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Report No. : |
352756 |
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Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
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Name : |
MAINETTI (HK) LTD. |
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Registered Office : |
Suite 1812, 18/F., Kwong Sang Hong Centre, 151 Hoi Bun Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
08.09.1992 |
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Com. Reg. No.: |
16048004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of All kinds of Plastic Garment Hangers and Accessories. |
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No. of Employees : |
20 (Hong Kong) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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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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 |
[Also Trading as:
A&E PRODUCTS (FAR EAST) COMPANY]
MAINETTI (HK) LTD.
ADDRESS: Suite 1812, 18/F., Kwong Sang Hong
Centre, 151 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2389 1589
FAX: 852-2389 1077
E-MAIL: info@hk.mainetti.com
sales@hk.mainetti.com
MANAGEMENT:
Managing Director: Mr. Tai Lun,
Paul
Incorporated on: 8th September, 1992.
Organization: Private Limited Company.
Issued Share Capital: HK$4,633,300.00
Business Category: Garment
Hanger Manufacturer.
Employees: 20. (Hong Kong)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
MAINETTI (HK)
LTD.
Registered Head
Office:-
Suite 1812, 18/F., Kwong Sang Hong Centre, 151 Hoi Bun Road,
Kwun Tong, Kowloon, Hong Kong.
China
Office:- [Operated by Suzhou Mainetti
Plastic Products Ltd.]
Room 1002-1006, Electric Power Building, 430 Xu Jia Hui Road, 200025
Suzhou, Jiangsu, China.
[Tel: (86-21) 6445 2718; Fax:
(86-21) 6445 3866]
China Factories:-
Shenzhen [Operated by Mainetti Plastic Products
(Shenzhen) Ltd.]
Industrial Park Road, 3rd Zone, Tongfuyu Industrial Park, Longhua Town, Bao’an
Shenzhen, China.
Tel: (86-755) 3387 4888
Fax: (86-755) 3387 8011
E-mail: sales@shenzhen.mainetti.com
Suzhou [Operated by Suzhou Mainetti Plastic Products
Ltd.]
No. 62 Yinyan Lane, Jianlin Road, Xushuguan New District, 215151 Suzhou City,
Jiangsu Province, China.
Tel: +(86) 512 667 11866
Fax: +(86) 512 667 11865
Email: info.shanghai@mainetti.com
Immediate Holding
Company:-
Mainetti (Far East) Ltd., Hong Kong.
(Same address)
Intermediate
Holding Company:-
Mainetti Holding B.V., Netherlands.
Ultimate Holding
Company:-
Mainetti S.p.A., Italy.
Also Trading As:-
A&E Products (Far East) Company, Hong Kong.
Subsidiary:-
Pendy Plastic Products China Ltd., Hong Kong.
Associated/Affiliated
Companies:-
Mainetti Group of
Companies
Mainettech Lanka (Pvt) Ltd., Sri Lanka.
Mainetti – Smaco SA, Morocco.
Mainetti – Turessons AB, Sweden.
Mainetti (Bangladesh) Pvt. Ltd., Bangladesh.
Mainetti (Eastern China) Ltd., Hong Kong.
Mainetti (India) Pvt. Ltd., South India.
Mainetti (Malaysia) Sdn. Bhd., Malaysia.
Mainetti (Thailand) Ltd., Thailand.
Mainetti (TPE) Ltd., Taiwan.
Mainetti (UK) Ltd., U.K.
Mainetti (Vietnam) Co. Ltd., Vietnam.
Mainetti America Inc., US.
Mainetti Asia Ltd., Hong Kong.
Mainetti Aski Sanayi Ve Ticaret A.S., Turkey.
Mainetti Australia Pty. Ltd., Australia.
Mainetti Bags SRL, Italy.
Mainetti BV, Netherlands.
Mainetti BVBA, Belgium.
Mainetti Cabides Lda., Portugal.
Mainetti Canada Inc., Canada.
Mainetti Egypt (FZ), Egypt.
Mainetti GmbH, Germany.
Mainetti Gulf FZC, United Arab Emirates.
Mainetti Korea Co. Ltd., South Korea.
Mainetti Pakistan (Pvt) Ltd., Pakistan.
Mainetti Peru S.A., Peru.
Mainetti Plastic Products (Shenzhen) Ltd., China.
Mainetti Romania S.r.l., Romania.
Mainetti Singapore Pte. Ltd., Singapore.
Mainetti Sofia, Bulgaria.
Mainetti South Africa Pty. Ltd., South Africa.
Mainetti Tecnologie S.p.A., Italy.
Mainetti USA Inc., US.
Mainetti Wooden Products (Shenzhen) Ltd., China.
Mainetti Wooden Products Ltd., Hong Kong.
Man King Industries Co. Ltd., Hong Kong.
Nueva Mainetti S.A., Spain.
OMAF S.R.L., Italy.
P.T. Mainetti (Indonesia), Indonesia.
Suzhou Mainetti Plastic Products Ltd., China.
Techstar Packaging (Far East) Ltd., Hong Kong.
Techstar Packaging (HK) Ltd., Hong Kong.
Techstar Packaging Pvt. Ltd., Sri Lanka.
16048004
0377836
Managing Director: Mr. Tai Lun,
Paul
Contact Person: Mr. Cheng Wing
Hung
HK$4,633,300.00 (Divided into 46,333 ordinary shares of HK$100.00 each)
(As per registry dated 08-09-2015)
|
Name |
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No. of shares |
|
Mainetti (Far East) Ltd., Hong Kong. |
|
46,333 ===== |
(As per registry dated 08-09-2015)
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Name (Nationality) |
Address |
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James Murray HUTCHISON |
8 Dean Park, Newstead, Melrose, U.K. |
|
Roberto PERUZZO |
890 Pennsylvania Avenue, Westfield, NJ 07090-3433, U.S. |
|
TAI Lun, Paul (British) |
Suite 1812, 18/F., Kwong Sang Hong Centre, 151 Hoi Bun Road, Kwun
Tong, Kowloon, Hong Kong. |
|
CHENG Wing Hung |
Flat A, 6/F., Block 16, Charming Garden, Mongkok, Kowloon, Hong Kong. |
(As per registry dated 08-09-2015)
|
Name |
Address |
Co. No. |
|
First Island Secretaries Ltd. |
Unit 703, 7/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong. |
0049295 |
The subject was incorporated on 8th September, 1992 as a private limited
liability company under the Hong Kong Companies Ordinance. It is also trading as A&E Products (Far
East) Company in business name.
The subject registered its Chinese name in 4th March, 1998.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer
and Exporter.
Lines: All
kinds of plastic garment hangers and accessories.
Trade Marks: “MAINETTI”,
“PENDY”, “RED WING”, “A & E”, “RANDY”
Employees: 20. (Hong Kong)
Over 500. (China)
Raw Materials: Imported
from Europe and some Asian countries.
Markets: Europe,
US, Philippines, Indonesia, Korea and China.
Terms/Sales: COD, L/C or 30 days
credit.
Terms/Buying: L/C, T/T.
Federation of Hong Kong Industries, Hong Kong. [Member No. A6462]
Issued Share Capital: HK$4,633,300.00
(Divided into 46,333 ordinary shares of HK$100.00 each)
Mortgage or Charge: (See attachment)
Profit or Loss: Made
small profits in the past years.
Condition: Business is
active.
Facilities: Making active
use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Mainetti (HK) Ltd. was incorporated in September 1992 as a wholly-owned
subsidiary of Mainetti (Far East) Ltd. which is a Hong Kong-based firm located at
the same operating address as the subject.
The subject has another business name A&E Products (Far East) Co.
which is located at the same address.
The subject in fact is a member of the Mainetti Group which is an
Italy-based company.
Mainetti Group is mainly engaged in manufacturing various kinds of
garment hangers. Major markets are
Europe and the United States. Some of
the products are also exported to the Philippines, Indonesia, Thailand, South
Korea and also marketed in China. Its
production facilities in China are in Shenzhen Special Economic Zone and
Shanghai. The brand names of the
commodities are “Mainetti”, “Pendy” and “Red Wing”. In 2006, the subject acquired new brands,
namely, “A & E”, “RANDY”.
The origins of Mainetti S.p.A. stem from Northern Italy. It was founded in May 1961 by the Mainetti
brothers – Gianni, Luigi, Romeo and Mario.
Today, Mario is Chairman of Mainetti Tecnologie S.p.A., the Group’s
designing centre. Mainetti Tecnologie
was founded in 1996. Now, the Group has
offices and factories in The Netherlands, Italy, the United Kingdom, France,
Germany, Belgium, Spain, Portugal, Romania, Canada, the United States,
Singapore, Malaysia, Sri Lanka, India, Hong Kong, China, etc.
In 1996, Mainetti acquired Pendy Plastic Products [Pendy], the garment
hanger manufacturing division of Ferguson International Holdings plc, which
gave the Mainetti Group access to new manufacturing techniques and production
facilities worldwide.
In 1981, Pendy became part of Ferguson International Holdings plc. Initially in 1987, demand for garment hangers
in China was satisfied by exporting hangers to Hong Kong for mainland
distribution. The operation was handled
by Actual Printraders Ltd. which was incorporated in Hong Kong on 9th May,
1986. By 1989, Actual Printraders Ltd.
was replaced by Mainetti’s office in Hong Kong and manufacturing facilities in
Shenzhen, Southern China. Mainetti’s
office changed name to Pendy Plastic Products (Far East) Ltd. on 20th July, 1989. After the acquisition by Mainetti, Pendy
Plastic Products (Far East) Ltd. changed name to Ferguson USA Ltd. on 22nd
August, 1996. Since then, all its
activities have been taken over by Pendy Plastic Products (Far East) Company, a
division of the subject established on 8th May, 1996, and Pendy Plastic
Products China Ltd., a wholly-owned subsidiary of the subject set up on 8th
August, 1996, respectively.
As garment manufacturing in China continues to grow, Mainetti added a
production base in Suzhou City, Jiangsu Province, China. The Suzhou factory is known as Suzhou
Mainetti Plastic Products Ltd. This
company has set up an office in Shanghai, China.
Mainetti’s client list includes a wide range from Nike and Old Navy to
Prada and Hugo Boss. Besides, the
following firms are the main clients of Mainetti: E5-Mode, EAST, Eddie Bauer,
Eden – Park, EWM, Eleganze, elena miro, ELLE, ELLEN TRACY, ellesse, emanuel
ungaro, emmezeta, emozioni, EMPORIO-ARMANI, ENRGIE, ENRICO COVERI, EMRECO,
ERDOS, GRUPO EROSKI, ERLIVIA, ESCADA, Etam ETRO, Evans, EVEDEN, EXPRESS, etc.
The Shenzhen factory is able to produce 600 to 700 million hangers a
year and increase the Mainetti’s overall production capacity in Asia by 25%.
The investment for the Shenzhen facility was US$15 million.
The wooden hanger factory of Mainetti is able to produce over 10 million
hangers a year. Most of the products
from the Shenzhen and Suzhou factories are exported to North America, Europe,
etc.
In recent years, Mainetti has set up a new department known as Techstar
Packaging & Labels. These businesses
are handled by Techstar Packaging (HK) Ltd. and Techstar Packaging (Far East)
Ltd., both companies are registered in Hong Kong. Techstar has a factory in Dongguan City,
Guangdong Province, China which covers an area of over 200,000 sq.ft. The factory is ISO9001 and ISO14001 certified
and is engaged in manufacturing a wide range of shrouds, display bags, zip lock
bags, non-woven bags and other packaging items for the garment industry and
retailers throughout Europe and the United States. Techstar factory also supplies a number of
non-garment related global blue-chip organisations for their operations in
China and Hong Kong.
Mainetti, which is owned by the Mainetti and Chandaria families, now has
operations in about 50 countries.
The consolidated annual turnover of the Mainetti Group is very
significant.
The subject is fully supported by the Group.
Mr. Tai Lun Paul is the Managing Director of the subject, and he is also
the Chief Executive Officer of Mainetti Plastic Products (Shenzhen) Ltd.
The history of the subject is over 23 years and two months.
On the whole, in view of the parentage and background of the subject,
consider it good for normal business engagements.
Brief Personal Profile of the Managing Director of the subject:
Mr. TAI Lun, Paul, Paul joined
Mainetti in 1996 when the Group acquired Pendy Plastic Products.
In 1998 Paul was appointed General Manager of the Group’s Singapore
operation and became Financial Director for Mainetti China and its Far East
businesses in 2000. He was appointed
Regional Director in 2008. Under the
leadership of Paul, Mainetti has expanded its supply chain with strong
manufacturing plants and sales offices in China, Vietnam, Indonesia, Cambodia,
Malaysia, Thailand and Philippines. Paul
is currently the Honorary Secretary of Hong Kong Young Industrialists Council
and participates in various advisory roles in the industry.
|
Date |
Particulars |
Amount |
|
24-02-1999 |
Instrument: Debenture Property: 1) By way of first fixed
charge, all book and other debts, accounts receivable and securities for
money 2) By way of first fixed
charge, all stocks, shares, bonds and securities, whether marketable or
otherwise, and all other interests of the Company 3) By way of first
floating charge, the undertaking and all the property, assets and rights of
the Company Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All amounts which are now or may at any time hereafter be or become
from time to time due or owing, actually or contingently, to the
Debenture-holder by the Company |
|
27-05-2011 |
Instrument: Security Over Deposits Property: Deposit and the interest thereon together with any other moneys or
deposits placed with the Bank from time to time at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
all monies in any currency: (ii) interest on such monies; and (iii)
all expenses of the chargee in perfecting or enforcing the charge |
|
25-07-2012 |
Instrument: Assignment of Life Insurance Property: All the Assignor’s claims, options, privileges, right, title, interest
and benefit in and under the Insurances; and (ii) all the Assignor’s claims
and rights against the issuer of the Policy upon the terms herein set out as
a continuing security for the due and punctual payment of the Secured Monies. Policy No.: 42475239 Name of Insurance Company:
Transamerica Life (Bermuda) Ltd. Name of Insured: Mr. Stakol
Michael Roy Details of Assignor: Mainetti
(HK) Ltd. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
all and any monies and liabilities in any currency; (ii) interest on
such monies; (iii) all monies paid by the Bank in respect of Policy pursuant to
the terms of this Deed; and (iv) all expenses of the Bank in perfecting or
enforcing this Deed ona full indemnity basis. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.63 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.40 |
|
HKD |
1 |
Rs.8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
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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 |
-- |
|
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.