parts or shares of and in
Kwai Chung Town Lot No. 372. (Car Parking Space No. 42 on 1/F., Join-In Hang
Sing Centre, No. 2‑16 Kwai Fung Crescent and 71‑75 Container
Port Road, Kwai Chung, New Territories, Hong Kong). Mortgagee: Hang
Seng Bank Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
30-10-2013 |
Instrument: Mortgage Property: All those 153/6488 parts or shares of and in
Kwai Chung Town Lot No. 372. (Workshop No. 4 and 5, on 8/F., Car Parking
Space No. 25 on 1/F., Join-In Hang Sing Centre, No. 2‑16 Kwai Fung
Crescent and 71‑75 Container Port Road, Kwai Chung,
New Territories, Hong Kong). Mortgagee: Hang
Seng Bank Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 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.