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Report No. : |
349370 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
KSP LTD. |
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Registered Office : |
Unit 1506, 15/F., One Harbourfront, 18 Tak Fung Street, Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
18.08.1992 |
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Com. Reg. No.: |
16436382 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Garments, Other Textile Products, Furniture, Electric
Appliances. |
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No. of Employees : |
15. (Including Associates) |
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) |
|
Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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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 |
KSP LTD.
ADDRESS: Unit
1506, 15/F., One Harbourfront, 18 Tak Fung Street, Hunghom, Kowloon,
Hong Kong.
PHONE: 852-2954
2266, 2272 0701
FAX: 852-2954
2890
E-MAIL: peter.ho@ksphkg.com
Managing Director:
Mr. Wu Chi Jai, Johnico
Incorporated on: 18th August, 1992.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000.00
Business Category: Importer
and Exporter.
Group Annual Turnover:
HK$350~450 million
Employees: 15. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 1506, 15/F., One Harbourfront, 18 Tak Fung Street,
Hunghom, Kowloon, Hong Kong.
Holding Company:-
The Bridge Holding Ltd., Hong Kong. (Same address)
Associated/Affiliated
Companies:-
Bridge Group of Companies
Addwood Ltd., Hong Kong.
(Same address)
Canway Industries Ltd., China.
Carlton Garments (Pvt) Ltd., Sri Lanka.
Continental Apparels (Pvt) Ltd., Sri Lanka.
CSV Ltd., Hong Kong.
East Asia Buying Services Ltd., Hong Kong.
Fabritex Exports (Pvt) Ltd., India.
Fillberg Ltd., Hong Kong.
Hoodvian Ltd., Hong Kong.
K. S. P. Ltd., Sri Lanka.
Koggala Garments (Pvt) Ltd., Sri Lanka.
Konrad Worldwide India Pvt. Ltd., India.
Konrad Worldwide Ltd., Hong Kong.
KSP Global (HK) Ltd., Hong Kong.
KSP India Pvt. Ltd., India.
Maxtel Ltd., Hong Kong.
(Same address)
Noveltrade International Ltd., Hong Kong.
Osprey Clothing (Pvt) Ltd., Sri Lanka.
Riviera Ltd., Israel.
T.S.I. Industries (Pvt) Ltd., India.
The Bridge Holding Ltd., Hong Kong.
VC Collection Ltd., Hong Kong.
Wingreat Ltd., Hong Kong.
Wingreat Ltd., Sri Lanka.
Wingreat Ltd., Taiwan.
Wingreat Ltd., Vietnam.
Wingreat Shenzhen, China.
etc.
16436382
0374695
Group Chairman & Chief Executive Officer: Mr. Mordechai Kafry
Managing Director:
Mr. Wu Chi Jai, Johnico
Contact Person:
Ms. Viola Chan
HK$1,000.00
(As per registry dated 18-08-2015)
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Name |
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No. of shares |
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The Bridge Holding Ltd., Hong Kong. |
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600 |
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Multihulls Trading Ltd., Hong Kong. |
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400 |
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|
––––– |
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Total: |
1,000 ==== |
(As per registry dated 20-08-2015)
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Name (Nationality) |
Address |
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Mordechai KAFRY |
1/F., May Tower II, 5 May Road, Hong Kong. |
|
WU Chi Kai, Johnico |
Flat B, 18/F., Tower 10, Parc Royale, 8 Hin Tai Street,
Shatin, New Territories, Hong Kong. |
(As per registry dated 18-08-2015)
|
Name |
Address |
Co. No. |
|
Pink Camillia Co. Ltd. |
23/F., Wing On House, 71 Des Voeux Road Central, Hong
Kong. |
0105033 |
The subject was
incorporated on 18th August, 1992 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Well Express Ltd., name changed to the
present style on 21st June, 1996.
The subject moved to
the present address in August 2003.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Importer
and Exporter.
Lines: Garments,
other textile products, furniture, electric appliances
Employees: 15. (Including associates)
Commodities Imported: Sri
Lanka, China, other Asian countries, etc.
Markets: Asian
countries, Europe, North America, etc.
Group Annual Turnover: HK$350~450
million
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
Issued Share Capital: HK$1,000.00
Mortgage or Charge:-
Date of Security Over Deposits: 30-07-2004
Amount: (i) all monies in any currency owing
by the Company to the chargee at any time, actually or contingently, in any
capacity, alone or jointly with any other person, (ii) interest on such monies,
to the date on which the chargee receives payment, at the rates payable by the
Company or which would have been payable but for any circumstance which
restricts payment and (iii) all expenses of the chargee in perfecting or
enforcing the charge
Property: A deposit with chargee in the amount
of US$400,000 and “all monies” under Deposit A/C No. 012-544599, whatever
currency it may subsequently be denominated in, any renewal of such deposit and
the interest thereon together with any further monies in any deposit account
with the chargee at any of its offices
Mortgagee: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having issued 1,000
ordinary shares of HK$1.00 each, KSP Ltd. is jointly owned by The Bridge
Holding Ltd. [Bridge], holding 60% interests; and Multihulls Trading Ltd.,
holding 40%. Both are Hong
Kong-registered companies.
The subject is
trading in garments, other textile products, furniture, electric appliances,
etc. However, that the subject’s main
business is garment trading.
Bridge was founded in
1996 and its headquarters are located in Hong Kong. The Bridge Group is headed by the Chairman of
the Board and Chief Executive Officer Mr. Mordechai Kafry who is also a
director of the subject.
The main activities
of the Group are:-
· Product manufacturing
· Buying Office
· Retailing
· Investment
The subject has had
an associated company Hoodvian Ltd. [Hoodvian] located at its operating
office. Hoodvian is the manufacturing
arm of the Bridge Group with facilities in Sri Lanka, India and China. Britannia Global Trading Group Ltd. is the
sales office for Hoodvian in the United Kingdom. Hoodvian is a garment manufacturer and
trader. It has had affiliated
manufacturing facilities in Sri Lanka, India, and China.
In Sri Lanka only,
the Bridge Group has about 4,000 employees.
The subject is fully
supported by the Bridge Group. The Group
is trading in the following commodities:-
· Jackets – Men (Excluding Ski-Jacket)
· Jackets – Ladies (Excluding Ski-Jacket)
· Blouses
· Coats
· Jeans
· Dresses and Skirts
· Bridal Gowns
· Evening and Party Dresses
· Shirts
· Trousers and Slacks
· Cardigans, Sweaters and Pullovers
· Tee and Sweat Shirts
· Household Products – Glass
· Household Products – Metal
· Household Products – Plastic
· Household Products – Wooden
· Furniture – Chinese Style
· Furniture – Western Style
· Furniture – Outdoor
The annual sales
turnover of the Bridge Group ranges from HK$350 to 450 million. Making a small
profit every year.
The subject has had
an associated company East Asia Buying Services Ltd. which is also located at
the same building. Mr. Mordechai Kafry
and Mr. Wu Chi Kai, Johnico are also directors of this company.
In October 2015, the
subject recruited a senior fashion designer in order to expand its business.
The contact person of
the subject is Ms. Viola Chan. The
history of the subject in Hong Kong is over 23 years and two months.
On the whole,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.17 |
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|
1 |
Rs.100.66 |
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Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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.