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Report No. : |
343701 |
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Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
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Name : |
MILLIONFULL CO. LTD. |
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Registered Office : |
25-26/F., China United Plaza, 1008 Tai Nan West Street, Kowloon, |
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Country : |
Hong Kong. |
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Date of Incorporation : |
01.02.1980 |
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Com. Reg. No.: |
06589127 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Textile Product. |
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No. of Employee : |
35 |
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) |
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Hong Kong. |
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 |
HONG KONG ECONOMIC
OVERVIEW
Hong Kong has a free market economy, highly dependent on internationalTRADE 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.
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Source
: CIA |
MILLIONFULL CO. LTD.
ADDRESS: 25-26/F., China
United Plaza, 1008 Tai Nan West Street, Kowloon, Hong Kong.
PHONE: 852-2741 3103
FAX: 852-2785
1324, 2785 3115
E-MAIL: albert@millionfull.com
MANAGEMENT
Managing Director: Mr. Ngan Kam
Wai (alias Albert Ngan)
Incorporated on: 1st February,
1980.
Organization: Private Limited Company.
Issued Share Capital: HK$30,000,000.00
Business Category: Textile
Product Trader.
Employees: 35.
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Very Good.
Registered Head
Office:-
25-26/F., China United Plaza, 1008 Tai Nan West Street, Kowloon,
Hong Kong.
Retail Shop and
Warehouse:-
10/F., Tung Luen Ind. Building, 1-4 Yip Shing Street, Kwai Chung,
New Territories, Hong Kong
[Tel (852) 2392 6198; Fax (852)
2789 4236]
Associated
Companies:-
Kingdom Holdings Ltd., Cayman Islands/Hong Kong.
Millionfull International Co. Ltd., British Virgin Islands.
Padlot Investments Ltd., Hong Kong.
06589127
0078111
Managing Director: Mr. Ngan Kam
Wai (alias Albert Ngan)
HK$30,000,000.00
(As per registry dated 01-02-2015)
|
Name |
|
No. of shares |
|
CHOI Po King |
|
10,000 |
|
NGAN Kam Wai, Albert |
|
1,506,600 |
|
NGAN CHAN Sau Kat, Kattie |
|
670,000 |
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YEN Yuk Mui |
|
227,400 |
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NGAN Lai Yuen |
|
508,000 |
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LEUNG Suk Kou |
|
45,000 |
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NGAN Sau Yuen |
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33,000 |
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–––––––– |
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Total: |
3,000,000 ======= |
(As per registry dated 01-02-2015)
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Name (Nationality) |
Address |
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NGAN CHAN Sau Kat, Kattie |
Flat A & B, 9/F., Skylodge 3, Dynasty Heights, 2-8 Yin Ping Road,
Beacon Hill, Kowloon, Hong Kong. |
|
NGAN Lai Yuen |
25/F., China United Plaza, 1008 Tai Nan West Street, Kowloon, Hong
Kong. |
|
NGAN Kam Wai, Albert |
Flat A & B, 9/F., Skylodge 3, Dynasty Heights, 2-8 Yin Ping Road,
Beacon Hill, Kowloon, Hong Kong. |
NGAN CHAN Sau Kat, Kattie (As per registry dated 01-02-2015)
The subject was incorporated on 1st February, 1980 as a private limited
liability company under the Hong Kong Companies Ordinance.
Last time it was located at 18/F., China United Plaza, 1008 Tai Nan West
Street, Kowloon, Hong Kong, moved to 25-26/F. of the same building with
effect from February 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Textile Product Trader.
Lines: Ramie/linen/cotton
piecegoods & yarns.
Employees: 35.
Commodities Imported: China, other
Asian countries.
Markets: Hong Kong, other
Asian countries, Europe, North America
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C, T/T, D/P
The Chinese General Chamber of Commerce, Hong Kong.
The Chinese Manufacturers’ Association of Hong Kong, Hong Kong. [Member No. 010389]
Issued Share Capital: HK$30,000,000.00
Mortgage or Charge (since 2009):
(See attachment)
Profit or Loss: Making a small
profit every year.
Condition: Keeping in a
satisfactory manner.
Facilities: Making active use
of general banking facilities.
Payment: Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
The Bank of East Asia Ltd., Hong Kong.
Standing: Very Good.
Having issued 3 million ordinary shares of HK$10.00 each, Millionfull
Co. Ltd. is chiefly owned by the Ngan family.
Two of the main shareholders are Mr. Ngan Kam Wai, Albert, holding
50.22% interests, and Mrs. Ngan Chan Sau Kat, Kattie, holding 22.33%.
The subject is a business of the Ngan family.
The subject has been supplying linen fabrics and linen mixture fabrics
worldwide since 1978. It was the first
firm to introduce such fabrics from China to be used in garment manufacturing.
The subject’s retailing shop and warehouse are located at a different
address.
The subject also has spinning and weaving mills in Mainland China. It also works with dyeing mills with distinct
areas of expertise in China.
The subject’s retailing outlet and warehouse in Hong Kong are selling
and displaying, stocking its products.
It also offers customers with complete services for the development of
customised fabrics. Since its
establishment, it has been engaged in the production of different kinds of
fabrics.
The subject’s products have been exported to the United States, Europe,
Japan, Australia and New Zealand.
The subject is one of the shareholders of Kingdom Holdings Ltd.
[KHL/Group] which is a listed firm in Hong Kong. The subject is holding 10.8% interests of KHL
which is also registered in the Cayman Islands.
The Non-Executive Director of KHL is also Mr. Ngan Kam Wai, Albert.
For the year ended 31st December, 2014, the Group’s turnover increased
by 20% to RMB914.3 million Yuan (2013: RMB761.9 million Yuan); gross profit
rose by 18.4% year-on-year to RMB245.0 million Yuan (2013: RMB206.9
million Yuan) with an increase in profit attributable to owners of the parent
of 10.0% year-on-year to RMB110.5 million Yuan (2013: RMB100.4 million
Yuan).
The history of the subject in Hong Kong is over 35 years and eight
months.
On the whole, in view of the background and history of the subject,
consider it good for normal business engagements.
(Since 2009)
|
Date |
Description of Instrument |
Mortgagee |
|
28-08-2009 |
Assignment of Insurance Policy (Two Party) |
Hang Seng Bank Ltd., Hong Kong. |
|
30-04-2010 |
Mortgage |
Hang Seng Bank Ltd., Hong Kong. |
|
30-09-2014 |
Charge Over Deposits/Securities (2-Parties) |
Hang Seng Bank Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.65.26 |
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|
1 |
Rs.99.53 |
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Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
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Report Prepared
by : |
ANK |
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.