MIRA INFORM REPORT

 

 

Report No. :

328103

Report Date :

24.06.2015

 

IDENTIFICATION DETAILS

 

Name :

A.P. XPRESS (H.K.) LIMITED

 

 

Registered Office :

8/F, Block A, Roxy Industrial Centre, 58-66 Tai Lin Pai Road, Kwai Chung, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

23.01.1998

 

 

Com. Reg. No.:

635217

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.

 

Source : CIA

 

Contact Points

 

Company Name:

A.P. Xpress (H.K.) Limited

Supplied Name:

AP XPRESS HK LTD

Trading Address:

8/F, Block A, Roxy Industrial Centre, 58-66 Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong

Supplied Address:

BLOCK A,8/F,ROXY INDUSTRIAL CENTRE 58-66 TAI LIN PAI ROAD,KWAI CHUNG NEW TERRITORIES HONGKONG

Note: The exact name and address are as above.

 

Credit Summary

 

Credit Opinion:

Business connections are permissible.

 

Company Identification Details

 

Registered Name:

A.P. Xpress (H.K.) Limited

Registered Address:

8/F, Block A, Roxy Industrial Centre, 58-66 Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong

Telephone Number:

+852-2280-1000

Fax Number:

+852-2481-3423

E-mail:

hongkong@apxpress.com

Date of Registration:

1998-1-23

Registered Number:

635217

Business Registration No.:

21616210

Paid-up Capital:

HKD 24,000 (USD 3,096) = 24,000 Shares@ HKD 1

(As of 2015.06, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

SITC Code:

65621 Labels, Badges and Similar Articles of Textile Materials, Woven, In the Piece, In Strips or Cut to Shape Or Size, Not Embroidered (Kg)

Principal Activities:

Trading of garment accessories and etc.

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

2015-1-23

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

 

History

 

Subject was incorporated on 1998-1-23 with the registered number 635217 as Private Limited Liability Company in Hong Kong.

 

Change of Name:

Date

Change

1998-4-9

A.P. Xpress (H.K.) Limited

1998-1-23

Talent View Enterprises Limited

 

 

Corporate Structure

 

Subject did not introduce whether it has any subsidiaries or branches, from other source we can not obtain the relevant information, either.

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Photiou Christopher Andreas

20,400

85.00%

Pang Chi Kei, Angela

3,600

15.00%

Total

24,000

100%

 

Major Shareholder Information:

1

Name:

Photiou Christopher Andreas

Address:

Creyfriars, 393, Cockfosters Road, Hadley Wood, EN4 0JS, United Kingdom

2

Name:

Pang Chi Kei, Angela

Address:

Flat H, 14/F, Block 4, Nam Fung Sun Chuen, Quarry Bay, Hong Kong

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Photiou Christopher Andreas

Address:

Creyfriars, 393, Cockfosters Road, Hadley Wood, EN4 0JS, United Kingdom

Position:

Director

Passport Number:

099176552

Issuing Country:

United Kingdom

2

Name:

Pang Chi Kei, Angela

Address:

Flat H, 14/F, Block 4, Nam Fung Sun Chuen, Quarry Bay, Hong Kong

Position:

Director

ID Number:

K164490(4)

3

Name:

ABBA Secretarial Limited

Address:

Room 2402, 24/F, 101 King’s Road, Fortress Hill, Hong Kong

Position:

Corporate Secretary

Registered Number:

144046

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

8/F, Block A, Roxy Industrial Centre, 58-66 Tai Lin Pai Road, Kwai Chung, New Territories

 

Premises Information

 

Office address:

Address:

Whole Of 8/F

Roxy Industrial Centre Nos.41-49

Kwai Cheong Road Nos.58-66 Tai Lin

Pai Road Kwai Chung New Territories

Owners:

Roxy Property Investment Company Limited

Memorial Number:

TW240758

Date of Instrument:

1981-10-13

Date of Registration:

1982-1-13

Consideration Value:

HKD 36,846,474.31 (PT.)

 

History of Premises Owners’

 

1

Memorial No.:

13110401860018

Date of Instrument:

2013-10-28

Date of Registration:

2013-11-4

Nature:

Management Agreement

In Favor of:

Roxy Management Company, Limited

2

Memorial No.:

11111701500025

Date of Instrument:

2011-11-3

Date of Registration:

2011-11-17

Nature:

Management Agreement

In Favor of:

Roxy Management Company, Limited

3

Memorial No.:

09111002850010

Date of Instrument:

2009-11-3

Date of Registration:

2009-11-10

Nature:

Management Agreement

In Favor of:

Roxy Management Company, Limited

Note: (PT.) means “part of”.

 

Production Information

 

l  The subject is a trader of garment accessories and etc without any production activities.

 

Purchase Information

 

l  It is introduced that subject purchases its products both at home and abroad.

 

Sales Information

 

l  The subject is mainly engaged in sales of garment accessories and etc.

l  Subject’s major products are garment accessories such as zippers, tags, labels, flashers, rivets, button and etc.

l  Subject’s selling territory includes Asia, Europe and etc.

l  Subject’s major customers are manufacturers and designers of garment and etc.

 

Settlements

 

Purchase

 

1.     Domestic Purchase

Products

Garment accessories and etc.

Payment Terms

Cash, T/T and etc

 

2.     Import

Products

Garment accessories and etc.

Payment Terms

L/C, T/T and etc

 

Sales

 

1.     Domestic Markets

Product

Garment accessories and etc.

Selling Terms

Cash, T/T and etc

 

2.     Export

Product

Garment accessories and etc.

Selling Terms

L/C, T/T and etc

 

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. Peng 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:

A.P. Xpress (H.K.) Limited (“The client”)

Instrument of Creating Mortgage:

ASSIGNMENT OF RECEIVABLES AND CHARGE OVER / PROCEEDS - GENERAL WITH NOTICE OF ASSIGNMENT

Date of Creating Mortgage:

2014-2-19

Amount Secured:

To secure 'all monies’ in respect of banking facilities owing at any time plus interest and all expenses.

Name of Mortgagee:

The Hongkong and Shanghai Banking Corporation Limited

Address of Mortgagee:

No. 1 Queen's Road Central, Hong Kong

Description of Property Mortgaged:

In consideration of the Bank entering or agreeing to enter into Invoice Discounting/Factoring Agreement and/or providing or continuing to provide services, banking facilities or other financial accommodation to such extent and for so long as the Bank may think fit to the Client, the Client, as beneficial owner and by way of security for payment of the Secured Monies, hereby:

(a)        assigns, and agrees to assign, to the Bank all Non-Purchased Debts; and

(b)        charges by way of first fixed charge to the Bank all the Client’s right, title, interest and benefit， present and future, of and in:

(i)         all Specified Debts;

(ii)         the Factoring Proceeds; and

(iii)        the Receipt Account together with all sums standing to the credit of the Receipt Account, all the Secured Monies have been fully and irrevocably paid or discharged.

A certificate of balance signed by any duly authorized officer of the Bank shall be conclusive evidence against the Client of the amount the Secured Monies owing at any time.

The Bank shall be entitled to retain this Agreement for such period as the Bank may certify to the Client to be appropriate in order to protect the interests of the Bank in respect of the Secured Monies.

If the Client creates or purports to create any security (whether fixed or floating) over all or any of the Security Assets or if a person levies or attempts to levy any form of process against all or any of the Security Assets, the security created by this Agreement, to the extent that it may be a floating charge, shall automatically and without notice operate as a fixed charge instantly when such event occurs.

2

Company Name:

A.P. Xpress (H.K.) Limited (“the customer”)

Instrument of Creating Mortgage:

SECURITY OVER DEPOSITS WITH THE BANK Limited Company - Under Seal

Date of Creating Mortgage:

2014-2-19

Amount Secured:

To secure 'all monies’ in respect of banking facilities owing at any time plus interest and all expenses.

Name of Mortgagee:

The Hongkong and Shanghai Banking Corporation Limited

Address of Mortgagee:

No. 1 Queen’s Road Central, Hong Kong

Description of Property Mortgaged:

All monies with the deposit with chargee in the amount of all monies under deposit account number 848-335 154 whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further moneys in any deposit account with the chargee at any of its offices.

3

Company Name:

A.P. Xpress (H.K.) Limited (the “company”)

Instrument of Creating Mortgage:

Deposit deed

Date of Creating Mortgage:

2013-10-25

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 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) (the “Facility” or “Facilities”)，including, any and all the obligations of the Company and the Principal(s) under any Facility I 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., any branch and/or Citibank (Hong Kong) Limited.

 

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. Peng

 

Industry Information

 

65621 Labels, Badges and Similar Articles of Textile Materials, Woven, In the Piece, In Strips or Cut to Shape Or Size, Not Embroidered (Kg)

 

Unit: HKD/000

 

2014.05

2014.01~2014.05

 

Quantity

Value

Quantity

Value

Imports

Germany

2,534

1,394

11,035

8,559

France

1,189

609

4,316

4,471

Britain

5,915

1,888

22,734

7,983

India

1,204

380

5,345

1,786

Italy

3,982

4,977

27,799

28,182

Malaysia 

3,771

618

15,970

2,637

Thailand

3,179

950

9,556

3,269

Taiwan

3,212

1,038

14,547

4,008

The Mainland of China

337,814

49,764

1,659,674

247,764

Exports

Bangladesh

3,860

1,615

25,486

9,803

Germany

599

154

2,340

790

France

1,347

620

4,240

2,402

Britain

1,872

668

7,812

2,988

India

2,982

1,451

14,860

6,762

Italy

970

436

2,699

1,662

Korea

69

55

1,214

581

Japan

31

30

181

123

The Mainland of China

54,112

5,071

255,626

25,924

 

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.

 

 

Attachment

 

8/F, Block A, Roxy Industrial Centre, 58-66 Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong

-1829663331613F71C0

8/F, Block A, Roxy Industrial Centre, 58-66 Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong

16737714934A871AA3

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.64

UK Pound

1

Rs. 100.41

Euro

1

Rs. 71.62

 

INFORMATION DETAILS

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DPT

 

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.