MIRA
INFORM REPORT
|
Report No. : |
354137 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
NEW LIGHT KNITTING LIMITED |
|
|
|
|
Registered Office : |
4/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
02.07.1991 |
|
|
|
|
Com. Reg. No.: |
316351 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Sales of Garment. |
|
|
|
|
No. of Employees : |
About 10 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
Contact Points
|
Company Name (in English): |
|
|
Supplied Name: |
NEW LIGHT KNITTING LTD. |
|
Trading Address: |
4/F., 18 Elam Street, Tai Kok Tsui, Kowloon, Hong Kong |
|
Supplied Address: |
18 Elm St., 4/F KLN |
Note: The exact name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
|
|
Telephone Number: |
+852-2392-9984 |
|
Fax Number: |
+852-2789-9810 |
|
Date of Registration: |
1991-7-2 |
|
Registered Number: |
316351 |
|
Business Registration No.: |
14687830 |
|
Registered Capital: |
HKD 4,000,000 (USD 516,000) (As of 2015.7, 1 HKD = 0.129 USD) |
|
Paid-up Capital: |
HKD 4,000,000 (USD 516,000) = 4,000,000
Shares@ HKD 1 |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
84289--Women's or girls' under garments,
negligees, bathrobes etc, n.e.s. (kg). |
|
Principal Activities: |
Manufacturing and sales of garment, etc. |
|
Staff: |
About 10 Employees (Hong Kong) |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-7-2 |
Notes: The number of staff is from public files, which is
not confirmed by the subject.
History
Subject was incorporated on 1991-7-2 with the registered
number 316351 as Private Limited Liability Company in Hong Kong.
Corporate
Structure
Subject did not introduce
whether it has any subsidiaries or branches, from other source we can not
obtain the relevant information, either.
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Siuyuen Lau |
2,000,000 |
50% |
|
Siukam Lau |
2,000,000 |
50% |
|
Total |
4,000,000 |
100% |
Major Shareholder Information:
|
1 |
|
|
Name: |
Siuyuen Lau |
|
Address: |
6D, Beacon Heights, 4 Lung Ping Road,
Kowloon, Hong Kong |
|
2 |
|
|
Name: |
Siukam Lau |
|
Address: |
4/F.,16 Elam Street, Tai Kok Tsui, Kowloon,
Hong Kong |
Management
Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Siuchung Lau |
|
Address: |
Flat E, 4/F., Block 2, Beacon Heights, 2
Lung Ping Road, Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
E954199(7) |
|
2 |
|
|
Name: |
Siukam Lau |
|
Address: |
4/F.,16 Elam Street, Tai Kok Tsui, Kowloon,
Hong Kong |
|
Position: |
Director |
|
ID Number: |
E490468(4) |
|
3 |
|
|
Name: |
Siuyuen Lau |
|
Address: |
6D, Beacon Heights, 4 Lung Ping Road,
Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
E608782(9) |
|
4 |
|
|
Name: |
Siuyuen Lau |
|
Address: |
4/F., 18 Elm Street, Tai Kok Tsui, Kowloon,
Hong Kong |
|
Position: |
Secretary |
|
ID Number: |
E608782(9) |
Personnel Structure
|
Total Employees |
Operation
Information
Offices & Factories
|
|
Office |
|
Address: |
4/F., 18 Elam Street, Tai Kok Tsui, Kowloon, Hong Kong |
Premises Information
Office address:
|
Address: |
Flat No.1 On 4th Floor Wah Yuen Factory Building Nos.15-21 Beech Street & Nos.10-18 Elm Street Kowloon |
|
Owners: |
Ever Happy Investments Limited |
|
Memorial Number: |
UB8312858 |
|
Date of Instrument: |
2001-2-1 |
|
Date of Registration: |
2001-2-21 |
|
Consideration Value: |
HKD 950,000.00 |
History of Premises Owners’
|
1 |
|
|
Memorial No.: |
UB8312859 |
|
Date of Instrument: |
2001-2-1 |
|
Date of Registration: |
2001-2-21 |
|
Nature: |
Mortgage |
|
In Favor of: |
Bank Of America (Asia) Limited |
|
2 |
|
|
Memorial No.: |
UB6196599 |
|
Date of Instrument: |
1994-12-28 |
|
Date of Registration: |
1995-1-7 |
|
Nature: |
Agreement For Sale And Purchase |
|
In Favor of: |
Gip Sing Garment Factory Limited |
|
Consideration: |
HKD 1,650,000.00 |
|
3 |
|
|
Memorial No.: |
UB2997656 |
|
Date of Instrument: |
1986-2-19 |
|
Date of Registration: |
1986-3-6 |
|
Nature: |
Deed Of Family Arrangement |
Production Information
Subject is mainly engaged in manufacturing of
garment.
It is introduced that subject has a factory in
China for production.
Purchase Information
The raw materials of the subject for
production are both purchased at home and abroad.
Sales Information
Subject is mainly engaged in sale of garments.
The major products sold by the subject are
underwear such as pants, waistcoat.
It is introduced that subject’s garments
include women’s underwear, men’s underwear and children’s underwear, etc.
The major sales regions of the subject other
Asian Countries, Europe, America.
It is introduced that the subject’s major
customers are wholesalers of Garment and garment shops.
Settlements
Purchase
Domestic Purchase
|
Products |
Raw materials |
|
Payment Terms |
Cash, T/T |
Import
|
Products |
Raw materials |
|
Payment Terms |
L/C, T/T |
Sales
Domestic Markets
Subject has little domestic markets.
Export
|
Product |
Garments |
|
Selling Terms |
L/C, T/T |
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
|
1 |
|
|
Company Name: |
New Light Knitting Limited (“the Company”) |
|
Instrument of Creating Mortgage: |
Charge over Deposits-CD1(11) (“the Charge”) |
|
Date of Creating Mortgage: |
2011-3-30 |
|
Amount Secured: |
To secure the payment or discharge of all
moneys, obligations and liabilities, whether actual or contingent at the date
of the Charge or at any time after the date thereof, due, owing or incurred by
the Company to Standard Chartered Bank (Hong Kong) Limited or to any other
company in the standard Chartered Group being Standard Chartered Bank
(including all its branches)(“SCB’) and the parents and any subsidiary or
associated company of SCB (SCB, the Bank and each such parent, subsidiary and
associated company of SCB, each an “SCB” Group Company”) anywhere, whether
alone or jointly, and whether as principal or as surely, including all
principal moneys, interest at such rates as may from time to time be payable
by the company (or which would have been so payable but for the liquidation,
bankruptcy, death or other incapacity of the Company), fees, commission,
discount and other charges and all expenses including legal costs on a full
indemnity basis incurred in connection with the enforcement or preservation
of the rights of the SCB Group Companies against the Company or under the
Charge. |
|
Name of Mortgagee: |
Standard Chartered Bank (Hong Kong) Limited
(hereinafter called “the Bank”, which expression shall include its successors
and assigns)(as trustee for itself and each SCB Group Company (as defined
below) to which any moneys and/or obligations and/or liabilities secured by
the Charge are owed from time to time) |
|
Address of Mortgagee: |
4-4A Des Voeux Road Central, Hong Kong |
|
Description of Property Mortgaged: |
by fixed Charge: all the company’s rights in
respect of the following (collectively “Deposits”) the sum)(s) deposited by the Company or for its
benefit in the account(s) or as evidenced by deposit instrument(s) or other
evidence of indebtedness specified in the schedule below, including renewals
of such sums; and all other sums in any currency from time to
time standing to the credit of the Company or the credit of any other person
for the Company’s benefit, on any account in the Company’s sole or joint
names maintained with the Bank or any other SBC Group Company including
renewals of such sums, and all interest from time to time accruing
or payable on the sums specified in (i) and (ii) above; By assignment: all Deposits held with any
SCB Group Company.\ Note： The company is
prohibited by the terms of the Charge from dealing with Deposits or granting
or suffering to arise any security interest in respect of the Deposits or
purporting to do so. |
|
2 |
|
|
Company Name: |
New Light Knitting Limited (“the Borrower”) |
|
Instrument of Creating Mortgage: |
Assignment of Insurance
Policy(ies)(Two-Party) (“the Assignment”) |
|
Date of Creating Mortgage: |
2011-8-19 |
|
Amount Secured: |
To secure all sums of money, debts and
liabilities whether certain or contingent, whether at the date of the
Assignment or at any time after the date of the Assignment owing or
incurred to the Assignee anywhere in the
World (and whether to any one or more of the Assignee’s offices and/or
branches in Hong Kong or abroad) from or by the Borrower in any manner or
capacity on any account whether as principal or surety and whether separately
or jointly with any other person or persons and including (i) any or all sum
or sums due, owing and/or payable to the Assignee by the Borrower, whether
separately or jointly with any other person or persons under any undertaking,
contracts and/or engagements, bill, drafts, notes, loans, credit, banking,
credit card or other facilities of any nature, overdraft, accommodations,
loans, advances, documentary or other credits, guarantees, and/or indemnities
given by the Borrower in favor of the Assignee, and/or any or all dealing
and/or transactions in connection with the collection, negotiations, purchase
and/or discounting of bills; (ii) interest accrued or to be accrued on such
sums or moneys; (iii) commissions, fees and other charges of the Assignee;
(iv) legal and other costs and expenses of reasonable amount and reasonably
incurred by the Assignee for the recovery of payment from the Borrower and/or
for the enforcement and realization of any security and/or guarantee (on a
full indemnity and solicitor-client basis); and (v) any other costs, expenses,
disbursement and/or payment of any nature liable to be reimbursed or
otherwise payable by the Borrower to the Assignee. |
|
Name of Mortgagee: |
Hang Seng Bank Limited |
|
Address of Mortgagee: |
83 Des Voeux Road Central, Hong Kong |
|
Description of Property Mortgaged: |
All the rights, title, benefits and
interests of the Borrower in and to the Policy and the Proceeds, whether in
existence at the date of the Assignment or after the date of the Assignment. Name of the Insured: LAU SIU KAM Policy No.:28004008-50 Effective date of the Policy: 2011-8-19 |
|
3 |
|
|
Company Name: |
New Light Knitting Limited |
|
Instrument of Creating Mortgage: |
Charge over securities (2-Party) |
|
Date of Creating Mortgage: |
2013-6-3 |
|
Amount Secured: |
To secure owing all monies in any currency
by the Company to Hang Seng Bank Limited at any time, actually or
contingently, in any Capacity, alone or jointly with any other person. |
|
Name of Mortgagee: |
Hang Seng Bank Limited |
|
Address of Mortgagee: |
83 Des Voeux Road Central, Hong Kong |
|
Description of Property Mortgaged: |
Any interests, rights, title or property
(whether in the form of an instrument or otherwise) owned by the Chargor
which, at any time and for any reason, are transferred in the name of Hang
Seng Bank Limited or any nominee or agent of Hang Seng Bank Limited and
standing to the credit of the Chargor’s account number 339-006272 with
Hang Seng Bank Limited set out in the Schedule hereto, and which are commonly
known as securities or regarded as securities pursuant to law including,
without limitation: deposits )including certificates of
deposits), shares, stocks, debentures, loan stock, financial instruments,
funds, bonds or notes of, or issued by, any person, government or government
authority; rights, options or interests (whether
described as unit or otherwise) in or in respect of any securities in (i)
above; certificates or receipts for, or warrants to
subscribe for purchase, any securities in (i) above and interest in any collective investment scheme
financial products as defined under the
Securities and Futures Ordinance of Hong Kong; All dividends, interest, distributions and
other moneys derived therefrom; All accretions, allotments, rights, proceeds
and other benefits accruing or arising in respect thereof (whether by way of
redemption, bonus, preference, option, substitution, conversion or
otherwise); All stocks, securities, moneys or property
accruing or offered at any time (whether by way of redemption, bonus,
preference, option, rights and otherwise) to or in respect of, in
substitution or exchange for otherwise derived from any of the foregoing; and
All present and future rights which the
Chargor may have or acquire as against any Clearance System or any other
party in respect of any of the foregoing including (but without limitation
to) any rights which the Chargor may have to require delivery by such
Clearance System or party of any of the foregoing to or to the order of, the
Chargor. |
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 |
Special Note
Interview Details
|
Name |
Ms. Li |
|
Department: |
Sales Department |
Industry
Information
84289--Women's or girls' under garments, negligees, bathrobes etc, n.e.s.
(kg).
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Switzerland |
5 |
102 |
261 |
1,506 |
|
The Mainland of China |
77,593 |
9,150 |
1,143,711 |
132,618 |
|
Germany |
4 |
3 |
4,202 |
2,199 |
|
Spain |
29 |
15 |
2,405 |
720 |
|
UK |
370 |
119 |
13,110 |
3,545 |
|
Japan |
1,540 |
681 |
27,427 |
10,020 |
|
USA |
228 |
304 |
4,550 |
4,322 |
|
Exports |
||||
|
United Arab Emirates |
256 |
56 |
10,740 |
2,746 |
|
1,659 |
44 |
1,673 |
50 |
|
|
Australia |
3,067 |
632 |
26,214 |
7,228 |
|
Canada |
959 |
204 |
16,966 |
4,186 |
|
The Mainland of China |
1,812 |
791 |
10,654 |
7,681 |
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
Address: 4/F, Wah Yuen Factory Building, 18 Elm Street, Tai Kok Tsui,
Kowloon, Hong Kong
Wah Yuen Factory Building, 18 Elm Street, Tai Kok Tsui, Kowloon, Hong
Kong
4/F, Wah Yuen Factory Building, 18 Elm Street, Tai Kok Tsui, Kowloon,
Hong Kong
4/F, Wah Yuen Factory Building, 18 Elm Street, Tai Kok Tsui, Kowloon,
Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.89 |
|
HKD |
1 |
Rs.8.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
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.