|
Report No. : |
353068 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 |
SEAFULL
PACIFIC LTD.
ADDRESS: Flat
B, 16/F.,WahLik Industrial Centre, 459-469 Castle Peak Road, Tsuen Wan,
New Territories, Hong Kong.
PHONE: 852-
2419 1456; 2419 0200
FAX: 852-
2493 6670; 2481 6996
E-MAIL: katherine@seafullhk.com
Managing Director: Mr. Wong Wing Leung, Jackie
Incorporated on: 7th May, 1991.
Organization:
Private Limited
Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer, Exporter, Manufacturer &
Wholesaler.
Employees: 12.
Main Dealing Banker: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Flat B, 16/F.,WahLik
Industrial Centre, 459-469 Castle Peak Road, Tsuen Wan, New Territories, Hong
Kong.
Associated Companies:-
Prosperity Zippers
Factory Ltd., Hong Kong.
Seafull Pacific Ltd.,
India.
14657522
0308397
Managing Director: Mr. Wong Wing Leung, Jackie
HK$10,000.00
(As per registry dated
07-05-2015)
|
Name |
|
No. of shares |
|
CHAN Lai Yee, Louise |
|
6,000 |
|
WONG Wing Leung |
|
4,000 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated
07-05-2015)
|
Name (Nationality) |
Address |
|
WONG Wing Leung |
Flat 1909, 19/F.,
KaLun House, SiuLun Court, Tuen Mun, New Territories, Hong Kong. |
|
CHAN Lai Yee, Louise |
Unit B, 16/F., WahLik
Industrial Centre, 459-469 Castle Peak Road, Tsuen Wan, New Territories, Hong
Kong. |
(As per registry dated 07-05-2015)
|
Name |
Address |
Co. No. |
|
Premium Corporate
Consulting Ltd. |
Units A & B,
15/F., Neich Tower, 128 Gloucester Road, Wanchai, Hong Kong. |
0437436 |
The subject was incorporated
on 7th May, 1991 as a private limited liability company under the Hong Kong
Companies Ordinance.
Originally the subject
was registered under the name of Seafull Ltd., name changed to the present
style on 8th November, 1994.
Apart from these, neither
material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter,
Manufacturer & Wholesaler.
Lines: All kinds of zippers,
Employees: 12.
Commodities
Imported: China, other Asian countries
Markets: India, other Asian
countries, Europe, North America
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C,
T/T, D/P
Issued Share Capital: HK$10,000.00
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: No complaints
Commercial
Morality: Satisfactory.
Banker: Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000
ordinary shares of HK$1.00 each, Seafull Pacific Ltd. is jointly owned by Ms.
Chan Lai Yee, Louise, holding 60% interests; Mr. Wong Wing Leung, holding
40%. Being Hong Kong merchants, they are
also directors of the subject.
The subject has had an
associated company Prosperity Zippers Factory Ltd., a Hong Kong-registered
company located at the same office.
The subject is a garment
accessory manufacturing company incorporated in Hong Kong in 1991. Its factory is in Shenzhen Special Economic
Zone, China.
The subject has set up
liaison offices in Chennai, Bangalore, Tirupur, and New Delhi of India.
The subject’s products
are all types of zippers, viz. Nylon, Metal, Vislon Invisible, Transparent
& Multi colour zippers, Pullers, Fasteners, Buttons like Metal button,
Alloy buttons, Shell buttons, Wood buttons, Polyester buttons, Horn buttons,
Chalk buttons, MOP buttons, D-Rings, Eye lets, Rivets, Nail heads, Buckles,
Suspenders, Adjusters, Dog Hooks, Stone studded Buckles, Cord Ends, metal and
plastic Stoppers, End clips and other products for apparel & leather goods
industries.
According to the
subject, all its products are free from Nickel, Ferrous, Lead, Phthalate,
Cadmium, Azo Dyestuffs, PVC and all are in conformity with American &
European standards.
The followings are the
main customers of the subject:
DDP, DOP, DIESEL,
BENETTON, BUGATTI, TOM TAILOR, KOHLS, MARKS & SPENCER, GAP, TOMMY HILFIGER,
FAT FACE, LI & FUNG, EMBERS, VETIR, DR.REFFHILL, FILA, WRANGLER, LEE,
MATALAN, DKNY, CATIMINI, MARESE, BENSHERMAN, OXBOW, OOXOO, RED SKINS, QUICK
SILVER, CARNET DE VOL, RITCHIE, ESPIRIT, TRESPASS, DISNEY, HIDESIGN, FREEMAN T
PORT, MILESTONE, GARCIA, TEDDY SMITH, MASSIMO DUTTI, ESPRIT, LEECOOPER, VANILIA
FASHIONS, TERRITORY AHEAD, DPAM, TRUSSARDI, H-LANDERS, ENGLEERS, KAPPAHL.
Apart from its overseas
buyers, the subject supplies its trims to the Indian Retail market Brands like
Allen Solly, Van Heusan, India Terrain, Dude.
The business of the
subject is chiefly handled by the two directors. History in Hong Kong is over 24 years.
On the whole, consider
the subject good for normal business engagements.
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.8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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.