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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
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Name : |
KOMDA BICYCLES LTD. |
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Registered Office : |
5/F., CFC Tower, 28 Mody Road, Tsimshatsui, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.03.1988 |
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Com. Reg. No.: |
11683401 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of bicycles, “BMX” bike, mountain bike, roadster, scooter and baby stroller. |
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No. of Employees : |
08 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 |
KOMDA BICYCLES
LTD.
ADDRESS: 5/F., CFC Tower, 28 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2411 2829
FAX: 852-2311 3282
E-MAIL: info@komda.com
Managing Director: Mr. Wong Hung Yu, Adam
Incorporated on: 22nd March, 1988.
Organization: Private Limited Company.
Capital: Nominal:HK$1,200,000.00
Issued: HK$1,200,000.00
Business Category: Bicycle Merchant.
Employees: 8. (Hong Kong)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
5/F., CFC Tower, 28 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
China Factory: Shenzhen, China.
Holding Company:-
Komda Holdings Ltd., Hong Kong. (Same address)
Associated
Companies:-
Fairluck Enterprises Ltd., Hong Kong. [Dissolved]
Komda Industrial (Shenzhen) Co. Ltd., China.
Komda Investments Ltd., Hong Kong.
Komda Resources Ltd., Hong Kong.
Komda Shenzhen Warehousing Ltd., China.
Rbike Networks Ltd., China.
Triwayear Ltd., Hong Kong.
11683401
0212473
Managing Director: Mr. Wong Hung Yu, Adam
Nominal Share Capital: HK$1,200,000.00 (Divided into 1,200,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,200,000.00
SHAREHOLDERS: (As per registry dated 22-03-2014)
|
Name |
|
No. of shares |
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Komda Holdings Ltd., Hong Kong. |
|
1,188,000 |
|
WONG Hung Yu, Adam |
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12,000 |
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–––––––– |
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Total: |
1,200,000 ======= |
DIRECTORS: (As per registry dated 22-03-2014)
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Name (Nationality) |
Address |
|
WONG Hung Yu, Adam |
5/F., CFC Tower, 28 Mody Road, Tsimshatsui, Kowloon, Hong Kong. |
|
LI Wei |
5/F., CFC Tower, 28 Mody Road, Tsimshatsui, Kowloon, Hong Kong. |
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TSOI Tai Fung |
5/F., CFC Tower, 28 Mody Road, Tsimshatsui, Kowloon, Hong Kong. |
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TSOI Tai Ngok |
5/F., CFC Tower, 28 Mody Road, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY: TSOI Tai Fung
(As per registry dated 22-03-2014)
The subject was incorporated on 22nd March, 1988 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Komda Ltd., name changed to the present style on 11th August, 1994.
Formerly the subject was located at Room 1902, 19/F., Cheung Fung Industrial Building, 23-39 Pak Tin Par Street, Tsuen Wan, New Territories, Hong Kong, moved to Room 601B, 16/F. of the same building in September 1993, and further to the present address in November 1999.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer, Importer and Exporter.
Lines: All kinds of bicycles, “BMX” bike, mountain bike, roadster, scooter and baby stroller.
Trade Marks: KOMDA, CHALLENGER BY COMDA, etc.
Employees: 8. (Hong Kong)
Materials/Commodities: Imports key parts and accessories from Taiwan and finished products from China.
Markets: US, UK, France, Italy and South America.
Terms/Sales: On various terms.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$1,200,000.00 (Divided into 1,200,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,200,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Operation is profitable.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: So far regular.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Komda Bicycles Ltd. [Komda] is a subsidiary of Komda Holdings Ltd. which is a Hong Kong-based firm located at the same operating address.
Komda was founded in 1988 when the bike industry started shifting from Europe and Japan to Taiwan and then to China.
Initially established as a trader in assembled bicycles and bicycle parts, Komda developed rapidly both in its sourcing networks in China by setting up joint ventures, OEM sub-contracting and assigning on-site representatives and in successfully penetrating the overseas markets.
In March 1995, Komda Industrial (Shenzhen) Co. Ltd. [Komda SZ] was set up to cope with the increasing demand of the European and Japanese markets for medium and high end products. Situated in Bantian, Shenzhen SEZ, Komda SZ with a total constructed area of 45,000 sq.m. It has been equipped with the state-of-the-art facilities and software. Now, Komda SZ has become one of the important manufacturing bases for a number of renowned brands from medium to high end bicycles and E-bikes.
Komda penetrated the China market in 2004 by supplying the market with a series of uniquely designed bikes, targeting at the middle class. R Bike Networks Ltd. was nominated as Komda’s sole agent in 2008 which has set up more than 70 direct outlets in all provincial cities in China.
In 1995, Komda set up a joint venture in Zhejiang Province, China.
In 2009, Komda was authorised by Tonino Lamborghini to be the official licensee in the category of bicycles and bicycle accessories for the territory of the greater China.
In 2010, Komda was authorized by Ferrari S.p.A. Italy to be the Official Licensee in the category of bicycles/accessories in the territories of greater China, Japan and South Korea.
In 2011, Komda was authorized by Tonino Lamborghini to sell TL products in Japan, the Philippines, Czech Republic, Australia and Vietnam.
Now, the subject is trading in the following brands:
Komda, Tonimo Lamborghini, Ferrari, Jeep, Challenger By Comda, etc.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Taipei, Taiwan and the other foreign large cities.
The business of Komda is active. History in Hong Kong is over twenty-six years and seven months.
On the whole, consider it good for normal business engagements.
Court case record:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Oct. 2000 |
H9313 |
Sanli Trading Co. |
Komda Bicycles Ltd. |
Amount due |
US$124,368 |
Property information of the company:-
Property Location: Flat B on 15/F., On Fook Court, Bedford
Gardens,
155 Tin Hau Temple Road, Hong Kong.
Owner: Komda Bicycles Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
05-07-2010 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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Date |
Particulars |
Amount |
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05-03-1992 |
Instrument: General Letter of Hypothecation Property: All property, goods, merchandise, shares, stocks, documents of title and securities for property or money now or hereafter and from time to time lodged or deposited with or in the name of the Bank on the Company’s account, or coming into the possession or control of the Bank on the Company’s account, or held by the Company or by others on the Company’s account under lien to the Bank Mortgagee: The Kwangtung Provincial Bank, Hong Kong Branch. [Merged into Bank of China (Hong Kong) Ltd.] |
To secure the repayment to the Bank of all moneys now or hereafter and from time to time owing, whether immediately payable or otherwise, by the Company to the Bank or for which the Company may be liable to the Bank on any account whatsoever either solely or jointly and severally with other person or persons |
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23-04-2012 |
Instrument: Security Over Deposits Property: The deposit with chargee in the amount of HKD12,000,000.- under Deposit No. 808-793582 whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person, (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing this charge |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.46 |
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|
1 |
Rs.98.21 |
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Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.