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Report No. : |
349757 |
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Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
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Name : |
KONRAD WORLDWIDE LTD. |
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Registered Office : |
Unit 1506, 15/F., One Harbourfront, 18 Tak Fung Street, Hunghom, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
14.08.2006 |
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Com. Reg. No.: |
37107542 |
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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) |
|
Hong Kong |
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 |
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 |
KONRAD WORLDWIDE LTD.
ADDRESS: Unit 1506, 15/F.,
One Harbourfront, 18 Tak Fung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2954 2266
FAX: 852-2954 2890
E-MAIL: peter.ho@ksphkg.com
MANAGEMENT:
Managing Director: Mr. Wu Chi
Jai, Johnico
Incorporated on: 14th August, 2006.
Organization: Private
Limited Company.
Issued Share Capital: HK$10.00
Business Category: Importer
and Exporter.
Group Annual Turnover: HK$350~450 million
Employees: 15. (Including associates)
Main Dealing Banker: The
Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
KONRAD WORLDWIDE LTD.
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.
KSP Global (HK) Ltd., Hong Kong.
KSP India Pvt. Ltd., India.
KSP Ltd., Hong Kong.
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.
37107542
1066997
Chairman & Chief Executive Officer:
Mr. Mordechai Kafry
Managing Director: Mr. Wu Chi
Jai, Johnico
Contact Person: Ms. Viola Chan
HK$10.00
(As per registry dated 14-08-2015)
|
Name |
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No. of shares |
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The Bridge Holding Ltd., Hong Kong. |
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10 == |
(As per registry dated 14-08-2015)
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Name (Nationality) |
Address |
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Mordechai KAFRY |
1/F., May Tower II, 5 May Road, Hong Kong. |
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SO Tat Ming |
Flat A8, 12/F., Nam Hung Mansion, 5 Belcher’s Street, 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 14-08-2015)
|
Name |
Address |
Co. No. |
|
Teamwork Secretarial Co. Ltd. |
11/F., Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong
Kong. |
0248117 |
The subject was incorporated on 14th August, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
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.
Markets: Asian
countries, Europe, North America.
Group Annual Turnover: HK$350~450
million
Terms/Sales: L/C, T/T.
Terms/Buying: L/C, D/P, O/A.
Issued Share Capital: HK$10.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active
condition.
Facilities: Making quite active use of
general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Good.
Banker: The Hong kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
Having issued 10 ordinary shares of HK$1.00 each, Konrad Worldwide Ltd.
is a wholly owned subsidiary of The Bridge Holding Ltd. [Bridge] which is
located at the same operating address as the subject.
The subject is trading in garments, other textile products, furniture,
electric appliances,. However, the
subject’s main business line 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. Kafry is a Hong Kong ID Card holder and has
got the right to reside in Hong Kong permanently.
The main
activities of the Group are:-
·
Manufacturing
·
Buying office
·
Retailing
·
Investment
The subject has had an associated company KSP Ltd. [KSP] located at its
operating address. The subject and KSP
are engaged in the same lines of business.
Besides KSP, the subject has had an associated company Hoodvian Ltd.
[Hoodvian] located at the same 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
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Jeans
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Dresses and skirts
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Bridal gown
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Evening and party dresses
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Shirts
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Trousers and slacks
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Cardigan , sweater and pullover
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Tee and sweat shirts
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Household products – glass
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Household products – metal
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Household products – plastic
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Household products – wooden
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Furniture – Chinese style
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Furniture – Western style
·
Furniture – outdoor
Most of the products are exported to North America and Europe.
The annual sales turnover of the Bridge Group ranges from HK$350 to 450
million. Making a small profit every
year.
The contact person of the subject is Ms. Viola Chan who is an employee
of the subject. The history of the
subject in Hong Kong is over nine years and two months. On the whole, consider
the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.98 |
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|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
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Report Prepared
by : |
TPT |
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.