MIRA INFORM REPORT
|
Report No. : |
347853 |
|
Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAGIC CLOTHING LIMITED |
|
|
|
|
Registered Office : |
25/F, Fun Tower, 35 Hung To Road, Kwun Tong, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
05.09.2001 |
|
|
|
|
Com. Reg. No.: |
768998 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of garments |
|
|
|
|
No. of Employees : |
About 10 |
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 : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
Company
name and address
|
Company Name: |
Magic
Clothing Limited |
|
Supplied Name: |
MAGIC CLOTHING LIMITED |
|
Trading Address: |
25/F, Fun Tower, No.35 Hung To Road, Kwun Tong, Kowloon, Hong
Kong |
|
Supplied Address: |
25/F FUN TOWER, NO.35 HUNG TO ROAD, KWUN TONG, KOWLOON, HONG
KONG |
Note: The exact name and address are
as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
25/F,
Fun Tower, 35 Hung To Road, Kwun Tong, Kowloon, Hong Kong |
|
Telephone Number: |
+852-3105-0033 |
|
Date of Registration: |
2001-09-05 |
|
Registered Number: |
768998 |
|
Business Registration No.: |
32254122 |
|
Paid-up Capital: |
HKD 2 (USD 0.258) = 2 Shares@ HKD 1 (As of 2015.11, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
84599--Garments, knitted or crocheted,
N.E.S. (No) |
|
Principal Activities: |
Trading of garments. |
|
Staff: |
About 10 Employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2015-09-05 |
History
Subject was incorporated on 2001-09-05
with the registered number 768998 as Private Limited Liability Company in Hong
Kong.
Change of Name:
|
Date |
Change |
|
2001-12-21 |
Magic Clothing Limited |
|
2001-09-05 |
Noble Fortune International Limited |
Corporate
Structure
Subject did not
register any subsidiaries or branches, from other source we can not obtain the
relevant information, either.
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Divine Investments International
Limited |
2 |
100% |
|
Total |
2 |
100% |
Major Shareholder Information:
|
Name: |
Divine Investments International
Limited |
|
Address: |
OMC Chambers, Wickhams Cay 1 Road
Town, Tortola, British Virgin Islands |
Management
Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
BAWA Paramjit Singh |
|
Address: |
B101, Palm Island Jumeirah, Dubai,
United Arab Emirates |
|
Position: |
Director |
|
Passport Number: |
507646299 |
|
Issuing Country: |
United Kingdom |
|
2 |
|
|
Name: |
Secreco Limited |
|
Address: |
36/F., Tower Two, Times Square, 1
Matheson Street, Causeway Bay, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
139490 |
Personnel Structure
|
Total Employees |
Operation
Information
Offices & Factories
|
|
Office |
|
Address: |
25/F, Fun Tower, No.35 Hung To Road, Kwun Tong, Kowloon, Hong
Kong |
Premises Information
Office address:
|
Address: |
Workshop on 25th Floor, Fun Tower, No.
35 Hung To Road, Kowloon, Hong Kong |
|
Owners: |
Magic Clothing Limited |
|
Memorial Number: |
13093000490035 Assignment with plan |
|
Date of Instrument: |
2013-09-09 |
|
Date of Registration: |
2013-09-09 |
|
Consideration Value: |
HKD 40,825,000 |
Production Information
Subject is a trader of garments. without any production
activities.
Purchase Information
It is introduced that the products of subject are purchased from
both home and abroad.
Sales Information
Subject is engaged in sales of garments.
The major products are men’s and women’s jackets and suites,
jeans, children wear, shirt, sweater, knitted garments.
Subject’s sales regions include domestic market, Japan, Korea,
Middle East, North America, Africa, Australasia, Central & South America
and Europe.
Subject’s major customers are garments stores.
Trademark
|
1 |
||
|
Trade Mark No.: |
302872305 |
|
|
Status: |
Registered |
|
|
Mark: |
Love Jeans |
|
|
Mark Type: |
Ordinary |
|
|
Owner's Name, Address: |
Magic Clothing Limited 25/F, Fun
Tower, 35 Hung To Road, Kwun Tong, Kowloon, Hong Kong |
|
|
Owner's Address for Service: |
Oldham, Li & Nie, Solicitors 503,
St. George's Building, 2 Ice House Street, Central, Hong Kong |
|
|
Agent's Address: |
503, St. George's Building, 2 Ice
House Street, Central, |
|
|
Class No.: |
||
|
Specification: |
Class
14 |
|
|
Date of Filing: (D-M-Y) |
20-01-2014 |
|
|
Date of Publication of Application of
Acceptance for Registration: (D-M-Y) |
28-03-2014 |
|
|
Date of Registration: (D-M-Y) |
20-01-2014 |
|
|
Actual Date of Registration: (D-M-Y) |
09-07-2014 |
|
|
Expiry date: (D-M-Y) |
19-01-2024 |
|
|
Date of entry |
09-07-2014 |
|
|
Matters |
Registration |
|
|
2 |
||
|
Trade Mark No.: |
300940680 |
|
|
Status: |
Registered |
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Mark: |
Magic Jeans
|
|
|
Mark Type: |
Ordinary |
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|
Mark Description: |
The Applicant claims the colours red, blue,
brown and white as elements of Mark "a" in the series |
|
|
Series Mark: |
Yes |
|
|
Owner's Name, Address: |
Magic Clothing Limited Rm 2304-2306,
Sun Life Tower, The Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong |
|
|
Owner's Address |
Oldham, Li & Nie, Solicitors, 503,
St. George's Building, 2 Ice House Street, Central, Hong Kong |
|
|
Agent's Address: |
503, St. George's Building, 2 Ice
House Street, Central, Hong Kong |
|
|
Class No.: |
||
|
Specification: |
Class
18 Leather and imitations of leather, and goods made of these materials and
not included in other classes; animal skins, hides; trunks and travelling
bags; umbrellas, parasols and walking sticks; whips, harness and saddlery. Class 25 Clothing, footwear, headgear. |
|
|
Date of Filing: (D-M-Y) |
24-08-2007 |
|
|
Date of Publication of Application of
Acceptance for Registration: (D-M-Y) |
13-06-2008 |
|
|
Date of Registration: |
24-08-2007 |
|
|
Actual Date of Registration: (D-M-Y) |
25-09-2008 |
|
|
Expiry date: (D-M-Y) |
23-08-2017 |
|
|
Date of entry |
25-09-2008 |
|
|
Matters |
||
|
3 |
||
|
Trade Mark No.: |
300537282 |
|
|
Status: |
Registered |
|
|
Mark: |
1221
|
|
|
Mark Type: |
Ordinary |
|
|
Owner's Name, Address: |
Magic Clothing Limited Room 2306, CMG
Asia Tower, The Gateway, No.15 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
|
|
Owner's Address for Service: |
Oldham, Li & Nie, Suite 503, St.
George's Building, 2 ICE House Street, Central, Hong Kong |
|
|
Agent's Address: |
Suite 503, St. George's Building, 2
ICE House Street, Central, Hong Kong |
|
|
Class No.: |
||
|
Specification: |
Class 18 leather and imitations of
leather, and goods made of these materials and not included in other classes;
animal skins, hides; trunks and travelling bags; umbrellas, parasols and
walking sticks; whips, harness and saddlery. Class 25 clothing, footwear,
headgear |
|
|
Date of Filing: (D-M-Y) |
28-11-2005 |
|
|
Date of Publication of Application of
Acceptance for Registration: (D-M-Y) |
17-02-2006 |
|
|
Date of Registration: (D-M-Y) |
28-11-2005 |
|
|
Actual Date of Registration: (D-M-Y) |
30-05-2006 |
|
|
Expiry date: (D-M-Y) |
27-11-2015 |
|
|
Date of entry |
30-05-2006 |
|
|
Matters |
Registration |
|
|
4 |
||
|
Trade Mark No.: |
300175662 |
|
|
Status: |
Registered |
|
|
Mark: |
LOVEJEANS
|
|
|
Mark Type: |
Ordinary |
|
|
Owner's Name, Address: |
Magic Clothing Limited 25/F, Fun
Tower, 35 Hung To Road, Kwun Tong, Kowloon, Hong Kong |
|
|
Owner's Address |
Oldham, Li & Nie, Solicitors 503,
St. George's Building, 2 Ice House Street, Central, |
|
|
Class No.: |
||
|
Specification: |
Class 18 |
|
|
Date of Filing: (D-M-Y) |
11-03-2004 |
|
|
Date of Publication of Application of
Acceptance for Registration: (D-M-Y) |
28-05-2004 |
|
|
Date of Registration: (D-M-Y) |
11-03-2004 |
|
|
Actual Date of Registration: (D-M-Y) |
08-09-2004 |
|
|
Expiry date: (D-M-Y) |
10-03-2024 |
|
|
Date of entry |
08-09-2004 |
|
|
Matters |
||
Settlements
Purchase
Domestic Purchase
|
Products |
Garments |
|
Payment Terms |
T/T, Cash |
Import
|
Products |
Garments |
|
Payment Terms |
L/C, T/T |
Sales
Domestic Markets
|
Product |
Garments |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Garments |
|
Selling Terms |
L/C, T/T |
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 relevant staff rejected to
disclose the financial information, and 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.
Mortgage Record
|
Company Name: |
Magic Clothing Limited |
|
Date of Creating Mortgage: |
2013-09-09 |
|
Name of Mortgagee: |
The Hong Kong and Shanghai Banking
Corporation Limited |
|
Address of Mortgagee: |
No.1 Queens Road Central, Hong Kong |
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
|
Name |
The Operator |
Industry
Information
84599--Garments,
Knitted Or Crocheted, N.E.S. (No)
Unit: HKD/000
|
|
2015.6 |
2015.01~2015.6 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Britain |
2,691 |
1,451 |
42,176 |
15,058 |
|
Spain |
1,673 |
94 |
2,967 |
167 |
|
Indonesia |
15,028 |
400 |
52,715 |
1,540 |
|
Japan |
2,270 |
217 |
6,041 |
3,225 |
|
Sri Lanka |
28,696 |
3,630 |
117,406 |
14,027 |
|
Vietnam |
4,644 |
522 |
70,352 |
4,792 |
|
Macau |
5.526 |
286 |
11.308 |
856 |
|
Taiwan |
493 |
127 |
6,965 |
3,317 |
|
The Mainland of China |
582,373 |
21,807 |
3,431,114 |
124,776 |
|
Exports |
||||
|
Canada |
-- |
-- |
12 |
36 |
|
719 |
24 |
5,478 |
187 |
|
|
Holland |
-- |
-- |
125 |
84 |
|
Singapore |
-- |
-- |
14 |
38 |
|
USA |
20 |
78 |
1,806 |
2,514 |
|
The Mainland of China |
-- |
-- |
382 |
9 |
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
Address: 25/F, Fun Tower, No.35 Hung To Road, Kwun Tong, Kowloon,
Hong Kong
Fun Tower, No.35 Hung To Road, Kwun Tong, Kowloon, Hong Kong
25/F, Fun Tower, No.35 Hung To Road, Kwun Tong, Kowloon, Hong Kong
25/F, Fun Tower, No.35 Hung To Road, Kwun Tong, Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
UK Pound |
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TRU |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.