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Report No. : |
307149 |
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Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
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Name : |
NSW LEATHER (CHINA) CO. LTD. |
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Registered Office : |
c/o Comsec Secretaries Ltd. Suite 1801-5, 18/F., Tower 2, China Hong Kong City, 33
Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.06.2003 |
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Com. Reg. No.: |
34502961 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available Note: We tried to
confirm / obtain the detailed activity but the same is not available from any
sources. |
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No of Employees : |
No Employees In Hong Kong NOTE : It is to be noted that the company does not have its
own operating office in Hong Kong. The company uses the address of its
secretariat as its correspondence address only. Subject operates from some
other country and does not have a base in Hong Kong. Such companies are
registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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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) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
“1/F., Joye Fook Mansion, 466-468 Shanghai Street, Kowloon, Hong Kong” is in a residential building which is located at this address not trespassed by outsiders. We are not sure where the subject is
NSW LEATHER
(CHINA) CO. LTD.
Registered Office:-
c/o Comsec Secretaries Ltd.
Suite 1801-5, 18/F., Tower 2, China Hong Kong City, 33 Canton Road,
Tsimshatsui, Kowloon, Hong Kong.
Parent Company:-
N.S.W. Leather Company Pty. Ltd.
707 Elizabeth Street, Waterloo, New South Wales 2017, Australia.
[Tel: 02-93192900; Fax:
02-96984747]
Associated Company:-
N.S.W. Leather Holdings Pty. Ltd., Australia.
34502961
0848605
2nd June, 2003
HK$5.00
(As per registry
dated 02-06-2014)
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Name |
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No. of shares |
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N.S.W. Leather Company Pty. Ltd. 707 Elizabeth Street, Waterloo, New South Wales 2017, Australia. |
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5 = |
(As per registry
dated 02-06-2014)
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Name (Nationality) |
Address |
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Ian Leo FISCHL (Australian) |
148 Hopetoun Avenue, Vaucluse, New South Wales 2030, Australia. |
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Michael Edward FISCHL (Australian) |
238 Sailors Bay Road, Northbridge, New South Wales 2063, Australia. |
(As per registry
dated 02-06-2014)
|
Name |
Address |
Co. No. |
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Comsec Secretaries Ltd. |
Suite 1801-5, 18/F., Tower 2, China Hong Kong City, 33 Canton Road,
Tsimshatsui, Kowloon, Hong Kong. |
0141437 |
The company was incorporated on 2nd June, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Lasting Ltd.,
name changed to the present style on 12th May, 2004.
Formerly the registered address of the subject was in the office of a
commercial service provider located at ‘Suite 2302-7, 308 Des Voeux Road
Central, Hong Kong’ where was the old operating office of Comsec Secretaries
Ltd. [Comsec]. Comsec moved to the
present address in February 2008, so did the subject.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Incorporated on 2nd June, 2003, NSW Leather (China) Co. Ltd. is a wholly‑owned
subsidiary of NSW Leather Company Pty. Ltd. [NSW Leather] which is an
Australia-based firm.
The subject does not have an office in Hong Kong. According to the Companies Registry of Hong
Kong, the subject’s registered address is located at ‘Suite 1801-5, 18/F.,
Tower 2, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong’
where is the office of Comsec Secretaries Ltd.
This company is also the company secretary of the subject.
The subject’s telephone number and fax number have not registered with
local telephone company nor listed on telephone directories.
Your given address ‘1/F., Joye Fook Mansion, 466‑468 Shanghai
Street, Kowloon, Hong Kong’ is a residential quarter. Since the residential building Joye Fook
Mansion is not trespassed by outsiders, we are not sure whether the subject is
located at your given address or not.
The subject’s Directors are Ian Leo Fischl and Michael Edward Fischl,
both are Australian. They are Australia
passport holders and do not have the right to reside in Hong Kong permanently.
To our knowledge, NSW Leather is a firm of the third Generation, wholly
Australian owned company established in 1952.
Now, it has about 30 employees and has an annual revenue ranges from
A$16 to 20 million.
It is one of the Australia’s largest wholesalers of finished
leathers. If the buyer has got factories
overseas, NSW Leather can offer an export service or alternatively a direct
supply. Currently NSW Leather exports to
such areas as New Zealand, China, Hong Kong, Fiji, etc.
NSW Leather in Australia is trading in the followings:-
Upholstery leather;
Garment leather for the clothing industry;
Footwear leather;
Leather for belts;
Leather for handbags;
Leather for craft work;
Leather for hats; &
Cowhide and calf for floor rugs.
NSW Leather has set up offices in Sydney, Melbourne, Perth of Western
Australia, Hove of South Australia, and Queensland. The one in Sydney is the head office of NSW
Leather.
Mr. Ian Leo Fischl is the CEO of NSW Leather.
NSW Leather has two agents in New Zealand, namely, New Zealand Leather
Supplies Ltd. and Savill Coordinates Ltd. (trading as Taurus Leather Co. and
LAPCO).
The subject’s business in Hong Kong is not active. History in Hong Kong is over eleven years and
eight months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.20 |
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|
1 |
Rs. 95.99 |
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Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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 |
-- |
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.