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Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
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Name : |
KAY
FUNG DEVELOPMENT COMPANY |
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Registered Office : |
Room 1905, 19/F., Nan Fung Centre, 264-268 Castle Peak Road, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.04.2003 |
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Com. Reg. No.: |
33539953-000-04 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of calculator, clock and watch, electro-horologe, videophone, digit camera |
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No. of Employees : |
09. (Hong Kong) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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Without financials |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A1 |
A1 |
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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 |
KAY FUNG DEVELOPMENT COMPANY
Room 1905, 19/F., Nan Fung Centre, 264-268 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2417 1098
FAX: 852-2417 2098
E-MAIL: blt@kayfung.com
Manager: Mr. Wong King Kay
Establishment: 8th April, 2003.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Manufacturer, Importer and Exporter.
Annual Turnover: HK$95~100 million.
Employees: 9. (Hong Kong)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 1905, 19/F., Nan Fung Centre, 264-268 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
Associated
Company:-
Fujian Kayfung Electronic Co. Ltd.
Fuliming Industrial Park, Hanjiang District, Putian City, Fujian Province, China.
[Tel.: 86-594-3593608 Fax: 86-594-3562518]
33539953-000-04
Manager: Mr. Wong King Kay
Contact Person: Mr. To Chun Ngok, Stanley
Name: Mr. WONG King Kay
Residential Address: Room 2408, 24/F., Block G, Luk Yeung Sun Chuen, Tsuen Wan, New Territories, Hong
Kong.
The subject was established on 8th April, 2003 as a sole proprietorship concern owned by Mr. Wong King Kay under the Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Room 2408, Block G, Luk Yeung Sun Chuen, Tsuen Wan, New Territories, Hong Kong, moved to Unit 7B, 34/F., Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong in November 2003; to Unit 13, 15/F. of the same building in May 2007; and further to the present address in June 2010.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Manufacturer, Importer and Exporter.
Lines: All
kinds of calculator, clock and watch, electro-horologe,
videophone, digit camera
Brand Name: BLT
Employees: 9. (Hong Kong)
850. (China)
Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished
products from China.
Markets: Japan, Southeast Asia, Europe, North America, etc.
Annual Turnover: HK$95~100 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Hong Kong Productivity Council, Hong Kong.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Kay Fung Development Company is a sole proprietorship set up and owned by Mr. Wong King Kay who is a Hong Kong businessman. Wong is also the manager of the subject which commenced business in April 2003.
The subject is engaged in manufacturing and marketing calculators. Its factory in Putian City, Fujian Province, China is known as Fujian Kayfung Electronic Co. Ltd. [Fujian Kayfung].
Fujian Kayfung’s
main products are:-
8-Digit Printing Calculator, 12-Digit Printing Calculator, Dual Power Calculator, Printing Calculator, Dual-Power Desktop Calculator, Dual‑Power Pocket Calculator, Scientific Calculator, Printing Calculator, Electronic Calculator, Name Card Holder Calculator, Desktop Calculator, Talking Calculator, Tax Function Calculator, Euro-Converter Calculator, Clock & Alarm.
Fujian Kayfung also manufactures other electronic products such as hour‑counter, clock and watch, electro-horologe, videophone, digit camera. Some of its products bear the brand name “BLT®”.
According to Fujian Kayfung, the brand name “BLT®” has won a good reputation both in domestic and foreign markets. Prime markets are Japan, Southeast Asia, Europe, North America, etc.
In Putian, Fujian Kayfung occupies an area of 90,000 sq.m. The first phase of the factory covers an area of 30,000 sq.m. of production area and 6,000 sq.m. of staff dormitory area. Now, the factory has around 850 workers. The manager of the factory is Mr. Jerry Hu. Fujian Kayfung is ISO 9001:2000 certified. Its production capacity is about 2 million units of calculators monthly.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong.
For instance, it took part in “Hong Kong Electronic Fair 2013 (Spring Edition)” which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 13th to 16th April, 2013. It is going to take part in “Hong Kong Electronic Fair 2013 (Autumn Edition)” which will be held in the same venues in Hong Kong.
Besides, it is going to take part in “Hong Kong Electronic Fair 2014 (Spring Edition)” which will be held in the same venues in Hong Kong during the period of 13th to 16th April, 2014. Its booth No. is 3C-E18.
The subject also offers customers with after-sales services. Contact person is Mr. To Chun Ngok, Stanley.
The annual sales turnover of the subject ranges from HK$95 to 100 million. Making a small profit every year.
As the history of the subject in Hong Kong is over ten years and three months, 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.59.79 |
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UK Pound |
1 |
Rs.91.03 |
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Euro |
1 |
Rs.78.52 |
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.