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Report No. : |
306534 |
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Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
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Name : |
TOP GEAR
MERCHANDISING LTD. |
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Registered Office : |
Flat C2, 11/F., |
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Country : |
Hongkong |
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Date of Incorporation : |
13.08.2008 |
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Com. Reg. No.: |
39673648 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Garment Accessories. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRAs 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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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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% 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 |
TOP GEAR MERCHANDISING LTD.
ADDRESS: Flat C2, 11/F., Wing Hing
Industrial Building, 14 Hing Yip Street, Kwun Tong,
Kowloon,
Hong Kong.
PHONE: 852-2755 2200
FAX: 852-2755 2788
E-MAIL: michael@tgear.com.hk
Managing
Director: Ms. Muk Fung Ting
Incorporated on: 13th August, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$300,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: Hang Seng
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Flat C2, 11/F.,
Wing Hing Industrial Building, 14 Hing Yip Street, Kwun Tong, Kowloon, Hong
Kong.
39673648
1264583
Managing
Director: Ms. Muk Fung Ting
HK$300,000.00
(As per registry dated 13-08-2014)
|
Name |
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No.
of shares |
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LEUNG
King Wah |
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120,000 |
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MUK
Fung Ting |
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30,000 |
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WAN Kam Tai |
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150,000 |
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Total: |
300,000 ====== |
(As per registry dated 13-08-2014)
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Name (Nationality) |
Address |
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MUK Fung Ting |
Flat B, 13/F., Block 5, Tsui Chuk Garden,
Wong Tai Sin, Kowloon, Hong Kong. |
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WAN Kam Tai |
Flat B, 14/F., Block 1, Saddle Ridge
Garden, Ma On Shan, Shatin, New Territories, Hong Kong. |
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LEUNG King Wah |
Room 1202, 12/F., Hang Tai House, Ching Tai
Court, Tsing Yi, New Territories, Hong Kong. |
MUK Fung Ting (As
per registry dated 13-08-2014)
The subject was incorporated on 13th August, 2008 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 Wholesaler.
Lines: All kinds of garment accessories
Employees: 3.
Commodities Imported: China, other Asian countries, etc.
Markets: Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Hong Kong Trade Services Council, Hong Kong.
Issued Share Capital: HK$300,000.00
Mortgage or Charge:-
Date of Charge Over Deposits/Securities (2-Parties): 02-12-2011
Amount: To secure owing all monies in any currency
Property: The Chargor charges by way of first fixed charge to the Bank all the right, title and interest of the Chargor in and to the Charged Assets.
Mortgagee: Hang Seng Bank Ltd., Hong Kong.
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.
Banker: Hang Seng Bank Ltd., Hong Kong.
Standing: Normal.
Having issued 300,000 ordinary shares of HK$1.00 each, Top Gear Merchandising Ltd. is jointly owned by three Hong Kong merchants, Mr. Leung King Wah, holding 40% interests; Ms. Muk Fung Ting, holding 10%; and Mr. Wan Kam Tai, 50%.
Incorporated in August 2008, the subject in all kinds of garment accessories, such as threads and yarns, buttons, buckles, badges, woven badges, tags, fabrics, garment leather products, etc.
Commodities are chiefly sourced from the China suppliers. Prime markets are Southeast Asia, Europe, etc. Business is normal.
The business of the subject is chiefly handled by the three shareholders. History in Hong Kong is about six years and six months.
On the whole, consider the subject good for normal business engagements in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.43 |
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|
1 |
Rs.95.02 |
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Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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 SCs 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.