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MIRA INFORM REPORT
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Report No. : |
504181 |
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Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
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Name : |
UPW LIMITED |
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Registered Office : |
Unit 905-6, 9/F., Tower 2, Cheung Sha Wan Plaza, 833 Cheung Sha Wan
Road, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
13.02.2015 |
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Com. Reg. No.: |
64418857 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
The subject is trading in all kinds of yarns such as
woollen yarns and chemical fibre yarns. |
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No. of Employees : |
30. (Including Associates) |
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 : |
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
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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
UPW LIMITED
ADDRESS: Unit
905-6, 9/F., Tower 2, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road,
Kowloon, Hong
Kong.
PHONE: 852-2745
7991, 2745 8227
FAX: 852-2745
7957, 2741 6789, 2742 9061
EMAIL: info@upwhk.com
MANAGEMENT
Managing Director:
Mr. Leong Wai King
SUMMARY
Incorporated on: 13th February, 2015.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 30. (Including associates)
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Unit 905-6, 9/F., Tower 2, Cheung Sha Wan Plaza, 833 Cheung
Sha Wan Road, Kowloon, Hong Kong.
Holding Company:-
Vision Textile Ltd., British Virgin Islands.
Associated
Companies:-
Dongguan Lianda Textile Co. Ltd., China.
Dongguan United Progress Wooltex Hong Kong Office Ltd.,
Hong Kong.
Greatex Industrial Ltd., Hong Kong. (Same address)
United Glory Knitting Ltd., Hong Kong. [Dissolved]
United Progress Knitting Factory Hong Kong Ltd., Hong
Kong.
[Dissolved]
BUSINESS
REGISTRATION NUMBER
64418857
COMPANY
FILE NUMBER
2203793
MANAGEMENT
Managing Director:
Mr. Leong Wai King
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 13-02-2018)
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Name |
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No. of shares |
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Vision Textile Ltd. Novasage Chambers, P.O. Box 4389, Road Town, Tortola,
British Virgin Islands. |
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10,000 ===== |
DIRECTORS
(As per registry dated 13-02-2018)
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Name (Nationality) |
Address |
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LEONG Wai Chio |
6/F., Block E, Fontana Gardens, 1 Ka Ning Path, So Kon
Po, Hong Kong. |
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LEONG Wai King |
House B-21, Burnside Villa, 9 South Bay Road,
Repulse Bay, Hong Kong. |
SECRETARY
(As per registry dated 13-02-2018)
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Name |
Address |
Co. No. |
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World Smart Accounting Services Ltd. |
Flat D79, 1/F., Block 2, Camelpaint Building, 62 Hoi
Yuen Road, Kwun Tong, Kowloon, Hong Kong. |
1460132 |
HISTORY
The subject was
incorporated on 13th February, 2015 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.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of Yarns.
Employees: 30. (Including associates)
Commodities Imported: China,
other Asian countries, etc.
Markets: Japan,
Taiwan, China, South Korea, other Asian countries, Western Europe,
North America,
etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, O/A, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$10,000.00
Profit or Loss: Made
small profits in past years.
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: Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
UPW Limited is a
wholly-owned subsidiary of Vision Textile Ltd. which is a BVI-registered
company.
The subject belongs
to the United Progress Wooltex Group [UPW Group] which is based in Guangdong
Province, China.
The subject is trading
in all kinds of yarns such as woollen yarns and chemical fibre yarns. Its main products are as follow:
Yarn - Nylon (Include
viscose from China, Include viscose),
Yarn - Woollen
(Angora lamb’s wool, cashmere, soft wool, Angora, lamb’s wool, cashmere, soft
wool,, Angora, lamb’s wool cashmere, soft wool include for hand knitting)
Products are exported
to Japan, Taiwan, China, South Korea, other Asian countries, Western Europe,
North America, etc. Business is normal.
The subject has had
an associated company Dongguan United Progress Wooltex Hong Kong Office Ltd.
[DUPWHK] located at the same address.
DUPWHK and the
subject are under the same management and carrying the same commodities.
Mr. Leong Wai King
and Mr. Leong Wai Chio are also directors of a China-based company known as
Dongguan Lianda Textile Co. Ltd. [Lianda].
Lianda is a wholly-owned subsidiary of Greater Industrial Ltd., a
Hong Kong-registered company.
Lianda now has four
branch factories. They are engaged in
manufacturing woollen yarns. The total
annual production capacity is over 10,000 tonnes. All the products bear the trade mark UPW.
Now, the UPW Group
has about 1,600 employees.
Lianda was set up in
Dongguan in 1984.
The business of the subject
is chiefly handled by Mr. Leong Wai King and Mr. Leong Wai Chio. History in Hong Kong is just over three
years.
On the whole,
consider it good for normal business engagements in small credit amounts for
the time being.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.78 |
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1 |
INR 93.42 |
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Euro |
1 |
INR 81.39 |
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HKD |
1 |
INR 8.42 |
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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PRA |
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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.