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Report Date : |
04.11.2014 |
IDENTIFICATION DETAILS
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Name : |
GLORY METAL PRODUCTS MANUFACTURING LTD. |
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Registered Office : |
Room 1008, 10/F., Fo Tan Industrial Centre, 26-28 Au Pui Wan Street,
Fotan, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.07.1995 |
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Com. Reg. No.: |
19270311 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of metal buckles,
buttons. |
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No of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 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 |
GLORY METAL
PRODUCTS MANUFACTURING LTD.
ADDRESS: Room 1008, 10/F., Fo Tan Industrial Centre,
26-28 Au Pui Wan Street, Fotan, Shatin, New Territories, Hong Kong.
PHONE: 852-2606 5900
FAX: 852-2693 2752
E-MAIL: jeannie@glorymetal.com
Managing Director: Ms. Tang Sau
Ping, Jeannie
Incorporated on: 25th July, 1995.
Organization: Private Limited Company.
Paid Up Capital: HK$200,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1008, 10/F., Fo Tan Industrial Centre, 26-28 Au Pui Wan Street,
Fotan, Shatin, New Territories, Hong Kong.
Factory:-
Shazai Industrial Park, Minzhong Town, Zhongshan City, Guangdong
Province, China.
19270311
0521136
Managing Director: Ms. Tang Sau
Ping, Jeannie
Marketing Manager: Mr. Chan Yan
Senior QA Manager: Mr. K W Leung
HK$200,000.00
(As per registry dated 25-07-2014)
|
Name |
|
No. of shares |
|
WONG Hon Wah |
|
100,000 |
|
TANG Sau Ping, Jeannie |
|
100,000 |
|
|
|
––––––– |
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Total: |
200,000 ====== |
(As per registry dated 25-07-2014)
|
Name (Nationality) |
Address |
|
TANG Sau Ping, Jeannie |
House 13, Seaview Villas, 18 Yin Tse Lane, Tai Po,
New Territories, Hong Kong. |
|
WONG Hon Wah |
House 13, Seaview Villas, 18 Yin Tse Lane, Tai Po,
New Territories, Hong Kong. |
(As per registry dated 25-07-2014)
|
Name |
Address |
Co. No. |
|
Perfection Secretaries Ltd. |
17/F., Empire Land Commercial Centre, 81‑85 Lockhart Road,
Wanchai, Hong Kong. |
0519262 |
The subject was incorporated on 25th July, 1995 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 9, 13/F., Block B, Wah Luen
Industrial Centre, 15-21 Wong Chuk Yeung Street, Fotan, Shatin,
New Territories, Hong Kong, moved to the present address in May 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of metal buckles, buttons.
Employees: 8.
Commodities Imported: China, etc.
Markets: Japan,
South Korea, North America, Southeast Asia, Taiwan, Western Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKG0470]
Paid Up Capital: HK$200,000.00
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 200,000 ordinary shares of HK$1.00 each, Glory Metal
Products Manufacturing Ltd. is equally owned by Mr. Wong Hon Wah and Ms. Tang
Sau Ping, Jeannie. Both are Hong Kong
merchants. They are also directors of
the subject.
The subject is engaged in manufacturing the following products: Buckle -
Metal (Including alloy, OEM), Button - Metal (Including snap/shank/alloy
buttons, OEM), Rivet For Garment (Including OEM).
Products are exported to Japan, South Korea, North America, Southeast
Asia, Taiwan, Western Europe. Business
is active.
The subject’s factory is in Zhongshan City, Guangdong Province,
China. The factory site covers an area
of 25,000 sq.m. built floor area, plus 26,400 sq.m. which are undeveloped.
The factory has been equipped with the following main equipment:-
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Singapore and other foreign large
cities.
The subject’s business has been chiefly handled by Ms. Tang Sau Ping,
Jeannie. Regular suppliers and customers
have been maintained.
As the history of the subject is over 19 years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.