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Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
YAMATO (HONG KONG)
CO. LTD. |
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Registered Office : |
Unit 2817-2818, 28/F., Metroplaza Tower 1, 223 Hing Fong Road,
Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.12.1988 |
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Com. Reg. No.: |
12525470 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of industrial sewing machines and
equipment. |
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No of Employees : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 |
|
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 |
YAMATO (HONG
KONG) CO. LTD.
ADDRESS: Unit 2817-2818, 28/F., Metroplaza Tower
1, 223 Hing Fong Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2721 0251-4
FAX: 852-2723 0444
E-MAIL: yamato@yamato-sewing.com.hk
Managing Director: Mr. Lo Ka Fu
Incorporated on: 16th December, 1988.
Organization: Private Limited Company.
Capital: Nominal: HK$4,000,000.00
Issued: HK$4,000,000.00
Business Category: Sewing
Machine Trader.
Employees: 7.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Unit 2817-2818, 28/F., Metroplaza Tower 1, 223 Hing Fong Road,
Kwai Chung, New Territories, Hong Kong.
Dongguan Office:-
7/F., Zhonghui Building, Renmin Zhong Road, Humen Town, Dongguan City,
Guangdong Province, China.
[Tel: 86-769-8623 1363; Fax:
86-769-8623 1362]
Holding Company:-
Yamato Sewing Machine Manufacturing Co. Ltd., Japan.
Associated Companies:-
Yamato Europe GmbH, Germany.
Yamato Mexico Office, Mexico.
Yamato Sewing Machine (Ningbo) Co. Ltd., China.
Yamato Sewing Machine Manufacturing Co. Ltd. Qingdao Office, China.
Yamato Sewing Machine Manufacturing Co. Ltd. Shanghai Office, China.
Yamato Singapore Pte. Ltd. Bangladesh Liaison Office, Bangladesh.
Yamato Singapore Pte. Ltd. India Liaison Office New Delhi Branch, India.
Yamato Singapore Pte. Ltd., Singapore.
Yamato U.S.A. Inc., US.
etc.
12525470
0236086
Managing Director: Mr. Lo Ka Fu
Nominal Share Capital: HK$4,000,000.00 (Divided into 4,000 shares of
HK$1,000.00 each)
Issued Share Capital: HK$4,000,000.00
(As per registry dated 16-12-2013)
|
Name |
|
No. of shares |
|
Yamato Sewing Machine Manufacturing Co. Ltd. 4-12, Nishi, Tenma 4-chome, Kita-ku, Osaka 530, Japan. |
|
3,998 |
|
Shogo KONDO |
|
2 |
|
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|
––––– |
|
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Total: |
4,000 ==== |
(As per registry dated 16-12-2013)
|
Name (Nationality) |
Address |
|
LO Ka Fu |
Room 2509, 25/F., Cheung Tai House, Chun Tai Court, Tsing Yi, New
Territories, Hong Kong. |
|
Katsuei MORI |
5-16-35, Nomura-cho, Kusatsu-City, Shiga, Japan. |
|
Akiyuki NAKAOKA |
3-7-14, Kurotsu, Otsu-City, Shiga, Japan. |
|
Shogo KONDO |
16-43, Asahigaoka-Machi, Ashiya-City, Hyogo, Japan. |
(As per registry dated 16-12-2013)
|
Name |
Address |
Co. No. |
|
D.M. Secretarial Services Ltd. |
Suite 702-704, 7/F., Rightful Centre, 12 Tak Hing Street, Kowloon,
Hong Kong. |
0619078 |
The subject was incorporated on 16th December, 1988 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
and Exporter.
Lines: All
kinds of industrial sewing machines and equipment.
Trade Mark: Yamato.
Employees: 7.
Commodities Imported: Japan, China,
etc.
Markets: China,
Japan, other Asian countries, Europe, South America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$4,000,000.00
(Divided into 4,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$4,000,000.00
Mortgage or Charge:-
Date of Debenture: 02-08-1994
Amount: All
monies, obligations and liabilities
Property: A first floating charge
over: (a) all sewing machines and related apparatus, equipment parts, and
systems which are sold by Kanematsu and purchased by the Company from time to
time, whether pursuant to Sale Documents or otherwise, and including without
limitation those machines and systems; (b) all book debts and all other
monetary debts and claims, in each case in any currency, both present and
future, actual or contingent, including things in action which give rise or may
give rise to a debt or debts due owing to the Company by each of the
Distributors, and the benefit of all rights relating thereto including, without
limitation, reservation of property rights, rights of tracing and unpaid
vendors’ liens and similar or associated rights.
Mortgagee: Kanematsu
(Hong Kong) Ltd., Hong Kong.
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 contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
The Bank of
Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Standing: Good.
Having issued 4,000 ordinary shares of HK$1,000.00 each, Yamato (Hong Kong)
Co., Ltd. is wholly owned by Yamato Sewing Machine Manufacturing Co. Ltd.
[Yamato] which is a Japan-based firm. A
Director of the subject Shogo KONDO is holding an insignificant amount of
stake.
The subject is a sewing machine and equipment trader. All the products bear the brand name “Yamato”.
Shogo Kondo is also the president and CEO of Yamato.
In order to penetrate the Southern China market, the subject has set up
an office in Dongguan City, Guangdong Province, China.
Yamato is responsible for the business of Central and Northern China
which is handled by Yamato Sewing Machine Manufacturing Co. Ltd. Shanghai
Office and Yamato Sewing Machine Manufacturing Co. Ltd. Qingdao Office
respectively.
One of the significant branch companies of Yamato in Asia is Yamato
Singapore Pte. Ltd. [Singapore Yamato], a Singapore-based company.
The subject is trading in the same products as Yamato:-
·
Overlock / Safety Stitch Machines:-
Overlock / Safety Stitch Machines;
Overlock / Safety Stitch Machines with Top Feed Mechanism;
Cylinder Bed Overlock Machines; &
Cylinder Bed Overlock Machines with Top Feed Mechanism.
·
Interlock / Double Chain Stitch Machines:-
Short Cylinder Bed Interlock Stitch Machines;
Cylinder Bed Interlock Stitch Machines;
Extra Small Cylinder Bed Interlock Stitch Machines;
Flat Bed Interlock Stitch Machines;
Interlock Stitch Machines with Top Feed Mechanism;
Feed-Off-The-Arm Flatseamer;
Multi Needle Double Chain Stitch Machines;
Looper in Line of Feed, Multi Needle Double; &
Chain Stitch Machines.
·
Chain Stitch Machines:-
Blind Stitch Machines / CM Series.
·
Automatic Unit:-
Automatic Serging Unit;
Automatic Blind Hemmer;
Automatic Lapel Sewer;
Automatic Pocket Facing Setter;
Automatic Open Hemmer;
“No Trim” Sleeve Hemmer;
Automatic Placket Setter; &
Automatic Pocket Welter.
China is one of the largest markets of Yamato.
The manufacturing plant of Yamato in China is Yamato Sewing Machine
(Ningbo) Co., Ltd. This factory is in
Ningbo City, Zhejiang Province, China.
The products of this factory is marketed throughout China and exported
to foreign countries such as India, Bangladesh, Mexico, Pakistan etc.
In order to penetrate the India and Bangladesh markets further,
Singapore Yamato has set up liaison offices in India and Bangladesh.
The business of Yamato in Central America and South America is normal.
The subject is also responsible for marketing Yamato’s products in Asian
countries apart from Southern China. Its
business is profitable.
As the history of the subject is over 25 years and nine months in Hong
Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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.