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Report No. : |
352709 |
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Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
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Name : |
IDEAL FASTENER ASIA LTD. |
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Registered Office : |
11/F., Ideal Plaza, 46-48 Pak Tin Par Street, Tsuen Wan, New Territories |
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Country : |
Hongkong |
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Date of Incorporation : |
19.01.1998 |
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Com. Reg. No.: |
21538460 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of Fasteners |
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No. of Employees : |
40. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hongkong |
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 |
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 12.5% 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 |
IDEAL
FASTENER ASIA LTD.
ADDRESS: 11/F.,
Ideal Plaza, 46-48 Pak Tin Par Street, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2345
2049
FAX: 852-2172
7298
E-MAIL: info@idealfastener.com.hk
Managing Director:
Mr. Hung Wan Hoi, Gilbert
Incorporated on: 19th January, 1998.
Organization: Private Limited Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 40.
Group Employees: 6,000. (Worldwide)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
11/F., Ideal Plaza, 46-48 Pak Tin Par Street, Tsuen Wan,
New Territories, Hong Kong.
Associated Companies:-
i Hotel Food & Beverage Management (Holding) Ltd.,
Hong Kong.
i.Hotel (International Holding) Ltd., Hong Kong.
Ideal Fastener (Guangdong) Industries Ltd., China.
Ideal Fastener Corporation, USA.
Ideal Fastener Fermuar Sanayi Ve Ticaret A/S, Turkey.
Ideal Fastener India Pvt. Ltd., India.
Ideal Fastener Jiangsu Ltd., China.
Ideal Great China Investment Ltd., Hong Kong.
Ideal Group (China) Ltd., Hong Kong.
Ideal Group (Property) Ltd., Hong Kong.
Ideal Group China–HK Development Ltd., Hong Kong.
Ideal Group Food & Beverage Culture (Holding) Ltd.,
Hong Kong.
Ideal Group Food & Beverage Distribution Ltd., Hong
Kong.
Ideal Group Global Ltd., Hong Kong.
Ideal Group Holding Co. Ltd., Hong Kong.
Ideal Group Intellectual Property Ltd., Hong Kong.
Ideal Group Investment (Global) Ltd., Hong Kong.
Ideal Group Worldwide Ltd., Hong Kong.
Ideal Media Co. Ltd., Hong Kong.
Ideal Zipper S.A. de C.V., Mexico.
PT. Ideal Fastener Indonesia, Indonesia.
21538460
0634849
Managing Director:
Mr. Hung Wan Hoi, Gilbert
HK$5,000,000.00
(As per registry dated 19-01-2015)
|
Name |
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No. of shares |
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HUNG Wan Hoi, Gilbert |
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499,950 |
|
YU Sau Ming |
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50 |
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––––––– |
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Total: |
500,000 ====== |
(As per registry dated 01-06-2015)
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Name (Nationality) |
Address |
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HUNG Chi Yen, Franklin |
House 15, Sunderland Estate, 1 Hereford Road, Kowloon,
Hong Kong. |
|
YU Sau Ming |
5/F., 112C, Broadway, Mei Foo Sun Chuen, Kowloon, Hong
Kong. |
|
HUNG Wan Hoi, Gilbert |
House 15, Sunderland Estate, 1 Hereford Road, Kowloon,
Hong Kong. |
YU Sau Ming (As
per registry dated 19-01-2015)
The subject was
incorporated on 19th January, 1998 as a private limited liability company under
the Hong Kong Companies Ordinance.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: All
kinds of fasteners
Employees: 40.
Group Employees: 6,000. (Worldwide)
Commodities Imported: China,
other Asian countries, etc.
Markets: India,
other Asian countries, Europe, North America, Central & South America, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge:
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
The Bank of East Asia
Ltd., Hong Kong.
The Shanghai
Commercial & Savings Bank Ltd., Hong Kong Branch.
Standing: Good.
Ideal Fastener Asia
Ltd. is almost wholly owned by Mr. Hung Wan Hoi, Gilbert who is a Hong Kong
merchant. The other minor shareholder
Mr. Yu Sau Ming is also a Hong Kong merchant.
These two shareholders and Mr. Hung Chi Yen, Franklin are the
directors of the subject.
The subject belongs
to Ideal Group which was set up in the 50’s.
The shareholders of the Group are Mr. Hung Wan Hoi and Mr. Yu Sau Ming.
The Group is engaged in
manufacturing all kinds of fasteners.
Its factories are in Zhaoqing City and Dongguan City of Guangdong
Province, China. The third factory is in
Jiangsu Province, China.
The Group’s company
in the United States is known as Ideal Fastener Corporation [IFC].
Established in 1936
in New York City, IFC is the second largest zipper manufacturer in the world.
During the past
decade the Group has expanded its worldwide presence by opening numerous
international production facilities and sales offices. The Group now operates factories, offices
and/or distribution facilities in over 20 countries in North and Central
America, the Middle East, Europe, the Asia Pacific region.
The Group offers
zippers for different applications including apparel, automotive, furniture,
luggage, military, and specialty. Its
customers list includes virtually every known apparel brand and retailer in the
United States and Europe, the world’s premiere luggage manufacturers, the US
Armed Forces, and numerous Fortune 500 and international manufacturers across a
range of industries. Two of the
significant customers are Adidas and Polo.
Ideal Group provides
its customers with IDEAL® zippers which are available in a vast range of
styles, colours and materials, customized to its customers’ exact
specifications.
The Group is well
known for zipper manufacturing, however, it is also a leading manufacturer of
Hook & Eye Tape and Underwires for the Intimate Apparel industry. In addition to producing standard Hook &
Eye Tape, Ideal Group is the leader in special/luxury Hook & Eye tape
applications, offering a variety of patented products especially for the bra
closure.
Mr. HUNG Wan Hoi is
engaged in diversified economy. He is
also engaged in hotel business, property development and advertising media
business, etc.
The history of the
subject in Hong Kong is over 17 years.
Business is active and steady.
On the whole,
consider the subject good for normal business engagements.
|
Date |
Description of
Instrument |
Mortgagee |
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11-01-2012 |
Chargeo on Cash Deposit
and/or Shares and Securities to Secure Obligations of the Chargoe |
The Bank of East Asia Ltd., Hong Kong. |
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16-04-2012 |
Trade Finance Security
Assignment |
Unit Overseas Bank Ltd, |
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02-12-2013 |
Deed of Charge on Account |
The Shanghai Commercial & Savings Bank Ltd.,
Hong Kong Branch. |
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29-04-2015 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.63 |
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|
1 |
Rs.100.65 |
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Euro |
1 |
Rs.72.40 |
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HKD |
1 |
Rs.8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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.