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Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PM
ACCESSORIES ASIA LTD. |
|
|
|
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Registered Office : |
c/o Steed
(Nominess) Ltd. Flat 502, 5/F., Golden Gate Commercial Building, 136-138 Austin Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.05.2011 |
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Com. Reg. No.: |
58408232 |
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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
garments, bags |
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No. of Employees : |
7 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 |
PM
ACCESSORIES ASIA LTD.
ADDRESS: Room 2207-2208, 22/F., Trendy Centre,
682 Castle Peak Road, Kowloon, Hong Kong.
PHONE: 852-2745 5355, 2745 5333,
2745 5311
FAX: 852-2745 5344
E-MAIL: contact@pmaccessories.asia
Managing
Director: Mr. Jurgen Paul Winter
Incorporated on: 24th May, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 7.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
PM
ACCESSORIES ASIA LTD.
ADDRESS:
Registered
Office:-
c/o Steed
(Nominess) Ltd.
Flat 502, 5/F.,
Golden Gate Commercial Building, 136-138 Austin Road, Kowloon, Hong Kong.
Operating
Office:-
Room 2207-2208,
22/F., Trendy Centre, 682 Castle Peak Road, Kowloon, Hong Kong.
Associated
Factories:-
Man Tung Handbags,
Shaoguan, Guangdong Province, China.
Orient Handbag
Factory, Fujian Province, China.
Holding
Company:-
DW
Beteiligungsgesellschaft mbH, Germany.
Associated
Company:-
Tamaris
Accessories GmbH, Germany.
58408232
1605956
Managing
Director: Mr. Jurgen Paul Winter
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 24-05-2013)
|
Name |
|
No.
of shares |
|
DW Beteiligungsgesellschaft mbH Waldstrasse 19, DE
63179 Obertshausen, Germany. |
|
10,000 ===== |
(As
per registry dated 24-05-2013)
|
Name (Nationality) |
Address |
|
Sven Ingo DOBERT |
Wolfstrasse 4, DE 63500 Seligenstadt,
Germany. |
|
Jurgen Paul
WINTER |
Muhlheimer Strasse 14, DE 63179
Obertshausen, Germany. |
(As
per registry dated 24-05-2013)
|
Name |
Address |
Co.
No. |
|
Steed
(Nominees) Ltd. |
Room 502, 5/F., Golden Gate Commercial Building, 136-138 Austin Road,
Kowloon, Hong Kong. |
0052644 |
The
subject was incorporated on 24th May, 2011 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 garments, bags.
Employees: 7.
Commodities Imported: China, other Asian countries.
Markets: Germany, other European countries.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
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: Made a small profit in 2013.
Condition: Business is improving.
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, PM Accessories Asia Ltd. is
wholly owned by DW Beteiligungsgesellschaft mbH which is a Germany-based firm.
The
directors of the subject are Sven Ingo Dobert and Jurgen Paul Winter. Both of whom are Germany passport holders and
do not have the right to reside in Hong Kong permanently. They are also the directors of Tamaris
Accessories GmbH, Germany.
The
subject’s registered address is in the operating address of a secretarial firm
Steed (Nominees) Ltd. However, its
operating address is located at Room 2207-2208, 22/F., Trendy Centre, 682
Castle Peak Road, Kowloon, Hong Kong.
The
subject is a Hong Kong based company, established in 2009, under German
ownership and management.
The
subject supplies an extensive range of all types of fashions and utility bags,
fashion accessories and GWP (Gift with Purchase) items, etc.
The
subject has had two associated factories in China. Its Man Tung factory in Shaoguan (northerly
Guangdong Province) is specialised in ladies handbags and accessories, while
its Orient factory in Quanzhou, Fujian Province, crafts backpacks, sports bags
and utility bags. Both factories have
been equipped with the latest technology for waterproofing, seamless binding
and the construction of particularly large and high-resistance items. Both factories have been audited and its
products have been in conformity with international standards.
According
to the subject, Man Tung was established in Shenzhen Special Economic Zone,
China in 1980 which is engaged in manufacturing ladies’ handbags. In 2008, the factory was moved to Shaoguan,
Guangdong Province, China.
Today,
the Man Tung factory covers an area of 12,000 sq.m. floor space with over 800
workers while 650 of which are production staff. Its production capacity is 120,000 handbags
per month, with its key strengths lying in fashion and more complex-style
ladies handbags and wallets, particularly in synthetic materials and with high
quality workmanship. This factory has
been equipped with 300 sewing machines, 2 computerised cutting machines and
over 100 computerised sewing machines.
The Man Tung factory has been awarded SA8000 certification.
The
Orient Factory started in 1983, when Ricky Li, a Hong Kong businessman, started
his bag and accessories manufacturing business in Quanzhou. Now, Orient has grown to become an
organisation of four manufacturing plants, with a total production floor area
of 46,000 sq.m. and about 1,000 employees.
Orient
Factory is manufacturing a wide range of bags, principally backpacks, computer
bags and sleeves, leisure bags and promotional items. It has 650 orkers and its production
capacities are as the followings:-
·
40,000 computer bags per month;
·
100,000 backpacks per month;
·
120,000 promotional bags per
month; &
·
460,000 wallets per month.
The
factory has been equipped with 14 cutting machines, 500 sewing machines, 43
computerised sewing machines and 11 riveting machines. Its in-house testing lab is equipped with a
heavy-metal testing machine, a handle-jerk testing machine and a crocking and
textile strength testing machine.
The
subject’s products are chiefly exported to Germany and the other European
countries, North America, etc. Business
is improving.
The
subject operates from a rented office in Hong Kong.
As
the history of the subject is just over three years in Hong Kong, on the whole, consider it good
for normal business engagements on L/C basis or in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
|
|
1 |
Rs.98.40 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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 |
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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 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.