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Report No. : |
348576 |
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Report Date : |
10.11.2015 |
IDENTIFICATION DETAILS
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Name : |
M.Y. &
COMPANY |
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Registered Office : |
Unit D, 13/F., Mai Wah Industrial Building, 1-7 Wah Sing Street, Kwai
Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.12.1998 |
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Com. Reg. No.: |
22177184-000-12 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of garments and fabrics, garment accessories |
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No. of Employee : |
10 |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 |
M.Y.
& COMPANY
Unit D, 13/F., Mai
Wah Industrial Building, 1-7 Wah Sing Street, Kwai Chung, New Territories, Hong
Kong.
(Your
enquiry given as: MY AND COMPANY of the same address.)
PHONE: 852-2944 6696
FAX: 852-2944 6280
E-MAIL: hk@union-myco.com
Manager: Mr. Mohamed Yaseen Abdul Gani
Establishment: 10th
December, 1998.
Organization: Sole
Proprietorship.
Capital: Not
disclosed.
Business
Category: Importer, Exporter and Wholesaler.
Employees: 10.
Main Dealing
Banker: Standard Chartered Bank (Hong
Kong) Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Head Office:-
Unit D, 13/F., Mai
Wah Industrial Building, 1-7 Wah Sing Street, Kwai Chung, New Territories,
Hong Kong.
Associated Companies:-
Expoworld Buttons
(Pvt) Ltd., Sri Lanka.
M. Y. & Union
(HK) Ltd., Hong Kong. (Same address)
Union
International Accessories (Pvt) Ltd., Sri Lanka.
22177184-000-12
Manager: Mr. Mohamed Yaseen Abdul Gani
Contact
Person: Mr. Jay Knorr
Name: Mr. Mohamed Yaseen ABDUL GANI
Residential
Address: 76A,
Peterson Lane, Colomb 6, Sri Lanka.
The
subject was established on 10th December, 1998 as a sole proprietorship concern
owned by Mr. Mohamed Yaseen Abdul Gani under the Hong Kong Business
Registration Regulations.
At the very beginning, the registered address of the subject was located at
7/F., Allied Kajima Building, 138 Gloucester Road, Hong Kong, moved to Suite
4301-5, Tower One, Time Square, 1 Mathaeson Street, Causeway Bay, Hong Kong in
November 2007, moved to 12/F., The Lee Garden, 33 Hysan Avenue, Causeway Bay,
Hong Kong in October 2010 and further moved to the present address in August
2013.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and
Wholesaler.
Lines: All kinds of garments and fabrics,
garment accessories
Employees: 10.
Commodities
Imported: China, Sri Lanka, other Asian
countries, etc.
Markets: Asian countries, Europe, North
America, Central & South America, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C,
T/T, D/P, O/A, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
rather active use of general banking facilities.
Payment: No
Complaints.
Commercial
Morality: Satisfactory.
Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
M.Y.
& Company is a sole proprietorship set up and owned by Mr. Mohamed Yaseen
Abdul Gani who is a Sri Lanka merchant.
The
subject was set up in December 1998. It
is trading in garments, fabrics and other textile products.
The
subject has had a number of associated companies in Sri Lanka. One of the significant company is Union
International Accessories (Pvt) Ltd. [UIA].
Besides the subject UIA has had associated companies in the United
States, Sri Lanka, Bangladesh, India, Pakistan and Indonesia.
The
subject and UIA are engaged in the same lines of business, more or less.
UIA
and M. Y. & Union (HK) Ltd., a Hong Kong-registered company located at the
same address, have been in the garment accessories manufacturing for more than
20 years. UIA manufactures all kinds of
polyester and metal accessories for garments and has got associated
manufacturing plants in China and Sri Lanka.
The company has its sales branches in the United States, India, Sri
Lanka, Bangladesh, Indonesia, Pakistan, employing over 400 staff.
The
subject is trading in the following commodities:
·
Badges & Tabs
·
Beads
·
Buckles
·
Charms
·
Eyelet & Grommets
·
Jeans Buttons
·
Metal Buttons
·
Patches
·
Pins
·
Prong Snap Buttons
·
Pullers
·
Rivets
·
Snap Buttons
·
Stoppers & Toggles, etc.
Mohamed
Yaseen Abdul Gani is also managing director of UIA.
The
subject is manufacturing products for the following brands: Armani Exchange,
Gap, J.Jill, Next, Li & Fung, S.Oliver, Old Navy, Kohl’s, Victoria’s Secret
PINK, Mast, Ann Taylor, Mish Mash Jeans, Harley Davidson, Ted Baker,
Abercrombie & Fitch, Bimini Bay, Urban Outfitters, L.L.Bean, Levi’s, etc.
The
Group also has been working for the following customers through their vendors
around the world: ESPRIT, edc, ZARA, Eddie Bauer, C&A, Calvin Klein,
Columbia, Boden, EXPRESS, Reebok, Your M&S, Tommy Hilfiger, Tom Tailor,
DKNY, intimissimi, etc. Business is
satisfactory.
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it took part in the 14th Textile
Asia Int’l Textile & Garment Machinery 2015 which was held at the Expo
Centre in Lahore of Pakistan from 29th – 31st August, 2015.
The
contact person of the subject is Mr. Jay Knorr.
History in Hong Kong is about 17 years.
On
the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.34 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
ASH |
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 |
|
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.