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Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SUN FAT ELECTRIC PRODUCTS (INTERNATIONAL) CO. LTD. |
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Registered Office : |
Flat E2, 1/F., Tuen Mun Industrial Centre, TMTL 76, Pui To Road,
Tuen Mun, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.12.1992 |
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Com. Reg. No.: |
16544880 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers; Exporters and Importers of Battery-operated fluorescent
lantern, rechargeable lantern, rechargeable radio & cassette player
lanterns, video cassette rewinder, battery chargers, car radio cassette
player, blank video tapes, etc. |
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No. of Employees : |
20. |
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) |
|
Hong Kong |
A2 |
A2 |
|
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 |
SUN FAT ELECTRIC
PRODUCTS (INTERNATIONAL) CO. LTD.
Flat E2, 1/F., Tuen Mun Industrial Centre, TMTL 76, Pui To Road,
Tuen Mun, New Territories, Hong Kong.
PHONE: 2461 6073, 2769 2700
FAX: 2464 7008
E-MAIL: sunfat@sunfat.com.hk
Managing Director: Mr. Leung Kit
Incorporated on: 15th December, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Electric
Product Manufacturer and Exporter.
Group Turnover: US$50-55 million.
Group Employees: 20.
(Hong Kong)
Main Dealing Bankers: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of China
(Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
SUN FAT ELECTRIC
PRODUCTS (INTERNATIONAL) CO. LTD.
Registered Head
Office:-
Flat E2, 1/F., Tuen Mun Industrial Centre, TMTL 76, Pui To Road,
Tuen Mun, New Territories, Hong Kong.
Parent Company:-
Sun Fat (Holding) Co. Ltd., Hong Kong.
Associated
Companies:-
Honva Enterprises Ltd., Hong Kong.
Jianfa Electric Manufactures (Shenzhen) Co. Ltd., China.
Sun Fat (Hong Kong) Co. Ltd., Hong Kong.
Sun Fat Industrial Co., Hong Kong.
Sun Fat Video Tapes (H.K.) Ltd., Hong Kong.
16544880
0394800
Managing Director: Mr. Leung Kit
Contact Person: Ms. Lai Ling
Nominal Share Capital: HK$1,000,000.00
(Divided into 100,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 15-12-2012)
|
Name |
|
No. of shares |
|
LEUNG Kit |
|
70,000 |
|
Sun Fat (Holding) Co. Ltd., Hong Kong. |
|
10,000 |
|
LEUNG Wing Hong |
|
8,334 |
|
LEUNG Ho Sze, Cecilia |
|
8,333 |
|
LEUNG Ho Ying |
|
3,333 |
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|
|
––––––– |
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Total: |
100,000 ====== |
(As per registry dated 15-12-2012)
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Name (Nationality) |
Address |
|
LEE Ka Tak, Morris |
Flat F, 8/F., Block 2, Marina Garden, Tuen Mun,
New Territories, Hong Kong. |
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LEUNG Hon Kai |
Room 6, 36/F., Block B, Wan Hei House, Siu Hei Court, Tuen Mun,
New Territories, Hong Kong. |
|
LEUNG Kit |
House No. 21, Aquamarine Garden, 8 Tsing Yan Street, Tuen Mun,
New Territories, Hong Kong. |
|
Sun Fat (Holding) Co. Ltd. |
Flat E2, 1/F., Tuen Mun Industrial Centre, TMTL 76, Pui To Road,
Tuen Mun, New Territories, Hong Kong. |
|
WONG Kin Ping |
No. 40, 3rd Street, Section H, Fairview Park, Yuen Long,
New Territories, Hong Kong. |
|
LEUNG Ho Sze, Cecilia |
House No. 21, Aquamarine Garden, 8 Tsing Yan Street, Tuen Mun, New
Territories, Hong Kong. |
|
LEUNG Wing Hong |
House No. 21, Aquamarine Garden, 8 Tsing Yan Street, Tuen Mun, New
Territories, Hong Kong. |
|
Lai Yau Lin |
189 Wing Hing Wai Sheung Tsuen, Pat Heung, Yuen Long, New
Territories, Hong Kong. |
(As per registry dated 15-12-2012)
|
Name |
Address |
Co. No. |
|
World Link Business Services Ltd. |
5/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong
Kong. |
0746596 |
The subject was incorporated on 15th December, 1992 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: Manufacturers;
Exporters and Importers.
Lines: Battery-operated
fluorescent lantern, rechargeable lantern, rechargeable radio & cassette
player lanterns, video cassette rewinder, battery chargers, car radio cassette
player, blank video tapes, etc.
Brand Names: SUNCA, SUNCAKMAX, FORMULA and PLUZI.
Office Space: 25,000
sq.ft. in Hong Kong.
Factory Space: 45,000 sq.ft. in Shenzhen, China.
Group Employees: 20. (Hong Kong)
2,600. (China)
Raw Materials: Mainly
imports electronic components from Europe, Southeast Asia and procured locally.
Markets: Middle East, India,
China, Eastern Europe, Japan, the United States, Western Europe, etc.
Group Turnover: US$50-55 million.
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$1,000,000.00
(Divided into 100,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Making
a small profit every year.
Condition: Keeping in an active
condition.
Facilities: Making active use of general
banking facilities.
Payment: Regularly
met.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
CITIC Ka Wah Bank Ltd., Hong Kong.
Standing: Normal.
Sun Fat Electric Products (International) Co. Ltd. belongs to a group of
companies which is controlled by Mr. Leung Kit who is a Hong Kong
merchant. Besides the subject, the group
consists of the following firms:-
·
Sun Fat (Holding) Co. Ltd.;
·
Sun Fat (Hong Kong) Co. Ltd.;
·
Sun Fat Industrial Co. Ltd.; &
·
Sun Fat Video Tapes (H.K.) Ltd.
The subject is specialized in manufacturing the following products:-
Electric appliances & lighting products, gifts, premiums, including
mini‑fridges, wine coolers, rechargeable products (lanterns, spotlights,
torches, Fluorescent tubes, fans, etc.)
The subject has had an associated company Sun Fat Industrial Co, Ltd.
[SFICL] which was established in 1978.
SFICL is the tooling, moulding and plastic product manufacturer.
SFICL has been continuously expanding for past years. In 1987, a new subsidiary company Sun Fat
Video Tapes (HK) Co., Ltd. was established, which produces a diverse range
products of Video Tapes and Video Tapes Rewinders. Then the Group was one of the largest
manufacturer of Video Tapes and Video Tapes Rewinders in the World. In 1992, Sun Fat (Holding) Co., Ltd. was
founded with a subsidiary company Wing Fat Plastic Product Factory, an expert
in plastic product, tooling and moulding manufacturing.
The subject was said to be a subsidiary of Sun Fat (Holding).
Now, the Group has successfully established its own brand SUNCA and its
brand series products. Its products have
been exported to worldwide countries and recorded an annual shipment for over 3
million pieces of different items. Its
prime markets are the Middle East, India, China, Eastern Europe, Japan, the United
States, Western Europe, etc.
The Group has the following factories:-
·
Shenzhen, China [established in 1986]
Factory Size: 50,000 sq meters
No. of Employees: 1000 workers
Business types: ODM / OEM Manufacturing, Sub-Contracting
·
Zhongshan, Guangdong China (Factory A) [established
in 1982]
Factory Size: 18,000 sq meters
No. of Employees: 800 workers
Business types: Rechargeable Lanterns / Torches / Fans / Exit & Emergency
Lamps / LED Lamps / Tooling & molds manufacturing
·
Zhongshan, Guangdong China (Factory B) [established
in 1990]
Factory Size: 30,000 sq meters
No. of Employees: 800 workers
Business types: Battery Manufacturing
·
Capacity: 2 million pcs per month
The Group is ISO 9002 certified.
The annual sales of the Group ranges from US$50 to 55 million. Business is active and profitable.
As the history of the subject is over 20 years, on the whole, consider
it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
16-05-1996 |
Instrument: Security Over Deposits Property: All monies whether now or hereafter standing to the credit of any
deposit account of the company with The Hongkong & Shanghai Banking Corp.
Ltd. including any sums placed on any such account open the date hereof Mortgagee: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
To secure general banking facilities |
|
15-11-1996 |
Instrument: Deed of Charge on Deposits and Set-off Property: Fixed Deposit Nos. 03365850799829 & 03365850800851 for
HK$5,105,633 & HK$3,046,398 respectively Mortgagee: The China State Bank Ltd.,
Hong Kong Branch. [Now known as
Bank of China (Hong Kong) Ltd.] |
To secure general banking facilities |
|
13-03-1997 |
Instrument: Deed of Charge on Deposits and Set-off Property: Fixed Deposit No. 03365850871217 for HK$3,022,637 Mortgagee: The China State Bank Ltd.,
Hong Kong Branch. [Now known as
Bank of China (Hong Kong) Ltd.] |
To secure general banking facilities |
|
07-04-1999 |
Instrument: Deed of Charge on Deposit and Set-off Property: Fixed Deposit Receipt No. 113394 for HK$5,036,495 Mortgagee: CITIC Ka Wah Bank Ltd.,
Hong Kong. |
To secure advances, credit or banking facilities and accommodation to
Honva Enterprises Ltd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.83.67 |
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Euro |
1 |
Rs.71.02 |
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 |
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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 |
|
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.