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Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
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Name : |
TOP UNITED (H.K.) LTD. |
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Registered Office : |
Suite 609A, 6/F., Exchange Tower, 33 Wang Chiu Road, Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.08.2004. |
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Com. Reg. No.: |
35005952 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of Beauty Packaging Products. |
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No. of Employees : |
4 |
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.
Source
: CIA
TOP UNITED
(H.K.) LTD.
ADDRESS: Suite 609A, 6/F., Exchange
Tower, 33 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
Managing Director: Mr. Wang Ya
Feng
Incorporated on: 13th
August, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2,000.00
Business Category: Importer, Exporter and Manufacturer.
Employees:
4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Suite 609A, 6/F., Exchange Tower, 33 Wang Chiu Road, Kowloon Bay,
Kowloon, Hong Kong.
Holding Company:-
Fangxin Ltd., Hong Kong. (Same
address)
Associated Companies:-
Derjin (Taihu) Plastic Packaging Co. Ltd., China.
Derxin (Shanghai) Cosmetics Co. Ltd., China.
Derxin (Shanghai) Plastic Packaging Co. Ltd., China.
Lung Hwa Electronics Co. Ltd., Taiwan.
Lung Hwa Electronics Co. Ltd., Taiwan.
Rexam Asia Ltd., Hong Kong.
Rexam Beauty (Asia Holdings) Ltd., U.K.
Rexam Der Kwei Industrial (Shanghai) Co. Ltd., China.
Rexam Der Kwei Industrial (Shenzhen) Co. Ltd., China.
Rexam Der Kwei Industrial (Tianjin) Co. Ltd., China.
Rexam Plastic Packaging (Hong Kong) Co. Ltd., Hong Kong.
Rexam PLC, U.K.
Shanghai Derkwei Kubota Mould Co. Ltd., China.
XDC Blossom Enterprise Co. Ltd., Taiwan.
35005952
0916844
Managing Director: Mr. Wang Ya
Feng
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,000.00
(As per registry dated 13-08-2012)
|
Name |
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No. of shares |
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WANG Ya Feng |
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1,000 |
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Fangxin Ltd., Hong Kong. |
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1,000 |
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––––– |
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Total: |
2,000 ==== |
(As per registry dated 07-12-2012)
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Name (Nationality) |
Address |
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WANG Chun Te |
#230 His-Men Street, Hsin-Chu, Taiwan. |
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Koichiro TABATA |
5-4-27, Tatsumi-Minami, Ikuno-Ku, Osaka City 544‑0015, Japan. |
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WANG Ya Feng |
#230 His-Men Street, Hsin-Chu, Taiwan. |
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WANG, Ya Tsan |
#230 His-Men Street, Hsin-Chu, Taiwan. |
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MAO Jinguan |
201 Shi, 9 Hao, Nan Ting Huan Yuan, Nan Qiao Zhen, Feng Xian Qu,
Shanghai Shi, China. |
(As per registry dated 15-05-2013)
|
Name |
Address |
Co. No. |
|
SSHK Corporate Services Ltd. |
29/F., Edinburgh Tower, The Landmark, 15 Queen’s Road Central,
Hong Kong. |
1025514 |
The subject was incorporated on 13th August, 2004 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: Importer, Exporter and Manufacturer.
Lines: Beauty Packaging
Products.
Employees: 4.
Commodities Imported: China, Taiwan, other Asian countries, etc.
Markets: Asian countries, Europe, North
America, Australia, etc.
Terms/Sales:
CAD, L/C, T/T, etc.
Terms/Buying: L/C,
Advanced T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,000.00
Profit or Loss: Making a small
profit every year.
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:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Having issued 2,000 ordinary shares of HK$1.00 each, Top United (H.K.) Ltd. is equally owned by Mr. Wang Ya
Feng and Fangxin Ltd. [Fangxin], a Hong Kong-registered firm located at the
same address.
The subject has had five directors while three are Wang family members,
one is a Japanese and the other is a China merchant. The subject is chiefly controlled by the
Taiwan Wang family.
The subject and Fangxin are engaged in the same lines of business, more
or less.
Fangxin is engaged in manufacturing and marketing packaging products
such as lipstick cases, compacts, pumps, mascara cases. It has had associated factories in
China. Products are marketed in China,
exported to Taiwan, the other Asian countries, Europe, North America, etc. Business is normal.
Fangxin has been acquired by the Rexam Group.
Rexam, the global consumer packaging group and the world’s leading
beverage can maker, acquired Fangxin’s beauty packaging business based in China
for a cash consideration of US$74 million.
The transaction was completed in the first quarter of 2006.
As mentioned before, Fangxin is engaged in manufacturing lipstick cases,
compacts and pumps as well as mascara cases.
In the early 2000’s, its sales have grown at a compound growth rate of
about 30% per annum. Since 2003, Fangxin
has invested heavily in new facilities and has the capacity to further increase
sales.
Rexam has had a presence in China since 1998, where, following the
acquisition, it has nine Plastic Packaging plants serving the beauty industry
and one beverage can plant in China.
The Chinese beauty packaging industry is becoming increasingly important
globally. The acquisition of this well
invested company broadens Rexam’s product range and provides it with new capabilities
that will further improve its customer offering.
Rexam Group is also partly owned by the Taiwan Wang family.
Currently, the Wang family is controlling Lung Hwa Electronics Co. Ltd.
[Lung Hwa] which is a listed firm in Taiwan.
Lung Hwa, established in 1973, is a publicly listed company on the
Taiwan Stock Exchange. As an ISO 9001
certified company, it is consistently providing the market with professional
products and has become a leading consumer electronics manufacturer in Taiwan.
Lung Hwa has 36 years of experience in hardware designing and
production, and has been offering IPTV solutions since 2006. its background, as well as its large
manufacturing capacity owing to its China factory, has allowed it to provide
cost-efficient, high-quality OEM/ODM services and to maintain high professional
manufacturing standards. It is able to
offer value-added designs and more user-friendly products.
Lung Hwa primarily provides Internet protocol (IP) set top boxes (STBs),
digital video broadcast (DVB) STBs, Internet protocol television (IPTV) digital
contents, IP indoor units, automotive IP audio-video multimedia systems and IP
digital signal boards. Lung Hwa also
involves in the sale and leasing of real estate properties. During the year ended 31st December, 2011, it
obtained 87.96% of total revenue from the sale of STB products. Lung Hwa distributes its products mainly in
the domestic market and to overseas markets, including the rest of Asia, the
Americas and Europe.
The subject is fully supported by Fangxin and ultimately by Rexam Group.
As the history of the subject is over nine years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
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|
1 |
Rs.103.34 |
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Euro |
1 |
Rs.88.16 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.