MIRA INFORM REPORT

 

 

Report Date :

25.11.2014

 

IDENTIFICATION DETAILS

 

Name :

NEW LIGHT KNITTING LIMITED

 

 

Registered Office :

4/F., 18 Elam Street, Tai Kok Tsui, Kowloon

 

 

Country :

Hongkong

 

 

Date of Incorporation :

02.07.1991

 

 

Com. Reg. No.:

14687830

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Sales of Garment

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

 

 

 

Company Name and address

 

Company Name (in English):

New Light Knitting Limited

Supplied Name:

NEW LIGHT KNITTING LTD.

Trading Address:

4/F., 18 Elam Street, Tai Kok Tsui, Kowloon, Hong Kong

Supplied Address:

8 Elm St., 4/F KLN Hong Kong

 

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

New Light Knitting Limited

Registered Address:

4/F., 18 Elam Street, Tai Kok Tsui, Kowloon, Hong Kong

Telephone Number:

+852-2392-9984

Fax Number:

+852-2789-9810

Date of Registration:

1991-7-2

Registered Number:

316351

Business Registration No.:

14687830

Registered Capital:

HKD 4,000,000 (USD 516,000)

(As of 2014.11, 1 HKD = 0.129 USD)

Paid-up Capital:

HKD 4,000,000 (USD 516,000) = 4,000,000 Shares@ HKD 1

Legal Form:

Private Limited Liability Company

SITC Code:

84289--Women's or girls' under garments, negligees, bathrobes etc, n.e.s. (kg)

Principal Activities:

Manufacturing and sales of garment

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-7-2

 

Notes: Subject declined to disclose its staff number; from other source we cannot obtain the relevant information, either.

 

 

History

 

Subject was incorporated on 1991-7-2 with the registered number 316351 as Private Limited Liability Company in Hong Kong.

 

 

Corporate Structure

 

Subject did not introduce whether it has any subsidiaries or branches, from other source we can not obtain the relevant information, either.

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Siuyuen Lau

2,000,000

50%

Siukam Lau

2,000,000

50%

Total

4,000,000

100%

 

Major Shareholder Information:

1

Name:

Siuyuen Lau

Address:

6D, Beacon Heights, 4 Lung Ping Road, Kowloon, Hong Kong

2

Name:

Siukam Lau

Address:

4/F.,16 Elam Street, Tai Kok Tsui, Kowloon, Hong Kong

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Siuchung Lau

Address:

Flat E, 4/F., Block 2, Beacon Heights, 2 Lung Ping Road, Kowloon, Hong Kong

Position:

Director

ID Number:

E954199(7)

2

Name:

Siukam Lau

Address:

4/F.,16 Elam Street, Tai Kok Tsui, Kowloon, Hong Kong

Position:

Director

ID Number:

E490468(4)

3

Name:

Siuyuen Lau

Address:

6D, Beacon Heights, 4 Lung Ping Road, Kowloon, Hong Kong

Position:

Director

ID Number:

E608782(9)

4

Name:

Siuyuen Lau

Address:

4/F., 18 Elm Street, Tai Kok Tsui, Kowloon, Hong Kong

Position:

Secretary

ID Number:

E608782(9)

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

4/F., 18 Elam Street, Tai Kok Tsui, Kowloon, Hong Kong

 

Premises Information

 

Office address:

Address:

Flat No.1 On 4th Floor

Wah Yuen Factory Building

Nos.15-21 Beech Street &

Nos.10-18 Elm Street Kowloon

Owners:

Ever Happy Investments Limited

Memorial Number:

UB8312858

Date of Instrument:

2001-2-1

Date of Registration:

2001-2-21

Consideration Value:

HKD 950,000.00

 

History of Premises Owners’

 

1

Memorial No.:

UB8312859

Date of Instrument:

2001-2-1

Date of Registration:

2001-2-21

Nature:

Mortgage

In Favor of:

Bank Of America (Asia) Limited

2

Memorial No.:

UB6196599

Date of Instrument:

1994-12-28

Date of Registration:

1995-1-7

Nature:

Agreement For Sale And Purchase

In Favor of:

Gip Sing Garment Factory Limited

Consideration:

HKD 1,650,000.00

3

Memorial No.:

UB2997656

Date of Instrument:

1986-2-19

Date of Registration:

1986-3-6

Nature:

Deed Of Family Arrangement

 

Production Information

 

·         The subject is mainly engaged in manufacturing of garment and etc.

It is introduced that subject has a factory in China for production.

 

Purchase Information

 

·         It is introduced that subject purchases its raw materials and etc both at home and abroad.

 

Sales Information

 

·         The subject is mainly engaged in sales of garments and etc.

Subject’s major products are underwear such as pants, waistcoat and etc.

Subject’s selling territory includes Europe, America, Asia and etc.

Subject’s major customers are Garment Companies and etc.

 

 

Settlements

 

Purchase

 

Domestic Purchase

Products

Raw materials and etc

Payment Terms

Cash, T/T and etc

 

Import

Products

Raw materials and etc

Payment Terms

L/C, T/T and etc

 

Sales

 

Domestic Markets

Product

Garments and etc.

Selling Terms

Cash, T/T and etc

 

Export

Product

Garments and etc.

Selling Terms

L/C, T/T and etc

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

 

Subject’s relevant staff Mr. Lau rejected to disclose the financial information, from other sources we could not obtain such information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

 

Public

 

Mortgage Record

 

1

Company Name:

New Light Knitting Limited (“the Company”)

Instrument of Creating Mortgage:

Charge over Deposits-CD1(11) (“the Charge”)

Date of Creating Mortgage:

2011-3-30

Amount Secured:

To secure the payment or discharge of all moneys, obligations and liabilities, whether actual or contingent at the date of the Charge or at any time after the date thereof, due, owing or incurred by the Company to Standard Chartered Bank (Hong Kong) Limited or to any other company in the standard Chartered Group being Standard Chartered Bank (including all its branches)(“SCB’) and the parents and any subsidiary or associated company of SCB (SCB, the Bank and each such parent, subsidiary and associated company of SCB, each an “SCB” Group Company”) anywhere, whether alone or jointly, and whether as principal or as surely, including all principal moneys, interest at such rates as may from time to time be payable by the company (or which would have been so payable but for the liquidation, bankruptcy, death or other incapacity of the Company), fees, commission, discount and other charges and all expenses including legal costs on a full indemnity basis incurred in connection with the enforcement or preservation of the rights of the SCB Group Companies against the Company or under the Charge.

Name of Mortgagee:

Standard Chartered Bank (Hong Kong) Limited (hereinafter called “the BanK”, which expression shall include its successors and assigns)(as trustee for itself and each SCB Group Company (as defined below) to which any moneys and/or obligations and/or liabilities secured by the Charge are owed from time to time)

Address of Mortgagee:

4-4A Des Voeux Road Central, Hong Kong

Description of Property Mortgaged:

by fixed Charge: all the company’s rights in respect of the following (collectively “Deposits”)

the sum)(s) deposited by the Company or for its benefit in the account(s) or as evidenced by deposit instrument(s) or other evidence of indebtedness specified in the schedule below, including renewals of such sums; and

all other sums in any currency from time to time standing to the credit of the Company or the credit of any other person for the Company’s benefit, on any account in the Company’s sole or joint names maintained with the Bank or any other SBC Group Company including renewals of such sums,

and all interest from time to time accruing or payable on the sums specified in (i) and (ii) above;

By assignment: all Deposits held with any SCB Group Company.\

Note： The company is prohibited by the terms of the Charge from dealing with Deposits or granting or suffering to arise any security interest in respect of the Deposits or purporting to do so.

2

Company Name:

New Light Knitting Limited (“the Borrower”)

Instrument of Creating Mortgage:

Assignment of Insurance Policy(ies)(Two-Party) (“the Assignment”)

Date of Creating Mortgage:

2011-8-19

Amount Secured:

To secure all sums of money, debts and liabilities whether certain or contingent, whether at the date of the Assignment or at any time after the date of the Assignment owing or incurred  to the Assignee anywhere in the World (and whether to any one or more of the Assignee’s offices and/or branches in Hong Kong or abroad) from or by the Borrower in any manner or capacity on any account whether as principal or surety and whether separately or jointly with any other person or persons and including (i) any or all sum or sums due, owing and/or payable to the Assignee by the Borrower, whether separately or jointly with any other person or persons under any undertaking, contracts and/or engagements, bill, drafts, notes, loans, credit, banking, credit card or other facilities of any nature, overdraft, accommodations, loans, advances, documentary or other credits, guarantees, and/or indemnities given by the Borrower in favour of the Assignee, and/or any or all dealing and/or transactions in connection with the collection, negotiations, purchase and/or discounting of bills; (ii) interest accrued or to be accrued on such sums or moneys; (iii) commissions, fees and other charges of the Assignee; (iv) legal and other costs and expenses of reasonable amount and reasonably incurred by the Assignee for the recovery of payment from the Borrower and/or for the enforcement and realization of any security and/or gurantee (on a full indemnity and solicitor-cliet basis); and (v) any other costs, expenses, disbursement and/or payment of any nature liable to be reimbursed or otherwise payable by the Borrower to the Assignee. 

Name of Mortgagee:

Hang Seng Bank Limited

Address of Mortgagee:

83 Des Voeux Road Central, Hong Kong

Description of Property Mortgaged:

All the rights, title, benefits and interests of the Borrower in and to the Policy and the Proceeds, whether in existence at the date of the Assignment or after the date of the Assignment.

Name of the Insured: LAU SIU KAM

Policy No.:28004008-50

Effective date of the Policy: 2011-8-19

3

Company Name:

New Light Knitting Limited

Instrument of Creating Mortgage:

Charge over securities (2-Party)

Date of Creating Mortgage:

2013-6-3

Amount Secured:

To secure owing all monies in any currency by the Company to Hang Seng Bank Limited at any time, actually or contingently, in any Capacity, alone or jointly with any other person. 

Name of Mortgagee:

Hang Seng Bank Limited

Address of Mortgagee:

83 Des Voeux Road Central, Hong Kong

Description of Property Mortgaged:

Any interests, rights, title or property (whether in the form of an instrument or otherwise) owned by the Chargor which, at any time and for any reason, are transferred in the name of Hang Seng Bank Limited or any nominee or agent of Hang Seng Bank Limited and standing to the credit of the Chargor’s account number 339-006272 with Hang Seng Bank Limited set out in the Schedule hereto, and which are commonly known as securities or regarded as securities pursuant to law including, without limitation:

deposits )including certificates of deposits), shares, stocks, debentures, loan stock, financial instruments, funds, bonds or notes of, or issued by, any person, government or government authority;

rights, options or interests (whether described as unit or otherwise) in or in respect of any securities in (i) above;

certificates or receipts for, or warrants to subscribe for purchase, any securities in (i) above and

interest in any collective investment scheme

financial products as defined under the Securities and Futures Ordinance of Hong Kong;

All dividends, interest, distributions and other moneys derived therefrom;

All accretions, allotments, rights, proceeds and other benefits accruing or arising in respect thereof (whether by way of redemption, bonus, preference, option, substitution, conversion or otherwise);

All sstocks, securities, moneys or property accruing or offered at any time (whether by way of redemption, bonus, preference, option, rights and otherwise) to or in respect of, in substitution or exchange for otherwise derived from any of the foregoing; and

All present and future rights which the Chargor may have or acquire as against any Clearance System or any other party in respect of any of the foregoing including (but without limitation to) any rights which the Chargor may have to require delivery by such Clearance Systerm or party of any of the foregoing to or to the order of, the Chargor.

 

 

Lawsuits

 

Up to now, no present or latent litigation of the subject has been found.

High Court Action:

Clear

High Court Baukufty Bankruptcy Proceedings:

Clear

High Court Commercial Action:

Clear

High Court Construction & Arbitration Proceedings:

Clear

High Court Companies Winding-Up:

Clear

 

 

Special Note

 

Interview Details

Name

Mr. Lau

 

 

Industry Information

 

84289--Women's or girls' under garments, negligees, bathrobes etc, n.e.s. (kg).

 

Unit: HKD/000

 

2014.05

2014.01~2014.05

 

Quantity

Value

Quantity

Value

Imports

Switzerland

9

61

129

512

The Mainland of China

95,774

9,651

532,405

59,049

Germany

13

88

2,339

1,248

Spain

23

38

1,677

455

UK

901

181

2,750

1,073

Exports

United Arab Emirates

546

222

6,456

1,379

Austria

6

2

8

2

Australia

829

253

9,647

2,921

Belgium

117

37

941

235

The Mainland of China

589

769

3,918

3,918

 

External Trade Information:

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2011

3,764,596

65,662

3,271,592

3,337,253

+10.1

-427,343

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2013.03

340,857

5,073

286,638

291,711

+11.2

-49,146

2013.04

332,963

4,503

285,763

290,267

+9.0

-42,696

2013.05

335,809

4,818

286,724

291,542

-1.0

-44,267

2013.06

327,309

4,476

273,161

277,637

-0.2

-49,673

2013.07

342,565

4,783

300,630

305,413

+10.6

-37,152

2013.08

347,059

4,932

302,558

307,490

-1.3

-39,570

2013.09

359,841

4,395

313,436

317,830

+1.5

-42,010

2013.10

361,196

4,458

318,686

323,144

+8.8

-38,052

2013.11

370,104

4,587

320,935

325,522

+5.8

-44,581

2013.12

365,228

4,596

306,281

310,877

0.0

-54,351

2014.01

323,436

4,299

299,157

303,456

-0.4

-19,979

2014.02

266,587

3,276

209,638

212,914

-1.3

-53,673

2014.03

351,889

5,120

296,403

301,523

+3.4

-50,365

2014.04

340,972

4,867

280,816

285,682

-1.6

-55,290

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

Attachment

 

We called the subject through the telephone number +852-2392-9984, the relevant staff Mr. Lau confirmed subject’s name, address and operation information provided in the report.

 

Since the on-site visit has no returned yet, we cannot offer the photos at present.

 

We will update on-site visit photos as soon as possible.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.78

UK Pound

1

Rs.96.78

Euro

1

Rs.76.59

 

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

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.