MIRA INFORM REPORT
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Report No. : |
348278 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Flat 1701, 17/F, Laws Commercial Plaza, 788 Cheung Sha Wan Road, Kolwoon |
|
|
|
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Country : |
Hong Kong |
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|
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Date of Incorporation : |
04.03.1986 |
|
|
|
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Com. Reg. No.: |
166187 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business : |
Trading garment |
|
|
|
|
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 |
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|
|
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Payment Behaviour : |
Unknown |
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|
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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 |
|
Very High |
C1 |
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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 (in English): |
Friendtech
Enterprises Limited |
|
Supplied Name: |
Friendtech Enterprises Ltd |
|
Trading Address: |
Flat 1701-2, 17/F, Laws Commercial
Plaza, 788 Cheung Sha Wan Road, Kolwoon, Hong Kong |
|
Supplied Address: |
Room No 1701-2 Laws Commercial Plaza 788 Cheung Sha Wan Road La
Chi kok kowloon |
Note: The exact name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Flat
1701, 17/F, Laws Commercial Plaza, 788 Cheung Sha Wan Road, Kolwoon, Hong
Kong |
|
Telephone Number: |
+852-2310-1668 |
|
Fax Number: |
+852-2310-1939 |
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Date of Registration: |
1986-3-4 |
|
Registered Number: |
166187 |
|
Business Registration No.: |
10174225 |
|
Paid-up Capital: |
HKD 500,000 (USD 64,500) = 500,000
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 garment |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2015-3-4 |
Notes: Subject declined to disclose its staff
number; from other source we cannot obtain the relevant information, either.
History
Subject was incorporated on 1986-3-4
with the registered number 166187 as Private Limited Liability Company in Hong
Kong.
Corporate
Structure
Major Related
Company
|
Name: |
Gold Lion Webbing Manufacturing
Limited |
|
Date of Registration: |
2003-10-10 |
|
Registered Number: |
865455 |
|
Address: |
Flat 1701-2, 17/F, Laws Commercial Plaza,
788 Cheung Sha Wan Road, Kolwoon, Hong Kong |
|
Telephone Number: |
+852-2310-1668 |
|
Fax Number: |
+852-2310-1939 |
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Law Yiu Lam |
100,000 |
20.00% |
|
Law Hung Kai |
100,000 |
20.00% |
|
Law Lop Man |
100,000 |
20.00% |
|
Law Pak Fai, Anthony |
50,000 |
10.00% |
|
Law Chi Fai, Michael |
50,000 |
10.00% |
|
Yip Yue Yee |
50,000 |
10.00% |
|
Lu Mei Chu, Shich |
50,000 |
10.00% |
|
Total |
500,000 |
100% |
Major Shareholder Information:
|
1 |
|
|
Name: |
Law Yiu Lam |
|
Address: |
9/F, 243, Prince Edward Road, Kolwoon,
Hong Kong |
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2 |
|
|
Name: |
Law Hung Kai |
|
Address: |
9/F, 243, Prince Edward Road, Kolwoon,
Hong Kong |
|
3 |
|
|
Name: |
Law Lop Man |
|
Address: |
Flat D, 11/F, Prince’S Heights Stage
1, 277-277A Prince Edward Road West, Kowloon, Hong Kong |
|
4 |
|
|
Name: |
Law Pak Fai, Anthony |
|
Address: |
3/F, 245, Prince Edward Road Kolwoon,
Hong Kong |
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5 |
|
|
Name: |
Law Chi Fai, Michael |
|
Address: |
Flat C, 11/F, Block 1, Kwomg Fung
Terrace, 161 Third Street, Sai Ying Poon, Hong Kong |
|
6 |
|
|
Name: |
Yip Yue Yee |
|
Address: |
Block C, 7/F, 62 Castle Peak Road,
Kowloon, Hong Kong |
|
7 |
|
|
Name: |
Lu Mei Chu, Shich |
|
Address: |
33, Sec 2, Syh Chunan Road, Panchiao,
Taipei, Taiwan |
Management
Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Yip Yue Yee |
|
Address: |
Block C, 7/F, 62 Castle Peak Road,
Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
E160238(5) |
|
2 |
|
|
Name: |
Law Chi Fai, Michael |
|
Address: |
Flat C, 11/F, Block 1, Kwomg Fung
Terrace, 161 Third Street, Sai Ying Poon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
E288172(5) |
|
3 |
|
|
Name: |
Law Yiu Lam |
|
Address: |
9/F, 243, Prince Edward Road, Kolwoon,
Hong Kong |
|
Position: |
Secretary/Director |
|
ID Number: |
E435425(0) |
Operation
Information
Offices & Factories
|
|
Office |
|
Address: |
Flat 1701-2, 17/F, Laws Commercial Plaza,
788 Cheung Sha Wan Road, Kolwoon, Hong Kong |
Premises Information
Office address:
|
Address: |
17th Floor Laws Commercial Plaza No.788 Cheung Sha Wan Road Kowloon |
|
Owners: |
Land City International Limited |
Production Information
The subject is a trader of garment
without any production activities.
Purchase Information
It is introduced that subject purchases
its products both at home and abroad.
It is introduced that subject purchases
some products from the mainland of China.
Sales Information
The subject is mainly engaged in sales
of garment.
Subject’s major products include sports
wear, leisure wear, knitting wear, braid and webbing products
Subject’s selling territory includes
Asia, Europe, America
Subject’s major customers are
manufacturers, designers or traders of garment
Settlements
Purchase
Domestic Purchase
|
Products |
Garment |
|
Payment Terms |
Cash, T/T |
Import
|
Products |
Garment |
|
Payment Terms |
L/C, T/T |
Sales
Domestic Markets
|
Product |
Garment. |
|
Selling Terms |
Cash, T/T |
Export
|
Product |
Garment |
|
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 Mr. Law
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
|
Company Name: |
Friendtech Enterprises Limited |
|
Instrument of Creating Mortgage: |
2005-4-12 |
|
Name and Address of Mortgagee: |
Hang Seng Bank Limited 83 Des Voeux 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 |
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High Court Construction &
Arbitration Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special
Note
Interview Details
|
Name |
Mr. Law |
|
Department: |
Sales Department |
Industry
Information
84599--Garments,
Knitted Or Crocheted, N.E.S. (No)
Unit: HKD/000
|
|
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 |
|
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 |
|
2015.01 |
348,886 |
4,468 |
307,403 |
311,871 |
+2.8 |
-37,015 |
|
2015.02 |
264,220 |
2,919 |
225,418 |
228,337 |
+7.2 |
-35,884 |
|
2015.03 |
342,319 |
4,013 |
292,100 |
296,113 |
-1.8 |
-46,206 |
|
2015.04 |
331,108 |
4,202 |
287,742 |
291,944 |
+2.2 |
-39,164 |
|
2015.05 |
331,940 |
4,258 |
287,571 |
291,830 |
-4.6 |
-40,110 |
|
2015.06 |
345,302 |
4,158 |
295,361 |
299,518 |
-3.1 |
-45,783 |
*Total exports figures have been rounded to the
nearest final digit after summing up the constituent trade figures.
Attachment
Flat 1701-2, 17/F, Laws Commercial Plaza,
788 Cheung Sha Wan Road, Kolwoon, Hong Kong
Flat 1701-2, 17/F, Laws Commercial
Plaza, 788 Cheung Sha Wan Road, Kolwoon, Hong Kong
Flat 1701-2, 17/F, Laws Commercial
Plaza, 788 Cheung Sha Wan Road, Kolwoon, Hong Kong
Flat 1701-2, 17/F, Laws Commercial
Plaza, 788 Cheung Sha Wan Road, Kolwoon, 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
: |
HNA |
|
|
|
|
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.