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Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
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Name : |
HK
SUPERTEC FURNITURE GROUP |
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Registered Office : |
Flat B07, 23/F., Hover Industrial Building, 26-38 Kwan Cheong Road, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.07.2010 |
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Com. Reg. No.: |
52657475-000-07 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, exporter and manufacturer of Sofa, other kinds
of furniture, etc. |
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No. of Employees : |
05 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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'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.
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Source : CIA |
HK SUPERTEC FURNITURE GROUP
Flat B07, 23/F., Hover Industrial Building, 26-38 Kwan Cheong Road, Kwai Chung, New Territories, Hong Kong.
PHONE: Not available.
Manager: Mr. Fang Xinming
Establishment: 26th July, 2010.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Importer, exporter and manufacturer.
Employees: 5.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat B07, 23/F., Hover Industrial Building, 26-38 Kwan Cheong Road, Kwai Chung, New Territories, Hong Kong.
Associated
Company:-
Foshan City Nanhai Tai Yu Furniture Co. Ltd., China.
52657475-000-07
Manager: Mr. Fang Xinming
Name: Mr. FANG Xinming
Residential Address: Room 502, Santi Building 20, No. 60 Huijing Avenue, Shawan Town, Panyu District,
Guangdong City,
China.
Name: Ms. HE Fanghong
Residential Address: Room 502, Santi Building 20, No. 60 Huijing Avenue, Shawan Town, Panyu District,
Guangdong City,
China.
The subject was established on 26th July, 2010 as a partnership concern owned by Mr. Fang Xinming and Ms. He Fanghong under the Hong Kong Business Registration Regulations.
Formerly the subject was located at Room 5, 6/F., Shun On Commercial Building, 112-114 Des Voeux Road Central, Hong Kong, moved to the present address in August 2011. The old address is the operating office of a secretarial firm.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, exporter and manufacturer.
Lines: Sofa, other kinds of furniture, etc.
Brand Name: e-bless.
Employees: 5.
Commodities Imported: China, etc.
Markets: Hong Kong, other Asian countries, Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Kept a balance account in 2012.
Condition: Business is improving.
Facilities: Making fairly 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: Small.
HK Supertec Furniture Group is a partnership set up by Mr. Fang Xinming and Ms. He Fanghong. Seemed to be a couple, Fang and He are China ID holders and do not have the right to reside in Hong Kong permanently.
The subject moved to the present address in August 2011.
The subject is a furniture manufacturer and trader. It has had an associated company in Foshan, Guangdong Province, China known as Foshan City Nanhai Tai Yu Furniture Co. Ltd. [Tai Yu].
Tai Yu was established in 2006. It is engaged in manufacturing leather and fabric sofa. Products are mainly exported to Asian countries, Europe and the United States. Tai Yu is a large furniture company and currently has more than 600 employees.
Tai Yu’s 20,000 square meters factory in Foshan was officially put into operation in 2008. With the increasingly competitive domestic and international furniture market, Tai Yu keeps on expansion and development. In 2010 Tai Yu further increased the scale of production inputs. It has planned to construct a 80,000 sq.m. factory in garden-style industrial park. With a total investment of RMB11 million Yuan, the new factory has an annual output value of more than US$60 million. The Industrial Park is near Guangzhou Airport.
Tai Yu’s workshops are equipped with modern TPS lines. After the completion of industrial park, the new factory is able to accommodate employees nearly 4,000 people, and Monthly production capacity will be more than one thousand containers.
The history of the subject in Hong Kong is just over two years.
On the whole, since the history of the subject is short, consider it good for normal business engagements on secured basis for the time being.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.28 |
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UK Pound |
1 |
Rs.82.65 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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.