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MIRA INFORM REPORT
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Report No. : |
501137 |
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Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
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Name : |
HEDY LIMITED |
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Registered Office : |
Flat A, 11/F., Dragon Industrial Building, 83 King Lam Street, Cheung
Sha Wan, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
21.07.1987 |
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Com. Reg. No.: |
11384558 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Fabrics. |
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No. of Employees : |
26. (Including associates in Hong Kong) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONGKONG - 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
HEDY
LIMITED
ADDRESS: Flat A, 11/F., Dragon Industrial
Building, 83 King Lam Street, Cheung Sha Wan,
Kowloon, Hong
Kong.
PHONE: 852-2420 3038, 2741 6886, 2266 9600
FAX: 852-2420 4215, 2785 4433,
2741 7333
E-MAIL: patrickp@mail.hedy.com
MANAGEMENT
Managing Director:
Mr. Lui Pui On
SUMMARY
Incorporated on: 21st July, 1987.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Annual Turnover: HK$200~250 million.
Employees: 26. (Including associates in Hong Kong)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Flat A, 11/F., Dragon Industrial Building, 83 King Lam
Street, Cheung Sha Wan, Kowloon, Hong Kong.
Associated
Companies:-
Color-Bright Trading Co. Ltd., Hong Kong.
Foshan Nanhai Color-Bright Textile Co. Ltd., China.
Foshan Nanhai Cotton Textile Factory Co. Ltd., China.
Foshan Nanhai Cotton Textile Factory, China.
Foshan Nanhai Highrich Textile Co. Ltd., China.
* HGL
Investment Ltd., Hong Kong.
* Highrich
Textiles Co. Ltd., Hong Kong. [Dissolved]
* Hintco
Trading Ltd., Hong Kong.
* (Same address)
BUSINESS REGISTRATION NUMBER
11384558
COMPANY FILE NUMBER
0193799
MANAGEMENT
Managing Director:
Mr. Lui Pui On
ISSUED SHARE CAPITAL
HK$1,000,000.00 (100,000 fully paid ordinary shares)
SHAREHOLDER
(As per registry dated 21-07-2017)
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Name |
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No. of share |
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LUI Pui On |
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100,000 ====== |
DIRECTOR
(As per registry dated 21-07-2017)
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Name (Nationality) |
Address |
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LUI Pui On |
House 8, 39 Deep Water Bay Road, Hong Kong |
SECRETARY
(As per registry dated 21-07-2017)
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Name |
Address |
Co. No. |
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Tricor Secretaries Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong
Kong. |
0014900 |
HISTORY
The subject was
incorporated on 21st July, 1987 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly located at Flat
C & D, 5/F., Leroy Plaza, 15 Cheung Shun Street, Cheung Sha Wan, Kowloon,
Hong Kong, moved to Flat A, 7/F., Leroy Plaza, 15 Cheung Shun Street, Cheung
Sha Wan, Kowloon, Hong Kong in March 2012, and further to the present address
in December 2014.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of fabrics.
Employees: 26.
(Including associate in Hong Kong)
Commodities Imported: India,
Europe, Japan, etc.
Markets: China, other Asian countries, etc.
Annual Turnover: HK$200~250
million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
MEMBERSHIP
The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKH0318]
FINANCIAL INFORMATION
Issued Share Capital: HK$1,000,000.00
(100,000 fully paid ordinary shares)
Indebtedness: HK$39,000,000.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 21-07-2017)
Mortgage or Charge (since 2009): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Business is satisfactory.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Citibank N.A.,
Hong Kong Branch.
Standing: Good.
GENERAL
Having issued 100,000
ordinary shares of HK$10.00 each, Hedy Limited is wholly owned by Mr. Lui Pui
On who is a Hong Kong merchant. He is
also the only director of the subject.
The subject has got
an associated company Hintco Trading Ltd. [Hintco] located at its operating
address. Hintco and the subject are
engaged in the same lines of business, more or less. Hintco was incorporated in Hong Kong on 15th
August, 1995. It is also managed by Lui
Pui On.
The subject’s mill
combines dyeing, weaving and finishing.
The annual output is
11 million yards of yarn dyed fabrics which are mainly exported to American,
European and Southeast Asian countries.
The subject is a
piecegoods trader. It is trading in the
following commodities:-
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Piecegoods - Vegetable Fibre (Including
cotton velveteen/corduroy/yarn dyed fabric from China, Including cotton
velveteen/corduroy/yarn dyed fabric from China)
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Corduroy - Cotton , Woven (From China, From
China)
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Fabric - Linen & Ramie (Linen from China,
Linen from China)
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Velvet Fabric (Cotton velveteen corduroy from
China, Cotton velveteen corduroy from China)
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The subject has had the following associated
companies in China:
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Foshan Nanhai Cotton Textile Factory Co. Ltd.
[FNCTF]
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Foshan Nanhai Color-Bright Textile Co. Ltd.
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Foshan Nanhai Highrich Textile Co. Ltd.
FNCTF is in Foshan
City, Guangdong Province, China. This
factory is a dyeing, weaving, and finishing mill employing about 1,000 workers
in total. It is located at Liyin
Village, Dienan, Guicheng Town, Nanhai, Foshan City, Guangdong Province,
China. The value of the fixed assets of
this factory is over RMB100 million Yuan.
The factory covers an area of about 27,000 sq.m.
The factory has been
equipped with 48 air jet looms, 80 shuttleless looms, pin dyed, corn dyed,
sizing machines, fabric preparation equipment, air jet, pre‑compressor,
etc.
Products are exported
to Japan, North America, Southeast Asia, Western Europe, etc.
The subject’s total
amount outstanding registered with the Companies Registry as at late July 2017
amounted to HK$39.0 million.
Lui Pui On is also
one of the directors of HGL Investment Ltd., a Hong Kong‑registered
firm engaged in making investments in luxury properties.
As the history of the
subject is over 30 years eight months in Hong Kong, on the whole, consider it
good for normal business engagements.
MORTGAGE OR CHARGE
(Since 2009)
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Date |
Description
of Instrument |
Mortgagee |
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10-08-2009 |
Security Over Deposits with the Bank (Limited Company – Under Seal) |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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16-03-2010 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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16-03-2010 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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17-03-2016 |
Assisgnment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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23-02-2017 |
Deposit Deed |
Citibank N.A., Hong Kong Branch. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 90.96 |
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Euro |
1 |
INR 79.51 |
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HKD |
1 |
INR 8.27 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.