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Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
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Name : |
RICHLAND
INDUSTRIES LTD. |
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Registered Office : |
c/o Kin Seng Industrial Co. Ltd. Room 1001, 10/F., Kwong Sang Hong Centre, 151-153 Hoi Bun Road,
Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.12.2001 |
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Com. Reg. No.: |
32320202 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer and Exporter of all kinds of toys. |
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No. of Employees : |
15 |
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 : |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
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Source : CIA |
RICHLAND INDUSTRIES LTD.
c/o Kin Seng Industrial Co. Ltd.
Room 1001, 10/F., Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2171 9100, 2304 0833
FAX: 852-2343 5882
E-MAIL: kinseng@kinsengksi.com.hk
Managing Director: Mr. William James Babbs
Incorporated on: 5th December, 2001.
Organization: Private Limited Company.
Capital: Nominal: HK$8,000,000.00
Issued: HK$3,000,000.00
Business Category: Toy Manufacturer and Exporter.
Employees: 15.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Kin Seng Industrial Co. Ltd.
Room 1001, 10/F., Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong.
China Associated
Factories:
Chao Yang Bestland Plastic Manufacturing Co. Ltd., China.
Kin Seng Chao Yang Tooling Plant, China.
Kin Seng Yan Tian Tooling Plant, China.
Shantou Kin Seng Plastic Manufacturing Co. Ltd., China.
Holding Company:-
Kin Seng Holdings Ltd., Hong Kong.
Associated
Companies:-
Kin Seng Group of Companies
Bestland International Ltd., Hong Kong. (Dissolved)
Bestland Plastic Manufacturing Co. Ltd., China.
Cong Cheng Trading (Shenzhen) Co. Ltd., China.
Guangzhou Nansha Kin Seng Plastic Electronics Manufacturing Co. Ltd., China.
Kin Seng Global Inc., US.
Kin Seng Global Ltd., Hong Kong. (Dissolved)
Kin Seng Industrial Co. Ltd., Hong Kong & China. (Deregistration)
Kin Seng Macau Commercial Offshore Ltd., Macau.
Kin Seng Manufacturing Co. Ltd., Hong Kong & China.
Kin Seng Moulding Co. Ltd., Hong Kong. (Dissolved)
Kin Seng Plastic Co. Ltd., Hong Kong.
Wonderful Life Plastic Ltd., Hong Kong.
etc.
32320202
0778229
Managing Director: Mr. William James Babbs
Director & Sales Contact: Ms. She Lai Tuen, Clara
Nominal Share Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry
dated 05-12-2012)
|
Name |
|
No.
of shares |
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Kin Seng
Holdings Ltd., Hong Kong. |
|
1,800,000 |
|
LI Ming-Kuei |
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1,200,000 |
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|
–––––––– |
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Total: |
3,000,000 ======= |
(As per registry dated
05-12-2012)
|
Name (Nationality) |
Address |
|
William James
BABBS |
House C1, Regalia Bay, 88 Wong
Ma Kok Road, Stanley, Hong Kong. |
|
LI Ming-Kuei |
No. 1, Lane 100, Hsiu Shan
Road, Hsi Chih City, Taipei Hsine, Taiwan. |
|
SHE Lai Tuen,
Clara |
4/F., Man Wai Building, 15 Man
Cheong Street, Yaumatei, Kowloon, Hong Kong. |
(As per registry
dated 05-12-2012)
|
Name |
Address |
Co.
No. |
|
Cheng & Cheng Corporate Services Ltd. |
Room 1201, 12/F., Allied Kajima Building, 138 Gloucester Road,
Wanchai, Hong Kong. |
0307222 |
The subject was incorporated on 5th December, 2001 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.
Activities: Manufacturer and Exporter.
Lines: All kinds of toys.
Employees: 15.
Materials/Commodities: Imports raw materials from European countries and finished products from China.
Markets: Europe, US, Australia, Taiwan, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Profit & Loss: Making a very small profitable in the past year.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 3 million ordinary shares of HK$1.00 each, Richland Industries Ltd. is jointly owned by Mr. Li Ming Kuei who holds 1.2 million shares, accounting for 40% interests, and Kin Seng Holdings Ltd., holds 1.8 million shares, accounting for 60%. The former is a Taiwan merchant residing in Taipei, Taiwan while the latter is a Hong Kong-registered firm located at the same address.
The subject is a member of the Kin Seng Group which is also located at the same address.
Located at the same address, the subject had an associated company Kin Seng Industrial Co. Ltd. which was incorporated on 5th August, 1993. It had been a wholly-owned subsidiary of Kin Seng Holdings but was deregistered. Kin Seng Industrial was engaged in the same lines of business as the subject.
The subject is a toy manufacturer and exporter. Its production facilities are in Shantou SEZ, Guangdong Province, China. Principal products are battery operated toys, electrical toys (A/C), friction toys, magnetic toys, games, musical toys, plastic toys, pre-school premium and novelty items. Prime markets are the European Union, the United States, Australia, Taiwan, etc. Business has been steady.
The main functions of the subject are raw materials sourcing, products marketing, payments settling for its associated factories in China.
The Group is
engaged in manufacturing and trading the following products:-
· Household Products: Battery Operated Devices;
· Office Products: Stationary;
· Personal Care Products: Battery Operated Devices, Health & Beauty Care Products, Oral Care Product, etc.
· Pharma/Medical: Pharma Items, Medical Products;
· Toys: Air Pressure Toys, Bubble Toys, Construction Toys, Craft & Games, Electronic Toys, Novelties, Swimming Toys, etc.
The subject’s other shareholder, Mr. Li Ming Kuei, is always in Taiwan handling his own business concern. He is also engaged in toys manufacturing and trading in Taiwan.
Incorporated on 7th February, 2001 and having issued 20 million ordinary shares of HK$1.00 each, Kin Seng Holdings is a holding company equally owned by Mr. William James Babbs and Eastial Ltd. The former is a foreigner who has been in Hong Kong for a long while the latter is a Hong Kong-registered firm also located at the operating address of the subject.
The Group has 60 employees in Hong Kong, Macau and Shenzhen Special Economic Zone, China.
The Group’s Shantou Special Economic Zone plant covers 42,100 sq.m. and employing about 2,000 workers. The plants have been equipped with the following facilities and workshops:-
· 14 Packaging Lines
· 30 Assembly Lines
· Injection Workshop- CY KS Injection Department (112 Machines)
· Pad Printing Workshop - 170 Tampo Machines
· Spray Paint Workshop - 352 spraying booths
· Tufting Operation Capacity - 200,000 brush heads per day
The Group has got
the following certifications:
· ISO 2000 Certification
· ICTI Certification 2006
· Quality Assurance Pinnacle Award
· UL Approved Manufacturer
· Wal-Mart Approved Manufacturer
· M&M Approved Manufacturer
· FDA Approved Manufacturer
o FDA Registration #9615478
o Owner Operator #9032258
The subject is fully supported by the Group.
The history of the subject is over eleven years.
On the whole, in view of the background and history of the subject, consider it good for normal business engagements in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
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UK Pound |
1 |
Rs.96.57 |
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Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.