|
|
|
MIRA INFORM REPORT
|
Report No. : |
488401 |
|
Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MILLIONFULL COMPANY LIMITED |
|
|
|
|
Registered Office : |
Room B, 10/F., Tung Luen Industrial Building, 1-4 Yip Shing Street,
Kwai Chung, New Territories |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
01.02.1980 |
|
|
|
|
Com. Reg. No.: |
06589127 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trader of Textile Product, Ramie/ Linen/ Cotton Piecegoods &
Yarns. |
|
|
|
|
No. of Employees : |
35 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
Company
Name and Address
MILLIONFULL COMPANY
LIMITED
ADDRESS: Room B, 10/F., Tung Luen
Industrial Building, 1-4 Yip Shing Street, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2741
3103
FAX: 852-2785
1324, 2785 3115
E-MAIL: albert@millionfull.com
MANAGEMENT
Managing Director:
Mr. Ngan Kam Wai (alias
Albert Ngan)
SUMMARY
Incorporated on: 1st February, 1980.
Organization: Private Limited Company.
Issued Share Capital: HK$30,000,000.00
Business Category: Textile
Product Trader.
Employees: 35.
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Very Good.
ADDRESS
Registered Head
Office:-
Room B, 10/F., Tung Luen Industrial Building, 1-4 Yip
Shing Street, Kwai Chung, New Territories, Hong Kong.
Retail Shop and
Warehouse:-
10/F., Tung Luen Industrial Building, 1-4 Yip Shing
Street, Kwai Chung, New Territories,
Hong Kong.
Associated
Companies:-
Kingdom Holdings Ltd., Cayman Islands/Hong Kong.
Millionfull International Co. Ltd.,
British Virgin Islands.
Padlot Investments Ltd., Hong Kong.
Tai Fat Godown Co. Ltd., Hong Kong. [Dissolved]
The Hong Kong General Chamber of Textiles Ltd., Hong
Kong.
BUSINESS
REGISTRATION NUMBER
06589127
COMPANY
FILE NUMBER
0078111
MANAGEMENT
Managing Director:
Mr. Ngan Kam Wai
(alias Albert Ngan)
ISSUED
SHARE CAPITAL
HK$30,000,000.00 (3,000,000 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 01-02-2017)
|
Name |
|
No. of shares |
|
CHOI Po King |
|
10,000 |
|
NGAN Kam Wai, Albert |
|
1,506,600 |
|
NGAN CHAN Sau Kat, Kattie |
|
670,000 |
|
YEN Yuk Mui |
|
227,400 |
|
NGAN Lai Yuen |
|
508,000 |
|
LEUNG Suk Kou |
|
45,000 |
|
HUNG King Yuk |
|
33,000 |
|
|
|
–––––––– |
|
|
Total: |
3,000,000 ======= |
DIRECTORS
(As per registry dated 01-02-2017)
|
Name (Nationality) |
Address |
|
NGAN CHAN Sau Kat, Kattie |
Flat A & B, 9/F., Skylodge 3, Dynasty Heights, 2-8
Yin Ping Road, Beacon Hill, Kowloon, Hong Kong. |
|
NGAN Lai Yuen |
25/F., China United Plaza, 1008 Tai Nan West Street,
Kowloon, Hong Kong. |
|
NGAN Kam Wai, Albert |
Flat A & B, 9/F., Skylodge 3, Dynasty Heights, 2-8
Yin Ping Road, Beacon Hill, Kowloon, Hong Kong. |
SECRETARY
NGAN CHAN Sau Kat, Kattie (As per registry dated
01-02-2017)
HISTORY
The subject was
incorporated on 1st February, 1980 as a private limited liability company under
the Hong Kong Companies Ordinance.
Last time it was
located at 18/F., China United Plaza, 1008 Tai Nan West Street, Kowloon,
Hong Kong, moved to 25-26/F. of the same building with effect from
February 2008, and further moved to the present address in January 2017.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Textile
Product Trader.
Lines: Ramie/linen/cotton
piecegoods & yarns.
Employees: 35.
Commodities Imported: China,
other Asian countries, etc.
Markets: Hong
Kong, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
The Chinese General Chamber of Commerce, Hong Kong.
The Chinese Manufacturers’ Association of Hong Kong, Hong
Kong. [Member No. 010389]
FINANCIAL
INFORMATION
Issued Share Capital: HK$30,000,000.00
(3,000,000 fully paid ordinary shares)
Mortgage or Charge (since 2009): (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
Bank of China
(Hong Kong) Ltd., Hong Kong.
Hang Seng Bank Ltd.,
Hong Kong.
The Bank of East Asia
Ltd., Hong Kong.
Standing: Very Good.
GENERAL
Having issued 3
million ordinary shares of HK$10.00 each, Millionfull Company Limited is
chiefly owned by the Ngan family. Two of
the main shareholders are Mr. Ngan Kam Wai, Albert, holding 50.22% interests,
and Mrs. Ngan Chan Sau Kat, Kattie, holding 22.33%.
The subject is a
business of the Ngan family.
The subject has been supplying
linen fabrics and linen mixture fabrics worldwide since 1978. It was the first
firm to introduce such fabrics from China to be used in garment manufacturing.
The subject is
trading in the following commodities:
Fabric - Linen &
Ramie (From China), Yarn - Vegetable Fibre (Linen & ramie from China, Linen
& ramie, Linen & ramie), etc.
The subject has spinning and weaving mills in Mainland
China. It also works with dyeing mills
with distinct areas of expertise in China.
The subject’s retailing outlet and warehouse in Hong Kong
are selling and displaying, stocking its products. It also offers customers with complete
services for the development of customised fabrics. Since its establishment, it has been engaged
in the production of different kinds of fabrics.
The subject’s products have been exported to the United
States, Europe, Japan, Australia and New Zealand.
The subject is one of the shareholders of Kingdom
Holdings Ltd. [KHL/Group] which is a listed firm in Hong Kong. The subject is holding 10.8% interests of KHL
which is also registered in the Cayman Islands.
The Non-Executive Director of KHL is also Mr. Ngan Kam
Wai, Albert.
KHL is the largest linen exporter in China and in the
world. In China, it occupies 15% market
share and in the world, it occupies over 10%.
For the year ended
31st December, 2016, the Group’s turnover decreased by 16.5% to RMB856.2
million Yuan (2015: RMB1,025.4 million Yuan); gross profit decreased by 42.5%
year-on-year to RMB151.9 million Yuan (2015: RMB264.0 million Yuan). Its profit attributable to owners of the
parent was RMB66.3 million Yuan (2015: RMB120.4 million Yuan).
The history of the subject in Hong Kong is about 38
years.
On the whole, in view of the background and history of
the subject, consider it good for normal business engagements.
MORTGAGE
OR CHARGE
(Since 2009)
|
Date |
Description
of Instrument |
Mortgagee |
|
28-08-2009 |
Assignment of Insurance Policy (Two Party) |
Hang Seng Bank Ltd., Hong Kong. |
|
30-04-2010 |
Mortgage |
Hang Seng Bank Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.69 |
|
|
1 |
INR 90.35 |
|
Euro |
1 |
INR 79.21 |
|
HKD |
1 |
INR 8.14 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.