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Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
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Name : |
RAINBOW LEGEND (HONG KONG) LTD. |
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Registered Office : |
c/o Gee Kay Systems & Accounting Ltd. Room 1308, 13/F., CEO Tower, 77 Wing Hong Street, Cheung Sha Wan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.02.2005 |
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Com. Reg. No.: |
35362039 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available We tried to confirm / obtain the detailed activity but the same is not
available from any sources |
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No. of Employees : |
No Employees in Hong Kong NOTE: It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
A2 |
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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 |
RAINBOW LEGEND
(HONG KONG) LTD.
Registered
Office:-
c/o Gee Kay Systems & Accounting Ltd.
Room 1308, 13/F., CEO Tower, 77 Wing Hong Street, Cheung Sha Wan,
Kowloon, Hong Kong.
[Tel: 852-2744 2685; Fax:
852-3544 8091]
Holding Company:-
Global Textile Solution S.A., Belgium.
Associated
Companies:-
Best Sources Corporation Ltd., Hong Kong.
Global Textile Solution NV, Belgium.
Rainbow Legend Ltd., India.
Textile Management Ltd., Hong Kong. [TML]
TML China Representative Office, China.
U2D Global Textile Control, France.
35362039
0952571
22nd February, 2005.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER: (As per registry dated 22-02-2014)
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Name |
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No. of shares |
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Global Textile Solution S.A. Rue De La Grande Couture, 2, 7522 Marquain, Belgium. |
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10,000 ===== |
DIRECTORS: (As per registry dated 01-07-2014)
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Name (Nationality) |
Address |
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Cedric POLLET |
Trieu Dorenet 3, 7522 Blandain, Belgium. |
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Global Textile Solution S.A. |
Rue De La Grande, 2, 7522 Marquain, Belgium. |
SECRETARY: (As per registry dated 22-02-2014)
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Name |
Address |
Co. No. |
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Gee Kay Systems & Accounting Ltd. |
Unit 710, 7/F., Block B, Alexandra Industrial Building, 1064 Tung Chau
Street West, Lai Chi Kok, Kowloon, Hong Kong. |
0680643 |
Date of Deed of Charge on receivables and invoices (floating
charge): 27‑09‑2010
Amount: The total amount
of all credit facilities
Property: All receivables and invoices which the
chargor has or will have on account of his debtors, moreover by virtue of
deliveries of goods and services and by virtue of all other commercial activities,
which he proceeds, included all claims on the government and proceeds due under
insurance policies
Mortgagee: Dexia Bank,
Belgium.
Rainbow Legend (Hong Kong) Ltd. was incorporated on 22nd February, 2005 as
a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 1308, 13/F., CEO Tower, 77 Wing Hong Street,
Cheung Sha Wan, Kowloon, Hong Kong known as Gee Kay Systems & Accounting
Ltd. [Gee Kay] which is handling its correspondences and documents. Gee Kay is also the corporate secretary of
the subject. Formerly Gee Kay was
located at Unit 710, 7/F., Block B, Alexandra Industrial Building, 1064 Tung
Chau West Street, Lai Chi Kok, Kowloon, Hong Kong, moved to the present address
with effect from 18th August, 2011, so did the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each which are wholly-owned by Global Textile
Solution S.A. [GTS] which is a Belgium-based firm. GTS is also one of the directors of the
subject. The other director Mr. Cedric
Pollet, a France passport holder, was appointed on 1st July, 2014. He is the new director of the subject. His registered address is in Blandain,
Belgium.
GTS is a garment, fabric, fur, footwear, leather goods and other textile
product trader. It has been banking with
Dexia Bank which is in Brussels, Belgium.
GTS sources its commodities in Hong Kong, from China and the other Asian
countries, etc. Prime markets are
Belgium and the other European countries.
GTS has had the following associated companies in Belgium and France
respectively:-
Global Textile Solution NV [GTSNV], Belgium.
U2D Global Textile Control [U2D], France.
Established on 28th May, 2003, GTSNV is engaged in sourcing textile
products for its clients in Europe.
Being a French Group company, U2D is a buying office. It offers its clients with all kinds of
buying solutions and supporting services.
The brands owned by U2D are Tao and Okaid.
Besides, U2D has had an associated company Textile Management Ltd. [TML]
which is a Hong Kong-registered firm.
TML has a representative office located at Room 1009, Yinan Commercial
Centre, Keqiao Town, Shaoxing City, Zhejiang Province, China. The China office is responsible for sourcing
commodities in China. The contact person
is a Mr. Chen who is a Chinese.
GTS deals with foreign parties under the name of the subject and let
foreign firms correspond with the subject’s registered address in
Hong Kong. GTS also exports
commodities to foreign markets under the name of the subject and its registered
address in Hong Kong.
Now, GTS has had an associated company in India.
The history of the subject in Hong Kong is over nine years and eight
months.
Since the subject does not have its own operating office and has no employees
in Hong Kong, on the whole, consider it good for business engagements on L/C
basis.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
LOB:
We tried to confirm / obtain the detailed activity but the same is not
available from any sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.39 |
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UK Pound |
1 |
Rs.98.00 |
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Euro |
1 |
Rs.76.99 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SHG |
RATING EXPLANATIONS
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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.