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Report No. : |
351286 |
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Report Date : |
30.11.2015 |
IDENTIFICATION DETAILS
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Name : |
FABRICNATION LTD. |
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Registered Office : |
Room 1602, 16/F., Bonham Trade Centre, 50 Bonham Strand, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.06.2001 |
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Com. Reg. No.: |
31972632 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Decorative fabrics, decorative homeware,
furniture, giftware, novelties, ceramic products, tableware. |
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Employees: |
6 |
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 |
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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 |
FABRICNATION
LTD.
ADDRESS: Room 1602, 16/F., Bonham Trade Centre, 50
Bonham Strand, Sheung Wan, Hong Kong.
PHONE: 852-2180 8772
FAX: 852-2180 9330
E-MAIL: anthony.tan@fabricnation.net
Managing Director: Mr.
Tan Keng Huat, Anthony
Incorporated on: 27th
June, 2001.
Organization: Private
Limited Company.
Issued Share Capital: HK$2.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
FABRICNATION
LTD.
ADDRESS:
Registered
Head Office:-
Room 1602, 16/F., Bonham Trade Centre, 50
Bonham Strand, Sheung Wan, Hong Kong.
Associated
Company:-
Fabricnation (Singapore) Pte. Ltd.,
Singapore.
31972632
0761602
Managing Director: Mr. Tan Keng Huat, Anthony
HK$2.00
(As per registry dated 27-06-2015)
|
Name |
|
No.
of shares |
|
LEE Chi Yin, Danny |
|
1 |
|
TAN Keng Huat |
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1 |
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|
–– |
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Total: |
2 = |
(As per registry dated 27-06-2015)
|
Name (Nationality) |
Address |
|
LEE Chi Yin, Danny |
Flat B, 4/F., Block 18, Hoi Fai Mansion,
Riviera Gardens, Tsuen Wan, New Territories, Hong Kong. |
|
TAN Keng Huat |
Flat B2, 12/F., King’s View Court, 905
King’s Road, Quarry Bay, Hong Kong. |
LEE Chi Yin, Danny (As per registry dated
27-06-2015)
The subject was incorporated on 27th June,
2001 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly the subject was located at Flat B,
4/F., Block 18, Hoi Fai Mansion, Riviera Gardens, Tsuen Wan,
New Territories, Hong Kong, moved to Room 1205, 12/F., New Victory
House, 93-103 Wing Lok Street, Sheung Wan, Hong Kong with effect from 1st
October, 2002. The subject moved to the
present address in April 2013.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Decorative
fabrics, decorative homeware, furniture, giftware, novelties, ceramic products,
tableware.
Employees: 6.
Commodities Imported: Denmark, Netherlands, other European countries, etc.
Markets: Hong
Kong, China, other Asian countries, Australia, etc.
Terms/Sales:
COD or as per
contracted.
Terms/Buying: As per
contracted.
Issued Share Capital: HK$2.00
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met as
required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Normal.
Fabricnation Ltd. is equally owned by Mr.
Danny Lee Chi Yin and Mr. Anthony Tan Keng Huat. The subject has just issued 2 ordinary shares
of HK$1.00 each while each of the shareholders holds a single share.
Incorporated in June 2001, the subject is
trading in decorative fabrics, decorative homeware, furniture, giftware,
novelties, ceramic products, tableware, arts and crafts, etc.
Most of the commodities are imported from
Denmark, the Netherlands, other European countries, etc. Prime markets are Hong Kong, China, other
Asian countries, Southeast Asia, Australia, etc.
The subject’s decorative fabrics bear the
brand name “KVADRAT” which is imported from Denmark. The supplier is Kvadrat A/S, a Denmark-based
firm. The subject also imports large
quantities of ceramic products from the Netherlands. The main supplier is Royal Tichelaar Makkum
which is a ceramic product manufacturer in the Netherlands. According to the subject, most of Royal
Tichelaar Makkum’s products are designed by Ms. Hella Jongerius who is a female
Dutch designer.
Mr. Anthony Tan is a Singapore
merchant. He can be reached at his
Hong Kong mobile phone number 852-9498 0626.
Now, the subject has set up an associated
company in Singapore known as Fabricnation (Singapore) Pte. Ltd. This company is registered in Singapore. The contact person of the Singapore company
is Mr. Ching Lim who can be reached at his Singapore mobile phone number
65-9788 0887.
The Singapore company and the subject are
engaged in the same lines of business.
The subject’s business is chiefly handled by
the two shareholders. History in Hong
Kong is over fourteen years and four months.
On the whole, consider the subject good for
normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.68 |
|
Euro |
1 |
Rs.70.88 |
|
Hkd |
1 |
Rs.8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
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 |
|
<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.