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Report Date : |
20.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
HONOURWAY GARMENT LTD |
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|
|
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Registered Office : |
c/o JBL
Secretary Services Ltd. Room 2108, 21/F., C C Wu Building, 302‑308 Hennessy Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.10.2013 |
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Com. Reg. No.: |
62185551 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
SUBJECT
IS A GARMENT TRADER |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
|
-- |
NB |
New Business |
-- |
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Status : |
New business |
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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
|
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 |
HONOURWAY GARMENT
LTD.
ADDRESS:
Registered Office:-
c/o JBL Secretary
Services Ltd.
Room 2108, 21/F.,
C C Wu Building, 302‑308 Hennessy Road, Wanchai, Hong Kong.
62185551
1981503
17th October,
2013.
HK$10,000.00
(As
per registry dated 08-04-2014)
|
Name |
|
No.
of shares |
|
LUO Jian Ping |
|
10,000 ===== |
(As
per registry dated 08-04-2014)
|
Name (Nationality) |
Address |
|
LUO Jian Ping |
Group 8, Tang Xia Dian Village, Nian San Li
Street, Yiwu City, Zhejiang Province, China. |
(As
per registry dated 08-04-2014)
|
Name |
Address |
Co.
No. |
|
JBL
Secretary Services Ltd. |
Room 2108, 21/F., C C Wu Building, |
0665319 |
The
subject was incorporated on 17th October, 2013 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject’s registered address was located at 14/F., Chun Wo Commercial
Centre, 25 Wing Wo Street, Central, Hong Kong where was the operating address
of a secretarial firm known as Gateway Registrations Ltd. The subject changed its registered address to
the present one with effect from 8th April, 2014 as it has changed its commercial
service provider since then.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Honourway
Garment Ltd. was incorporated in October, 2013 as a private limited liability
company.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at Room
2108, 21/F., C C Wu Building, 302‑308 Hennessy Road, Wanchai, Hong Kong
known as JBL Secretary Services Ltd. which is handling its correspondences and
documents. This company is also the
corporate secretary of 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 Mr. Luo Jian Ping who is a
China merchant. He is a China ID holder
and does not have the right to reside in Hong Kong permanently. He is also the only director of the
subject. His registered address is in
Yiwu City, Zhejiang Province, China.
The
subject is a garment trader. Its
manufacturing facilities are in Zhejiang Province, China. The CEO of the garment factory is also Luo
Jian Ping. The subject is trading in the
products manufactured by the China factory.
Garments are marketed in China, exported to the other Asian countries,
Europe, the United States, etc.
The
subject has been banking with China Construction Bank (Asia) Ltd., Hong Kong.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is just over a year.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.99.11 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.