|
Report Date : |
01.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
WORLD BRANDS MANUFACTORY CO. LTD. |
|
|
|
|
Registered Office : |
Unit 12, 5/F., Vanta Industrial Centre, 21-33 Tai Lin Pai Road, Kwai Chung, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
04.06.2001 |
|
|
|
|
Com. Reg. No.: |
31847039 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Manufacturer of Badge and Label, Leather
Patch, Badge, Leather Badge, Label, Leather Label, Belt, Belt, Imitation
Leather, Belt, Leather, Leather Belt, Brooch, Hang Tag, Hangtag, Key Chain,
Parts For Garment Industry. |
|
|
|
|
No. of Employees : |
10 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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% 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 |
WORLD BRANDS
MANUFACTORY CO. LTD.
ADDRESS: Unit 12, 5/F., Vanta Industrial Centre, 21-33 Tai Lin Pai Road, Kwai Chung, New
Territories, Hong Kong.
PHONE: 852-2481 8033
FAX: 852-2487 6727
E-MAIL: info@worldbrand.com.hk
MANAGEMENT:
Managing Director: Mr. Wong Chi King, Desmond
Incorporated on: 4th June, 2001.
Organization: Private Limited Company.
Issued Share Capital: HK$3,750,000.00
Business Category: Importer, Exporter and Manufacturer.
Employees: 10.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WORLD
BRANDS MANUFACTORY CO.
LTD.
ADDRESS:
Registered
Head Office:- Unit 12, 5/F., Vanta
Industrial Centre, 21-33 Tai Lin Pai Road, Kwai Chung, New
Territories, Hong Kong.
Associated
Company:- World Brands Manufactory,
Hong Kong.
BUSINESS
REGISTRATION NUMBER: 31847039
COMPANY FILE
NUMBER: 0758935
MANAGEMENT: Managing
Director: Mr. Wong Chi King, Desmond
HK$3,750,000.00
(As per registry dated 04-06-2014)
|
Name |
|
No. of shares |
|
WONG Chi King, Desmond |
|
1,200,000 |
|
LO Chi Yuen |
|
1,125,000 |
|
HUI Kam Kwei |
|
1,125.000 |
|
YAM Siu Ping, Fanny |
|
300,000 |
|
|
|
–––––––– |
|
|
Total: |
3,750,000 ======= |
(As per registry dated 04-06-2014)
|
Name (Nationality) |
Address |
|
YAM Siu Ping, Fanny |
9/F., Kiu Yuen Mansion, 245 Prince Edward Road West, Kowloon, Hong Kong. |
|
WONG Chi King, Desmond |
9/F., Kiu Yuen Mansion, 245 Prince Edward Road West, Kowloon, Hong Kong. |
|
LO Chi Yuen |
Flat C, 2/F., Block 2, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong. |
LO Chi Yuen (As per registry dated 04-06-2014)
The subject was incorporated on 4th June, 2001 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 Manufacturer.
Lines: Badge & Label, Leather Patch, Badge, Leather Badge, Label, Leather Label,
Belt, Belt, Imitation Leather, Belt, Leather, Leather Belt, Brooch, Hang Tag,
Hangtag, Key Chain, Parts For Garment Industry, etc.
Employees: 10.
Commodities Imported: China, other Asian countries, etc.
Markets: Asian countries, Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
Issued Share Capital: HK$3,750,000.00
Indebtedness: HK$8,565,997.28 (Total amount outstanding on all mortgages and charges as
per last Annual Return dated 04-06-2014)
Mortgage or Charge: (See attachment)
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.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Citibank N.A.,
Hong Kong Branch.
Standing: Normal.
Having issued 3.75 million ordinary shares of HK$1.00 each, World Brands
Manufactory Co. Ltd. is jointly owned by Wong Chi King, Desmond, holding 32%
interests; Mr. Lo Chi Yuen, holding 30%; Mr. Hui Kam Kwei, 30%, and Yam Siu
Ping, 8%. All are Hong Kong merchants. They are also directors of the subject except
Hui Kam Kwei.
The subject is trading in the following products: Badge & Label,
Leather Patch, Badge, Leather Badge, Label, Leather Label, Belt, Belt,
Imitation Leather, Belt, Leather, Leather Belt, Brooch, Hang Tag, Hangtag, Key
Chain, Parts For Garment Industry, etc.
The subject in Hong Kong has long been recognized as a leading
manufacturer and exporter in its field since established in 1990. It offers an extensive range of garment
accessories. Its products also includes
belts, embossed patches, key chains, non-woven PVC patches, real leather
patches, rubber patches, reflective PVC patches, silicones, zipper pulls, etc.
The subject exports over one millions US dollar worth of garment
products annually.
The subject has expanded its production facilities in China. This includes its own printing, embossing and
sewing facilities. With a work force of
around 400 in Huidong, Guangdong Province, China, the subject is able to
produce over 5 billion pieces of patch in China per year.
The business of the subject is steady.
Regular suppliers and customers have been maintained.
As the history of the subject is over 13 years and six months in Hong
Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
23-03-2009 |
Instrument: Security
Over Deposits with the Bank Property: Initially HK$750,000 and or equivalent and
all monies whether now or hereafter standing to the credit of the Company’s
deposit with the Bank under deposit number 450-517222 Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities owing at any
time plus interest and all expenses |
|
30-04-2010 |
Instrument: Deposit
Deed Property: By way of a first fixed charge and as a continuing
security for the Obligations, the Company charges and assigns absolutely all
its rights, title to and interest in the Accounts and all Deposits from time
to time in the Accounts and/or comprising the Accounts maintained with
Citibank N.A., Hong Kong Branch and/or Citibank (Hong Kong) Ltd. Mortgagee: Citibank
N.A., Hong Kong Branch. |
All moneys |
|
17-07-2012 |
Instrument: Legal
Charge/Mortgage Property: 5/11,816th parts or shares of and in The Remaining
Portion of Lot No. 696 (Lorring Parking Space No. L32 on 1/F. of Vanta
Industrial Centre, 21-33 Tai Lin Pai Road, Kwai Chung, New Territories, Hong
Kong.) Mortgagee: Citibank
N.A., Hong Kong Branch. |
To secure all monies in respect of banking facilities and interest
thereon |
|
02-10-2013 |
Instrument: Assignment
of Life Insurance Property: (i) All
the Assignor’s claims, options, privileges, right, title, interest and
benefit in and under the Insurance (ii) All
the Assignor’s claims and rights against the issuer of the Policy upon the
terms herein set out as a continuing security for the due and punctual
payment of the Secured Monies Insurance Policy No.: 28006700-50 Name of Insurance: HSBC Life (International) Ltd. Name of the Insured: Wong Chi King Desmond Name of Assignor: World Brands Manufactory Co. Ltd. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All and any monies and liabilities; (ii) Interest on such monies;
(iii) All monies paid by the Bank; (iv) All expenses of the Bank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.33 |
|
|
1 |
Rs.98.58 |
|
Euro |
1 |
Rs.77.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.