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Report No. : |
347680 |
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Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
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Name : |
BLACK PEONY (HK) LTD. |
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Registered Office : |
Unit E, 23/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
18.08.2004 |
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Com. Reg. No.: |
34833077 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Garments & Textile Products. |
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No. of Employees : |
12 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
BLACK PEONY (HK) LTD.
ADDRESS: Unit E, 23/F., Tower
A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2390 3313
FAX: 852-2787 5058
E-MAIL: mail@blackpeony.com.hk
MANAGEMENT:
Managing Director: Ms. Chan Lai
Yu
Incorporated on: 18th August, 2004.
Organization: Private
Limited Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Textile Product
Trader.
Company Turnover: RMB982,589,300.00 Yuan (Year ended 31-12-2013)
Group Turnover: RMB4,557,056,050.92 Yuan (Year ended 31-12-2013)
Company Employees: 12.
Main Dealing Banker: Hang Seng
Bank Ltd., Hong Kong.
Banking Relation: Good.
BLACK PEONY (HK)
LTD.
Registered Head
Office:-
Unit E, 23/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
Black Peony (Group) Co. Ltd., China.
Associated
Companies:-
Black Peony (Liyang) Garments Co. Ltd., China.
Black Peony Group Import & Export Co. Ltd., China.
Black Peony International Fashion Changzhou Co. Ltd., China.
Changzhou Black Peony Construction Investment Co. Ltd., China.
Changzhou Black Peony Properties Ltd., China.
Changzhou Dade Textile Co. Ltd., China.
Changzhou Mudanjiang South Innovation Industry Investment Co. Ltd.,
China.
Changzhou New Hope Agricultural Investment Development Co Ltd., China.
Changzhou Peony Kwong King Properties Ltd., China.
Changzhou Rong Yuan Garments Co. Ltd., China.
34833077
0917538
Managing Director: Ms. Chan Lai
Yu
HK$5,000,000.00
(As per registry dated 18-08-2014)
|
Name |
|
No. of shares |
|
CHAN Chi Ngok |
|
250,000 |
|
CHAN Lai Yu |
|
250,000 |
|
CHAU Man Ming |
|
250,000 |
|
Black Peony (Group) Co. Ltd. No. 47 Qingyang Road North, Changzhou Jiangsu, China, P.C. 2136001 |
|
4,250,000 |
|
|
|
––––––––– |
|
|
Total: |
5,000,000 ======= |
(As per registry dated 18-08-2014)
|
Name (Nationality) |
Address |
|
CHAN Lai Yu |
Flat C, 7/F., Tower 3, Harbour Heights, 1 Fook Yum Road, North Point,
Hong Kong. |
|
CHAN Chi Ngok |
Flat B, Block 1, 18/F., Hong Kong Garden, 100 Castle Peak Road, Tsing
Lung Tau, New Territories, Hong Kong. |
|
CHAU Man Ming |
Flat G, 19/F., Block 1, Chi Fun Fa Yuen, Pokfulam, Hong Kong. |
|
JI Zhongliang |
Room 1103, 121 Boai Road, Tianning District, Changzhou City, Jiangsu
Province, China. |
|
GE Wei Lung |
Room 302, Unit A, 6th Block, Gaocheng Laiyan Garden, Zhonglou
District, Changzhou City, Jiangsu Province, China. |
(As per registry dated 18-08-2014)
|
Name |
Address |
Co. No. |
|
Confiance Accounting & Secretarial Services Ltd. |
12/F., Goodfit Commercial Building, 7 Fleming Road, Wanchai, Hong
Kong. |
0403017 |
The subject was incorporated on 18th August, 2004 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1605-1606, 16/F., Enterprise
Square Two, 3 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong, moved to the
present address with effect from 6th January, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Textile
Product Trader.
Lines: Garments,
Textile Products.
Company Employees: 12.
Group Employees: 3,270
(As as 31-12-2013)
Commodities Imported: China,
Europe, other Asian countries.
Markets: Asian
countries, Europe, North America, Central & South America.
Company Turnover: RMB241,057,700.00
Yuan (Year ended 31-12-2011)
RMB304,601,100.00 Yuan (Year ended 31-12-2012)
RMB982,589,300.00 Yuan (Year ended 31-12-2013)
Group Turnover: RMB2,395,537,161.59
Yuan (Year ended 31-12-2009)
RMB2,700,908,116.20 Yuan (Year ended 31-12-2010)
RMB3,362,636,703.80 Yuan (Year ended 31-12-2011)
RMB3,676,906,503.55 Yuan (Year ended 31-12-2012)
RMB4,557,056,050.92 Yuan (Year ended 31-12-2013)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
Indebtedness: HK$20,720,000.00 (Total
amount outstanding on all mortgages and charges as
per last Annual
Return dated 18-08-2014)
Company Total Assets:-
RMB124,595,200.00 Yuan (Year ended 31-12-2011)
RMB259,263,600.00 Yuan (Year ended 31-12-2012)
RMB458,056,400.00
Yuan (Year ended 31-12-2013)
Company Net Assets:-
RMB17,406,000.00 Yuan (Year ended 31-12-2011)
RMB11,950,700.00 Yuan (Year ended 31-12-2012)
RMB31,767,800.00 Yuan (Year ended 31-12-2013)
Company Total Liabilities:-
RMB107,189,200.00 Yuan (Year ended 31-12-2011)
RMB247,312,900.00 Yuan (Year ended 31-12-2012)
RMB420,718,600.00 Yuan (Year ended 31-12-2013)
Company Net Profit: RMB 5,723,300.00 Yuan (Year ended 31-12-2011)
RMB
7,479,800.00 Yuan (Year ended
31-12-2012)
RMB17,770,700.00 Yuan (Year ended 31-12-2013)
Group Profit Attributable to Shareholders:-
RMB364,559,271.46 Yuan (Year ended 31-12-2009)
RMB393,938,597.26 Yuan (Year ended 31-12-2010)
RMB253,444,585.68 Yuan (Year ended 31-12-2011)
RMB343,623,422.68 Yuan (Year ended 31-12-2012)
RMB392,345,165.46 Yuan (Year ended 31-12-2013)
Group profit or loss: Group business is profitable.
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:-
Hang Seng Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Industrial & Commercial Bank of China
(Asia) Co. Ltd., Hong Kong.
Standing: Very Good.
Black Peony (HK) Ltd. is a 85% subsidiary of Black Peony (Group) Co.
Ltd. [Black Peony Group/Group] which is a China-based firm. The other 15% is equally owned by Ms. Chau
Man Ming, Mr. Chan Chi Ngok and Ms. Chan Lai Yu. The second and third are brother and sister.
Black Peony Group is a listed firm in Shanghai, China.
The subject is a garment and textile product trader. It is specialized in jeans.
The Group was founded in 1940. It
has been engaged in jean manufacturing since 1980s, which has been one of the
earliest manufacturers in China. In
succeeding to the original business of jean, clothes and yarn-dyed-fabrics, the
Group initiated a brand new business, city function development in February
2009 after significant assets reorganization.
The Group’s shares have been traded in Shanghai Securities Exchange
since June 2002. The code of the share
is 600510.
Textile is the main basic industry of Black Peony. The Group is able to produce yarns, fabrics,
and clothes. The annual capacity is 60
million meters, 8 million units of clothes and 21,000 tons of yarns. The Group has been certified by ISO9001
quality management system, ISO14001 environment system, SA8000 social
responsibility management system and Oeko-Tex Standard 100 zoological textile.
Besides, the Group has been honoured as China Famous Brand, and Black
Peony Jean has been evaluated as China famous product, and it is the first
exported enterprise that the State Quality Quarantine Bureau has approved it to
be “inspection-free”. Its products have
been exported to the United States, Japan, Russia, Hong Kong, Australia, etc.,
other more than 50 countries and regions of the world.
Now, the Group is also engaged in property development and the
development of Changzhou Black Peony Industrial Park.
For the year ended 31st December, 2012, the turnover of the Group was
RMB3,676.9 million Yuan (2011: RMB3,362.6 million Yuan). Group profit attributable to shareholders
amounted to RMB343.6 million Yuan (2011: RMB253.4 million Yuan).
For the year ended 31st December, 2013, the Group owned RMB14,485.3
million Yuan in total assets and 3,270 employees.
According to the Group, in FY 2013, the turnover of the subject amounted
to RMB982.6 million Yuan (2012: RMB304.6 million Yuan); net profit of the
subject amounted to RMB17.8 million Yuan (2012: RMB7.5 million Yuan).
The subject is fully supported by the Group. Its business in Hong Kong is chiefly handled
by Ms. Chan Lai Yu.
The subject’s debts are fully liable by the Black Peony Group.
As the history of the subject is over ten years and four months in Hong
Kong, on the whole, consider it good for normal business engagements.
|
Date |
Description of
Instrument |
Mortgagee |
|
25-03-2011 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
25-03-2011 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
25-03-2011 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
28-05-2014 |
Charge Over Deposits/Securities (2 parties) |
Hang Seng Bank Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.57 |
|
|
1 |
Rs.101.13 |
|
Euro |
1 |
Rs.71.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.