|
Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
KING KONG LEATHER WARE LTD. |
|
|
|
|
Registered Office : |
Unit 1305-1309, 13/F., Kwai Cheong Centre, 40-52 Kwai Cheong Road,
Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.11.1985 |
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Reg. No.: |
10010409 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Leather Shoe Manufacturer of All kinds of ladies’ leather shoes and
snake skin shoes |
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No. of Employees : |
32 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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'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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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.
|
Source : CIA |
KING KONG LEATHER
WARE LTD.
Unit 1305-1309, 13/F., Kwai Cheong Centre, 40-52 Kwai Cheong Road, Kwai
Chung, New Territories, Hong Kong.
PHONE: 2481 6863, 2481 4307;
2481 4516; 2489 8707
FAX: 2481 6895, 2481 6981
E-MAIL kingkong@kingkong.com.hk
Managing Director: Mr. Fong Hoy
Loon
Incorporated on: 29th November, 1985.
Organization: Private Limited Company.
Capital: Nominal: HK$2,500,000.00
Issued: HK$2,500,000.00
Business Category: Leather
Shoe Manufacturer.
Annual Turnover: HK$100-120 million.
Employees: 32. (Hong Kong)
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
KING KONG LEATHER
WARE LTD.
Registered Head
Office & Factory:-
Unit 1305-1309, 13/F., Kwai Cheong Centre, 40-52 Kwai Cheong Road, Kwai
Chung, New Territories, Hong Kong.
China Factory: Shenzhen, China.
Holding Company:-
Plantation Assets Ltd., British Virgin Islands.
Associated
Companies:-
Kingford Co. Ltd., Hong Kong.
Silvercord Leather Shoes Factory Ltd., Hong Kong.
10010409
0162368
Managing Director: Mr. Fong Hoy
Loon
Nominal Share Capital: HK$2,500,000.00 (Divided into 25,000 shares of
HK$100.00 each)
Issued Share Capital: HK$2,500,000.00
(As per registry dated 29-11-2011)
|
Name |
|
No. of shares |
|
Plantation Assets Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola,
British Virgin Islands. |
|
21,000 |
|
LING Chi Hung |
|
2,400 |
|
FONG Hoy Loon |
|
1,600 |
|
|
|
–––––– |
|
|
Total: |
25,000 ===== |
(As per registry dated 29-11-2011)
|
Name (Nationality) |
Address |
|
FONG Tsz Ling, Chilly |
Unit 1306, 13/F., Kwai Cheong Centre, 40-52 Kwai Cheong Road, Kwai
Chung, New Territories, Hong Kong. |
|
LING Chi Hung |
Unit 1306, 13/F., Kwai Cheong Centre, 40-52 Kwai Cheong Road, Kwai
Chung, New Territories, Hong Kong. |
|
FONG Hoy Loon |
Unit 1306, 13/F., Kwai Cheong Centre, 40-52 Kwai Cheong Road, Kwai
Chung, New Territories, Hong Kong. |
FONG Hoy Loon (As per registry
dated 29-11-2011)
The subject was incorporated on 29th November, 1985 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 7/F., Wong’s Building, 33 Hung
To Road, Kwun Tong, Kowloon, Hong Kong, moved to the present address in October
1997.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Leather
Shoe Manufacturer.
Lines: All
kinds of ladies’ leather shoes and snake skin shoes.
Employees: 32. (Hong Kong)
620. (China)
Raw Materials: Leather
imported from Europe, India, etc.
Markets: Australia,
Japan, US and Europe.
Annual Turnover: HK$100-120
million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
The Federation of
Hong Kong Footwear Ltd., Hong Kong.
[Membership No. PMF1118]
Nominal Share Capital: HK$2,500,000.00 (Divided into 25,000 shares of
HK$100.00 each)
Issued Share Capital: HK$2,500,000.00
Alternation of Capital:-
|
29-11-1985 |
paid up |
HK$ 200.00 |
|
30-11-1985 |
paid up |
HK$ 399,800.00 |
|
14-10-1996 |
paid up |
HK$ 2,100,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$ 2,500,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$800,000.00 |
to |
HK$2,500,000.00 |
on |
14-10-1996 |
Mortgage or Charge (since 2008):
(See attachment)
Profit & Loss: Business
is profitable.
Condition: Keeping in an
active and satisfactory manner.
Facilities: Making active
use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
China Construction Bank (Asia) Corporation
Ltd., Hong Kong.
Standing: Good.
King Kong Leather Ware Ltd. is a private limited company jointly held by
Plantation Assets Ltd. [Plantation Assets], a BVI-registered firm holding 84.0%
interests, Mr. Ling Chi Hung holding 9.6% and Mr. Fong Hoy Loon, 6.4%.
The subject is a well-established leather shoe manufacturer in Hong
Kong. It has got an affiliated factory
in China employing about 620 persons.
The factory is in Shenzhen Special Economic Zone, China. Most of its products are ladies’ leather
shoes and ladies’ snake-skin shoes. The
followings are its main products:-
Boots - Leather (For ladies, OEM);
Sandals - Leather (For ladies include evening sandals, OEM);
Shoes - Leather (For ladies, OEM); &
Shoes - Suede (For ladies, OEM).
Principal markets are the European countries, Japan, Australia and North
America. Raw materials, mainly leather,
are imported from Spain, Italy and India.
Business is rather active and steady.
Management is experienced.
The annual sales turnover of the subject ranges from HK$100 to 120
million. Making a small profit every
year. It has got ISO9001:2000
certification.
Plantation Assets has got another subsidiary company Silvercord Leather
Shoes Factory Ltd. [Silvercord] which is also a Hong Kong-registered firm. This firm is 75% held by Plantation
Assets. Silvercord is also trading in
leather shoes. Mr. Fong Hoy Loon is also
a director of Silvercord. However,
Silvercord is located at a different address.
Having a history of about twenty-seven years, the subject is considered
good for normal business engagements.
Property information of the company and affiliate:-
1. Property Location: 7/F. & Roof (including structures thereon),
33 Hung To Road, Kowloon, Hong
Kong.
Owner: King
Kong Leather Ware Ltd.
Date of Purchase: 27-02-1987
Purchased Price: HK$2,422,500
Incumbrances: No mortgage record
registered against the property.
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
09-04-2003 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
- |
2. Property Location: Unit 2006 on 20/F., Nan Fung Centre,
264-298 Castle Peak Road, Tsuen Wan,
New Territories,
Hong Kong.
Owner: King
Kong Leather Ware Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
01-03-1993 |
- |
Kincheng Banking Corporation, Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Mortgage to secure general banking facilities |
3. Property Location: Counter No. TK1A on 3/F. of Portion B,
Argyle Centre Phase 1, 688 Nathan
Road & 65
Argyle Street, Kowloon, Hong Kong.
Owner: King
Kong Leather Ware Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
15-07-1999 |
- |
Bank of America (Asia) Ltd., Hong Kong. [Now known as China Construction Bank
(Asia) Corporation Ltd.] |
Mortgage to secure general banking facilities |
4. Property Location: Shop No. T 69 on 3/F. of Portion B,
Argyle Centre Phase 1, 688 Nathan Road &
65 Argyle Street,
Kowloon, Hong Kong.
Owner: King
Kong Leather Ware Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
15-07-1999 |
- |
The China State Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge to secure general banking facilities |
5. Property Location: House No. 14, Windsor Park, 2-88 Ma
Ling Path, Kau To Shan, Shatin, New
Territories, Hong
Kong.
Owner: King
Kong Leather Ware Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
28-12-1999 |
- |
The China State Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge to secure general banking facilities |
6. Property Location: Workshop No. 5-9 on 13/F., Kwai Cheong
Centre, 40-52 Kwai Cheong Road,
Kwai Chung, New
Territories, Hong Kong.
Owner: Kingford
Co. Ltd.
Date of Purchase: 10-08-1993
Purchased Price: HK$15,174,000
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
10-08-1993 |
- |
Kincheng Banking Corporation, Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge to secure general banking facilities |
(Since 2008)
|
Date |
Particulars |
Amount |
|
27-08-2008 |
Instrument: Charge Over Securities (2-Party) Property: Securities account number 286-445515-382 Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency by the Company to Hang Seng
Bank Ltd. |
|
27-08-2008 |
Instrument: Charge Over Securities (2-Party) Property: Securities account number 339-002867 Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency by the Company to Hang Seng
Bank Ltd. |
|
27-08-2008 |
Instrument: Charge Over Securities (2-Party) Property: Securities account number 286-445515-085 Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency by the Company to Hang Seng
Bank Ltd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.