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Report No. : |
353188 |
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Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
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Name : |
JOINTAK LABELS CO. LTD. |
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Registered Office : |
9/F., 38 Hung To Road, Kwun Tong, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
11.04.1989 |
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Com. Reg. No.: |
13053339 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Label Manufacturer and Trader of Woven Labels, Printed Labels, Hang Tags, Silicone Labels, and Leather Labels. |
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No. of Employees : |
95 2,000. (Group) |
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 |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
A1 |
A1 |
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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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
JOINTAK
LABELS CO. LTD.
ADDRESS: 9/F.,
38 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2757
5212
FAX: 852-2796
9128
E-MAIL: jointak@jointak.com.hk
Managing Director:
Mr. Lau Tak Wai
Incorporated on: 11th April, 1989.
Organization: Private Limited Company.
Issued Share Capital: HK$200,000.00
Business Category: Label
Manufacturer and Trader.
Employees: 95.
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
9/F., 38 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
China Branches:-
Shanghai Branch [Operated by Jointak Labels Co. Ltd.]
Suite 6A05-6A07 & 6K30-6K32, Shanghai Mart, 2299 Yanan Road West, Shanghai
200336, China.
Tel: 86-21-6236 0238
Fax: 86-21-6236 0523
Email: shanghai@jointak.com
Guangzhou Branch [Operated by Jointak Labels Co. Ltd.]
Room 1025B, Taojin Garden Commercial Centre, 98-100 Hengfu Road, Yuexiu
District, Guangzhou City, Guangdong Province, China.
Tel: 86-20-8349 6815
Fax: 86-20-8349 6816
Email: guangzhou@jointak.com
Dongguan Branch [Operated by Dongguan Jointak Industrial Co.
Ltd.]
Chuk Tong Chum Hau Industrial District, Fenggang Town, Dongguan City, Guangdong
Province, China.
Tel: 86-0769-8755 5571
Fax: 86-0769-8755 5567
Email: dongguan@jointak.com
China Factory:-
Dongguan Gangde Garment Accessories Co. Ltd.
Fenggang Town, Dongguan City, Guangdong Province, China.
[Tel 86-0769-8755
5571
Fax: 86-0769-8755
5567
E-mail: dongguan@jointak.com]
Associated Factories:-
Waitak Labels Factory Ltd.
Unit 1, G/F., Block 5, Nan Fung Industrial City, 18 Tin
Hau Road, Tuen Mun, New Territories, Hong Kong.
Label Tech International Trims Ltd.
6/F., 38 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
Great Printing Co. Ltd.
5/F., 38 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
Holding Company:-
Jointak Industrial Co. Ltd., Hong Kong. (Same address)
Associated Companies:-
Dongguan Gangde Garment Accessories Co. Ltd., China.
Dongguan Jointak Industrial Co. Ltd., China.
Great Printing Co. Ltd., Hong Kong.
Jointak Group Ltd., Hong Kong.
Jointak Labels Co. Ltd., Hong Kong.
Label Tech International Trims Ltd., Hong Kong.
Waitak Labels Factory Ltd., Hong Kong.
13053339
0248599
Managing Director:
Mr. Lau Tak Wai
HK$200,000.00
(As per registry dated 11-04-2015)
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Name |
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No. of shares |
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Jointak Industrial Co. Ltd., Hong Kong. |
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199,999 |
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LAU Tak Wai |
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1 |
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––––––– |
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Total: |
200,000 ====== |
(As per registry dated 11-04-2015)
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Name (Nationality) |
Address |
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LUI Mui Mui |
9/F., 38 Hung To Road, Kwun Tong, Kowloon, Hong Kong. |
|
LAU Tak Wai |
9/F., 38 Hung To Road, Kwun Tong, Kowloon, Hong Kong. |
(As per registry dated 11-04-2015)
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Name |
Address |
Co. No. |
|
Chan & Fung Secretarial Services Ltd. |
13/F., Harbour Commercial Building, |
0258336 |
The subject was incorporated
on 11th April, 1989 as a private limited liability company under the Hong Kong
Companies Ordinance.
Originally the
subject was registered under the name of Tecwoo Development Ltd., name changed
to the present style on 25th July, 1996.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Label
Manufacturer and Trader.
Lines: Woven
labels, printed labels, hang tags, silicone labels, and leather labels.
Employees: 95.
2,000. (Group)
Raw Materials: Imports
raw materials from European countries, Taiwan and finished products from
Dongguan, Guangdong Province, China.
Markets: UK,
Australia, US, Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As per contracted.
Issued Share Capital:
HK$200,000.00
Profit or Loss: Made
profits in the past years.
Condition: Keeping
in an active state.
Facilities: Making
active use of general banking facilities.
Payment: Met on time.
Commercial Morality:
Good.
Bankers:-
Bank of China
(Hong Kong) Ltd., Hong Kong.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Very Good.
Jointak Labels Co.
Ltd. is a wholly-owned subsidiary of Jointak Industrial Co. Ltd., a Hong Kong-registered
company located at the same address.
The subject belongs
to the Jointak Group Ltd. [Jointak Group].
The subject and the
Group are engaged in the same lines of business. The directors of the subject
are Mr. Lau Tak Wai and Ms. Lui Mui Mui.
Both are Hong Kong merchants.
Jointak Group is one
of the well-known garment accessory manufacturers in the Hong Kong and China
region. It offer customers with woven
and printed brand labels, badges, care labels, branded and promotional hangtags,
special labels, barcodes and packaging related products.
After establishing
its business in 1984 with 2 looms and 5 staff members, the Group’s business has
expanded substantially to more than 2,000 staff members, 1,000 machines and a
total factory floor area exceeding 50,000 square meters in Hong Kong and China.
The Group has made
investments in new technologies. Its modern production plants and equipment are
fully automated and state-of-the art.
The subject is using
such materials as silicon, rubber, PVC, real and PU leather, polyester, cotton
and paper.
The subject has got
factories in Hong Kong and Dongguan City, Guangdong Province, China.
Finished products are
exported to the United States, the United Kingdom, Australia, etc. as well as
marketed in China.
The subject’s raw
materials such as yarns, ribbons are imported from the United Kingdom, Taiwan
and acquired from the suppliers in China.
At present, the
subject has set up three branches in China, one in Shanghai, one in Guangzhou while
the third in Dongguan. The Dongguan branch is in the same address as its
Dongguan factory which is known as Dongguan Gangde Garment Accessories Co.
Ltd. In Hong Kong, the subject has got
three affiliated factories, namely, Waitak Labels Factory Ltd., Label Tech
International Trims Ltd. and Great Printing Co. Ltd.
In recent years, the
subject has set up a representative office in Beijing, China known as Jointak
Labels Co. Ltd. Beijing Representative Office.
This company is located at 18H, Office Tower, 48 Dongzhimen Dajie,
Dongcheng District, Beijing, China. The
contact person is Ms. Maggie Han.
According to the
subject, more China offices will be set up in the years ahead.
The Group owns the
whole factory building located at 38 Hung To Road, Kwun Tong, Kowloon, Hong
Kong.
The annual sales
turnover of the Group is very significant.
On the whole, having
a history of over twenty-six years and six months in Hong Kong, the subject is
considered good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.66.75 |
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|
1 |
Rs.99.61 |
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Euro |
1 |
Rs.70.67 |
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HKD |
1 |
Rs. 8.64 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
ASH |
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.