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Report No. : |
342480 |
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Report Date : |
30.09.2015 |
IDENTIFICATION DETAILS
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Name : |
TOMMY LEE HANDBAGS MANUFACTURING LTD. |
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Registered Office : |
Room 2703, 27/F.,
New Treasure Centre, 10 Ng Fong Street, San Po Kong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.10.2005 |
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Com. Reg. No.: |
36094297 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler All Kinds of
Leather Handbags, Leather Bags |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRAs 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 |
TOMMY LEE
HANDBAGS MANUFACTURING LTD.
ADDRESS: Room 2703, 27/F., New
Treasure Centre, 10 Ng Fong Street, San Po Kong, Kowloon, Hong Kong.
PHONE: 852-3586
9308
FAX: 852-3586
9300
MANAGEMENT:
Managing Director:
Ms. Cheng Fung Ying
Incorporated on: 6th October, 2005.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 7.
Main Dealing Banker: Wing
Hang Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 2703, 27/F., New Treasure Centre, 10 Ng Fong Street,
San Po Kong, Kowloon, Hong Kong.
Associated Factory:-
Dongguan Tommy Lee Handbags Manufacturing Ltd.
Quantang Industrial Area, Liaobu Town, Dongguan City,
Guangdong Province, China.
[Tel: 86-769-8890 3700]
36094297
0999933
Managing Director:
Ms. Cheng Fung Ying
HK$1,000,000.00
(As per registry dated 06-10-2014)
|
Name |
|
No. of shares |
|
LEE Man Sheung |
|
400,000 |
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CHENG Fung Ying |
|
300,000 |
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LEE Chau Ying |
|
150,000 |
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LEE Chi Fung |
|
150,000 |
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Total: |
1,000,000 ======= |
(As per registry dated 06-10-2014)
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Name (Nationality) |
Address |
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CHENG Fung Ying |
House 2, Miami Crescent, 328 Fan Kam Road,
Sheung Shui, New Territories, Hong Kong. |
|
LEE Chau Ying |
House 2, Miami Crescent, 328 Fan Kam Road,
Sheung Shui, New Territories, Hong Kong. |
|
LEE Chi Fung |
House 2, Miami Crescent, 328 Fan Kam Road,
Sheung Shui, New Territories, Hong Kong. |
|
LEE Man Sheung |
House 2, Miami Crescent, 328 Fan Kam Road, Sheung Shui,
New Territories, Hong Kong. |
(As per registry dated 06-10-2014)
|
Name |
Address |
Co. No. |
|
Well Dragon Asia Ltd. |
21/F., Yue Thai Commercial Building, 128 Connaught
Road Central, Hong Kong. |
0512327 |
The subject was incorporated on 6th October, 2005 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: Importer,
Exporter and Wholesaler.
Lines: All
kinds of leather handbags, leather bags
Employees: 7.
Commodities Imported: Imports
raw materials from European countries, some of the Asian countries and finished
products from China.
Markets: Europe, US, Asian
countries
Terms/Sales: L/C,
T/T
Terms/Buying: As per contracted.
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date of Trade Finance Security Assignment: 06-10-2009
Amount: All
obligations and liabilities
Property: The
Borrower as beneficial owner:
(a) Assigns
and agrees to assign absolutely to the Bank all the present and future rights,
title, interests and benefits of Borrower in and to the following assets:
(i) the
Export Credits;
(ii) the
Export Collection Bills;
(iii) the
Sales Contracts;
(iv) the
Invoice Receivables;
(v) the
Insurances;
(vi) the
Trade Documents; &
(vii) All
claims, remedies and proceeds
(b) Charges
and agrees to charge to the Bank by way of first fixed charge all the present and
future rights, title, interests and benefits of the Borrower in and to the
following assets:
(i) The
Goods together with their proceeds; &
(ii) the
Charged Account and all monies at any time standing to the credit of the
Charged Account, including all interest from time to time accrued or accruing
on such monies; &
(c) Pledges
to the Bank the Pledged Goods and the Trade Documents
Mortgagee: Wing
Hang Bank Ltd., Hong Kong.
(Account Nos:
834-889643-001;
834-889643-998)
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.
Banker: Wing Hang
Bank Ltd., Hong Kong.
Standing: Normal.
Having issued 1 million ordinary shares of HK$1.00 each,
Tommy Lee Handbags Manufacturing Ltd. is jointly owned by Mr. Lee Man Sheung,
holding 40% interests; Ms. Cheng Fung Ying, holding 30%; Ms. Lee Chau Ying, 15%
and Mr. Lee Chi Fung, also 15%. Being
Hong Kong merchants, they are also directors of the subject.
The subject is a leather handbag manufacturer and
trader. Its associated factory is in
Liaobu Town, Dongguan City, Guangdong Province, China known as Dongguan Tommy
Lee Handbags Manufacturing Ltd. The
factory has about 500 employees. Its
products are chiefly leather handbag and leather bags. Raw materials such as leather and accessories
are imported from Europe, India, and other Asian countries.
Most of the products are exported to the European Union
and the United States, while some of the products are also exported to
Southeast Asia. Products are also
manufactured on OEM terms.
The business of the factory is chiefly handled by Mr. Lee
Chi Fung who is one of the shareholders of the subject.
The subject is wholly-owned by the Lee family. Overall business is normal.
As the history of the subject is about ten years in Hong
Kong, on the whole, consider it good for normal credit requirements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.18 |
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UK Pound |
1 |
Rs.100.46 |
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Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TRU |
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 SCs
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.