|
Report No. : |
310046 |
|
Report Date : |
05.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
WASA SWEDEN ASIA LIMITED |
|
|
|
|
Registered Office : |
Flat 1104, 11F, Fook Yip Building, 53-57 Kwai Fung Crescent, Kwai Chung, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
26.05.2008 |
|
|
|
|
Com. Reg. No.: |
39358256 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
engaged in trading of buttons
including PRESS
FASTENERS, JEANS BUTTONS, JEANS RIVETS, EYELETS, BELTS AND BUCKLES, CORDS,
TAPES AND WEBBINGS, ZIPPER PULLERS, LEATHER, SILICON AND PU LABELS, CUFF
STRAPS, SEW ON BUTTONS, HEAT TRANSFER LABELS as well as WAIST AND SLEEVE CUFF
which are applied
for garments |
|
|
|
|
No of Employees : |
About 5 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) |
|
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 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 |
|
Company Name: |
Wasa Sweden Asia Limited |
|
Supplied Name: |
WASA SWEDEN ASIA LTD |
|
Trading Address: |
Flat 1103 and 1104, 11/F., Fook Yip Bldg. 53-57 Kwai Fung Crescent
Kwai Chung, N.T., Hong Kong |
|
Supplied Address: |
FLAT 1104, 11/F FOOK YIP BLDG 53-57 KWAI FUNG CRESCENT KWAI CHUNG N.T
HONGKONG |
Note: The exact
name and address are as above.
|
Credit Opinion: |
We have arranged the site visit for the supplied address, but the result has not been come back. We will update the report when receive the photos.
We contacted the subject through the number +852-2481-1939 from public files, and Mr. Luo answered the phone said the subject is located at the above trading address.
|
Registered Name: |
|
|
Registered Address: |
Flat 1104, 11F,
Fook Yip Building, 53-57 Kwai Fung Crescent, Kwai Chung, New Territories,
Hong Kong |
|
Telephone Number: |
+852-2481-1939 |
|
Fax Number: |
+852-2481-1262 |
|
Date of Registration: |
2008-5-26 |
|
Registered Number: |
1241170 |
|
Business Registration No.: |
39358256 |
|
Paid-up Capital: |
HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD 1 (As of 2015.3, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
89983--Press-Fasteners, Snap-Fasteners and Press-Studs
and Parts Therefor; Buttons (KG) |
|
Principal Activities: |
Engaged in trading of buttons including press fasteners, jeans
buttons, jeans rivets, eyelets, belts and buckles, cords, tapes and webbings,
zipper pullers, leather, silicon and pu labels, cuff straps, sew on buttons,
heat transfer labels as well as waist and sleeve cuff which are applied for
garments |
|
Staff: |
About 5 Employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-5-26 |
Subject was incorporated on 2008-5-26 with the registered number 1241170 as Private Limited Liability Company in Hong Kong.
Related Offices:
|
1 |
|
|
Name: |
Wasa Sweden AB Head Office |
|
Address: |
Box 126 SE-716 21 Fjugesta, Sweden |
|
Tel: |
+46-585-31800 |
|
Fax: |
+46-585-31819 |
|
2 |
|
|
Name: |
Wasa Sweden AB Denmark |
|
Address: |
Pedersgårdvej 109 DK- 7400 Herning, Denmark |
|
Tel: |
+45-97-210-108 |
|
Fax: |
+45-97-210-113 |
|
3 |
|
|
Name: |
Wasa Sweden Germany |
|
Address: |
Elbchaussee 312 226 09 Hamburg Germany |
|
Tel: |
+49-40-5259-1760 |
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Per David Johansson |
5,000 |
50% |
|
Carl Niklas Neuendorff |
5,000 |
50% |
|
Total |
10,000 |
100% |
Major Shareholder
Information:
|
1 |
|
|
Name: |
Per David Johansson |
|
Address: |
Olaigatan 19, 703 63 Orebero, Sweden |
|
2 |
|
|
Name: |
Carl Niklas Neuendorff |
|
Address: |
Odalgatan 18C, S-70220 Orebero, Sweden |
Core Management
Detailed
Information of Directors:
|
1 |
|
|
Name: |
Per David Johansson |
|
Address: |
Olaigatan 19, 703 63 Orebero, Sweden |
|
Position: |
Director |
|
Passport Number: |
53902386 |
|
Issuing Country: |
Sweden |
|
2 |
|
|
Name: |
ACCSEC Limited |
|
Address: |
Unit 607, 6F, Tower 3, Phase 1, Enterprise
Square, 9 Sheung Yuet Rd., Kowloon Bay, Kowloon, Hong Kong. |
|
Position: |
Corporate Secretary |
|
Registered Number: |
758607 |
Personnel
Structure
|
Total Employees |
Offices &
Factories
|
|
Office |
|
Address: |
Flat 1103 and 1104, 11/F., Fook Yip Bldg.
53-57 Kwai Fung Crescent Kwai Chung, N.T., Hong Kong |
Premises
Information
Office address:
|
Address: |
Workshop No.4 On 11/F Fook Yip Building
Nos.53-57 Kwai Fung Crescent Kwai Chung New Territories |
|
Owners: |
Sun International Limited |
|
Memorial Number: |
TW951918 |
|
Date of Instrument: |
1994-4-15 |
|
Date of Registration: |
1994-5-10 |
|
Consideration Value: |
HKD 9,400,000.00 (PT.) |
History of
Premises Owners’
|
1 |
|
|
Memorial No.: |
TW976124 |
|
Date of Instrument: |
1994-9-29 |
|
Date of Registration: |
1994-10-12 |
|
Nature: |
Tenancy Agreement For 2 Years
From 10.9.94 |
|
In Favor of: |
Canmark International Limited |
|
Consideration: |
-- |
|
2 |
|
|
Memorial No.: |
TW964387 |
|
Date of Instrument: |
1994-7-1 |
|
Date of Registration: |
1994-7-14 |
|
Nature: |
Mortgage |
|
In Favor of: |
The Hongkong And Shanghai
Banking Corporation Limited |
|
Consideration: |
-- |
|
3 |
|
|
Memorial No.: |
TW964386 |
|
Date of Instrument: |
1994-7-1 |
|
Date of Registration: |
1994-7-14 |
|
Nature: |
Rent Assignment |
|
In Favor of: |
The Hongkong And Shanghai
Banking Corporation Limited |
|
Consideration: |
-- |
Production
Information
l Subject is engaged in trading of buttons without any production
activities.
Purchase
Information
l It is introduced that subject mainly purchases its products in Shenzhen
City of the Mainland of China.
Sales Information
l Subject is engaged in trading of buttons
l The major products of the subject are press fasteners, jeans buttons, jeans rivets,
eyelets, belts and buckles, cords, tapes and webbings, zipper pullers, leather,
silicon and pu labels, cuff straps, sew on buttons, heat transfer labels as
well as waist and sleeve cuff
l It is introduced that subject’s products are applied for garments
l Subject’s sales regions include domestic market and abroad.
l The major customers of the subject are manufacturers of garments, etc.
Purchase
1.
Domestic Purchase
|
Products |
Buttons, etc. |
|
Payment Terms |
T/T, Cash, etc. |
2.
Import
Subject has little import.
1.
Domestic Markets
|
Product |
Buttons, etc. |
|
Selling Terms |
T/T, Cash, etc. |
2.
Export
|
Product |
Buttons, etc. |
|
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.
Mortgage Record
|
Company Name: |
Wasa Sweden Asia Limited (the “Borrower” or
the “Depositor”) |
|
Instrument of Creating Mortgage: |
Charge of Cash Deposits (the “Charge”) |
|
Date of Creating Mortgage: |
2011-7-15 |
|
Amount Secured: |
By clause 2.1 of the Charge, all money and
liabilities, present or future, actual or contingent (including liabilities
as surety or guarantor), for which the Borrower is as at 15 July 2011 or at
any time after 15 July 2011 be indebted or liable to the Bank on any account
or in any manner whatsoever and whether alone or jointly with any other
person and whether as original obligee or as assignee or transferee and
whether or not at any time known, consented, contemplated, approved or agreed
to or by the Depositor, together with ail interest, costs, commissions,
charges and expenses which the Bank may in the course of its business as
bankers charge against the Borrower and all costs, charges and expenses
(including all legal costs on an indemnity basis) which the Bank may incur in
enforcing or obtaining payment from the Borrower or enforcing or protecting
its security interest in the Deposit (as defined below) or in attempting to
do any of the foregoing. |
|
Name of Mortgagee: |
Svenska Handelsbanken AB (publ), Hong Kong
Branch (the “Bank”) |
|
Address of Mortgagee: |
2008 Hutchison House, 10 Harbourt Rd.
Central, HK |
|
Description of Property Mortgaged: |
By clauses 1 and 2.1 of the Charge, by way of first fixed charge, all
such sums in account no. 401445 (the “Deposit”) which expression shall
include any other sum or sums which are from time to time deposited by the
Depositor with the Bank at any office of the Bank and whether in the same or
any other currency and whether in addition to or by way of renewal of or
replacement for any sums previously deposited or otherwise, together with all
interest accruing from time to time in respect of it or them. Note: By clause 2.11 of the Charge, the Depositor
irrevocably and unconditionally undertakes that during the continuance of the
security constituted by the Charge it will not, with the exception of the
security constituted by the Charge, create, attempt to create, or permit to
subsist any such mortgage, lien or security agreement or security interest on
or over the Deposit or any part of it or permit any lien to arise or affect
the whole or any part of the Deposit. |
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 |
Mr. Luo |
|
Department: |
Sales Department |
89983--Press-Fasteners, Snap-Fasteners and
Press-Studs and Parts Therefor; Buttons (KG)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Argentina |
479 |
86 |
1,199 |
199 |
|
Germany |
19,420 |
4,634 |
166,755 |
32,104 |
|
Britain |
1,042 |
265 |
2,515 |
1,146 |
|
India |
3,191 |
788 |
17,555 |
2,550 |
|
Canada |
17,281 |
910 |
78,210 |
4,157 |
|
Italy |
18,145 |
8,832 |
63,414 |
35,348 |
|
Japan |
51,759 |
10,570 |
165,214 |
36,598 |
|
Korea |
1,726 |
765 |
11,997 |
5,638 |
|
Malaysia |
1,543 |
212 |
6,019 |
926 |
|
USA |
11,418 |
2,733 |
60,141 |
11,695 |
|
The Mainland of China |
1,342,050 |
110,944 |
7,217,518 |
539,770 |
|
Exports |
||||
|
Bangladesh |
79,800 |
7,108 |
268,807 |
31,054 |
|
Sri Lanka |
1,511 |
295 |
4,880 |
701 |
|
Britain |
|
|
|
|
|
India |
2,360 |
663 |
7,402 |
2,915 |
|
Mexico |
972 |
111 |
1,638 |
576 |
|
Italy |
14 |
7 |
3,122 |
423 |
|
Thailand |
1,218 |
437 |
5,474 |
2,840 |
|
Turkey |
1,351 |
244 |
8,183 |
1,945 |
|
Vietnam |
2,441 |
536 |
7,408 |
1,773 |
|
USA |
1,121 |
152 |
6,169 |
872 |
|
The Mainland of China |
36,805 |
2,975 |
154,871 |
12,545 |
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 |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
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 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
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 |
*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.61.85 |
|
UK Pound |
1 |
Rs.94.96 |
|
Euro |
1 |
Rs.69.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.