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Report No. : |
348326 |
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Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
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Name : |
LAI TAK ENTERPRISES LTD. |
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Registered Office : |
32/F., Enterprise Square Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
23.01.1992 |
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Com. Reg. No.: |
15369734 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter, Agent of all kinds of Raw Fabrics; Woven Fabrics of Cotton, Corduroy, Denim, Canvas, Twill, Dyed Fabrics; and Linen/Ramie Fabrics. |
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No. of Employees : |
55 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
HONGKONG - 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 |
LAI TAK
ENTERPRISES LTD.
ADDRESS: 32/F.,
Enterprise Square Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon,
Hong Kong.
PHONE: 852-27987998,
24397034, 27512398
FAX: 852-27553669,
27246946
E-MAIL: textile@laitak.com
Managing Director:
Mr. Kong Tak Ho
Incorporated on: 23rd January, 1992.
Organization: Private Limited Company.
Issued Share Capital: HK$65,100,000.00
Business Category: Manufacturer, Importer and Exporter
Annual Turnover: HK$450-500 million.
Employees: 55.
Main Dealing Bankers: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard
Chartered Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
32/F., Enterprise Square Three, 39 Wang Chiu Road,
Kowloon Bay, Kowloon, Hong Kong.
China Factory:-
Puning City Lai Tak Textile Corporation Ltd.
Chiwei Town Scientific Park, Puning City, Guangdong
Province, China.
[Tel: 86-663-2920 238,
Fax: 86-663-2930 010]
Holding Company:-
Lai Tak Holdings Ltd., British Virgin Islands.
Associated
Companies:-
Beauty Top Enterprises Ltd., Hong Kong.
Koda Development Ltd., Hong Kong.
Lai Tak Fashion Ltd., Hong Kong.
Lai Tak Printing & Dyeing Factory Ltd., Hong Kong.
15369734
0341737
Managing Director:
Mr. Kong Tak Ho
HK$65,100,000.00
(As per registry dated 23-01-2015)
|
Name |
|
No. of shares |
|
Lai Tak Holdings Ltd. Portcullis TrustNet Chambers, P.O. Box 3444, Road Town,
Tortola, British Virgin Islands. |
|
65,099,999 |
|
KONG Tak Ho |
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1 |
|
|
|
––––––––– |
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|
|
65,100,000 ======== |
(As per registry dated 23-01-2015)
|
Name (Nationality) |
Address |
|
KONG Tak Ho |
11 Fei Ngo Shan Road, Kowloon, Hong Kong. |
|
CHAN Shuk Yee |
11 Fei Ngo Shan Road, Kowloon, Hong Kong. |
(As per registry dated 23-01-2015)
|
Name |
Address |
Co. No. |
|
PA Corporate Advisory Services Ltd. |
Flat B, 16/F., Empire Land Commercial Centre, 81-85
Lockhart Road, Wanchai, Hong Kong. |
0831055 |
The company was incorporated on 23rd January, 1992 as a private
limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Lightjet
Co. Ltd., name changed to the present style on 9th April, 1992.
Formerly the subject was located at Unit 2-3, 16/F.,
Tower I, Enterprise Square, 9 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong
Kong, moved to the present address in April, 2006.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Importer
and Exporter, Agent.
Lines: All kinds of raw
fabrics; woven fabrics of cotton, corduroy, denim, canvas, twill, dyed fabrics;
and linen/ramie fabrics
Employees: 55.
Commodities Imported: China,
other Asian countries, etc.
Markets: South
Korea, Japan, other Asian countries, South Africa, Central & South America.
Annual Turnover: HK$450-500 million.
Terms/Sales: L/C, T/T or 30 days credit.
Terms/Buying: L/C, T/T, D/P, etc.
The Chinese General Chamber of Commerce, Hong Kong.
Hong Kong New Territories Commercial & Industrial
General Association Ltd., Hong Kong.
Issued Share Capital: HK$65,100,000.00
Mortgage or Charge (Since June 2010): (See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping in an active
condition.
Facilities: Making active use of general
banking facilities.
Payment: So far so good.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank, Hong Kong Branch.
Bank of China
(Hong Kong) Ltd., Hong Kong.
Hang Seng Bank Ltd.,
Hong Kong.
Standing: Very
Good.
Lai Tak Enterprises
Ltd., incorporated on 23rd January, 1992, is a wholly‑owned subsidiary of
Lai Tak Holdings Ltd. which is an offshore company registered in the British
Virgin Islands.
The subject is a
member of the Lai Tak Group. It is
actually owned by the Kong family headed by Mr. Kong Tak Ho who is a Hong
Kong. Kong and his wife Ms. Chan Shuk
Yee are also directors of the subject.
The subject is mainly
trading in grey fabrics, woven fabrics of cotton, corduroy, denim, canvas,
twill, dyed fabrics, and linen/ramie fabrics, etc.
The followings are
the main products of the subject:-
·
Blended (From China, Pakistan, India);
·
Corduroy - Cotton Blended;
·
Corduroy - Cotton;
·
Fabric - Blended;
·
Fabric - Linen & Ramie (From China,
Pakistan, India);
·
Fabric - Linen & Ramie;
·
Knitted (From China, Pakistan, India);
·
Piecegoods - Synthetic (From China, Pakistan,
India);
·
Woven (From China, Pakistan, India); &
·
Woven (From China, Pakistan, India)
It is mainly
purchasing products from China and supplying to garment factories in South
Korea, Japan, Taiwan, the other Asian countries, South Africa, Central & South
America, etc.
Through its associate
Lai Tak Printing & Dyeing Factory Ltd., the subject had operated a
dyeing and printing factory in Shantou SEZ in Guangdong Province. Now, the factory has moved to Puning,
Guangdong Province, China.
Long time ago, a
dyeing factory was set up by the subject at Kiu Tau Wai, Ping Shan, Yuen Long,
New Territories, Hong Kong. In the
early 2000’s, all the machinery equipment at Yuen Long, Hong Kong was
moved to its Shantou factory then further to Puning factory. The Yuen Long factory in Hong Kong now has
become a warehouse.
The registered
capital of the Puning factory was US$35 million and with a total investment of
about US$52 million. The factory, known
as Puning City Lai Tak Textile Corporation Ltd., covers an area of about
150,000 sq.m. It has six workshops. The followings are the annual production
capacity of the factory:-
·
Dyed & Printed Fabric --- 50 million
metres;
·
Garment --- 120,000 dozens; &
·
Woven Fabric --- 30 million metres.
The total annual
output amounts to US$50 million. It has
over 500 employees in the factory.
Besides the Puning
factory, the subject has got an associated factory in Jiangsu Province, China.
Most of the products
are marketed in China and exported to the other Asian countries, South Africa
and South America. Business is active
and steady.
The subject has
developed its own brand Mastina.
It operates Mastina Shops in Hong Kong retailing all kinds of
garments. Its main products are
contemporary executive wear and causal wear for fashionable metropolitan office
ladies. According to the subject, its Mastina
Shops have been expanded to Taiwan and Singapore and will penetrate the China
market in the years ahead.
The subject in Hong
Kong is responsible for shipping and marketing the products of the Puning
factory in China.
The director of the
subject is a significant and rich person in Hong Kong. He has made good profits in his property
investments.
For instance, in
September 2015, Mr. Kong Tak Ho and Lai Tak Holdings sold ‘Park Building’ to
Nimble Run Ltd., a Hong Kong-registered company, at a consideration of HK$993
million. Kong Tak Ho bought the premises
in June 2012 at a consideration of HK$625 million. He made a net profit of HK$368 million in
this sale. The premises is located at
476 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.
The subject operates
from its own office located at the present address. The Lai Tak Group also owns the other
premises in Hong Kong. The total value
of the premises owned amount to over HK$850 million.
As the history of the
subject is over 23 years and nine months in Hong Kong, on the whole, consider
it good for normal business engagements.
(Since June 2010)
|
Date |
Particulars |
Amount |
|
08-06-2010 |
Instrument: Charge Over Securities (2-Party) Property: A) Any
interests, right or property owned by the company which, at any time and for
any reason, are transferred in the name of the Bank or any nominee or agent
of the Bank and stand to the credit of the company’s securities account No.
339-017261 B) All
dividends, interest, distributions and other moneys derived therefrom C) All
accretion, allotments, and other benefits accruing or arising in respect
thereof. D) All
stock, securities, moneys or property accruing or offered at any time E) All
present and other party in respect of any of the foregoing including any
rights which the chargor may have to require delivery by such clearance
system or party of any of the foregoing to or to the order of, the chargor. Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency by the
company to the Bank at any time, actually or contingently, in any capacity,
alone or jointly with any other person |
|
08-06-2010 |
Instrument: Charge Over Securities (2-Party) Property: All monies & deposits now or hereafter in the time
deposit account No. 379-056500 kept by the company with the Bank Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies & liabilities which are now or
at any time hereafter may be outstanding owing or payable by the company to
the Bank |
|
03-12-2010 |
Instrument: Security Over Deposits Property: Deposit & the interest thereon together with any
other moneys or deposits placed with the Bank from time to time at any
offices Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong. |
Amount secured |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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Report Prepared
by : |
NIT |
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.