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Report No. : |
310739 |
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Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
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Name : |
ID ORIENT
LTD. |
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Registered Office : |
Unit 2215-2217, 22/F., Tower B, Regent Centre, 70 Ta Chuen Ping Street, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.06.2009 |
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Com. Reg. No.: |
50852346 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in trading of Hangtags, Woven Labels, Garment Accessories, Gift & Premiums, Buttons, Packaging Products, Boxes, Shopping Bags, Leather Labels, Metal Badges, Belts, Embroideries, Corporate & Premiums as well as Accessories |
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No of Employees : |
07 (Including associates) |
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 : |
Satisfactory |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
ID ORIENT
LTD.
Unit 2215-2217, 22/F., Tower B, Regent Centre, 70 Ta Chuen Ping Street, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-3590 2458, 3590 2452
FAX: 852-3590 4195
E-MAIL: info@id-orient.com
Managing Director: Mr. Fung Kwok Wah
Incorporated on: 29th June, 2009.
Organization: Private Limited Company.
Issued Share Capital: HK$2,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 7. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 2215-2217, 22/F., Tower B, Regent Centre, 70 Ta Chuen Ping Street, Kwai Chung, New Territories, Hong Kong.
Holding Company:-
MBA Ltd., Hong Kong.
Associated
Company:-
Orient Ltd., Hong Kong. (Same address)
50852346
1349332
Managing Director: Mr. Fung Kwok Wah
Contact Person: Mr. Michele Brintazzoli
HK$2,000,000.00
(As per registry
dated 29-06-2014)
|
Name |
|
No.
of shares |
|
Michele
Brintazzoli |
|
1,400,000 |
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MBA Ltd., Hong Kong. |
|
600,000 |
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–––––––– |
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Total: |
2,000,000 ======= |
(As per registry
dated 29-06-2014)
|
Name (Nationality) |
Address |
|
FUNG Kwok Wah |
Flat H, 5/F., North Point Terrace,
1 Cheung Hong Street, North Point, Hong Kong. |
|
MBA Ltd. |
Room 1402, 14/F., Wanchai,
Central Building, 89 Lockhart Road, Wanchai, Hong Kong. |
(As per registry
dated 29-06-2014)
|
Name |
Address |
Co.
No. |
|
Palladia Consulting Ltd. |
Room 1402, 14/F., Wanchai Central Building, 89 Lockhart
Road, Wanchai, Hong Kong. |
0965705 |
The subject was incorporated on 29th June, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of Trimmings, Fashion Accessories, Hangtags, Shopping Bags
Employees: 7. (Including associates)
Commodities Imported: China, other Asian countries, Europe, etc.
Markets: Asian countries, Europe, North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$2,000,000.00
Profit or Loss: Made small profits in past three years.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 2 million ordinary shares of HK$1.00 each, ID Orient Ltd. is jointly owned by Mr. Michele Brintazzoli, holding 70% interests, and MBA Ltd. [MBA], a Hong Kong-registered firm holding 30%. Formerly, the shares held by Michele Brintazzoli was held by Mr. Fung Wing Ip who was a Hong Kong merchant. Fung Wing Ip transferred all his shares to Michele Brintazzoli on 31st May, 2013.
We do not know whether Michele Brintazzoli is a Hong Kong ID Card holder or not. Currently, he is residing in Hong Kong.
The directors of the subject are Mr. Fung Kwok Wah and MBA. The registered address of MBA is located at a different address but its operating address is located at the same address as the subject. The contact person of MBA is also Michele Brintazzoli. MBA was incorporated in Hong Kong in December 2004.
The subject has had an associated company Orient Ltd. [Orient], a Hong Kong‑registered firm, located at the same operating address. The subject and Orient share the same employees.
The subject and Orient are engaged in the same lines of business. The subject is trading in the following products: Hangtags, Woven Labels, Garment Accessories, Gift & Premiums, Buttons, Packaging Products, Boxes, Shopping Bags, Leather Labels, Metal Badges, Belts, Embroideries, Corporate & Premiums as well as Accessories
Most of its products are sourced from China, the other Asian countries, etc. Its prime markets are Asian countries, Europe, North America, etc. Business is normal.
According to the subject, it helps its clients make distinctive products. It offer clients with one-stop solution for high-end trimmings and packaging.
The subject’s operating office is also a warehouse.
The subject is able to make small profits in past three years. It and Orient operate from a rented office in Hong Kong.
The subject’s history in Hong Kong is just over five years and eight months.
On the whole, consider it good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
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UK Pound |
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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.