MIRA INFORM REPORT
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Report No. : |
310740 |
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Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
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Name : |
JOINTAK LABELS CO. LTD. |
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Registered Office : |
9/F., 38 Hung To Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.04.1989 |
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Com. Reg. No.: |
13053339 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Trader Label, Woven labels, printed labels, hang tags, silicone labels, leather
labels |
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No. of Employee : |
100. |
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
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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.
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Source
: CIA |
Company
name and address
JOINTAK LABELS CO. LTD.
ADDRESS: 9/F.,
38 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2757
5212
FAX: 852-2796
9128
E-MAIL: jointak@jointak.com.hk
MANAGEMENT
Managing
Director: Mr. Lau Tak Wai
SUMMARY
Incorporated
on: 11th
April, 1989.
Organization: Private
Limited Company.
Issued Share Capital: HK$200,000.00
Business Category: Label Manufacturer and Trader.
Employees: 100.
Main Dealing
Banker: Bank of China (Hong Kong)
Ltd., Hong Kong.
Banking
Relation: Satisfactory
ADDRESS
Registered Head Office:-
9/F., 38 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
China Branches:-
Shanghai Branch
[Operated by Jointak Labels Co. Ltd.]
Suite 6A05-6A07 & 6K30-6K32, Shanghai Mart, 2299 Yanan Road West, Shanghai
200336, China.
Tel: 86-21-6236 0238
Fax: 86-21-6236 0523
Email: shanghai@jointak.com
Guangzhou Branch
[Operated by Jointak Labels Co. Ltd.]
Room 1025B, Taojin Garden Commercial Centre, 98-100 Hengfu Road, Yuexiu
District, Guangzhou City, Guangdong Province, China.
Tel: 86-20-8349 6815
Fax: 86-20-8349 6816
Email: guangzhou@jointak.com
Dongguan Branch
[Operated by Dongguan Jointak Industrial Co. Ltd.]
Chuk Tong Chum Hau Industrial District, Fenggang Town, Dongguan City, Guangdong
Province, China.
Tel: 86-0769-8755 5571
Fax: 86-0769-8755 5567
Email: dongguan@jointak.com
China Factory:-
Dongguan Gangde Garment Accessories Co. Ltd.
Fenggang Town, Dongguan City, Guangdong Province, China.
[Tel 86-0769-8755 5571
Fax: 86-0769-8755 5567
E-mail: dongguan@jointak.com]
Associated Factories:-
Waitak Labels Factory Ltd.
Unit 1, G/F., Block 5, Nan Fung Industrial City, 18 Tin Hau Road,
Tuen Mun, New Territories, Hong Kong.
Label Tech International Ltd.
6/F., 38 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
Great Printing Co. Ltd.
5/F., 38 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
Holding Company:-
Jointak Industrial Co. Ltd., Hong Kong.
(Same address)
Associated Companies:-
Dongguan Gangde Garment Accessories Co. Ltd., China.
Dongguan Jointak Industrial Co. Ltd., China.
Great Printing Co. Ltd., Hong Kong.
Jointa Group Ltd.,
Hong Kong.
Jointak Labels Co.
Ltd., Hong Kong.
Label Tech
International Ltd., Hong Kong.
Waitak Labels
Factory Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
13053339
COMPANY
FILE NUMBER
0248599
MANAGEMENT
Managing
Director: Mr. Lau Tak Wai
ISSUED
SHARE CAPITAL
HK$200,000.00
SHAREHOLDERS
(As per registry
dated 11-04-2014)
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Name |
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No. of shares |
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Jointak
Industrial Co. Ltd., Hong Kong. |
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199,999 |
|
LAU Tak Wai |
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1 |
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––––––– |
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Total: |
200,000 ====== |
DIRECTORS
(As per registry
dated 11-04-2014)
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Name (Nationality) |
Address |
|
LUI Mui Mui |
9/F., 38 Hung To
Road, Kwun Tong, Kowloon, Hong Kong. |
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LAU Tak Wai |
9/F., 38 Hung To
Road, Kwun Tong, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated
11-04-2014)
|
Name |
Address |
Co. No. |
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Chan & Fung
Secretarial Services Ltd. |
13/F., Harbour
Commercial Building, |
0258336 |
HISTORY
The subject was incorporated
on 11th April, 1989 as a private limited liability company under the Hong Kong
Companies Ordinance.
Originally the
subject was registered under the name of Tecwoo Development Ltd., name changed
to the present style on 25th July, 1996.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Label Manufacturer and Trader.
Lines: Woven labels, printed labels,
hang tags, silicone labels, leather labels.
Employees: 100. 2,000. (Group)
Raw Materials: Imports raw materials from European countries, Taiwan and finished
products from Dongguan, Guangdong Province, China.
Markets: UK, Australia, US
Terms/Sales: L/C,
T/T
Terms/Buying: As per contracted.
FINANCIAL
INFORMATION
Issued Share
Capital: HK$200,000.00
Profit & Loss: Made profits in the past years.
Condition: Keeping in an active state.
Facilities: Making active use of
general banking facilities.
Payment: Good.
Commercial
Morality: Good.
Bankers:-
Bank of China (Hong Kong)
Ltd., Hong Kong.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Good.
GENERAL
Jointak Labels Co.
Ltd. is a wholly-owned subsidiary of Jointak Industrial Co. Ltd., a Hong
Kong-registered company located at the same address.
The subject belongs
to the Jointak Group Ltd. [Jointak Group].
The subject and the
Group are engaged in the same lines of business.
Jointak Group is
one of the well-known garment accessory manufacturers in the Hong Kong and
China region. It offer customers with
woven and printed brand labels, badges, care labels, branded and promotional
hangtags, special labels, barcodes and packaging.
After establishing
its business in 1984 with 2 looms and 5 staff members, the Group’s business has
expanded substantially to more than 2,000 staff members, 1,000 machines and a
total factory floor area exceeding 50,000 square meters in Hong Kong and China.
The Group has made
investments in new technologies. Its
modern production plants and equipment are fully automated and state-of-the
art.
The subject is
using such materials as silicon, rubber, PVC, real and PU leather, polyester,
cotton and paper.
The subject has got
factories in Hong Kong and Dongguan City, Guangdong Province, China.
Finished products
are exported to the United States, the United Kingdom, Australia,
The subject’s raw
materials such as yarns, ribbons are imported from the United Kingdom, Taiwan
and acquired from the suppliers in China.
At present, the subject
has set up three branches in China, one in Shanghai, one in Guangzhou while the
third in Dongguan. The Dongguan branch
is in the same address as its Dongguan factory which is known as Dongguan
Gangde Garment Accessories Co. Ltd. In
Hong Kong, the subject has got three affiliated factories, namely, Waitak
Labels Factory Ltd., Label Tech International Trims Ltd. and Great Printing Co.
Ltd.
The annual sales
turnover of the Group is very significant.
On the whole,
having a history of over twenty-five years and eleven months in Hong Kong, the
subject is considered good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.67 |
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1 |
Rs.93.16 |
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Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
ANK |
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.