|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
PEARLCOIN (HONG KONG) LTD. |
|
|
|
|
Registered Office : |
21/F., 22 Yee Wo Street, Causeway Bay |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
27.12.2000 |
|
|
|
|
Com. Reg. No.: |
31604158 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer and Exporter of Wigs, Synthetic Hair Pieces,
& Braid |
|
|
|
|
No of Employees : |
8 [Including associates in Hong Kong] |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
PEARLCOIN (HONG
KONG) LTD.
ADDRESS: 21/F.,
22 Yee Wo Street, Causeway Bay, Hong Kong.
PHONE: 852-2793
0891
FAX: 852-2357
5338
E-MAIL: mail@pearlcoin.com
ernie@pearlcoin.com
MANAGEMENT:
Managing Director: Mr. Wong Yat
Chung, Ernie
Incorporated on: 27th December, 2000.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Manufacturer,
Importer and Exporter.
Employees: 8. (Including associates in Hong Kong)
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
PEARLCOIN (HONG KONG) LTD.
Registered Head
Office:-
21/F., 22 Yee Wo Street, Causeway Bay, Hong Kong.
China Factory:-
Dongguan Pearlcoin Hair Product Ltd.
Cha Shan Industrial E Part, Cha Shan Town, Dongguan 523380, Guangdong
Province, China.
[Tel.: 86-769-8180 0838; Fax:
86-769-8180 0823]
Holding Company:-
Pearlcoin Holdings Ltd., British Virgin Islands.
Associated
Companies:-
Dongguan Golden Speed Hair Product Ltd., China.
Dongguan Pearlcoin Hair Product Ltd., China.
Huiyang Qiuchang Hair Product Factory, China.
* Newlink Enterprises
Ltd., Hong Kong.
* Pearlcoin (Huiyang)
Ltd., Hong Kong.
* Pearlcoin (Sichuan)
Ltd., Hong Kong.
Pearlcoin (Vietnam) Co. Ltd., Vietnam.
Pearlcoin Co. Ltd., Hong Kong.
[Dissolved]
* Pearlcoin PKS Hong Kong
Ltd., Hong Kong.
Sichuan Guanganteng Hair Product Co. Ltd., China.
World Ease Ltd., Hong Kong.
(* Same address)
31604158
0742402
Managing Director: Mr. Wong Yat
Chung, Ernie
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 27-12-2013)
|
Name |
|
No. of shares |
|
Pearlcoin Holdings Ltd. P.O. Box 957, Offshore Incorporation Centre, Road Town, Tortola,
British Virgin Islands. |
|
10,000 ===== |
(As per registry dated 27-12-2013)
|
Name (Nationality) |
Address |
|
LAM Chor Wai |
21/F., 22 Yee Wo Street, Causeway Bay, Hong Kong. |
|
WONG Yat Chung, Ernie |
21/F., 22 Yee Wo Street, Causeway Bay, Hong Kong. |
(As per registry dated 27-12-2013)
|
Name |
Address |
|
WONG Wan Wah |
21/F., 22 Yee Wo Street, Causeway Bay, Hong Kong. |
The subject was incorporated on 27th December, 2000 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat E, 17/F., World Tech Centre,
95 How Ming Street, Kwun Tong, Kowloon, Hong Kong, moved to the present
address in July 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer and Exporter.
Lines: Wigs,
synthetic hair pieces, braid
Employees: 8. (Including associates in Hong Kong)
2,500. (China)
Materials/Commodities
Imported:-
Raw materials – Europe,
India, other Asian countries
Finished products – China.
Markets: Europe,
North and South America, Asian countries
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T or D/P.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small
profit every year.
Condition: Keeping in a
normal state.
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 East Asia Ltd., Hong Kong.
Standing: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Pearlcoin
(Hong Kong) Ltd. is a wholly-owned subsidiary of Pearlcoin Holdings Ltd.
which is a BVI-registered firm. The
subject is actually owned and operated by Mr. Ernie Wong Yat Chung and Ms. Lam
Chor Wai. Both are Hong Kong
merchants. They are also directors of
the subject.
The subject is trading in wigs.
Finished products are imported from China.
The subject had an associated company Pearlcoin Co. Ltd. [PCL], a
Hong Kong-registered firm located at the same operating address. However, this firm has been dissolved since
16th October, 2009.
The subject is one of the leading manufacturers and companies in the
wigs and hairpieces industry. It
consistently manufactures and exports wigs, hair weavings, men’s toupees,
ladies’ toupees, hair extensions, hair integration pieces, horse tail hair,
half wigs, and other forms of hairpieces.
Head office based in Hong Kong, the subject has factories in Dongguan
City, Huiyang City, Guangdong Province, and Sichuan Province, China with 2,500
workers in total. The followings are the
factories:-
Dongguan Golden Speed Hair Product Ltd. [Golden Speed Hair];
Dongguan Pearlcoin Hair Product Ltd.;
Huiyang Qiuchang Hair Product Factory; &
Sichuan Guanganteng Hair Product Co. Ltd.
The subject and its factories and associated companies form the
Pearlcoin Group.
Golden Speed Hair is one of the largest factories of the Group. This factory has about 750 employees and has
been ISO 9000:2000 certified.
The contact person of the subject is Ms. Melannie Solis.
Products are chiefly for the Caucasian and Afro-American markets. Other markets include the United States,
Europe, Africa, Caribbean and the Pacific areas. Business is active.
In recent years, the Group has set up a factory in Vietnam known as
Pearlcoin (Vietnam) Co. Ltd.
Incorporated on 30 September, 2010, this factory is in Dong Nai
Province, Vietnam. The director is also
Mr. Ernie Wong. The Vietnam factory is
also engaged in manufacturing wigs and hair products.
The Group’s R&D department is still in Dongguan City, Guangdong
Province, China.
The business of the subject and PCL is chiefly handled by Mr. Ernie
Wong. Annual sales turnover of the
subject and PCL is significant.
The subject also has got ISO 9001:2000 certification.
The history of the subject in Hong Kong is over thirteen years and nine
months.
On the whole, consider the subject good for normal business engagements.
(Since 2010)
|
Date |
Particulars |
Amount |
|
11-03-2010 |
Instrument: Assignment of Life Insurance Property: (i) all the Assignor’s claims, options, privileges, right, title, interest
and benefit in and under the Insurance; and (ii) all the Assignor’s claims
and rights against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Secured Indebtedness |
|
10-01-2013 |
Instrument: Charge on Cash Deposit and/or Shares
and Securities to Secure Obligations of the Chargor Property: A cash deposit of the sum of money from time to time placed with The
Bank of East Asia Ltd. under Deposit Account No.: 166-68-000117 Mortgagee: The Bank of East Asia Ltd.,
Hong Kong. |
To secure banking or credit facilities or financial accommodation |
|
04-07-2013 |
Instrument: Assignment of Life Insurance Property: all the Assignor’s claims, options, privileges, right, title, interest
and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the
Policy Insurance Policy Number: 28006830-50 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Mr. Wong Yat Chung Ernie Name of Assignor: Pearlcoin (Hong Kong) Ltd. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) All and any monies and liabilities; (ii) Interest on such monies;
(iii) All monies paid by the Bank; (iv) All expenses of the Bank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.47 |
|
|
1 |
Rs.98.23 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.