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Report No. : |
347041 |
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Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
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Name : |
WALLON COTTON LTD. |
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Registered Office : |
Room 405, 4/F., Eastern Commercial Centre, 393-407 Hennessy Road |
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Country : |
Hong Kong
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Date of Incorporation : |
28.04.1997 |
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Com. Reg. No.: |
20930320 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Cotton. |
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No. of Employees : |
7 |
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
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.
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Source
: CIA |
WALLON COTTON LTD.
ADDRESS: Room 405, 4/F.,
Eastern Commercial Centre, 393-407 Hennessy Road, Hong Kong.
PHONE: 852-2891 1165
FAX: 852-2834 5029
E-MAIL: wallon@walloncotton.com
MANAGEMENT:
Managing Director: Ms. Lee Mei
Yin, Vivienne
Incorporated on: 28th April, 1997.
Organization: Private Limited Company.
Issued Share Capital: HK$500,000.00
Business Category: Cotton
Trader.
Annual Turnover: HK$120 - 150 million.
Employees: 7.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WALLON COTTON LTD.
Registered Head
Office:-
Room 405, 4/F., Eastern Commercial Centre, 393-407 Hennessy Road, Hong
Kong.
Associated
Company:-
Shanghai Shuofeng Cotton Co. Ltd.
Flat 102, 10/F., Jing Yuan, 1765 Hongqiao Road, 200336 Shanghai, China.
[Tel: 86-21-6270 1545; Fax:
86-21-6270 1546]
20930320
0605592
Managing Director: Ms. Lee Mei
Yin, Vivienne
HK$500,000.00
As per registry dated 28-04-2015)
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Name |
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No. of shares |
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LEE Mei Yin |
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350,000 |
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Vily KU |
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150,000 |
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–––––– |
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Total: |
500,000 ====== |
(As per registry dated 28-04-2015)
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Name (Nationality) |
Address |
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VilY KU |
Room B, 15/F., Block 2, Ruby Court, 55 South Bay Road, Hong Kong. |
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Ateng SETIAWAN LIE |
123 Kopo Bandung, Indonesia. |
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LEE Mei Yin |
Room B, 15/F., Block 2, Ruby Court, 55 South Bay Road, Hong Kong. |
LEE Mei Yin (As per registry
dated 28-04-2015)
The subject was incorporated on 28th April, 1997 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: Cotton
Trader.
Lines: Cotton.
Employees: 7.
Commodities Imported: US,
Southeast Asia, Egypt, India, Pakistan.
Markets: Worldwide
countries.
Annual Turnover: HK$120
- 150 million.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$500,000.00
Mortgage or Charge (Since July 2010):
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
rather active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Standing: Good.
Having issued 500,000 ordinary shares of HK$1.00 each, Wallon Cotton
Ltd. is jointly owned by Ms. Lee Mei Yin, holding 70% interests, and Ms. Vily
Ku, holding 30%.
The subject is a cotton trader.
It has had an associated company in Shanghai, China known as Shanghai Shuofeng
Cotton Co. Ltd. [Shuofeng], a China-based firm.
Shuofeng is the branch company of the subject in China. The contact person of Shuofeng is Mr. Xu Jun
who is a Chinese.
The subject imports cottons from various sources and markets in
China. The subject imports cotton from
the following countries: Sudan, West Africa, India, Pakistan, Egypt,
Uzbekistan, Xinjiang of China, Brazil, Uganda, Turkey, Greece, East Africa,
Argentina, Parquet.
Its business partners are also in Sri Lanka, the United States,
Southeast Asia.
Cotton is marketed in Hong Kong, China or re-exported to Southeast Asia,
especially Indonesia, etc. One of the
directors of the subject Ateng Setiawan Lie is responsible for the business in
Indonesia.
Most of the subject’s customers are spinning factories in China and
Southeast Asia.
According to the subject, it is able to provide customers with good
quality cotton and efficient logistic services.
The annual sales turnover of the subject ranges from HK$120 to 150
million. Business is profitable and
active.
As the history of the subject is about 18 years and six months in Hong
Kong, on the whole, consider it good for normal business engagements.
(Since July 2010)
|
Date |
Particulars |
Amount |
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02-07-2010 |
Instrument: Charge Over Inventory Property: The Secured Property, being the Chargor’s right, title and interest,
whether present or future, in:- a) all Goods: (i) in respect of which
the Collateral manager has issued Warehouse Receipts to the Bank; or (ii) held or stored in
any of the Warehouses; or (iii) under the control or
custody of the Collateral Manager; b) any other cotton, cotton yard or other related goods owned or held,
or which come into the possession or control of, the Chargor from time to
time; and c) the Marine Cargo Insurance, the Property Insurance and any other
insurance policies relating to the goods referred to in paragraphs (a) and
(b) above and the proceeds of any claim under those policies. Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure payment of the Secured Money, being all amounts that, at any
time, for any reason or circumstance |
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13-07-2010 |
Instrument: Security Over Deposits Property: A deposit with the chargee in the amount of US$1,250,000 under Deposit
No. 808-800312 Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) all monies in any currency owing by the Company to the Chargee;
(ii) interest on such monies; and (iii) all expenses of the chargee in
prefecting or enforcing the charge |
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03-11-2010 |
Instrument: Pledge Agreement on Goods and
Warehouse Receipt Property: 1 The Pledgor agrees to
create pledges in favor of the Pledgee over the Warehouse Receipt(s) and the
Goods. 2. The Pledgor shall, on demand
by the Pledgee or in compliance with the banking facility letter, a
collateral management agreement and any other documents. 3. Before the Secured
Liabilities have been fully discharged, upon the request of the Pledgee, the
Pledgor shall pledge to the Pledgee such additional Pledged Assets as to
ensure that the Security created under the Agreement in favor of the Pledgee
is not reduced or impaired. 4. The Pledgor shall
effect all necessary insurances at its own cost and expense, as may be
required by the Pledgee. Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
As security for the full and punctual payment, performance and
discharge of all and any of all debts and monetary liabilities of the Pledgor
to the Pledgee under a banking facility letter dated 2nd July, 2010. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.22 |
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|
1 |
Rs.99.93 |
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Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared by
: |
TPT |
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.