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Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
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Name : |
WING SUN METAL PRODUCTS LTD. |
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Registered Office : |
Flat A, 12/F., |
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Country : |
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Date of Incorporation : |
26.02.1988 |
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Com. Reg. No.: |
11641588 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of Metal buttons,
rivets for garment, buckles, haberdashery |
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No. of Employees |
13 |
RATING & COMMENTS
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MIRAs 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 June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies
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Source
: CIA |
WING SUN
METAL PRODUCTS LTD.
ADDRESS: Flat A, 12/F., Yee Lim Industrial Building, 32-40 Kwai Ting Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2429 4552, 2427 6730
FAX: 852-2480 6109
E-MAIL: inbox@wingsun.com
Managing Director: Mr. Cheng Chun Chor
Incorporated on: 26th February, 1988.
Organization: Private Limited Company.
Capital: Nominal:HK$100,000.00
Issued: HK$100,000.00
Business Category: Importer, Exporter and Manufacturer.
Annual Turnover: HK$90-110 million.
Employees: 13.
Main Dealing Banker: Citibank N.A., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat A, 12/F., Yee Lim Industrial Building, 32-40 Kwai Ting Road, Kwai Chung, New Territories, Hong Kong.
China Factory:-
Dongguan Wing Sun Metal Products Ltd., China.
Subsidiary Company:-
Standard Industrial Manufactory Co Ltd., Hong Kong. (Same address)
11641588
0210612
Managing Director: Mr. Cheng Chun Chor
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
SHAREHOLDERS: (As per registry dated 26-02-2014)
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Name |
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No. of shares |
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CHENG Chun Chor |
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98,000 |
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WAN Lai Har |
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2,000 |
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Total: |
100,000 ====== |
DIRECTORS: (As per registry dated 26-02-2014)
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Name (Nationality) |
Address |
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WAN Lai Har |
Flat A, 18/F., Tower 3, Grand Pacific Views, Palatial Coast, Tuen Mun, New Territories, Hong Kong. |
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CHENG Chun Chor |
Flat A, 18/F., Tower 3, Grand Pacific Views, Palatial Coast, Tuen Mun, New Territories, Hong Kong. |
SECRETARY: WAN Lai Har
(As per registry dated 26-02-2014)
The subject was incorporated on 26th February, 1988 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: Metal buttons, rivets for garment, buckles, haberdashery, etc.
Employees: 13.
Commodities Imported: China, etc.
Markets: Japan, Korea, North America, Other Asian Countries, Taiwan, Western Europe, etc.
Annual Turnover: HK$90-110 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C or as per contracted.
MEMBERSHIP: The Hong Kong Metals Manufacturers Association, Hong Kong.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Indebtedness: HK$16,438,389.24 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 26-02-2014)
Mortgage or Charge: (See attachment)
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: Citibank N.A., Hong Kong Branch.
Standing: Good.
Having issued 100,000 ordinary shares of HK$1.00 each, Wing Sun Metal Products Ltd. is jointly owned by Mr. Cheng Chun Chor, holding 98% interests, and Ms. Wan Lai Har, just holding 2%. Both are Hong Kong merchants. Seemed to be a couple, they are also directors of the subject.
The subject is engaged in supplying all kinds of metal buttons and garment accessories. The followings are its main products:
Buckle - Metal (Zinc alloy, OEM);
Button - Metal (Zinc alloy include jeans/snap button, OEM);
Haberdashery (Grommet, die casting parts for garment/bag, OEM); &
Rivet For Garment (Include eyelets, OEM), etc.
The factory of the subject is in Dongguan City, Guangdong Province, China known as Dongguan Wing Sun Metal Products Ltd. [DWSMP].
All the products of DWSMP are ISO 9001:2000 and Oeko - Tex Standard 100 Class I certified.
The factory area of DWSMP covers 12,000 sq.m. Established in 1976, DWSMP is owned by the subject and now has about 600 employees. The monthly production capacity of DWSMP is 60 million units of buttons and 150 million units of rivets.
Its products are exported to Japan, South Korea, Taiwan, other Asian countries, North America, Western Europe, etc. Overall business is satisfactory.
The subject had had a subsidiary company Standard Industrial Manufactory Co Ltd. [SIMC], a Hong Kong-registered company located at the same address. SIMC is engaged in manufacturing high precision metal parts for various industries, such as the cabinets for business machines, metal cases, metal parts for mini motors, supporting racks and contact plates for electronic products and so on. CNC punching or laser cutting without tooling investment for cabinets or chassis in small quantity is also available. SIMC produces its tools in-house and the security of the product designs can be highly kept.
The annual sales of the subject ranges from HK$90 to 110 million.
As the history of the subject is over 26 years in Hong Kong, on the whole, consider it good for normal business engagements.
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Date |
Description of Instrument |
Mortgagee |
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10-05-1988 |
Mortgage |
Chekiang First Bank Ltd., Hong Kong. [Business transferred to Wing Hang Bank Ltd.] |
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27-11-2001 |
Mortgage |
Chekiang First Bank Ltd., Hong Kong. [Business transferred to Wing Hang Bank Ltd.] |
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15-01-2007 |
Deposit Deed |
Citibank N.A., Hong Kong Branch. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.02 |
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1 |
Rs.102.69 |
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Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
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 SCs 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.