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Report No. : |
340670 |
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Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
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Name : |
COLVETA (HK) LTD. |
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Registered Office : |
Room 1516-1519, 15/F., Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
26.02.1985 |
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Com. Reg. No.: |
09521611 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Long and short skirts, blouses, men’s and ladies’ overcoats, shirts, and other garments. |
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No. of Employees : |
18 |
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 : |
Good |
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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.
|
Source
: CIA |
COLVETA (HK) LTD.
ADDRESS: Room 1516-1519,
15/F., Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2730 5866
FAX: 852-2730 3516
E-MAIL: colveta@colveta.com.hk
MANAGEMENT:
Managing Director: Ms. Kam Suet
Mei, May
Incorporated on: 26th February, 1985.
Organization: Private Limited Company.
Issued Share Capital: HK$450,000.00
Business Category: Manufacturer,
Importer and Exporter.
Annual Turnover: HK$120~150 million.
Employees: 18.
Main Dealing Banker: ING Bank
N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
COLVETA (HK) LTD.
Registered Head
Office:-
Room 1516-1519, 15/F., Ocean Centre, 5 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.
Holding Company:-
Colveta AG, Switzerland.
Associated
Companies:-
Colveta (India) Ltd., India.
Colveta-Modas e Confecções Lda., Portugal.
09521611
0147612
Managing Director: Ms. Kam Suet
Mei
HK$450,000.00
(As per registry dated 26-02-2015)
|
Name |
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No. of shares |
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Colveta AG Winkelriedstrasse 47, P.O. Box 2546, CH-6002 Lucerne, Switzerland. |
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449,999 |
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Kristoff Maria Jozef Sel |
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1 |
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––––––– |
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Total: |
450,000 ====== |
(As per registry dated 26-02-2015)
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Name (Nationality) |
Address |
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KAM Suet Mei |
Flat E, 4/F., Tower 25, Parc Oasis, 34 Grandeur Road, Kowloon, Hong
Kong. |
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Lascombe Ltd. |
Suite 2211, 22/F., Tower 2, Times Square, 1 Matheson Street, Causeway
Bay, Hong Kong. |
(As per registry dated 01-08-2015)
|
Name |
Address |
Co. No. |
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Secreco Ltd. |
36/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong
Kong. |
0139490 |
The subject was incorporated on 26th February, 1985 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Collerion Ltd.,
name changed to Colveta HK Ltd. on 20th June 1985; and further changed to the
present style on 14th July, 1987.
Formerly the subject was located at Room 803, 8/F., Ocean Centre, 5
Canton Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1517-1519,
15/F. of the same building in October 2002.
The subject increased more floor space by occupying Room 1516 in
September 2009.
One of the shareholders of the subject changed on 6 February, 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer and Exporter.
Lines: Long
and short skirts, blouses, men’s and ladies’ overcoats, shirts, and other
garments.
Employees: 18.
Raw Materials:-
Raw materials – Europe, India.
Finished products – China.
Markets: Switzerland
and other European countries.
Annual Turnover: HK$120~150
million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P
Issued Share Capital: HK$450,000.00
Profit or Loss: Made
profits in the past years.
Condition: Keeping in an active
condition.
Facilities: Is making use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: ING Bank N.V., Hong Kong Branch.
Standing: Good.
Colveta (HK) Ltd. is a wholly-owned subsidiary of Colveta AG [Colveta]
which is a Switzerland-based firm.
The minor shareholder of the subject Ms. Kristoff Maria Jozef Sel joined
on 6th February, 2015 while the old shareholder Alfred Elzas resigned on the
same date.
One of the directors of the subject Lascombe Ltd. is a Hong
Kong-registered firm.
Formerly known as
Colveta HK Ltd., the subject is a garment trader. It is trading in the following products:-
The subject carries the following main brands: “DIDI”, “SPS”, “VET”, etc.
Products are manufactured by its affiliated factories in
Guangdong Province, China or sourced from other contractors. Most of the garments are exported to
Switzerland and other European countries.
Business is active and steady.
Colveta is a garment distributor in Switzerland. The subject’s former director Mr. Francisco
Manuel Freitas De Azevedo Miranda, a Portuguese merchant, is also the owner of
Colveta.
Besides Switzerland, the subject also exports some of the garments to
the Netherlands, Portugal and the other European countries. However, Switzerland is the main market.
The main functions of the subject are raw materials sourcing, products
marketing, payments settling for its affiliated factories in China.
Colveta is a rather significant garment distributor in Switzerland. Regular customers have been maintained in the
country.
In the past years, the subject had certain amount of capitals deposited
in ING Bank N.V., Hong Kong Branch for acquiring banking facilities.
The managing director of the subject Ms. Kam Suet Mei, May is a
Hong Kong businesswoman. She is
also the contact person of the subject.
The annual sales turnover of the subject ranges from HK$120 to 150
million. Making a small profit every
year.
The subject is fully supported by its holding company in Switzerland.
As the history of the subject is over 30 years and six months in Hong
Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.37 |
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|
1 |
Rs.102.54 |
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Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
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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.