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Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
H&H ASIA
GROUP
LTD. |
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|
|
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Registered Office : |
Room 1705, 17/F., Seapower Centre, 73 Lei Muk Road, Kwai Chung, New Territories |
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Country : |
Hongkong |
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Date of Incorporation : |
25.07.2008 |
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Com. Reg. No.: |
39601865 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Sew free adhesive and
waterproofing products, and related
machinery & equipment. |
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No. of Employees : |
7 |
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 |
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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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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 |
H&H ASIA GROUP LTD.
ADDRESS: Room 1705, 17/F., Seapower
Centre, 73 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2481 3068
FAX: 852-2481 3727
E-MAIL: sales@hh.com.hk
Managing Director: Mr. Ho Yuk Wai,
Hugo
Incorporated on: 25th July, 2008.
Organization: Private Limited
Company.
Capital: Nominal:
HK$10,000.00
Issued: HK$1,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 7.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1705, 17/F., Seapower Centre, 73 Lei Muk Road, Kwai Chung, New
Territories, Hong Kong.
Associated
Companies:-
Guangzhou Gao Ke Garment-Making Equipment Co. Ltd., China.
H&H Asia Ltd., Hong Kong.
[Dissolved]
H&H International Co. Ltd., Hong Kong. [Dissolved]
39601865
1259611
Managing Director: Mr. Ho Yuk Wai,
Hugo
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
(As per registry
dated 25-07-2013)
|
Name |
|
No. of shares |
|
HO Yuk Wai, Hugo |
|
900 |
|
KWOK Pui Ling |
|
99 |
|
LAM Tze Ki |
|
1 |
|
|
|
–––– |
|
|
Total: |
1,000 ==== |
(As per registry dated
25-07-2013)
|
Name (Nationality) |
Address |
|
HO Yuk Wai, Hugo |
Flat A, 12/F., Tower 6, Park Royale, 38 Town Park Road North, Yuen
Long, New Territories, Hong Kong. |
(As per registry
dated 25-07-2013)
|
Name |
Address |
|
KWOK Pui Ling |
Flat A, 12/F., Tower 6, Park Royale, 38 Town Park Road North, Yuen
Long, New Territories, Hong Kong. |
The subject was incorporated on 25th July, 2008 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: Sew
free adhesive and waterproofing products, and related machinery & equipment
Employees: 7.
Commodities Imported: China, etc.
Markets: China,
other Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
Profit or Loss: Making
a small profit in past three years.
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 1,000 ordinary shares of HK$1.00 each, H&H Asia Group
Ltd. is jointly owned by Ho Yuk Wai, Hugo, holding 90.0% interests; Ms. Kwok
Pui Ling, holding 9.9%; and Ms. Lam Tze Ki, holding 0.1%. They are all Hong Kong merchants. Ho Yuk Wai, Hugo is the only director of the
subject.
The subject is specialized in thermoplastic technology for sew free
Adhesive and Waterproofing applied on the industries of clothing, bags, shoes,
medical products, gloves, etc. that include waterproof seam sealing, sew free
pocket adhesive, zipper bonding, front zip sealing, fabric joining, line
bonding, overlay taping, and also adhesive backing for woven label and
embroidery, etc.
The subject is able to offer customers with consulting services. According to the subject it has had over a
thousand of customers and several hundreds of installation site all over the
world.
The predecessor of the subject was established in 1990. It has over 10 years of experience for
thermoplastic technology on seam sealing and adhesive film applications.
The subject has its own factory in China for machine manufacturing for
local delivery, normal lead-time is around 1 to 4 weeks.
The subject is not only engaged in selling machines or materials, but
also offering clients with services and solutions. It has a team of maintenance crew in Hong Kong
and China and some are ready to provide on-site service throughout the world.
The followings are some of the products: Hot Air Sealing Machine,
Pneumatic Flat Press Machine, Pneumatic Flat Press + Heat Press Machine,
Pneumatic Curve Press Machine, Pneumatic Cuff Press Machine, Pneumatic Label
Press Machine, Pneumatic Sewfree Zipper Press Machine, Hydrostatic Tester,
Sewfree Ultrasonic Multi-Purpose Welder, etc.
The subject is focusing on sealing solutions for the related
industries. Business is rather active. History in Hong Kong is over six years and
three months.
On the whole, consider the subject good for normal business engagements.
.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.68 |
|
|
1 |
Rs.96.94 |
|
Euro |
1 |
Rs.77.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
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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 |
|
|
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 |
|
|
<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.