MIRA INFORM REPORT

 

 

Report No. :

323859

Report Date :

29.05.2015

 

IDENTIFICATION DETAILS

 

Name :

MIDAS APPARELS LIMITED

 

 

Registered Office :

Unit 05, 8/F, Catic Building. No. 44 Tsun Yip Street, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

04.02.2013

 

 

Com. Reg. No.:

1860801

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of apparels accessories, materials

 

 

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 – 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 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% 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.

 

Source : CIA

 

Contact Points

 

Company Name:

Midas Apparels Limited

Trading Name:

Aurelia Asia

Supplied Name:

MIDAS APPARELS LIMITED

Trading Address:

Unit E, 12/Floor, Hing Yip Factory Building, 31 Hing Yip Street, Kwun Tong, Hong Kong

Supplied Address:

FLAT/RMF 12/F HING YIP FACTORY BUILDING 31, HING YIP STREET KWUN TONG KOWLLON HONG KONG

Note: The exact name and address are as above.

 

Credit Summary

 

Credit Opinion:

Business connections are permissible.

 

Company Identification Details

 

Registered Name:

Midas Apparels Limited

Registered Address:

Unit 05, 8/F, Catic Building. No. 44 Tsun Yip Street, Kowloon, Hong Kong

Telephone Number:

+852-2772-3086

Fax Number:

+852-2772-3087

Date of Registration:

2013-2-4

Registered Number:

1860801

Business Registration No.:

60968581

Paid-up Capital:

HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD 1

(As of 2015.05, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

SITC Code:

84619-- Other clothing accessories and parts, not for babies, not knitted or crocheted (kg)

Principal Activities:

Trading of apparels accessories, materials and etc.

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

2015-2-4

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

 

History

 

Subject was incorporated on 2013-2-4 with the registered number 1860801 as Private Limited Liability Company in Hong Kong.

 

 

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 (%)

John Biju

5,000

50%

Siddharth Vallath

5,000

50%

Total

10,000

100%

 

Major Shareholder Information:

1

Name:

John Biju

Address:

Flat B, 24/F, Block 10, Luguna City, Kwun Tong, Kowloon, Hong Kong

2

Name:

Siddharth Vallath

Address:

Flat H, 23/F, block 35, Luguna City, Kwun Tong, Kowloon, Hong Kong

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

John Biju

Address:

Flat B, 24/F, Block 10, Luguna City, Kwun Tong, Kowloon, Hong Kong

Position:

Director

ID Number:

R504382(3)

2

Name:

Siddharth Vallath

Address:

Flat H, 23/F, block 35, Luguna City, Kwun Tong, Kowloon, Hong Kong

Position:

Director

ID Number:

R020701(1)

3

Name:

CFO Corporate Services Limited

Address:

8th Floor, Shum Tower, 268 Des Voeux Road Central, Hong Kong

Position:

Corporate Secretary

Registered Number:

1720669

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Unit E, 12/floor, Hing Yip Factory Building, 31 Hing Yip Street, Kwun Tong, Hong Kong

 

Premises Information

 

According to subject’s current trading address, we did not find any premises information from local land registry; from other source we can not obtain any relevant information, either.

 

Production Information

 

l  The subject is a trader of apparels accessories, materials and etc without any production activities.

l  It is introduced that subject has a related factory in the mainland of China for production of related metal products.

 

Purchase Information

 

l  Subject purchase its products both at home and abroad.

l  It is introduced that subject purchases some apparel materials and etc from Hong Kong, the mainland of China and Taiwan.

Sales Information

 

l  The subject is mainly engaged in sales of apparels accessories, materials and etc.

l  Subject’s products include Belts, Tapes & Drawcords, Elastics, Labels / Tags / Patches, Laces, Metal Trims, Zippers, Special Accessories, Buttons & Toggles, Hand Bag and etc.

l  Subject’s selling territory includes India, Bangladesh, Vietnam, Indonesia, America and etc.

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

 

Settlements

 

Purchase

 

1.     Domestic Purchase

Products

Apparels accessories, materials and etc.

Payment Terms

Cash, T/T and etc

 

2.     Import

Products

Apparels accessories, materials and etc.

Payment Terms

L/C, T/T and etc

 

Sales

 

1.     Domestic Markets

Product

Apparels accessories, materials and etc.

Selling Terms

Cash, T/T and etc

 

2.     Export

Product

Apparels accessories, materials 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 saleswoman 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

 

No recent mortgage of subject were found.

 

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

Interview Date:

2015-5-27

Name

Saleswoman

 

 

Industry Information

 

84619-- Other clothing accessories and parts, not for babies, not knitted or crocheted (kg)

Unit: HKD/000

 

2014.12

2014.01~2014.12

 

Quantity

Value

Quantity

Value

Imports

The Mainland of China

218,178

30,639

2,584,187

322,588

Germany

1,052

199

3,198

1,291

Spain

294

50

6,555

1,306

France

41

29

2,514

2,191

UK

151

158

1,937

1,479

Indonesia

98

48

1,363

286

India

424

45

13,705

1,746

Italy

1,101

2,873

13,275

21,567

Exports

United Arab Emirates

765

182

15,479

4,853

Argentina

18

5

765

179

Austria

81

20

2,894

653

Australia

1,258

360

49,711

7,520

Belgium

1,060

229

3,659

721

Brazil

164

29

8,087

1,426

Canada

5,706

724

41,914

6,079

The Mainland of China

28,798

5,274

5,274

54,061

 

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

 

Unit E, 12/Floor, Hing Yip Factory Building, 31 Hing Yip Street, Kwun Tong, Hong Kong

IMG_1

 

Unit E, 12/Floor, Hing Yip Factory Building, 31 Hing Yip Street, Kwun Tong, Hong Kong

IMG_2

 

Unit E, 12/Floor, Hing Yip Factory Building, 31 Hing Yip Street, Kwun Tong, Hong Kong

IMG_4

 

Unit E, 12/Floor, Hing Yip Factory Building, 31 Hing Yip Street, Kwun Tong, Hong Kong

IMG_3

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.90

UK Pound

1

Rs. 98.16

Euro

1

Rs. 69.73

 

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.