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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
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Name : |
U.B.O. (HOLDING) LTD. |
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Registered Office : |
Unit 805-807, 8/F., Laford Centre, 838 Lai Chi Kok Road, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.04.1986 |
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Com. Reg. No.: |
10230598 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of
garments, textile products, accessories |
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No. of Employees : |
14 |
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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
U.B.O. (HOLDING)
LTD.
ADDRESS: Unit 805-807, 8/F., Laford Centre, 838 Lai Chi Kok Road, Kowloon, Hong Kong.
PHONE: 852-2721 7111
FAX: 852-2724 4825
E-MAIL: normanhk@netvigator.com
norman@ubo.com.hk
Managing Director: Mr. William John Edward Tjon Appian
Incorporated on: 2nd April, 1986.
Organization: Private Limited Company.
Capital: Nominal:HK$600,000.00
Issued: HK$600,000.00
Business Category: Garment Trader.
Employees: 14.
Main Dealing Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 805-807, 8/F., Laford Centre, 838 Lai Chi Kok Road, Kowloon, Hong Kong.
Holding Company:-
Euretco B.V., the Netherlands.
Stadionstraat 2, 4815 NG Breda, the Netherlands.
[Tel: (076) 5 78 59 11; Fax: (076) 5 87 46 66]
Subsidiary/Associated
Companies:-
Abagtha Ltd., Hong Kong.
Euretco Fashion B.V., the Netherlands.
Euretco Finance B.V., the Netherlands.
Euretco Financial Service B.V., the Netherlands.
Euretco Label Co. B.V., the Netherlands.
Euretco Properties B.V., the Netherlands.
Euretco Sport B.V., the Netherlands.
Euretco Support B.V., the Netherlands.
Euretco Wonen B.V., the Netherlands.
G.B.O. (Holding) Ltd., Hong Kong.
G.B.O. (Hong Kong) Ltd., Hong Kong.
G.B.O. Service Centre Ltd., Hong Kong.
Intres B.V., the Netherlands.
Poelman (Hong Kong) Ltd., Hong Kong. [Dissolved]
Poelman Holding B.V., the Netherlands.
Retail Pay B.V., the Netherlands.
U.B.O. (Hong Kong) Ltd., Hong Kong. [Dissolved]
10230598
0167313
Managing Director: Mr. William John Edward Tjon Appian
Nominal Share Capital: HK$600,000.00 (Divided into 60 shares of HK$10,000.00 each)
Issued Share Capital: HK$600,000.00
SHAREHOLDERS: (As per registry dated 02-04-2014)
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Name |
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No. of shares |
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Euretco B.V. Koninginneweg 1, 3871 Jz Hoevelaken, the Netherlands. |
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41 |
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Wai Chiu Co. Ltd., Hong Kong. |
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10 |
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William John Edward TJON APPIAN |
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6 |
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CHENG Chiu Kwong |
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3 |
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–– |
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Total: |
60 == |
DIRECTORS: (As per registry dated 02-04-2014)
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Name (Nationality) |
Address |
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William John Edward TJON APPIAN |
Venkelgaarde 7, 2803 RL, Gouda, the Netherlands. |
|
Johannes Gerardus BRUIJNIKS |
Wilna 8, 4141 MX, Leerdam, the Netherlands. |
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Wai Chiu Co. Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
SECRETARY: (As per registry dated 02-04-2014)
|
Name |
Address |
Co. No. |
|
W. T. (Secretaries) Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0042150 |
The subject was incorporated on 2nd April, 1986 as a private limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Lumfibe Co. Ltd., name changed to Sambuy International Ltd. on 20th May, 1986, and further to the present style on 2nd December, 1993.
Formerly the subject was located at Rooms 603A-604A, 6/F., Empire Centre, 68 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. Moved to Units 3‑7, 22/F., Laws Commercial Plaza, 788 Cheung Sha Wan Road, Kowloon, Hong Kong on 1st July, 1999; and further to the present address with effect from 22nd May, 2004.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of garments, textile products, accessories
Employees: 14.
Materials/Commodities: Mainly imports raw materials from Europe and finished products from China, other Asian countries.
Markets: Netherlands, Germany and other European countries.
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T and D/P.
Hangzhou Alephan Garments Co. Ltd.
95 Shuguang Road, Hangzhou City, Zhejiang Province, China.
[Tel: 86-571-8799 3900; Fax: 86-571-8799 3942]
Nominal Share Capital: HK$600,000.00 (Divided into 60 shares of HK$10,000.00 each)
Issued Share Capital: HK$600,000.00
Profit or Loss: Making a small profit every year.
Condition: Business is satisfactory.
Facilities: Making active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Standing: Very Good.
U.B.O. (Holding) Ltd. is a subsidiary company of Euretco B.V. [Euretco], a firm registered and based in the Netherlands.
Incorporated in April 1986, the subject is a garment dealer. It is the ultimate service provider to its customers, primarily from the Netherlands and Germany. It has set up a branch office in Bandung, Indonesia and two Quality Control offices in China. The subject can give its customers tailor made solutions for their inquiries on all type of coordinates and garments sourced in China, Southeast Asia, India and Pakistan.
The subject is a buying office as well as an exporter. It chiefly carries the following products:-
Suits & Jackets - Men’s (From Macau, Philippines, Thailand & Indonesia, From Macau, Philippines, Thailand & Indonesia);
Suits & Jackets - Women’s (From Macau, Philippines, Thailand & Indonesia, From Macau, Philippines, Thailand & Indonesia);
Children’s Wear (From Macau, Philippines, Thailand & Indonesia);
Anoraks, Parkas & Car coats (From Macau, Philippines, Thailand & Indonesia);
Blouses (From Macau, Philippines, Thailand & Indonesia);
Coats (From Macau, Philippines, Thailand & Indonesia);
Jeans (From Macau, Philippines, Thailand & Indonesia);
Dresses & Skirts (From Macau, Philippines, Thailand & Indonesia);
Shirts (From Macau, Philippines, Thailand & Indonesia);
Trousers (From Macau, Philippines, Thailand & Indonesia);
Slacks (From Macau, Philippines, Thailand & Indonesia);
Cardigan, Sweater & Pullover (From Macau, Philippines, Thailand & Indonesia);
Tee & Sweat Shirts (From Macau, Philippines, Thailand & Indonesia);
Sport Suits (From Macau, Philippines, Thailand & Indonesia)
Track & Training Suit (Jogging suits from Macau, Philippines, Thailand & Indonesia);
Winter Sports Apparel (From Macau, Philippines, Thailand & Indonesia);
Babies’ Wear (From Macau, Philippines, Thailand & Indonesia);
Baby Toys (From Macau, Philippines, Thailand & Indonesia); &
Baby Utensils (From Macau, Philippines, Thailand & Indonesia).
The subject’s main supplier in China is Hangzhou Alephan Garments Co. Ltd., a garment manufacturer in Hangzhou City, Zhejiang Province, China. In recent years, the subject has been trading in other textile products and accessories.
Also located at the same address, the subject has set up a wholly-owned subsidiary known as U.B.O. (Hong Kong) Ltd. which is engaged in the same lines of business.
The subject’s other important associate Poelman Holding B.V. is in the Netherlands. Besides, the subject also had an associated company Poelman (Hong Kong) Ltd. which was dissolved by deregistration on 22nd June, 2007.
The subject is controlled by Mr. William John Edward Tjon Appian, a Dutch who has been in Hong Kong for a very long time. He is a Hong Kong ID holder.
The subject’s parent, Euretco, is one of the top three companies in the non‑food retail trade in the Netherlands. Its activities are based on three pillars: the provision of a complete package of services to independent retailers, the management of the company’s own shops, and the marketing of leading brands. The business units within the Euretco Group and the affiliated entrepreneurs operate independently.
Euretco, established in Hoevelaken in the heart of the country, is the largest retail service organisation in the Netherlands, and works with nearly 1,900 retailers. These independent entrepreneurs operate roughly 2,900 stores in the fashion, home décor, sports and media sector. The joint consumer sales amount to roughly € 2.2 billion. Euretco’s core activities are: retail services, franchise, wholesale and financial services to the entrepreneur and suppliers. Well-known store formulas and floor concepts of Euretco include Intersport, Libris, Runnersworld, Coach, Decorette, Vivante, Blz. and Topform, amongst others. In addition, through the Euretco Label Company, Euretco has four international top brands with Babyface, Blue Rebel, Rags Industry and LCKR in the baby and children clothing segment.
Products are sold in Germany, Austria, Denmark, Greece, Spain, Ireland, Italy, etc.
Euretco has around 280 employees in its headquarters.
The Group’s turnover in 2013 was € 922 million (2012: € 842 million). It made a profit of € 1.4 million as compared with a loss of € 9.8 million in 2012.
The history of the subject in Hong Kong is over twenty-eight years and six months.
On the whole, in view of the subject’s background, history and parentage, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
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
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
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 |
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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.