|
Report No. : |
326578 |
|
Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
CASUAL TIME LIMITED |
|
|
|
|
Formerly Known As : |
ROVERSFIELD IMPORT & EXPORT (F.E.)
LIMITED |
|
|
|
|
Registered Office : |
Blk B, 20/F., Block B, 21/F., Bonsun Industrial Building 364-366 Sha Tsui Road, Tsuen Wan, New Territoroes |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
18.06.1980 |
|
|
|
|
Com. Reg. No.: |
6732441 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Sale of Garment. |
|
|
|
|
No. of Employees : |
About 16 Employees |
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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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 (in English): |
Casual Time Limited |
|
Supplied Name: |
Casual Time Ltd |
|
Trading Address: |
Block B, 21/F., Bonsun Industrial Building 364-366 Sha Tsui Road, Tsuen Wan, New
Territoroes, Hong Kong |
|
Supplied Address: |
Blk B, 21/F Bonsun Ind Bldg 364-365 Sha Tsui Road, Tsuen Wan Kln |
Note: The exact name
and address are as above.
We contacted the subject through the telephone
number +852-2439-2419, and a lady answered the phone and confirmed the subject
locates the supplied address and introduced the subject’s operation information
as we stated in the report.
We have arranged the visit for the supplied
address of the subject, but the result has not come back. We will update the
report when we receive the photos.
|
Registered Name: |
|
|
Registered Address: |
Blk B, 20/F., Block B, 21/F., Bonsun Industrial Building 364-366 Sha Tsui Road, Tsuen Wan, New
Territoroes, Hong Kong |
|
Telephone Number: |
|
|
Fax Number: |
+852-3009-7427 |
|
Date of Registration: |
1980-6-18 |
|
Registered Number: |
83292 |
|
Business Registration No.: |
6732441 |
|
Paid-up Capital: |
HKD 40,000 (USD 5,160) = 40,000 Shares@ HKD 1 (As of 2015.6, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
84599-- Garments, Knitted Or Crocheted, N.E.S. (No.) |
|
Principal Activities: |
Manufacturing and sale of garment. |
|
Staff: |
About 16 employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-6-18 |
Note: Subject
declined to disclose its staff number; we obtained the relevant
information from public files.
Subject was incorporated on 1980-6-18 with the
registered number 83292 as Private Limited Liability Company in Hong Kong.
Change of Name:
|
Date |
Change |
|
2009-7-8 |
|
|
|
|
|
1980-7-29 |
Casual Time Limited |
|
1980-6-18 |
Roversfield import & export (f.e.)
Limited |
It is introduced that
subject has a factory in Thailand, but the subject declined to
disclose its detail, and the relevant information
cannot be available from any other resources.
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Smart Ally Enterprises Limited |
20,000 |
50% |
|
Blue Print Enterprises Limited |
20,000 |
50% |
|
Total |
40,000 |
100% |
Major Shareholder Information:
|
1 |
|
|
Name: |
Smart Ally Enterprises Limited |
|
Address: |
P.O. Box 957, Offshore Incorporations Centre
Road Town, Tortola British Virgin Islands |
|
2 |
|
|
Name: |
Blue Print Enterprises Limited |
|
Address: |
P.O. Box 957, Offshore Incorporations Centre
Road Town, Tortola British Virgin Islands |
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Kwok Ka Nang Lawrence |
|
Address: |
Flat 1, 17/F., Block A, Villa Rocha, 10
Broadwood Road, Happy Valley, Hong Kong |
|
Position: |
Director |
|
ID Number: |
K525848(0) |
|
2 |
|
|
Name: |
Lum Man Hung |
|
Address: |
29/F., Flat 5, Fu Shing House, Fung Shing
Court, Shatin, New Territories, Hong Kong |
|
Position: |
Director |
|
ID Number: |
C207039(A) |
|
3 |
|
|
Name: |
Chan Shu Keung |
|
Address: |
62A Tower 2, Harbourfront Landmark 11 Wan
Hoi Street, Hunghom Kowloon, Hong Kong |
|
Position: |
Secretary |
|
ID Number: |
E473539(4) |
Personnel
Structure
|
Total Employees |
Offices &
Factories
|
|
Office |
|
Address: |
Block B, 21/F., Bonsun Industrial Building 364-366 Sha Tsui Road, Tsuen Wan, New
Territoroes, Hong Kong |
Premises
Information
Office address:
|
Address: |
Workshop B on 21/f Bonsun Industrial Building
Nos. 364-366 Sha Tsui Road Tsuen Wan New Territories |
|
Owners: |
Casual Time Limited |
|
Memorial Number: |
TW725196 |
|
Date of Instrument: |
1991-1-15 |
|
Date of Registration: |
1991-2-11 |
|
Consideration Value: |
HKD 2,270,000.00 |
History of Premises
Owners’
|
1 |
|
|
Memorial No.: |
TW725197 |
|
Date of Instrument: |
1991-1-15 |
|
Date of Registration: |
1991-2-11 |
|
Nature: |
Legal Charge |
|
In Favor of: |
Hang Seng Bank Limited Remarks: See Assignmen Mem. No. 764319 |
|
Consideration: |
HKD 2,000,000.00 |
|
2 |
|
|
Memorial No.: |
TW722712 |
|
Date of Instrument: |
1990-12-31 |
|
Date of Registration: |
1991-1-30 |
|
Nature: |
Agreement For Sale & Purchase Remarks: See Assignment M/N 725196 |
|
In Favor of: |
Casual Time Limited |
|
Consideration: |
HKD 2,270,000.00 |
|
3 |
|
|
Memorial No.: |
TW623668 |
|
Date of Instrument: |
1989-12-1 |
|
Date of Registration: |
1989-12-29 |
|
Nature: |
Deed Of Mutual Covenant And Management
Agreement |
|
In Favor of: |
Liu Chong Hing Property Management and
Agency Limited "The Manager" |
|
Consideration: |
-- |
Production
Information
· It is introduced that subject has a factory in Thailand for production, but the subject declined to disclose its detail, and the relevant information cannot be available from any other resources.
Purchase
Information
· The raw material and components are mostly purchased from Thailand domestic market.
Sales Information
· Subject is engaged in trading of garment.
· Subject’s major products are knitted garments (for Men, ladies and children), shorts and trousers, sweat shirts and sports jacket, etc.
· Subject’s sales regions mainly focus on domestic market and North America.
· Subject’s major types of customers are wholesalers and retailers of garments, etc.
PURCHASE
Domestic Purchase
Subject has little domestic purchase.
Import
|
Products |
Raw material and components |
|
Payment Terms |
L/C, T/T, etc. |
Domestic Markets
|
Product |
Garment. |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Garment. |
|
Selling Terms |
L/C, T/T, etc. |
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 rejected to disclose
the financial information; from other sources we could not obtain such
information, either.
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Mortgage Record
|
Company Name: |
Casual Time Limited |
|
Instrument of Creating Mortgage: |
Charge over deposits/Securities (3 parties) |
|
Date of Creating Mortgage: |
2012-10-29 |
|
Amount Secured: |
To secure owing all monies in any currency by Casual Time Limited and
Dominant Garments Factory Limited to Hang Seng Bank Limited at any time,
actually or contingently, in any capacity, alone or jointly with any other
person. |
|
Name of Mortgagee: |
|
|
Address of Mortgagee: |
83 Des Voeux Road Central Hong Kong |
|
Description of Property Mortgaged: |
The Chargor charges by way of first fixed charge to the Bank all the
right, title and interest of the Chargor in and to the Charged Assets. |
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 |
Interview Details
|
Name |
Ms. Wang |
|
Department: |
Sales Department |
84599-- Garments, Knitted Or Crocheted, N.E.S.
(No.)
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Bangladesh |
1,280 |
36 |
60,026 |
863 |
|
Germany |
32 |
28 |
3,410 |
1,511 |
|
724 |
845 |
5,742 |
4,649 |
|
|
Indonesia |
1,376 |
82 |
10,580 |
483 |
|
India |
6,460 |
307 |
40,895 |
2,327 |
|
Sri Lanka |
31,237 |
3,448 |
124,014 |
13,486 |
|
Philippine |
1,334 |
104 |
3,980 |
399 |
|
Singapore |
585 |
41 |
11,184 |
481 |
|
USA |
2,480 |
160 |
72,939 |
5,404 |
|
The Mainland of China |
729,095 |
27,196 |
8,693,539 |
270,110 |
|
Exports |
||||
|
Canada |
-- |
-- |
16 |
44 |
|
Japan |
-- |
-- |
170 |
45 |
|
Malaysia |
-- |
-- |
17,942 |
580 |
|
Holland |
-- |
-- |
255 |
102 |
|
Singapore |
-- |
-- |
41 |
98 |
|
Taiwan |
-- |
-- |
100 |
35 |
|
USA |
6 |
1 |
3,246 |
2,392 |
|
The Mainland of China |
-- |
-- |
170 |
45 |
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.
We will update the report when we receive the photos.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.09 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.