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Report No. : |
301781 |
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Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
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Name : |
BLACK PEONY (HK) LTD. |
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Registered Office : |
Unit E, 23/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.08.2004 |
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Com. Reg. No.: |
34833077 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
SUBJECT IS A GARMENT AND TEXTILE PRODUCT TRADER. IT IS SPECIALIZED
IN JEANS |
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No. of Employees : |
12 |
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 : |
Good |
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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
|
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
|
Source
: CIA |
BLACK PEONY
(HK) LTD.
ADDRESS: Unit E, 23/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2390 3313
FAX: 852-2787 5058
E-MAIL: mail@blackpeony.com.hk
Managing Director: Ms. Chan Lai Yu
Incorporated on: 18th August, 2004.
Organization: Private Limited Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Textile Product Trader.
Company Turnover: RMB982,589,300.00 Yuan (Year ended 31-12-2013)
Group Turnover: RMB4,557,056,050.92 Yuan (Year ended 31-12-2013)
Company Employees: 12.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Unit E, 23/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
Black Peony (Group) Co. Ltd., China.
Associated
Companies:-
Black Peony (Liyang) Garments Co. Ltd., China.
Black Peony Group Import & Export Co. Ltd., China.
Black Peony International Fashion Changzhou Co. Ltd., China.
Changzhou Black Peony Construction Investment Co. Ltd., China.
Changzhou Black Peony Properties Ltd., China.
Changzhou Dade Textile Co. Ltd., China.
Changzhou Mudanjiang South Innovation Industry Investment Co. Ltd., China.
Changzhou New Hope Agricultural Investment Development Co Ltd., China.
Changzhou Peony Kwong King Properties Ltd., China.
Changzhou Rong Yuan Garments Co. Ltd., China.
etc.
34833077
0917538
Managing Director: Ms. Chan Lai Yu
ISSUED SHARE
CAPITAL: HK$5,000,000.00
SHAREHOLDERS: (As per registry dated 18-08-2014)
|
Name |
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No. of shares |
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CHAN Chi Ngok |
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250,000 |
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CHAN Lai Yu |
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250,000 |
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CHAU Man Ming |
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250,000 |
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Black Peony (Group) Co. Ltd. No. 47 Qingyang Road North, Changzhou Jiangsu, China, P.C. 2136001 |
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4,250,000 |
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––––––––– |
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Total: |
5,000,000 ======= |
DIRECTORS: (As per registry dated 18-08-2014)
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Name (Nationality) |
Address |
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CHAN Lai Yu |
Flat C, 7/F., Tower 3, Harbour Heights, 1 Fook Yum Road, North Point, Hong Kong. |
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CHAN Chi Ngok |
Flat B, Block 1, 18/F., Hong Kong Garden, 100 Castle Peak Road, Tsing Lung Tau, New Territories, Hong Kong. |
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CHAU Man Ming |
Flat G, 19/F., Block 1, Chi Fun Fa Yuen, Pokfulam, Hong Kong. |
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JI Zhongliang |
Room 1103, 121 Boai Road, Tianning District, Changzhou City, Jiangsu Province, China. |
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GE Wei Lung |
Room 302, Unit A, 6th Block, Gaocheng Laiyan Garden, Zhonglou District, Changzhou City, Jiangsu Province, China. |
SECRETARY: (As per registry dated 18-08-2014)
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Name |
Address |
Co. No. |
|
Confiance Accounting & Secretarial Services Ltd. |
12/F., Goodfit Commercial Building, 7 Fleming Road, Wanchai, Hong Kong. |
0403017 |
The subject was incorporated on 18th August, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1605-1606, 16/F., Enterprise Square Two, 3 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong, moved to the present address with effect from 6th January, 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Textile Product Trader.
Lines: Garments, Textile Products
Company Employees: 12.
Group Employees: 3,270 (As as 31-12-2013)
Commodities Imported: China, Europe, other Asian countries, etc.
Markets: Asian countries, Europe, North America, Central & South America, etc.
Company Turnover: RMB241,057,700.00 Yuan (Year ended 31-12-2011)
RMB304,601,100.00 Yuan (Year ended 31-12-2012)
RMB982,589,300.00 Yuan (Year ended 31-12-2013)
Group Turnover: RMB2,395,537,161.59 Yuan (Year ended 31-12-2009)
RMB2,700,908,116.20 Yuan (Year ended 31-12-2010)
RMB3,362,636,703.80 Yuan (Year ended 31-12-2011)
RMB3,676,906,503.55 Yuan (Year ended 31-12-2012)
RMB4,557,056,050.92 Yuan (Year ended 31-12-2013)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
Indebtedness: HK$20,720,000.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 18-08-2014)
Company Total Assets:-
RMB124,595,200.00 Yuan (Year ended 31-12-2011)
RMB259,263,600.00 Yuan (Year ended 31-12-2012)
RMB458,056,400.00 Yuan (Year ended 31-12-2013)
Company Net Assets:-
RMB17,406,000.00 Yuan (Year ended 31-12-2011)
RMB11,950,700.00 Yuan (Year ended 31-12-2012)
RMB31,767,800.00 Yuan (Year ended 31-12-2013)
Company Total Liabilities:-
RMB107,189,200.00 Yuan (Year ended 31-12-2011)
RMB247,312,900.00 Yuan (Year ended 31-12-2012)
RMB420,718,600.00 Yuan (Year ended 31-12-2013)
Company Net Profit: RMB 5,723,300.00 Yuan (Year ended 31-12-2011)
RMB 7,479,800.00 Yuan (Year ended 31-12-2012)
RMB17,770,700.00 Yuan (Year ended 31-12-2013)
Group Profit Attributable to Shareholders:-
RMB364,559,271.46 Yuan (Year ended 31-12-2009)
RMB393,938,597.26 Yuan (Year ended 31-12-2010)
RMB253,444,585.68 Yuan (Year ended 31-12-2011)
RMB343,623,422.68 Yuan (Year ended 31-12-2012)
RMB392,345,165.46 Yuan (Year ended 31-12-2013)
Group profit or loss: Group business is profitable.
Condition: Keeping in a satisfactory condition.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
Industrial & Commercial Bank of China (Asia) Co. Ltd., Hong Kong.
Standing: Very Good.
Black Peony (HK) Ltd. is a 85% subsidiary of Black Peony (Group) Co. Ltd. [Black Peony Group/Group] which is a China-based firm. The other 15% is equally owned by Ms. Chau Man Ming, Mr. Chan Chi Ngok and Ms. Chan Lai Yu. The second and third are brother and sister.
Black Peony Group is a listed firm in Shanghai, China.
The subject is a garment and textile product trader. It is specialized in jeans.
The Group was founded in 1940. It has been engaged in jean manufacturing since 1980s, which has been one of the earliest manufacturers in China. In succeeding to the original business of jean, clothes and yarn-dyed-fabrics, the Group initiated a brand new business, city function development in February 2009 after significant assets reorganization.
The Group’s shares have been traded in Shanghai Securities Exchange since June 2002. The code of the share is 600510.
Textile is the main basic industry of Black Peony. The Group is able to produce yarns, fabrics, and clothes. The annual capacity is 60 million meters, 8 million units of clothes and 21,000 tons of yarns. The Group has been certified by ISO9001 quality management system, ISO14001 environment system, SA8000 social responsibility management system and Oeko-Tex Standard 100 zoological textile.
Besides, the Group has been honoured as China Famous Brand, and Black Peony Jean has been evaluated as China famous product, and it is the first exported enterprise that the State Quality Quarantine Bureau has approved it to be “inspection-free”. Its products have been exported to the United States, Japan, Russia, Hong Kong, Australia, etc., other more than 50 countries and regions of the world.
Now, the Group is also engaged in property development and the development of Changzhou Black Peony Industrial Park.
For the year ended 31st December, 2012, the turnover of the Group was RMB3,676.9 million Yuan (2011: RMB3,362.6 million Yuan). Group profit attributable to shareholders amounted to RMB343.6 million Yuan (2011: RMB253.4 million Yuan).
For the year ended 31st December, 2013, the Group owned RMB14,485.3 million Yuan in total assets and 3,270 employees.
According to the Group, in FY 2013, the turnover of the subject amounted to RMB982.6 million Yuan (2012: RMB304.6 million Yuan); net profit of the subject amounted to RMB17.8 million Yuan (2012: RMB7.5 million Yuan).
The subject is fully supported by the Group. Its business in Hong Kong is chiefly handled by Ms. Chan Lai Yu.
The subject’s debts are fully liable by the Black Peony Group.
As the history of the subject is over ten years and four months in Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Description of Instrument |
Mortgagee |
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25-03-2011 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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25-03-2011 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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25-03-2011 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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28-05-2014 |
Charge Over Deposits/Securities (2 parties) |
Hang Seng Bank Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.16 |
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1 |
Rs.94.28 |
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Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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.