MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
AFEX PROCUREMENT CO. LTD. |
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Registered Office : |
Room 1008, 10/F., Riley House, 88 Lei Muk Road,
Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.11. 2003. |
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Com. Reg. No.: |
34514550 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Consumables for Office Equipment, etc. |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
AFEX PROCUREMENT
CO. LTD.
ADDRESS
Room 1008, 10/F., Riley House, 88 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 2480 1398
FAX: 2424 3620
MANAGEMENT
Managing Director: Mr. Deng Ju Keng
SUMMARY
Incorporated on: 7th November, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Importer, Exporter and Wholesaler.
Group Turnover: HK$418,159,000 (Year ended 31-12-2007)
Employees: 30. (Including affiliates in Hong Kong)
Group Employees: Approx. 1,300. (As at 30-06-2008)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head
Office:-
Room 1008, 10/F., Riley House, 88 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
China Factories:-
Bao’an, Shenzhen, China.
Zhuhai, China.
Immediate Holding
Companies:-
Fannyline Ltd., Hong Kong.
Ugent Holdings Ltd., British Virgin Islands.
Penultimate Holding
Company:-
Oakview International Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Jakin International Holdings Ltd., Bermuda/Hong Kong.
Affiliated/Associated
Companies:-
Jakin Group of Companies
Afex International (HK) Ltd., Hong Kong. (Same address)
Clearview Development Ltd., British Virgin Islands.
Feitian Magnetic Information-Technology (Shenzhen) Co. Ltd., China.
Fortune Luck Development Ltd., British Virgin Islands. [Carrying on business in Hong Kong as Jackin China Distribution Co. Ltd.]
Great China Global Ltd., British Virgin Islands.
Havenport Management Ltd., British Virgin Islands.
Jackin Imaging Products Ltd., Hong Kong.
Jackin Magnetic (United Kingdom) Co. Ltd., UK.
Jackin Magnetic Co. Ltd., Hong Kong.
Jackin Manufacturing (Shenzhen) Ltd., British Virgin Islands.
Jackin Media Marketing Ltd., Hong Kong.
Jackin Optical Marketing Co. Ltd., Hong Kong.
Jackin Purchasing Co. Ltd., Hong Kong.
Jackin Software Manufacturing Co. Ltd., Hong Kong.
Jackin Total Fulfilment Services Ltd., Hong Kong. [Inactive]
Jackin Trading Co. Ltd., British Virgin Islands.
Jackin Trading Co. Ltd., Hong Kong.
Jackin U.S.A. Inc., USA.
Jackin Video Cassette (Taiwan) Ltd., Taiwan.
Jackin Video Cassette Co. Ltd., Hong Kong.
Noble Team Holdings Ltd., British Virgin Islands.
Prince Diamond Co. Ltd., British Virgin Islands.
Profit Ring Industrial Ltd., Hong Kong.
Shenzhen Afex Print Image Ltd., China.
Tempair Developments Ltd., British Virgin Islands.
Zhuhai Afex Print Image Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
34514550
COMPANY FILE NUMBER
869946
MANAGEMENT
Managing Director: Mr. Deng Ju Keng
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
SHAREHOLDERS
(As per registry
dated 07-11-2007)
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Name |
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No. of shares |
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Fannyline Ltd., Hong Kong. |
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1 |
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Ugent Holdings Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin Islands. |
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1 |
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–– |
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Total: |
2 = |
DIRECTORS
(As per registry
dated 07-11-2007)
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Name (Nationality) |
Address |
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DENG Ju Keng |
A3-1, G/F., Kam Fuk Building, 29 Tai Ling Lane, Tai Po, New Territories, Hong Kong. |
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WANG Dong Lan |
Room 516, Block 4, Second District, Buxin Garden, Luohu District, Shenzhen Special Economic Zone, China. |
SECRETARY
(As per registry dated 07-11-2007)
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Name |
Address |
Co. No. |
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Profit Ring Industrial Ltd. |
Room 1008, 10/F., Riley House, 88 Lei Muk Road, Kwai Chung, New Territories, Hong Kong. |
184230 |
HISTORY
The subject was incorporated on 7th November, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Profit Target Asia Ltd., name changed to the present style on 17th December, 2004.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Consumables for office equipment, etc.
Employees: 30. (Including affiliates in Hong Kong)
Group Employees: Approx. 1,300. (As at 30-06-2008)
Commodities Imported: China, other Asian countries, Europe, North America, etc.
Markets: Asia, Europe, US, etc.
Group Turnover:-
HK$321,275,000 (Year ended 31-12-2003)
HK$363,765,000 (Year ended 31-12-2004)
HK$329,745,000 (Year ended 31-12-2005)
HK$345,552,000 (Year ended 31-12-2006)
HK$418,159,000 (Year ended 31-12-2007)
HK$179,727,000 (6 months ended 30-06-2007) – Unaudited
HK$215,589,000 (6 months ended 30-06-2008) – Unaudited
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Group Profit/Loss Attributable to Equity Shareholders:-
HK$ 12,061,000 (Year ended 31-12-2003)
HK$ 20,117,000 (Year ended 31-12-2004)
(HK$135,219,000) (Year ended 31-12-2005)
HK$ 64,965,000 (Year ended 31-12-2006)
HK$ 33,476,000 (Year ended 31-12-2007)
HK$ 22,510,000 (6 months ended 30-06-2007) – Unaudited
HK$ 19,666,000 (6 months ended 30-06-2008) – Unaudited
Group Net Worth: HK$299,522,000 (As at 31-12-2003)
HK$318,798,000 (As at 31-12-2004)
HK$208,409,000 (As at 31-12-2005)
HK$277,190,000 (As at 31-12-2006)
HK$336,848,000 (As at 31-12-2007)
HK$360,577,000 (As at 30-06-2008) – Unaudited
Profit & Loss: Group made profits in the past two years.
Condition: Keeping in a satisfactory condition.
Facilities: Making active use of banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Citibank N.A., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
The Siam Commercial Bank Public Co. Ltd., Hong Kong Branch.
Standing: Normal.
GENERAL
AFEX Procurement Co. Ltd. is equally held by two firms: Fannyline Ltd., Hong Kong and Ugent Holdings Ltd., the British Virgin Islands. The subject has just issued 2 ordinary shares of HK$1.00 each while each of the holding companies holds one share.
The ultimate holding company is Jackin International Holdings Ltd. [JIHL] which is a listed firm in Hong Kong.
The subject has got an affiliated company AFEX International (HK) Ltd. [AFEX] located at the same address.
AFEX is a Hong Kong based international company specializing in remanufacturing toner cartridges. With factories located in Hong Kong and China, its assembly lines are managed by Hong Kong management teams.
Having over 15 years of developing products for the US, Canadian, European and Asian markets, AFEX has had partners include Sony, TDK, Fuji, EarthLink Microsoft and IBM. As a multinational company, AFEX operates under a hybrid system comprising of US style management and Japanese style Quality Control.
AFEX’s management team has accumulated valuable experience through partnership with other corporations and apart from the compatible toner cartridges, AFEX is also experienced in other computer related products. Some of these products include magnetic and optical media, digital printing, ink cartridges and other electronic related components.
All of AFEX’s products meet international standards.
AFEX has established the Sony Technical Standard SS 00259: Management Regulation for Environment Related Substances in Parts and Material and Sony USA has recently certified AFEX as their “Green Partner”. In addition, all of AFEX’s factories located in China are ISO 9001 certified and AFEX is now also officially STMC certified.
AFEX produces recycle-cartridges not only in its own brand name but also for many well-known companies. AFEX also provides private label brand services. Compatible toner cartridges are used in a wide range of applications.
The subject is responsible for procuring materials. All incoming materials have to first go through a rigid incoming quality control system. The cartridges are then sent to a comprehensive process including disassembly, cleaning, filling, component replacement, and quality testing.
In November 1996, JIHL obtained a listing from The Stock Exchange of Hong Kong Ltd. by offering 74.25 million new shares and 16.5 million existing shares of HK$0.10 each at HK$1.05 per share. Dealings in the shares commenced on 28th November, 1996 under stock code 630.
For the year ended 31st December, 2007, the sales of the Group amounted to HK$418.2 million, grew by 21.0% as compared with HK$345.6 million in FY 2006; profit attributable to equity shareholders of the Group was HK$33.5 million, decreased by 48.5% as compared with HK$65.0 million in FY 2006.
For the half year ended 30th June, 2008, the sales of the Group amounted to HK$215.6 million, grew by 20.0% as compared with HK$179.7 million in the same period of FY 2007; profit attributable to equity shareholders was HK$19.7 million, decreased by 12.4% as compared with HK$22.5 million in the same period of FY 2007.
In the first half year of 2008, the Group singed a significant and long-term contract with a US-based firm that supplies OEM recycled toner cartridge in its own brand names to customers worldwide. It is expected to generate substantial and stable revenue for the Group starting in 2009. Furthermore, the Group considers that it is one of the selected few that holds a business license for remanufacturing of used tone4r cartridges in China.
In order to cope with increasing orders, the Group is currently expanding the facilities for recycling toner components at the production plants in Zhuhai and Shenzhen Special Economic Zone, China.
As at 30th June 2008, the number of employees of the Group was approximately 1,300.
The subject is fully supported by AFEX and by the Group.
On the whole, consider the subject good for normal business engagements.
COURT CASES: None per our.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.46 |
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UK Pound |
1 |
Rs.83.37 |
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Euro |
1 |
Rs.64.46 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)