MIRA INFORM REPORT

 

 

Report No. :

344140

Report Date :

13.10.2015

 

IDENTIFICATION DETAILS

 

Name :

PARATON (CHINA) LIMITED

 

 

Registered Office :

Room 908-909, 9/F, Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

16.11.1995

 

 

Com. Reg. No.:

530893

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in manufacturing and sale of jewellery products

 

 

No. of Employee :

200

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

Contact Points

 

Company Name (in English):

Paraton (China) Limited

Supplied Name:

PARATON (CHINA) LTD.

Trading Address:

Room 908-909, 9/F, Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong

Supplied Address:

ROOM NO 908-909,9/F HENG NGAI JEWELLERY CENTRE,4 HOK YUEN STREET EAST, HUNG HOM, KLN. HONGKONG

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

PARATON (CHINA) LIMITED

Registered Address:

Room 908-909, 9/F, Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong

Telephone Number:

+852-2774-5639

Fax Number:

+852-2954-1631

E-mail:

info@paraton.com

Date of Registration:

1995-11-16

Registered Number:

530893

Business Registration No.:

19579971

Paid-up Capital:

HKD 1,000,000 (USD 129,000) = 1,000,000 Shares@ HKD 1

(As of 2015.10, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

SITC Code:

89731--Articles of jewellery and parts thereof, of precious metals or metals clad with precious metals (g)

Principal Activities:

Manufacturing and sale of jewellery products

Staff:

About 200 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-11-16

 

History

 

Subject was incorporated on 1995-11-16 with the registered number 530893 as Private Limited Liability Company in Hong Kong.

 

Transfer of Shares:

 

2014-11-16

Transferred From

No. of Shares Transferred

Transferred To

Better Choice Holdings Limited

10,000

Chung Wai Yin

Better Choice Holdings Limited

10,000

Tang Hing Kee

 

 

Corporate Structure

 

Subject did not register any subsidiaries or branches; from other source we could not obtain the relevant information, either.

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Tseung Yung

350,000

35%

Better Choice Holdings Limited

230,000

23%

Wong Chi Kin

200,000

20%

Tang Hing Kee

160,000

16%

Chung Wai Yin

60,000

6%

Total

1,000,000

100%

 

Major Shareholder Information:

1

Name:

Tseung Yung

Address:

3A, King’s Court, Man Fok Rd., Homantin, Kowloon, Hong Kong

2

Name:

Better Choice Holdings Limited

Address:

PO Box 957, Offshore Incorporations Centre, Rd. Town, Tortola, British Virgin Island

3

Name:

Wong Chi Kin

Address:

Flat C, 16F, Blk. 8, Dawning Views, 23 Yat Ming Rd., Fanling, NT, Hong Kong

4

Name:

Tang Hing Kee

Address:

Flat 8F, Wing Fai Garden 29-35 Ting Kok Rd., Tai Po, NT, Hong Kong

5

Name:

Chung Wai Yin

Address:

Flat 24, 4F, Chung Wo Bldg., 3 Chung Wai, St., Tai Kok Tsui, Kln., Hong Kong

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Better Choice Holdings Limited

Address:

PO Box 957, Offshore Incorporations Centre, Rd. Town, Tortola, British Virgin Island

Position:

Director

Reg. Number:

252271

2

Name:

Tseung Yung

Address:

3A, King’s Court, Man Fok Rd., Homantin, Kowloon, Hong Kong

Position:

Director

ID Number:

H364403(2)

3

Name:

Tang Hing Kee

Address:

Flat 8F, Wing Fai Garden 29-35 Ting Kok Rd., Tai Po, NT, Hong Kong

Position:

Secretary

ID Number:

C507708(5)

 

Personnel Structure

 

Total Employees

About 200 Employees

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Room 908-909, 9/F, Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong

 

Premises Information

 

Office address:

Address:

Workshop Unit No.8 On 9th Floor Heng Ngai Jewelry Centre (Formerly Known As Regent Centre) No.4 Hok Yuen Street East Kowloon

Owners:

Paraton (China) Limited

Memorial Number:

05051402240052

ASSIGNMENT

Date of Instrument:

2005-4-20

Date of Registration:

2005-5-14

Consideration Value:

HKD 5,257,500.00 (PT.)

 

History of Premises Owners’

 

1

Memorial No.:

13082102040112

Date of Instrument:

2013-8-5

Date of Registration:

2013-8-21

Nature:

Mortgage

In Favor of:

DBS Bank (Hong Kong) Limited

Consideration:

General Banking Facilities To An Unlimited Extent (Pt.)

2

Memorial No.:

05040102250043

Date of Instrument:

2005-3-22

Date of Registration:

2005-4-1

Nature:

Agreement For Sale And Purchase

In Favor of:

Paraton (China) Limited

Consideration:

HKD 5,257,500.00 (PT.)

3

Memorial No.:

UB6927472

Date of Instrument:

1997-1-29

Date of Registration:

1997-2-13

Nature:

Agreement For Sale And Purchase

In Favor of:

Salem Silk Garment Limited

Consideration:

HKD 5,300,000.00 (PT.)

Note: PT. means of part of.

 

Production Information

 

l  Subject is engaged in manufacturing of jewelry products, etc.

l  It is introduced that subject has a factory in the Mainland of China for production.

 

Purchase Information

 

l  It is introduced that subject’s raw materials are mainly purchased from abroad such as India, etc.

 

Sales Information

 

l  Subject is engaged in sale of jewelry products, etc.

l  The major products of the subject are finger rings, earrings, etc.

l  Subject’s major sales regions include domestic market and abroad.

l  It is introduced that the major customers of the subject are wholesalers and retailers of jewelries

 

 

Settlements

 

Purchase

 

1.     Domestic Purchase

 

Subject has little domestic purchase.

 

2.     Import

Products

Raw materials

Payment Terms

L/C, T/T, etc.

 

Sales

 

1.     Domestic Markets

Product

Jewelry products, etc.

Selling Terms

T/T, Cash, etc.

 

2.     Export

Product

Jewelry products, etc.

Selling Terms

L/C, T/T, etc.

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

 

Public

 

Mortgage Record

 

Company Name:

Paraton (China) Limited

Instrument of Creating Mortgage:

Mortgage

Date of Creating Mortgage:

2013-8-5

Amount Secured:

To secure “all moneys” in respect of general banking facilities and interest thereon.

Name of Mortgagee:

DBS Bank (Hong Kong) Limited

Address of Mortgagee:

11the Floor, The Center, 99 Queen’s Rd. Central, Hong Kong

Description of Property Mortgaged:

All those 47 equal undivided 4,978th parts or shares of and in section D of Kowloon Marine Lot No. 113 (Workshop Units 8 and 9 on the 9th Floor and Lorry Parking Space No. L14 on the Ground Floor of Heng Ngai Jewelry Centre (formerly intended to be known as Regent Center), No. 4 Hok Yuen St. East, Hunghom, Kowloon, Hong Kong)

 

 

Lawsuits

 

Up to now, no present or latent litigation of the subject has been found.

High Court Action:

Clear

High Court Baukufty Bankruptcy Proceedings:

Clear

High Court Commercial Action:

Clear

High Court Construction & Arbitration Proceedings:

Clear

High Court Companies Winding-Up:

Clear

 

 

Special Note

 

Interview Details

Department:

Sales Department

 

 

Industry Information

 

89731--Articles of jewellery and parts thereof, of precious metals or metals clad with precious metals (g)

 

Unit: HKD/000

 

2015.06

2015.01~2015.06

 

Quantity

Value

Quantity

Value

Imports

United Arab Emirates

297,480

172,064

2,589,916

1,822,850

Austria

1,728

784

15,590

3,166

Australia

7,838

9,831

45,356

52,532

Germany

6,852,790

30,382

8,046,585

135,402

The Mainland of China

11,510,999

1,818,819

75,617,896

11,460,516

Britain

199,768

267,517

1,022,507

1,558,654

India

2,852,585

1,307,492

11,322,938

5,776,432

Italy

6,571,692

504,479

33,155,259

3,025,590

Exports

Germany

9,267

8,692

30,663

28,537

Britain

57,365

116,675

242,114

333,492

France

42,564

15,232

208,722

57,577

Japan

10,710

7,164

110,216

63,383

The Mainland of China

214,571

16,260

1,260,063

86,978

India

15,206

340

162,464

10,658

 

External Trade Information:

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2014

4,219,046

55,283

3,617,468

3,672,751

+3.2

-546,295

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

2014.07

368,293

5,120

321,040

326,160

+6.8

-42,132

2014.08

358,750

5,289

321,937

327,225

+6.4

-31,525

2014.09

382,355

4,153

327,833

331,986

+4.5

-50,369

2014.10

381,569

4,392

327,335

331,727

+2.7

-49,842

2014.11

378,946

4,701

322,082

326,783

+0.4

-52,163

2014.12

372,007

4,050

308,705

312,755

+0.6

-59,253

2015.01

348,886

4,468

307,403

311,871

+2.8

-37,015

2015.02

264,220

2,919

225,418

228,337

+7.2

-35,884

2015.03

342,319

4,013

292,100

296,113

-1.8

-46,206

2015.04

331,108

4,202

287,742

291,944

+2.2

-39,164

2015.05

331,940

4,258

287,571

291,830

-4.6

-40,110

2015.06

345,302

4,158

295,361

299,518

-3.1

-45,783

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

Attachment

 

Address: Room 908-909, 9/F, Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong

 

Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong

IMG_1

 

Room 908-909, 9/F, Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong

IMG_4

 

Room 908-909, 9/F, Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong

IMG_5

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.73

UK Pound

1

Rs.99.30

Euro

1

Rs.73.60

 

INFORMATION DETAILS

 

Analysis Done by :

HEN

 

 

Report Prepared by :

ASH

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.