MIRA INFORM REPORT

 

 

Report No. :

324880

Report Date :

03.06.2015

 

IDENTIFICATION DETAILS

 

Name :

COPEN UNITED LIMITED

 

 

Formerly Known As :

GRAND LANE GROUP LIMITED

 

 

Registered Office :

Unit 11-13, 16/F, One Midtown, No. 11 Hoi Shing Road, Tsuen Wan, N. T.

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

03.09.2007

 

 

Com. Reg. No.:

1163859

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of fabric, garment accessories 

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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)

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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.

 

 

Source : CIA

Company name and address

 

Company Name (in English):

Copen United Limited

Supplied Name:

COPEN UNITED LIMITED

Trading Address:

Unit 11-13, 16/F, One Midtown, No. 11 Hoi Shing Road, Tsuen Wan, N. T., Hong Kong

Supplied Address:

UNIT 11-13,16/F.,ONE MIDTOWN,NO.11 HOI SHING ROAD, TSUEN WAN,N.T HONG KONG

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

Copen United Limited

Registered Address:

Unit 11-13, 16/F, One Midtown, No. 11 Hoi Shing Road, Tsuen Wan, N. T., Hong Kong

Telephone Number:

+852-2728-8108

Date of Registration:

2007-9-3

Registered Number:

1163859

Business Registration No.:

38389933

Paid-up Capital:

HKD 4 (USD 0.516) = 4 Shares@ HKD 1

(As of 2015.06, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

SITC Code:

69350-- cloth (including endless bands), grill, netting and fencing, of ron or steel wire; expanded metal of iron or steel (kg)

Principal Activities:

Trading of fabric, garment accessories 

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-9-3

Notes: Subject declined to disclose its staff number; from other source we cannot obtain the relevant information, either.

 

 

History

 

Subject was incorporated on 2007-9-3 with the registered number1163859 as Private Limited Liability Company in Hong Kong.

 

Change of Name:

Date

Change

2007-12-18

Copen United Limited

2007-9-19

Copen United Limited

2007-9-3

Grand Lane Group Limited

 

Transfer of Shares:

 

2013-11-13

Transferred From

No. of Shares Transferred

Transferred To

Selecta International Limited

2

Luciano Limited

 

 

Corporate Structure

 

Related Company

Copen United LLC

37 West 39th Street, Suite 603,

New York NY 10018

Tel: +1-212 819-0008

 

Offices

Copen Europe

No.9 Barton Road, Worsley,

Manchester, M28-2PD, United Kingdom

Tel: +44 (0) 7767-790584

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Copen International Limited

2

50%

Luciano Limited

2

50%

Total

4

100%

 

Major Shareholder Information:

1

Name:

Copen International Limited

Address:

Unit 1-3, 8th Floor, Star Centre, 443-451 Castle Peak Road, Kwai Chung, New Territories, Hong Kong

Date of Registration:

2001-2-19

Registered Number:

747454

Business Registration No.:

31664538

2

Name:

Luciano Limited

Address:

Unit 11-13, 16/F, One Midtown, No. 11 Hoi Shing Road, Tsuen Wan, N. T., Hong Kong

Date of Registration:

2011-12-5

Registered Number:

1687308

Business Registration No.:

59226063

 

Former Shareholders Information:

Name:

Selecta International Limited

Address:

Unit 11-13, 16/F, One Midtown, No. 11 Hoi Shing Road, Tsuen Wan, N. T., Hong Kong

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

King Yuk Yu

Address:

Flat A 46/F Tower 3 Bellagio 33 Castle Peak Rd-Sham Tseng Sham Tseng Hong Kong

Position:

Director

ID Number:

C567500(4)

 

Name:

Chamiel Avihai

Address:

9 Landav Street Kirvat Ono Israel

Position:

Director

Passport Number:

21287661

Issuing Country:

Israel

 

Name:

Emanuel Barry Andrew

Address:

40 East 83rd Street 5S New York NY 10028 United States

Position:

Director

Passport Number:

4488813200

Issuing Country:

United States

2

3

Name:

TMF Secretarial Services Limited

Address:

36/F Tower Two Times Square 1 Matheson St Causeway Bay Hong Kong

Position:

Corporate Secretary

Registered Number:

776802

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Unit 11-13, 16/F, One Midtown, No. 11 Hoi Shing Road, Tsuen Wan, N. T., Hong Kong

 

Premises Information

 

Office address:

Address:

Unit No. 11 On 16th Floor

One Midtown

No.11 Hoi Shing Road

Tsuen Wan

New Territories

Owners:

Uni Textiles Limited

Memorial Number:

12112200510015

Assignment With Plans

Date of Instrument:

2012-10-20

Date of Registration:

2012-11-22

Consideration Value:

HKD 3,850,791.00 (PT.)

 

History of Premises Owners’

 

1

Memorial No.:

12112200510029

Date of Instrument:

2012-10-29

Date of Registration:

2012-11-22

Nature:

Three-Party Mortgage Deed

In Favor of:

Australia And New Zealand Banking Group Limited

Consideration:

All Monies (PT.)

2

Memorial No.:

12111302550089

Date of Instrument:

2012-10-17

Date of Registration:

2012-11-13

Nature:

Sub-Sub-Deed Of Mutual Covenant With Plan

In Favor of:

Harriman Property Management Limited

3

Memorial No.:

12102900520057

Date of Instrument:

2012-9-28

Date of Registration:

2012-10-29

Nature:

Supplemental Agreement

In Favor of:

Uni Textiles Limited

Consideration:

The New Consideration Is HKD 3,850,791.00 (PT.)

Note: (PT.) means “part of”.

 

Production Information

 

·         The subject is a trader of fabric, garment accessories  without any production activities.

·         It is introduced that subject has cooperative factories in the mainland of China for production.

 

Purchase Information

 

·         It is introduced that subject purchases its products mainly in the mainland of China.

 

Sales Information

 

·         The subject is mainly engaged in sales of fabric, garment accessories

·         Subject’s major products include yarn dyes, prints fabric, dobbys, jacquards and special finishes

·         Subject’s selling territory includes Asia, Europe, America

·         Subject’s major customers are manufacturers of garments

·         Subject’s has many customers such as Levi's, American Eagle, Abercrombie and Fitch, Guess, Lucky Brand, Tommy Hilfiger, J. Brand, Rag and Bone

 

 

Settlements

 

Purchase

 

Domestic Purchase

Products

Fabric, garment accessories

Payment Terms

Cash, T/T

 

Import

 

It is introduced that subject has little imports.

 

Sales

 

Domestic Markets

Product

Fabric, garment accessories

Selling Terms

Cash, T/T

 

Export

Product

Fabric, garment accessories

Selling Terms

L/C, T/T

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff Ms. Suki rejected to disclose the financial information, from other sources we could not obtain such information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

 

Public

 

Mortgage Record

 

1

Company Name:

Copen United Limited (“the Company”)

Instrument of Creating Mortgage:

Charge over securities –sec 1 (08) (“the charge”)

Date of Creating Mortgage:

2011-3-4

Amount Secured:

All moneys, obligations and liabilities, whether actual or contingent, at the date of the Charge or at any time thereafter due, owing or incurred by the Company to Standard Chartered Bank (Hong Kong) Limited (the "Bank” which expression includes its successors and assigns) or any other company of the Standard Chartered group being Standard Chartered Bank (including all its branches) ("SCB”)，the parent or any subsidiary or associated company of SCB anywhere (SCB, such parent and any such subsidiary or associated company, each an "SCB Group Company"), whether alone or jointly and whether as principal or as surety, including all principal moneys, interest at such rates as may from time to time be payable by the Company (or which would have been so payable but for the Company’s liquidation, bankruptcy, death or other incapacity, as may be applicable), fees, commission, discount and other charges and all expenses including legal costs on a full indemnity basis incurred in connection with the enforcement or preservation of the rights of the Bank against the Company or under the security constituted by the Charge.

Name of Mortgagee:

Standard Chartered Bank (Hong Kong) Limited (“the Bank”)

(as trustee for itself and each SCB Group Company to which any moneys and/or obligations and/or liabilities secured by the Charge are owed from time to time)

Address of Mortgagee:

4-4A Des Voeux Road, Central, Hong Kong

Description of Property Mortgaged:

(1)        All the Company’s rights, title and interest in and to :

(a)        all, stocks, shares, bonds, debentures, certificates of deposit, promissory notes, units in any trust, units or other interests in any collective investment scheme and other securities of any kind whatsoever (whether marketable or otherwise and whether in bearer, registered or global form) which, or the certificates or other documents of or evidencing title, or the right to title, to which, are for the time being or from time to time :

(i)         deposited with, transferred to or registered in the name of the Bank or its nominees by the Company or on the Company’s behalf or on the Company's instructions or otherwise held by any person directly or indirectly to the Bank's order (whether in Hong Kong or elsewhere);

(ii)         lodged with or held by any depository or recorded by any depository as held by it for the account of the Bank or its nominees;

(iii)        transferred to or held in any account with any clearance or settlement system for the account of the Bank or its nominees; and

(b)        ail securities listed in the schedule to the Charge (there being none listed as at the date of these Particulars), or in any document identified as supplementing or replacing the schedule to the Charge, or otherwise notified in writing by the Company to the Bank or vice versa as being from time to time subject to the Charge

all such property (collectively the "Securities").

(2)        All rights in relation to any Securities which the Company may have against the Bank, its nominees, any depository, any clearance or settlement system or any other party holding or otherwise entitled to any Securities or to any rights in relation to any Securities (collectively the “Rights").

(3)        All dividends, interest or other distributions paid or to be paid on any of the Securities and the Rights (the Securities and the Rights, collectively the "Investments") and all allotments, accretions, offers, rights, benefits and advantages whatsoever at any time accruing, offered or arising in respect of the Investments and all stocks, shares (and the dividends, interest and other distributions thereon), rights, moneys or property accruing or offered at any time by way of conversion, redemption, bonus, preference, option, distribution or otherwise to or in respect of the Investments.

NOTE : The Charge contains a covenant by the Company that it shall not, without the prior consent of the Bank, charge, assign or otherwise deal with or grant or suffer to arise any third party rights over any of the Investments or purport to do so or sell or otherwise dispose of any of the Investments or interest therein.

2

Company Name:

Copen United Limited (“the Chargor”)

Instrument of Creating Mortgage:

Security agreement over bank account (all moneys) (own obligations) (“the security agreement”)

Date of Creating Mortgage:

2011-3-4

Amount Secured:

To secure the payment and satisfaction of all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of the Chargor to the Bank or to any other company of the Standard Chartered Group being Standard Chartered Bank (including its branches) (“SCB”)，the Holding Company (as defined below), Subsidiary (as defined below) or associated company of SCB (each a "SCB Group Company”）anywhere (“Secured Liabilities").

Name of Mortgagee:

Standard Chartered Bank (Hong Kong) Limited (“the Bank”)

(as trustee for itself and each SCB Group Company to which any moneys and/or obligations and/or liabilities secured by the Charge are owed from time to time)

Address of Mortgagee:

4-4A Des Voeux Road, Central, Hong Kong

Description of Property Mortgaged:

By way of a first fixed charge all of the Chargor’s rights in respect of any amount standing to the credit of the Account (as defined below) from time to time and the debt represented by it.

3

Company Name:

Copen United Limited (“the Company”)

Instrument of Creating Mortgage:

Deposit deed

Date of Creating Mortgage:

2010-11-25

Amount Secured:

All moneys now or at any time in the future owing by the Company (the “Principal(s}”) (whether alone or jointly with any other person(s)) to Citibank, N.A. or any Affiliate) under any banking, derivative, foreign exchange, trade, margin, guarantee or other facility or facilities or any account and all other liabilities (whether actual or contingent, present or future, as principal or surety or in some other capacity) (collectively, the “Facilities”)，including, any and all the obligations of the Company and the Principal(s) under any Facilities pre-existing prior to the date of execution of this Deed (the “Obligations”).

Name of Mortgagee:

Citibank, N.A.

Address of Mortgagee:

21/F, Tower 1 & 2，The Gateway, Harbour City, Tsimshatsui, Kowloon, Hong Kong

Description of Property Mortgaged:

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) Limited.

4

Company Name:

Copen United Limited

Instrument of Creating Mortgage:

Security Over Deposits With The Bank (Limited Company- Under Seal)

Date of Creating Mortgage:

2008-2-11

Amount Secured:

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 (both before and after any demand or judgment), 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 the charge

Name of Mortgagee:

The Hongkong And Shanghai Banking Corporation Limited

Address of Mortgagee:

HSBC Main Building No.1 Queen’s Road Central Hong Kong

Description of Property Mortgaged:

HKD 3,000,000.- or its equivalent in other foreign currencies and all monies for the time being standing to the credit of the deposit account number 808-328884 together with any further sum(s) hereafter standing to the credit of any deposit A/C with the Bank.

 

 

Lawsuits

 

Up to now, no present or latent litigation of the subject has been found.

High Court Action:

Clear

High Court Baukufty Bankruptcy Proceedings:

Clear

High Court Commercial Action:

Clear

High Court Construction & Arbitration Proceedings:

Clear

High Court Companies Winding-Up:

Clear

 

 

Special Note

 

Interview Details

Name

Ms. Suki

E-mail

suki@copenunited.com

 

 

Industry Information

 

69350-- Cloth (including endless bands), grill, netting and fencing, of ron or steel wire; expanded metal of iron or steel (kg)

Unit: HKD/000

 

2014.12

2014.01~2014.12

 

Quantity

Value

Quantity

Value

Imports

The Mainland of China

1,465,508

10,035

14,949,458

101,009

Germany

995

128

20,572

4,596

Japan

790

1,333

11,040

11,969

South Korea

18,768

162

61,262

595

Malaysia

142

82

2,068

1,157

Exports

The Mainland of China

308,165

3,892

1,099,355

29,930

Japan

145

16

1,716

96

Malaysia

145

37

1,273

417

Singapore

372

120

1,520

1,434

USA

110

23

53,951

1,011

 

External Trade Information:

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2014

4,219,046

55,283

3,617,468

3,672,751

+3.2

-546,295

2013.11

370,104

4,587

320,935

325,522

+5.8

-44,581

2013.12

365,228

4,596

306,281

310,877

0.0

-54,351

2014.01

323,436

4,299

299,157

303,456

-0.4

-19,979

2014.02

266,587

3,276

209,638

212,914

-1.3

-53,673

2014.03

351,889

5,120

296,403

301,523

+3.4

-50,365

2014.04

340,972

4,867

280,816

285,682

-1.6

-55,290

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

2014.07

368,293

5,120

321,040

326,160

+6.8

-42,132

2014.08

358,750

5,289

321,937

327,225

+6.4

-31,525

2014.09

382,355

4,153

327,833

331,986

+4.5

-50,369

2014.10

381,569

4,392

327,335

331,727

+2.7

-49,842

2014.11

378,946

4,701

322,082

326,783

+0.4

-52,163

2014.12

372,007

4,050

308,705

312,755

+0.6

-59,253

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.83

UK Pound

1

Rs.97.10

Euro

1

Rs.69.74

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.