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Report No. : |
300803 |
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Report Date : |
06.01.2015 |
IDENTIFICATION DETAILS
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Name : |
WING SEE CO. LTD. |
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Registered Office : |
36/F., 88 Hing Fat Street, Causeway Bay |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.05.1985 |
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Com. Reg. No.: |
09754793-000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Bed linen, quilt, other textile products |
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No. of Employee
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10 |
RATING & COMMENTS
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MIRA’s 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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
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 |
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 |
WING SEE
CO. LTD.
ADDRESS: 36/F., 88 Hing Fat Street,
Causeway Bay, Hong Kong.
PHONE: 852-2107 4193, 852-2799 3998
FAX: 852-2799 3176
E-MAIL: info@smallworld.com.hk
andy@interiorsourcing.com
info@jetrich.net
Managing Director: Mr. Chan Wing
Ho, Andy
Incorporated on: 28th May, 1985.
Organization: Private Limited
Company.
Issued Share Capital: HK$10,870.00
Business Category: Importer,
Exporter and Wholesaler.
Annual Turnover: HK$650~750 million.
Employees: 10.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WING SEE
CO. LTD.
Registered Head
Office:-
36/F., 88 Hing Fat Street, Causeway Bay, Hong Kong.
China Office:-
17/F., Jia He International Building, 55 Seaside South Road, Weihai,
Shandong, China.
[Tel: 86-631-5311723; Fax:
86-631-5314575]
Trading as:- (Same address)
Small World, Hong Kong. [BR
No. 09754793-001]
Jetrich Systems, Hong Kong. [BR
No. 09754793-002]
Associated
Companies:-
Interior Sourcing Ltd., Hong Kong.
(Same address)
Intohome Ltd., Hong Kong. (Same
address)
Margaret Muir Ltd., Hong Kong.
(Same address)
09754793-000
0152077
Managing Director: Mr. Chan Wing
Ho, Andy
Contact Person: Ms. Monly Lee
HK$10,870.00
(As per registry
dated 28-05-2014)
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Name |
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Ordinary |
Non -Voting |
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Henry Malcolm Rodier RAWSON |
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10,000 ===== |
870 === |
(As per registry
dated 28-05-2014)
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Name (Nationality) |
Address |
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Henry Malcolm Rodier RAWSON |
28 Watford Road, The Peak, Hong Kong. |
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LAI Ching Mun |
House 123, Seasons Palace, 157 Kam Sheung Road, Kam Tin, New
Territories, Hong Kong. |
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CHAN Wing Ho, Andy |
Flat F, 10/F., Block 2, Chelsea Heights, Tuen Mun,
New Territories, Hong Kong. |
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Roger Toward MARSHALL |
2/F. & Roof, 22A & 22B Ta Ho Tun, Sai Kung, New Territories,
Hong Kong. |
CHAN Wing Ho, Andy (As per
registry dated 28-05-2014)
The subject was incorporated on 28th May, 1985 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 6/F., Hong Kong Diamond Exchange
Building, 8-10 Duddell Street, Central, Hong Kong, moved to the present address
in September 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Bed
linen, quilt, other textile products, etc.
Employees: 10.
Commodities Imported: Europe,
China, other Asian countries, etc.
Markets: United
Kingdom, other European countries, Asian countries, North America, etc.
Annual Turnover: HK$650~750
million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
Issued Share Capital: HK$10,870.00
Mortgage or Charge:-
Date of Security Over Deposits:
30-05-2008
Amount: Amount secured – (i) all
monies in any currency owing by the Company to the chargee at any time,
actually or contingently, in any capacity, alone or jointly with any other
person; (ii) interest on such monies, to the date on which the chargee receives
payment, at the rates payable by the Company or which would have been payable
but for any circumstance which restricts payment and (iii) all expenses of the
chargee in perfecting or enforcing this Charge
Property: The deposit with chargee in
the amount of US$266,000 and all monies under Deposit No. 596-287425 whatever
currency it may subsequently be denominated in, any renewal of such deposit and
the interest thereon together with any further monies in any deposit account
with the chargee at any of its offices
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory and
active manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Barclays Bank PLC, Hong Kong Branch.
Standing: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Wing See Co. Ltd.
formerly was jointly owned by Mr. Henry Malcolm Rodier Rawson, holding 80%
interests; and Turner Bianca PLC, a UK-based firm holding 20%. Now, the ordinary shares of the UK company
have been transferred to Rawson. On 1st
January, 2014, the subject created 870 non-voting shares and allotted to
Rawson. Now, the subject is wholly-owned
by him.
The subject is trading in bed linen, quilt, home furnishing, bed spread,
comforter, nursery range, curtain, cushion cover, down & feather products,
other textile products, etc. Commodities
are chiefly sourced from China, Taiwan, South Korea and the other Asian
countries or acquired from local suppliers.
Prime markets are the United Kingdom, other European countries, Asian
countries, North America, etc. Business
has been active. The sole shareholder of
the subject Mr. Henry Malcolm Rodier Rawson is a British merchant who has been
in Hong Kong for a very long time. He is
a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
The subject’s business names are “Small World” and “Jetrich Systems”
which are also located at the same address.
Small World is the leading manufacturer of embroidered and embellished quality
home textiles in China which produces “own label” products for leading
retailers and brands worldwide. From
50,000 sq.m. of S.G.S. and I.T.S. certified workshops, its associated factory
produces own label products for leading retailers and brands worldwide. Now, the factory of Small World has 320
employees and is 85% solar powered.
The subject has had an office in Weihai, Shandong Province, China which
is administering all merchandises, sampling and production issues. The office was set up in 1997 and now has
about 80 employees.
Small world offers free range of designs from the Bianca Studio in the
United Kingdom and Margaret Muir design in Hong Kong. Small World’s bedding range includes duvet
covers and sheets made from 100% pure cotton percale. The embroideries feature intricate details
with the highest standard of workmanship.
In March 2008, Small World started producing in a custom built, single
storey, 10,000 sq.m. workshop. This
facility sets new standards for manufacturing, employment and environmental
awareness, which it integrated into all its workshops through 2008.
Now, the products of Small World have been exported to 23 countries of
the world.
Jetrich Systems provides clients with all kinds of IT solutions and
related one-stop service.
The subject has had three associated companies located at the same
operating office, namely, Intohome Ltd., Interior Sourcing Ltd. and Margaret
Muir Ltd.
Intohome Ltd. is engaged in the same lines of business as the subject,
more or less.
The Margaret Muir collection produced by Small World appeals to a
universal good taste. 18 months after
the initial launch the collection is now available in the United Kingdom, the
Netherlands, Denmark, Spain, Belgium, Greece, Ukraine, Australia, New Zealand, Canada,
South Africa, the United Arab Emirates, Japan, Hong Kong, Singapore, Thailand,
the Philippines, Malaysia and Taiwan.
The subject operates from a rented office. Annual sales turnover ranges from HK$650 to
750 million. Making a small profit every
year.
As the history of the subject is over twenty-nine years and seven months
in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.38 |
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1 |
Rs.96.84 |
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Euro |
1 |
Rs.75.66 |
INFORMATION DETAILS
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Analysis Done by
: |
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 |
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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.