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Report No. : |
351207 |
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Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
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Name : |
DRAGON PROOF LTD. |
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Registered Office : |
Room 1103, 11/F., 118 Connaught Road West, Sheung Wan |
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Country : |
Hong Kong
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Date of Incorporation : |
23.11.1990 |
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Com. Reg. No.: |
14217441 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of wigs, hair pieces, other related products. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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 |
DRAGON PROOF LTD.
ADDRESS: Room 1103, 11/F.,
118 Connaught Road West, Sheung Wan, Hong Kong.
PHONE: 852-2559 5385
FAX: 852-2548 5479
E-MAIL: raymond@niceton.corp.com.hk
MANAGEMENT:
Managing Director: Mr. Guan Wei
Min, Raymond
Incorporated on: 23rd November, 1990.
Organization: Private Limited Company.
Issued Share Capital: HK$100,000.00
Business Category: Importer, Exporter
and Wholesaler.
Employees: 8.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
DRAGON PROOF LTD.
Registered Head
Office:-
Room 1103, 11/F., 118 Connaught Road West, Sheung Wan, Hong Kong.
Associated
Factories:-
Qingdao Bushin Hair Products Co. Ltd.
Jiaozhouwan Industry Park, Jiaozhou, Qingdao City, Shandong Province,
China.
[Tel: 86-532-8526 2882; Fax:
86-532-8526 2662]
Xuchang Dragon Proof Fashion Ltd.
Economic & Technological Development Zone, Yangguang Road, Xuchang
City, Henan Province, China.
[Tel: 86-374-3268377; Fax:
86-374-3218677
E-mail: xcdpl@dragonproof.com]
Holding Company:-
Niceton International Holdings Ltd., British Virgin Islands.
Associated
Companies:
Niceton Industrial (H.K.) Ltd., Hong Kong.
Niceton International Ltd., Hong Kong.
14217441
0292326
Managing Director: Mr. Guan Wei
Min, Raymond
Director & Contact Person:
Ms. Xiao Feng
Contact Person: Mr. Hawkins Guan
HK$100,000.00
(As per registry dated 23-11-2014)
|
Name |
|
No. of shares |
|
Niceton International Holdings Ltd. P.O. Box 3152, Road Town, Tortola, British Virgin Islands. |
|
99,999 |
|
XIAO Feng |
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1 |
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|
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––––––– |
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Total: |
100,000 ====== |
(As per registry dated 23-11-2014)
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Name (Nationality) |
Address |
|
GUAN Wei Min, Raymond |
Flat A, 6/F., Block 2, 1 Po Shan Road, Mid-Levels, Hong Kong. |
|
XIAO Feng |
Flat A, 6/F., Block 2, 1 Po Shan Road, Mid-Levels, Hong Kong. |
|
GUAN Hong Yan |
Flat A, 6/F., Block 2, 1 Po Shan Road, Mid-Levels, Hong Kong. |
|
Niceton International Holdings Ltd. |
P.O. Box 3152, Road Town, Tortola, British Virgin Islands. |
XIAO Feng (As per registry dated
23-11-2014)
The subject was incorporated on 23rd November, 1990 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 2006, 20/F., 118 Connaught Road
West, Sheung Wan, Hong Kong, moved to Room 3102-3103, 31/F. of the same
building in August 2006, and further to Room 1103, 11/F. of the same building
in August 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of wigs, hair pieces, other related products.
Trade mark: DPL.
Employees: 8.
Materials/Commodities Imported:-
Raw materials – Europe,
other Asian countries.
Finished products
– China.
Markets: Europe,
North America.
Terms/Sales: As per
contracted.
Terms/Buying: L/C, D/P
and D/A.
MEMBERSHIP: Federation
of Hong Kong Industries, Hong Kong.
[Member No. A7300]
The Chinese Manufacturers’ Association of
Hong Kong, Hong Kong.
[Membership No. 010863]
Issued Share Capital: HK$100,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping in a
satisfactory manner.
Facilities: Rather actively
using general banking facilities.
Payment: No Complaints.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Good.
Having issued 100,000 ordinary shares of HK$1.00 each, Dragon Proof Ltd.
formerly was jointly owned by a couple, Mr. Raymond Guan Wei Min, holding 65%
interests; and Ms. Xiao Feng, holding 35%.
Now, the subject has become a wholly-owned subsidiary of Niceton
International Holdings Ltd. which is a BVI-registered firm.
Guan and Xiao were Chinese citizens who have been in Hong Kong for a
long time and now have become Hong Kong citizens.
The subject is a wigs trader. It
has got its own factories in China known as Xuchang Dragon Proof Fashion Ltd.
[DF] and Qingdao Bushin Hair Products Co. Ltd.
The former is in Xuchang City, Henan Province while the latter in
Qingdao City, Shandong Province, China.
DF is one of the largest hair products manufacturers in China. It is solely funded by the subject. It is located in the Xuchang Economic and
Technological Development Zone, Henan Province, China. Specialized in the development and
manufacture of all kinds of hair products, DF covers an area of 98,530
sq.m. Its assets are over RMB360 million
Yuan and employing about 2,800 employees.
DF is engaged in manufacturing and exporting different styles, various
colours and all sizes human hair wefts, man and woman wigs, and accessories,
which are the most popular in the America, the United Kingdom, France, Japan,
Nigeria, and South Africa.
The monthly
production capacity of DF is the following:-
Most of the products bear the trade mark DPL which has been registered
in China.
Now, the annual sales turnover of DF ranges from RMB360 to 400 million
Yuan. Business is profitable.
The subject has had an associated company Niceton International Ltd.
[NIL] located at the same address. NIL
and the subject are engaged in the same lines of business, more or less.
According to the subject, it also trades in tableware (Glass products),
stainless steel products, dinner ware, glass ware, coffee mugs.
NIL has been the supplier of the following significant companies:
Disney, American Greetings, Wal-Mart, Target, Nestle, Unilever.
NIL has got ISO 9001:2008 certification.
Having a history of more than twenty-five years, the subject has
developed long terms buyers in Japan, the United States, Africa and some of the
European countries.
On the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
26-03-2010 |
Instrument: Legal Charge/Mortgage Property: 28/5,674th parts or shares of and in Section A of Marine Lot No. 534, The
Remaining Portion of Marine Lot No. 533, Section A of Marine Lot No. 532,
Section A of Marine Lot No. 531, Section A of Marine Lot No. 530, Section A
of Marine Lot No. 529, The Remaining Portion of Marine Lot No. 528, Marine
Lot No. 527, Marine Lot No. 475, Marine Lot No. 474, Marine Lot No. 473,
Marine Lot No. 472, Inland Lot No. 2866, The Remaining Portion of Inland Lot
No. 2871, The Remaining Portion of Inland Lot No. 2860, The Remaining Portion
of Inland Lot No. 2870 and The Remaining Portion of Inland Lot No. 2861 (Unit
3 on 11/F. of 118 Connaught Road West, 118 Connaught Road West, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure all moneys in respect of banking facilities |
|
26-03-2010 |
Instrument: Rental Assignment Property: 28/5,674th parts or shares of and in Section A of Marine Lot No. 534,
The Remaining Portion of Marine Lot No. 533, Section A of Marine Lot No. 532,
Section A of Marine Lot No. 531, Section A of Marine Lot No. 530, Section A
of Marine Lot No. 529, The Remaining Portion of Marine Lot No. 528, Marine
Lot No. 527, Marine Lot No. 475, Marine Lot No. 474, Marine Lot No. 473,
Marine Lot No. 472, Inland Lot No. 2866, The Remaining Portion of Inland Lot
No. 2871, The Remaining Portion of Inland Lot No. 2860, The Remaining Portion
of Inland Lot No. 2870 and The Remaining Portion of Inland Lot No. 2861 (Unit
3 on 11/F. of 118 Connaught Road West, 118 Connaught Road West, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure all moneys in respect of banking facilities |
|
30-04-2010 |
Instrument: Tripartite Second Legal
Charge/Mortgage Property: 28/5,674th parts or shares of and in Section A of Marine Lot No. 534, The
Remaining Portion of Marine Lot No. 533, Section A of Marine Lot No. 532,
Section A of Marine Lot No. 531, Section A of Marine Lot No. 530, Section A
of Marine Lot No. 529, The Remaining Portion of Marine Lot No. 528, Marine
Lot No. 527, Marine Lot No. 475, Marine Lot No. 474, Marine Lot No. 473,
Marine Lot No. 472, Inland Lot No. 2866, The Remaining Portion of Inland Lot
No. 2871, The Remaining Portion of Inland Lot No. 2860, The Remaining Portion
of Inland Lot No. 2870 and The Remaining Portion of Inland Lot No. 2861 (Unit
3 on 11/F. of 118 Connaught Road West, 118 Connaught Road West, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure all moneys in respect of banking facilities |
|
30-04-2010 |
Instrument: Further Tripartite Rental Assignment Property: 28/5,674th parts or shares of and in Section A of Marine Lot No. 534,
The Remaining Portion of Marine Lot No. 533, Section A of Marine Lot No. 532,
Section A of Marine Lot No. 531, Section A of Marine Lot No. 530, Section A
of Marine Lot No. 529, The Remaining Portion of Marine Lot No. 528, Marine
Lot No. 527, Marine Lot No. 475, Marine Lot No. 474, Marine Lot No. 473,
Marine Lot No. 472, Inland Lot No. 2866, The Remaining Portion of Inland Lot
No. 2871, The Remaining Portion of Inland Lot No. 2860, The Remaining Portion
of Inland Lot No. 2870 and The Remaining Portion of Inland Lot No. 2861 (Unit
3 on 11/F. of 118 Connaught Road West, 118 Connaught Road West, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure all moneys in respect of banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
|
HKD |
1 |
Rs.8.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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 |
|
|
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 |
-- |
|
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.