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Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
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Name : |
FUGUINIAO
(HONGKONG) LTD. |
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Registered Office : |
Room 1002, 10/F., Harbour Crystal Centre, 100 Granville
Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.01.2012 |
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Com. Reg. No.: |
59340879 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of leather shoes
products including men’s and women’s leather shoes and casual shoes ranging
from high-end to middle‑end. |
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No. of Employees : |
07 |
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 : |
Moderate |
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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 |
FUGUINIAO (HONGKONG) LTD.
Room 1002, 10/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3152 2366
FAX: 852-3152 2360
Managing Director: Mr. Lam Wo Ping
Incorporated on: 12th January, 2012.
Organization: Private Limited Company.
Capital: Nominal: RMB27,000,000.00
Issued: RMB27,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 7.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1002, 10/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
China Factory:-
Fulin Building, Changfu Industrial District, Shishi City, Fujian Province, China.
Holding Company:-
Fuguiniao Co. Ltd., China.
Associated
Companies:-
Fuguiniao Group
of Companies
Fuguiniao Group Ltd., Hong Kong. (Same address)
Fujian Shishi Fuguiniao Apparel Development Co. Ltd., China.
Fujian Shishi Fuguiniao Garment Co. Ltd., China.
Fujian Shishi Fuguiniao Shoe Development Co. Ltd., China.
Fujian Shishi Fulin Shoes Co. Ltd., China.
Hong Kong Anywalk
International Fashions Ltd., Hong Kong.
(Same address)
Shishi Fuguiniao Group Co. Ltd., China.
etc.
59340879
1698739
Managing Director: Mr. Lam Wo Ping
Nominal Share Capital: RMB27,000,000.00 (Divided into 27,000,000 shares of RMB1.00 each)
Issued Share Capital: RMB27,000,000.00
(As per registry
dated 12-01-2013)
|
Name |
|
No.
of shares |
|
Fuguiniao Co. Ltd. Changfu
Village, Shishi City, Fujian Province, China. |
|
27,000,000 ======== |
(As per registry
dated 12-01-2013)
|
Name (Nationality) |
Address |
|
LAM Wo Sze |
Flat A, 18/F., Block 2,
Majestic Park, 11 Farm Road, Tokwawan, Kowloon, Hong Kong. |
|
LAM Kwok Keung |
Flat A, 18/F., Block 2,
Majestic Park, 11 Farm Road, Tokwawan, Kowloon, Hong Kong. |
|
LAM Wing Ho |
Flat A, 18/F., Block 2, Majestic
Park, 11 Farm Road, Tokwawan, Kowloon, Hong Kong. |
|
LAM Wo Ping |
Flat A, 18/F., Block 2,
Majestic Park, 11 Farm Road, Tokwawan, Kowloon, Hong Kong. |
(As per registry
dated 12-01-2013)
|
Name |
Address |
Co.
No. |
|
Skywalk Consultants Ltd. |
Flat N, 17/F., Phase 2, Goldfield Building,144‑150
Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong. |
0715904 |
The subject was incorporated on 12th January, 2012 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 Wholesaler.
Lines: All kinds of leather shoes.
Trade Mark: FUGUINIAO, Anywalk.
Employees: 7.
Materials/Commodities: Imports raw materials from Europe, Asian countries and finished products from China.
Markets: Europe, Southeast Asia, Russia, US, Australia, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: RMB27,000,000.00 (Divided into 27,000,000 shares of RMB1.00 each)
Issued Share Capital: RMB27,000,000.00
Profit & Loss: Group made profits in the past years.
Condition: Keeping in an active state.
Facilities: Adequate for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Having issued 27 million ordinary shares of RMB1.00 each, Fuguiniao (Hongkong) Ltd. is a wholly owned subsidiary of Fuguiniao Co. Ltd. [FGN] which is a China-based firm. FGN is located at Changfu Industrial District, Shishi City, Fujian Province, China.
The directors of the subject are Mr. Lam Wo Ping, Mr. Lam Kwok Keung, Mr. Lam Wing Ho and Mr. Lam Wo Sze. All are Hong Kong merchants.
The subject is one of the members of the Fuguiniao Group of which main company is Fuguiniao Shoe Development Co. Ltd. [FSDCL], a China-based firm. FSDCL was established in 1984. The other main member of the Group is Shishi Fulin Shoes Co. Ltd. [Fulin] which is also in Shishi City.
The main products of the Group are leather shoes. The production base of the Group is located at Changfu Industrial District, Shishi City, Fujian Province, China.
The subject is trading in leather shoes which are manufactured by the Group in Fujian Province, China.
Now, the Group’s factory covers an area of 240,000 sq.m. and is employing about 5,000 workers. The factory has been equipped with 75 production lines. Of the total workers, 400 are engaged in the R&D Department. The Group is able to produce over 20,000 types of new shoes annually. The annual production capacity is 3.5 million pairs of leather shoes and the annual output is over RMB600 million.
Bearing the brand name of “FUGUINIAO”, products include men’s and women’s leather shoes and casual shoes ranging from high-end to middle‑end. According to the Group, 65% are ladies shoes while 35%, men’s shoes. There are about 3,000 shops retailing the Group’s shoes in China. 50% of the shoes are sold in China and 50% are exported to Russia, the European Union, the United State, etc.
“Fuguiniao” products have been conferred the titles of “High Grade Products Approved by the Ministry of Agriculture”, “National Customer Satisfied Products”, and “King of Real Leather Shoes in China” for four consecutive times. In January 1999, “FUGUINIAO” brand was approved as “China’s Famous Brand” by the State Trademark Bureau.
Besides “FUGUINIAO”, the Group owns other brand names such as “ZHU BU”, “MOLINA” and “ENALENA”. The annual production capacity of the Group is about 5 million pairs of shoes.
In the years ahead, some the Group’s shoes will be designed by Italian designers so that its products can penetrate the international market further. Currently, the Group has got a new factory under construction. With a total investment of over RMB400 million Yuan, the new factory will be equipped with 16 production lines imported from Italy. When the new factory is put into production, more workers will be recruited and the Group’s production capacity will further increase.
The fixed assets of the Group amount to RMB2 billion Yuan. Annual sales turnover is very significant.
New branch shops have been set up in Sichuan and Shenzhen Special Economic Zone, China.
In Hong Kong, the Group has set up an associated company Hong Kong Anywalk International Fashions Ltd., a Hong Kong-registered firm located at the same address. This firm is responsible for trading in leather shoes bearing the trade mark Anywalk.
In February 2011, Forbes Magazine ranked Lam Wo Ping as the 232nd in the 400 Richest Chinese. According to the Magazine, the net worth of Lam amounted to US$160 million. However, his name has not been found in 2012 Forbes Magazine.
The Group has grown into a famous shoe manufacturing enterprise with great renown.
In the years ahead, the Group is seeking for an IPO in Hong Kong trading in its share H.
The subject is fully supported by the Lam family. History in Hong Kong is just over a year.
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.04 |
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UK Pound |
1 |
Rs.103.11 |
|
Euro |
1 |
Rs.86.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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.