MIRA
INFORM REPORT
|
Report No. : |
307040 |
|
Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
PHINEAS PRODUCTS HONG KONG LIMITED |
|
|
|
|
Registered Office : |
Unit 7, 26/F., Clifford Centre, 782 Cheung
Sha Wan Road, |
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|
|
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Country : |
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|
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Date of Incorporation : |
13.05.2010 |
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|
|
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Com. Reg. No.: |
1455634 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business : |
Trading of All Kinds of Hangers. |
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|
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No. of Employees : |
About 5 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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% of total system
deposits in Hong Kong by the end of 2013. 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 34.9 million
in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4%
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%
in 2013. 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
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
|
Source
: CIA |
Contact Points
|
Company Name: |
PHINEAS PRODUCTS HONG KONG LIMITED |
|
Supplied Name: |
PHINEAS PRODUCTS HONG KONG |
|
Trading Address: |
Unit 7, 26/F., Clifford Centre, 782 Cheung
Sha Wan Road, Kowloon, Hong Kong |
|
Supplied Address: |
Room 2607 Clifford Centre 782 Cheung Sha Wan Road Kowloon |
Note: The complete name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unit 7, 26/F.,
Clifford Centre, 782 Cheung Sha Wan Road, Kowloon, Hong Kong |
|
Telephone Number: |
+852-2743-3030 |
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Fax Number: |
+852-2743-3355 |
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E-mail: |
|
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Date of Registration: |
2010-5-13 |
|
Registered Number: |
1455634 |
|
Business Registration No.: |
52270324 |
|
Paid-up Capital: |
HKD 10 (USD 1.29) = 10 Shares@ HKD 1 (As of 2015.02, 1 HKD = 0.1290 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
84619--Other clothing accessories
and parts, not for babies, not knitted or crocheted (kg) |
|
Principal Activities: |
Trading of all kinds of hangers, etc. |
|
Staff: |
About 5 Employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-5-13 |
History
Subject was incorporated on 2010-5-13 with the
registered number 1455634 as Private Limited Liability Company in Hong Kong.
Corporate
Structure
Major Related Companies
|
1 |
|
|
Name: |
Phineas Products Ltd |
|
Address: |
Airfield House, Western Drive, Hengrove,
Bristol BS14 0AF, United Kingdom |
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Tel: |
+44-845-838-6333 |
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Fax: |
+44-845-838-6333 |
|
2 |
|
|
Name: |
Phineas Products US LLC |
|
Address: |
One Gateway Center, Suite 2600, Newark, NJ
07102, USA |
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Tel: |
+1-973-622-8138 |
|
3 |
|
|
Name: |
Phineas Products India |
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Address: |
Remson House, A-288, Okhla Industrial Area,
Phase 1, New Delhi 110020, India |
|
Tel: |
+91-11-413-29951 |
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Wright Daniel Charles |
9 |
90% |
|
Lau Pui Fong, Carol |
1 |
10% |
|
Total |
10 |
100% |
Major Shareholder Information:
|
1 |
|
|
Name: |
Wright Daniel Charles |
|
Address: |
37 Monk Road, Bristol, BS7 8LE, United
Kingdom |
|
2 |
|
|
Name: |
Lau Pui Fong, Carol |
|
Address: |
Flat 1A, Boland Centre, Phase 1, 10 Broadcast
Drive, Kowloon, Hong Kong |
Management
Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Wright Daniel Charles |
|
Address: |
37 Monk Road, Bristol, BS7 8LE, United
Kingdom |
|
Position: |
Director |
|
Passport Number: |
208126555 |
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Issuing Country: |
United Kingdom |
|
2 |
|
|
Name: |
Morgan Janet Teresa |
|
Address: |
10 Wessex Close, Calne, Wiltshire, SN11 8NY,
United Kingdom |
|
Position: |
Director |
|
Passport Number: |
459317208 |
|
Issuing Country: |
United Kingdom |
|
3 |
|
|
Name: |
Lau Pui Fong, Carol |
|
Address: |
Flat 1A, Boland Centre, Phase 1, 10
Broadcast Drive, Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
C568801(7) |
|
4 |
|
|
Name: |
Jadin Limited |
|
Address: |
Room 601, Kalok Building, 720 Nathan Road,
Kowloon, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
227789 |
Personnel Structure
|
Total Employees |
Operation
Information
Offices & Factories
|
|
Office |
|
Address: |
Unit 7, 26/F., Clifford Centre, 782 Cheung
Sha Wan Road, Kowloon, Hong Kong |
Premises Information
Office address:
|
Address: |
Unit 7 on 26th Floor, Clifford
Centre, No.782 Cheung Sha Wan Road, Kowloon |
|
Owners: |
Chui Wai Leung |
|
Memorial Number: |
11053100010033 Assignment |
|
Date of Instrument: |
2011-5-6 |
|
Date of Registration: |
2011-5-31 |
|
Consideration Value: |
HKD 3,930,000.00 |
History of Premises Owners’
|
1 |
|
|
Memorial No.: |
11053100010043 |
|
Date of Instrument: |
2011-5-6 |
|
Date of Registration: |
2011-5-31 |
|
Nature: |
Mortgage |
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In Favor of: |
Bank of Communications Co., Ltd. |
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Consideration: |
All monies |
|
2 |
|
|
Memorial No.: |
11032400280132 |
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Date of Instrument: |
2011-3-21 |
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Date of Registration: |
2011-3-24 |
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Nature: |
Agreement for sale and purchase Remarks: See assignment mem. no.
11053100010033 |
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In Favor of: |
Chui Wai Leung |
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Consideration: |
HKD 3,930,000.00 |
|
3 |
|
|
Memorial No.: |
UB9383722 |
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Date of Instrument: |
2004-11-10 |
|
Date of Registration: |
2004-11-16 |
|
Nature: |
Agreement for sale and purchase Remarks: See assignment mem. no.9438819 |
|
In Favor of: |
Huge Sky Asia Limited |
|
Consideration: |
HKD 1,750,000.00 |
Production Information
Subject is a trader of all kinds of hangers,
etc. without any production activities.
It is introduced that subject’s group has
cooperative factories in UK, India and Mainland China.
Purchase Information
Subject purchases products mainly from
Mainland China.
Sales Information
Subject is engaged in sale of all kinds of
hangers.
The hangers are applied to shoes, flip flops,
sandals, slippers, ballerinas, trainers and boots.
Subject’s sales regions include Asia, Europe
and America.
Subject’s major types of customers are
footwear manufacturers, retailers, supermarkets and so on.
Subject’s major customers are Marks &
Spencer, Mothercare and Next Plc.
Settlements
Purchase
Domestic Purchase
|
Products |
Hangers |
|
Payment Terms |
T/T |
Import
Subject has little import.
Sales
Domestic Markets
|
Product |
Hangers |
|
Selling Terms |
Cash, T/T |
Export
|
Product |
Hangers |
|
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
No mortgage record of subject was found.
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. Liu |
|
Department: |
Sales Department |
Industry
Information
84619--Other clothing accessories
and parts, not for babies, not knitted or crocheted (kg)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Austria |
34 |
26 |
96 |
78 |
|
Switzerland |
258 |
735 |
1,590 |
4,191 |
|
The Mainland of China |
228,027 |
23,484 |
1,103,756 |
145,346 |
|
Germany |
158 |
94 |
460 |
413 |
|
France |
76 |
141 |
701 |
877 |
|
USA |
153 |
118 |
778 |
777 |
|
Italy |
1,020 |
2,256 |
6,094 |
9,758 |
|
Japan |
1,675 |
659 |
10,734 |
3,774 |
|
Exports |
||||
|
The Mainland of China |
1,779 |
247 |
7,928 |
939 |
|
Indonesia |
4,323 |
518 |
16,889 |
1,869 |
|
India |
1,069 |
153 |
2,229 |
315 |
|
Italy |
35 |
7 |
35 |
7 |
|
Singapore |
-- |
-- |
3 |
7 |
|
USA |
1,130 |
170 |
2,296 |
361 |
|
Vietnam |
5,842 |
729 |
31,646 |
3,613 |
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
Clifford Centre, 782 Cheung Sha Wan Road,
Kowloon, Hong Kong
Clifford Centre, 782 Cheung Sha Wan Road,
Kowloon, Hong Kong
26/F., Clifford Centre, 782 Cheung Sha Wan
Road, Kowloon, Hong Kong
Unit 7, 26/F., Clifford Centre, 782 Cheung Sha
Wan Road, Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.15 |
|
|
1 |
Rs.94.72 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
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.