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Report No. : |
320479 |
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Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
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Name : |
GOFRONT HOLDING LTD. |
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Registered Office : |
Room 13, 21/F., Peninsula Tower, 538 Castle Peak Road, Cheung Sha Wan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.10.1995 |
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Com. Reg. No.: |
19401093 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of Yarn & fabric dyeing and finishing machines |
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No of Employees : |
8 |
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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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% 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.
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Source
: CIA |
GOFRONT HOLDING
LTD.
ADDRESS: Room 13, 21/F., Peninsula Tower, 538
Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 852-2393 2208, 2393 2264
FAX: 852-2381 9656
E-MAIL: gf@gofront.com.hk
Managing Director: Mr. Siu Chun
Lam
Incorporated on: 5th October, 1995.
Organization: Private Limited
Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Manufacturer.
Annual Turnover: US$35-40 million.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
GOFRONT HOLDING
LTD.
Registered Head Office:-
Room 13, 21/F., Peninsula Tower, 538 Castle Peak Road, Cheung Sha Wan,
Kowloon, Hong Kong.
Associated Companies:-
Guangzhou Panyu Gofront Dyeing & Finishing Machinery Manufacturer
Ltd.
Donghuan Industrial City, 120 Donghuan Road, Donghuan Street, Panyu District,
Guangdong Province, China.
[Tel: 86-20-2287 1518, 2287 1528, 2287 1530
Fax: 86-20-2287 1600]
MSC & Gofront China Ltd., China.
19401093
0527178
Managing Director: Mr. Siu Chun Lam
HK$10,000.00
(As per registry
dated 05-10-2014)
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Name |
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No. of shares |
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SIU Chun Lam |
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10,000 ===== |
(As per registry
dated 05-10-2014)
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Name (Nationality) |
Address |
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SIU Chun Lam |
Flat A, 32/F., Tower 5, Manhattan Hill, 1 Po Lun Street, Lai Chi Kok,
Kowloon, Hong Kong. |
(As per registry
dated 05-10-2014)
|
Name |
Address |
Co. No. |
|
Right Point Accountancy & Secretaries Ltd. |
Rooms 1506-1508, 15/F., Laws Commercial Plaza, 788 Cheung Sha Wan
Road, Kowloon, Hong Kong. |
0784052 |
The subject was incorporated on 5th October, 1995 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 Manufacturer.
Lines: Yarn
& fabric dyeing and finishing machines, etc.
Brand Name: Gofront.
Employees: 8.
Commodities Imported: China,
etc.
Markets: China,
other Asian countries, Europe, etc.
Annual Turnover: US$35-40
million.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
The Chinese Manufacturers’ Association of Hong Kong, Hong Kong.
[Membership No. 009444]
Issued Share Capital: HK$10,000.00
Mortgage or Charge (since 2006): (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping
in a satisfactory condition.
Facilities: Making
rather active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Hang Seng Bank
Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Very Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Gofront Holding Ltd.
is wholly owned by Mr. Siu Chun Lam who is a Hong Kong merchant. He is also the only director of the subject.
The subject is specialized in manufacturing quality High Temperature and
Pressure Packaging Dyeing Machine. Its
main objective is to design and manufacture pressure vessels for use in
Textiles, Chemicals, Pharmaceuticals, Foodstuffs, and other similar industries.
The subject has its own factory covering an area of 8,000 sq.m. and has
about 250 workers. The factory is in
Panyu District, Guangzhou City, Guangdong Province, China. Formally known as Guangzhou Panyu Gofront
Dyeing & Finishing Machinery Manufacturer Ltd. [Panyu Gofront] and
established in 1997 with a registered capital of HK$7 million, this firm has
been granted “Manufacture Qualification Certificate” of BR-1 Grade - I, II
category, Serial No. RB1-40 issued by the Labour Department of Guangdong
Province, China. The manufacturing
facilities include highly-technical equipment, i.e., L.A.S.E.R. plate cutting
machines, automatic welding machines, plasma welding machines, sand-blast
finishing machines, etc.
The factory at present is specialized in the production of yarn and
fabric dyeing machines for the textile industry, both for domestic and overseas
markets. In 2013, Mr. Siu Chun Lam
invented the first high-pressure yarn dyeing machine and he was named as the
‘Pioneer Leader’ in the textile field by Guangzhou Municipal Government.
Mr. Siu Chun Lam is also the director of Panyu Gofront. His elder brother Mr. Siu Chun Sing is the General
Manager.
The subject now has set up branch offices in Shanghai, Qingdao, Tianjin
of China. It has been serving its
customers for over 15 years.
The followings are the main products of the subject:-
All the products bear the brand name Gofront
which includes the following models:-
GF241B, GF241T, GF241NT, GF241HLC, GFC-320, GFD-170, GF241, AIRFORCE,
etc.
The characteristics of the products are water saving, energy saving,
high-technology and environmental friendly.
Now, Panyu Gofront has been cooperating with South China Technical University
to set up a research centre to train engineers in related fields. By late 2012, Panyu Gofront has got 24
patents while five of them are invented patents.
The products of the subject are marketed in Hong Kong, China, and
exported to over 50 countries such as India, Bangladesh, Vietnam, Malaysia,
Australasia, Brazil, Peru, Japan, South Korea, North America, Southeast Asia,
Taiwan, Turkey, Western Europe, etc.
Business is active.
According to the subject, it also has set up representative offices in
Malaysia, Thailand, the Philippines, Pakistan, India and Vietnam.
According to the subject, its products will up to National Level in five
years’ time. Its shares will be listed
in Shenzhen Stock Exchange in the years ahead.
The annual sales turnover of the subject ranges from US$35 to 40
million. Making a small profit every
year.
As the history of the subject is over 19 years and seven months in Hong
Kong, on the whole, consider it 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. 63.51 |
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|
1 |
Rs. 95.95 |
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Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
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Report Prepared
by : |
DPT |
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 |
-- |
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.