MIRA
INFORM REPORT
|
Report No. : |
315299 |
|
Report Date : |
04.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BONAFIDES TRADING CO., LIMITED |
|
|
|
|
Registered Office : |
Unit D, 5/F, Dragon Industrial Building, 93 King Lam Street, Cheung Sha Wan, Kowloon |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
23.05.1991 |
|
|
|
|
Com. Reg. No.: |
2754 5182 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of Garment Accessories. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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 |
Contact Points
|
Company Name (in English): |
Bonafides Trading Co., Limited |
|
Supplied Name: |
Trusty Trading Co (Wholly Owned by Bonafides Trading Co Ltd |
|
Trading Address: |
Unit D, 5/F, Dragon Industrial Building, 93
King Lam Street, Cheung Sha Wan, Kowloon, Hong Kong |
|
Supplied Address: |
Unit D 5/F Dragon Industrial Building 93 King Lam Street Cheung Sha
Wan |
Note: The supplied name
belongs to a branch of the subject. The exact name and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unit D, 5/F, Dragon Industrial Building, 93
King Lam Street, Cheung Sha Wan, Kowloon, Hong Kong |
|
+852-2754-5182 |
|
|
Fax Number: |
+852-2795-4852 |
|
Date of Registration: |
1991-5-23 |
|
Registered Number: |
311084 |
|
Business Registration No.: |
2754 5182 |
|
Paid-up Capital: |
HKD 100,000 (USD 12,900) = 100,000 Shares@
HKD 1 (As of 2015.04, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
84619-- Other clothing accessories and
parts, not for babies, not knitted or crocheted (kg) |
|
Principal Activities: |
Trading of garment accessories |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-5-23 |
Notes: Subject declined
to disclose its staff number; from other source we cannot obtain the relevant
information, either.
History
Subject was incorporated on 1991-5-23 with the
registered number 311084 as Private Limited Liability Company in Hong Kong.
Corporate Structure
Branch
|
Name: |
Trusty Trading Co |
|
Address: |
Unit D, 5/F, Dragon Industrial Building, 93
King Lam Street, Cheung Sha Wan, Kowloon, Hong Kong |
|
Date of Commencement: |
1991-5-23 |
|
Telephone Number: |
+852-2754-5182 |
|
Fax Number: |
+852-2795-4852 |
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Chan Antonio |
50,000 |
50% |
|
Leung Kwok Lung |
50,000 |
50% |
|
Total |
100,000 |
100% |
Major Shareholder Information:
|
1 |
|
|
Name: |
Chan Antonio |
|
Address: |
Flat H, 18/F, Block 21 Laguna City Kwun
Tong, Kowloon, Hong Kong |
|
2 |
|
|
Name: |
Leung Kwok Lung |
|
Address: |
Flat G, 7/F, Block 4, 18 Tanner Road, Tanner
Garden, North Point Hong Kong |
Management Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Chan Antonio |
|
Address: |
Flat H, 18/F, Block 21 Laguna City Kwun Tong,
Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
XH144877(A) |
|
2 |
|
|
Name: |
Leung Kwok Lung |
|
Address: |
Flat G, 7/F, Block 4, 18 Tanner Road, Tanner
Garden, North Point Hong Kong |
|
Position: |
Director |
|
ID Number: |
G094015(0) |
|
3 |
|
|
Name: |
Dynamic Key Service Limited |
|
Address: |
Room 1002 Eastern Commercial Centre 397
Hennessy Road Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
253998 |
Operation Information
Offices &
Factories
|
|
Office |
|
Address: |
Unit D, 5/F, Dragon Industrial Building, 93
King Lam Street, Cheung Sha Wan, Kowloon, Hong Kong |
Premises
Information
Office address:
|
Address: |
Unit D On 5/F Dragon Industrial Building No.93 King Lam Street Kowloon |
|
Owners: |
Art Billion Properties Limited |
|
Memorial Number: |
12112102000035 Assignment |
|
Date of Instrument: |
2012-10-26 |
|
Date of Registration: |
2012-11-21 |
|
Consideration Value: |
HKD 17,500,000.00 |
History of
Premises Owners’
|
1 |
|
|
Memorial No.: |
13123001500052 |
|
Date of Instrument: |
2013-12-18 |
|
Date of Registration: |
2013-12-30 |
|
Nature: |
Rental Assignment |
|
In Favor of: |
|
|
2 |
|
|
Memorial No.: |
13123001500040 |
|
Date of Instrument: |
2013-12-18 |
|
Date of Registration: |
2013-12-30 |
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Nature: |
Mortgage |
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In Favor of: |
Ctbc Bank Co., Ltd. |
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Consideration: |
To Secure All Moneys In Respect Of General
Banking Facilities |
|
3 |
|
|
Memorial No.: |
12101001800076 |
|
Date of Instrument: |
2012-9-24 |
|
Date of Registration: |
2012-10-10 |
|
Nature: |
Agreement For Sale And Purchase |
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In Favor of: |
Art Billion Properties Limited |
|
Consideration: |
HKD 17,500,000.00 |
Production
Information
· The subject is a trader of garment accessories, etc without any production activities.
Purchase
Information
· It is introduced that subject purchases its products both at home and abroad.
Sales Information
· The subject is mainly engaged in sales of garment accessories, etc.
Subject’s
major products include button, textile fabric, zip-zap and etc.
Subject’s
selling territory includes Asia, Europe, America and etc.
Subject’s
major customers are manufacturers of garment, textile and etc.
Trademark
|
Trade Mark No.: |
300218484 |
|
Status: |
Registration Removed |
|
Mark: |
Apex
|
|
Mark Type: |
Ordinary |
|
Owner's Name, Address: |
MR. CHAN ANTONIO
AND MR. LEUNG KWOK LUNG TRADING AS TRUSTY TRADING CO. |
|
Owner's Address |
MR. CHAN ANTONIO
AND MR. LEUNG KWOK LUNG TRADING AS TRUSTY TRADING CO. |
|
Class No.: |
26 |
|
Specification: |
|
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Date of Filing: |
20-05-2004 |
|
Date of
Publication of |
20-08-2004 |
|
Date of
Registration: |
20-05-2004 |
|
Actual Date of |
08-12-2004 |
|
Expiry date: |
19-05-2014 |
|
Historical Details: |
|
|
Date of entry |
Matters |
|
20-11-2014 |
REGISTRATION EXPIRED AND REMOVED |
|
08-12-2004 |
REGISTRATION |
|
03-08-2004 |
CHANGE OF NAME |
Settlements
PURCHASE
Domestic Purchase
|
Products |
Garment accessories and etc |
|
Payment Terms |
Cash, T/T and etc |
Import
|
Products |
Garment accessories and etc |
|
Payment Terms |
L/C, T/T and etc |
SALES
Domestic Markets
|
Product |
Garment accessories and etc |
|
Selling Terms |
Cash, T/T and etc |
Export
|
Product |
Garment accessories and etc |
|
Selling Terms |
L/C, T/T and etc |
Financial Information
The subject has no
obligation to supply its financial statement to the third party according to the
relevant policy in Hong Kong and the only source from which we can obtain the
information is the subject itself.
Subject’s relevant staff rejected to disclose
the financial information, from other sources we could not obtain such
information, either.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public
Mortgage Record
No mortgages records of subject were found.
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration
Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Industry Information
84619-- Other clothing accessories and parts,
not for babies, not knitted or crocheted (kg)
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
The Mainland of China |
218,178 |
30,639 |
2,584,187 |
322,588 |
|
Germany |
1,052 |
199 |
3,198 |
1,291 |
|
Spain |
294 |
50 |
6,555 |
1,306 |
|
France |
41 |
29 |
2,514 |
2,191 |
|
UK |
151 |
158 |
1,937 |
1,479 |
|
Indonesia |
98 |
48 |
1,363 |
286 |
|
India |
424 |
45 |
13,705 |
1,746 |
|
Italy |
1,101 |
2,873 |
13,275 |
21,567 |
|
Exports |
||||
|
United Arab Emirates |
765 |
182 |
15,479 |
4,853 |
|
Argentina |
18 |
5 |
765 |
179 |
|
81 |
20 |
2,894 |
653 |
|
|
Australia |
1,258 |
360 |
49,711 |
7,520 |
|
Belgium |
1,060 |
229 |
3,659 |
721 |
|
Brazil |
164 |
29 |
8,087 |
1,426 |
|
Canada |
5,706 |
724 |
41,914 |
6,079 |
|
The Mainland of China |
28,798 |
5,274 |
5,274 |
54,061 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
Attachment
We contacted with the subject, the relevant
staff confirmed that the subject and its branch are both locating at the supplied
address. However, the branch name is not on the name plate, there is only the
name of subject on it.
Unit D, 5/F, Dragon Industrial Building, 93
King Lam Street, Cheung Sha Wan, Kowloon, Hong Kong
Unit D, 5/F, Dragon Industrial Building, 93 King
Lam Street, Cheung Sha Wan, Kowloon, Hong Kong
Unit D, 5/F, Dragon Industrial Building, 93
King Lam Street, Cheung Sha Wan, Kowloon, Hong Kong
Unit D, 5/F, Dragon Industrial Building, 93
King Lam Street, Cheung Sha Wan, Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.