MIRA
INFORM REPORT
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Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
WING HING BUTTONS INTERNATIONAL LIMITED |
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Registered Office : |
Block B, 7F, |
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Country : |
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Date of Incorporation : |
26.11.1999 |
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Com. Reg. No.: |
695805 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
SUBJECT IS ENGAGED IN TRADING OF BUTTONS |
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No of Employees : |
About 900 Employees (Group, including the factory workers) |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
|
Source
: CIA |
Contact Points
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Company Name (in Chinese): |
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Company Name (in English): |
Wing Hing Buttons International Limited |
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Supplied Name: |
WING HING BUTTONS INTERNATIONAL LTD |
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Trading Address: |
Unit B, G/F, 1F, Cheung Kwong Factory Building, 6 Cheung Yee Street,
Cheung Sha Wan, Kowloon, Hong Kong |
|
Supplied Address: |
UNIT BG/F AND 1/F CHEUNG KWONG FACTORY BUILDING, KOWLOON |
Note: The exact name and address are as above.
Credit Summary
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Credit Opinion: |
Company Identification Details
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Registered Name: |
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Registered Address: |
Block B, 7F, Cheung Kwong Factory Building,
6 Cheung Yee Street, Cheung Sha Wan, Kowloon, Hong Kong |
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Telephone Number: |
+852-2381-2751 |
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Fax Number: |
+852-2394-0661 |
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Date of Registration: |
1999-11-26 |
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Registered Number: |
695805 |
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Business Registration No.: |
30538938 |
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Paid-up Capital: |
HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD 1 (As of 2014.12, 1 HKD = 0.129 USD) |
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Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
89983--Press-Fasteners, Snap-Fasteners And
Press-Studs And Parts Therefor; Buttons (KG) |
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Principal Activities: |
Trading of buttons, etc. |
|
Staff: |
About 900 Employees (Group, including the
factory workers) |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2014-11-26 |
History
Subject was incorporated on 1999-11-26 with the registered number as Private Limited Liability Company in Hong Kong.
Corporate Structure
Related Company
|
Name: |
Wing Hing Buttons and Buckles Limited |
|
Address: |
Unit B, G/F., & 1/F., Cheung Kong Factory Building, 6, Cheung Yee
Street, Cheung Sha Wan, Kowloon, Hong Kong |
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Tel: |
+852-2381-2751 |
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Fax: |
+852-2394-0661 |
Group Offices
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1 |
|
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Name: |
Guangzhou Office |
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Address: |
Room 7, 23A/Fl., Yi An Plaza, 33 Jianshe 6 Road, Guangzhou, China.
Postal Code: 510060 |
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Tel: |
+86-20-8363-3760/8363-3822 |
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Fax: |
+86-20- 8363-3086 |
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2 |
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Name: |
Shanghai Office |
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Address: |
2299 Yanan Road, West, Room C66, 6/F., Shanghaimart, Shanghai,
China. Postal Code: 200336 |
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Tel: |
+86-21-6236-7391/6236-1507 |
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Fax: |
+86-21-6236-7392 |
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3 |
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Name: |
Ningbo Office |
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Address: |
Postal Code Room 2428, Hua Lian Building, No. 55 Dong Du Road, Hai Shu
District, Ningbo, China |
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Tel: |
+86-574-8387-9550 |
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Fax: |
+86-574-8387-9551 |
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4 |
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Name: |
USA Office |
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Address: |
2 North Corporate Drive, Riverdale, New Jersey 07457, USA |
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Email: |
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5 |
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Name: |
India Office |
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Address: |
No. 380 2nd Floor 6th Cross, Second Block Rmv Second stage, Bangalore
- 560094 |
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Tel: |
+91-80-4095-3587 |
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Email: |
|
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
C. L. Secretarial Services Limited |
1 |
0.01% |
|
Scenery Trading Limited |
1 |
0.01% |
|
Wong Wing Kai |
4,999 |
49.99% |
|
Wong Pui Chung, Nicholas |
4,999 |
49.99% |
|
Total |
10,000 |
100% |
Major Shareholder Information:
|
1 |
|
|
Name: |
C. L. Secretarial Services Limited |
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Former Name: |
Noble City Trading Limited |
|
Address: |
13F, Chun Hoi Commercial Building, 688-690
Shanghai, Mongkok, Kowloon, Hong Kong |
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Date of Registration: |
1991-4-11 |
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Registration Number: |
304562 |
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Business Registration Number: |
14422325 |
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2 |
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Name: |
Scenery Trading Limited |
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Former Name: |
Sinery Trading Limited |
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Address: |
13F, Chun Hoi Commercial Building, 688-690
Shanghai, Mongkok, Kowloon, Hong Kong |
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Date of Registration: |
1992-11-26 |
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Registration Number: |
391593 |
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Business Registration Number: |
18150401 |
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Name: |
Wong Wing Kai |
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Address: |
1 F, 156A Ki Lung Street, Shamshuipo,
Kowloon, HK |
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4 |
|
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Name: |
Wong Pui Chung, Nicholas |
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Address: |
1 F, 156A Ki Lung Street, Shamshuipo,
Kowloon, HK |
Management Information
Core Management
Detailed Information
of Directors:
|
1 |
|
|
Name: |
Yu Miu Chu |
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Address: |
10351 Freshwater Dr., Richmond B.C.
Vancouver, Canada |
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Position: |
Director |
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ID Number: |
G370264(1) |
|
2 |
|
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Name: |
Wong Po Chun |
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Address: |
11311 No. 1 Rd., Richmond B.C. Vancouver,
Canada |
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Position: |
Director |
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ID Number: |
A781394(8) |
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3 |
|
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Name: |
CL. Com Limited |
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Address: |
13F, Chun Hoi Commercial Building, 688-690
Shanghai, Mongkok, Kowloon, Hong Kong |
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Position: |
Corporate Secretary |
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Registered Number: |
703374 |
Personnel
Structure
|
Total Employees |
Operation Information
Offices &
Factories
|
|
Office |
|
Address: |
Unit B, G/F, 1F, Cheung Kwong Factory Building, 6 Cheung Yee Street,
Cheung Sha Wan, Kowloon, Hong Kong |
Premises
Information
The subject is
located at Unit B, G/F, 1F, Cheung
Kwong Factory Building, 6 Cheung Yee Street, Cheung Sha Wan, Kowloon, Hong
Kong. However, we cannot get any
related registration information for this address in the official authorities.
Production
Information
l
Subject
is engaged in trading of buttons, etc.
l
It is
introduced that subjects group has two factories in Dongguan City of the
Mainland of China for production.
Purchase
Information
l
The
products of the subject are mainly purchased in in Dongguan City of the
Mainland of China
Sales Information
l
Subject
is engaged in sale of buttons, etc.
l
The
major products sold by the subject are shank buttons, snap buttons, sew on
buttons, buckles, eyelets, hanger chains, zipper pullers and so on.
l
Subjects
sales regions domestic market, japan, Korea, other Asian Countries, Europe,
USA, etc.
l
It is
introduced that subject also provides customized services.
l
The
general delivery lead time of subject is about 20 days.
l
Subjects
major customers are manufacturers of garments, etc.
Settlements
Purchase
1.
Domestic
Purchase
|
Products |
Buttons, etc. |
|
Payment Terms |
Interior Settlement, T/T, Cash, etc. |
2. Import
Subject has little import.
1. Domestic Markets
|
Product |
Buttons, etc. |
|
Selling Terms |
T/T, Cash, etc. |
2. Export
|
Product |
Buttons, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Financial Information
The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.
Subjects relevant staff declined to disclose the financial information; from other sources we could not obtain such information, either.
Bankers
|
Name: |
The Hongkong And Shanghai Banking Corporation
Limited |
Lawsuits
Up to now, no present or latent litigation of the subject has been found.
|
High Court Action: |
Clear |
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High Court Baukufty Bankruptcy Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
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High Court Construction & Arbitration Proceedings: |
Clear |
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High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Name |
Ms. Wong |
|
Department: |
Sales Department |
Industry Information
89983--Press-Fasteners, Snap-Fasteners and Press-Studs And Parts
Therefor; Buttons (KG)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Argentina |
479 |
86 |
1,199 |
199 |
|
Germany |
19,420 |
4,634 |
166,755 |
32,104 |
|
Britain |
1,042 |
265 |
2,515 |
1,146 |
|
India |
3,191 |
788 |
17,555 |
2,550 |
|
Canada |
17,281 |
910 |
78,210 |
4,157 |
|
Italy |
18,145 |
8,832 |
63,414 |
35,348 |
|
Japan |
51,759 |
10,570 |
165,214 |
36,598 |
|
Korea |
1,726 |
765 |
11,997 |
5,638 |
|
Malaysia |
1,543 |
212 |
6,019 |
926 |
|
USA |
11,418 |
2,733 |
60,141 |
11,695 |
|
The Mainland of China |
1,342,050 |
110,944 |
7,217,518 |
539,770 |
|
Exports |
||||
|
Bangladesh |
79,800 |
7,108 |
268,807 |
31,054 |
|
Sri Lanka
|
1,511 |
295 |
4,880 |
701 |
|
Britain |
|
|
|
|
|
India |
2,360 |
663 |
7,402 |
2,915 |
|
Mexico |
972 |
111 |
1,638 |
576 |
|
Italy |
14 |
7 |
3,122 |
423 |
|
Thailand |
1,218 |
437 |
5,474 |
2,840 |
|
Turkey |
1,351 |
244 |
8,183 |
1,945 |
|
Vietnam |
2,441 |
536 |
7,408 |
1,773 |
|
USA |
1,121 |
152 |
6,169 |
872 |
|
The Mainland of China |
36,805 |
2,975 |
154,871 |
12,545 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.
Credit Index Explanation
The credit index is in fact the number of risky points. The lower credit index is, the higher is the creditworthiness of the company. The following table can be used for evaluation of the creditworthiness of a company:
|
100 150 risky points |
Very good creditworthiness |
|
151 250 risky points |
Good creditworthiness |
|
251 320 risky points |
Average creditworthiness |
|
321 400 risky points |
Poor creditworthiness |
|
401 500 risky points |
Insufficient creditworthiness |
|
501 600 risky points |
Business connection is rejected |
Attachment
Address: Unit B, G/F, 1F, Cheung Kwong Factory Building, 6 Cheung Yee Street, Cheung Sha Wan, Kowloon, Hong Kong
Cheung Kwong Factory Building, 6 Cheung Yee Street, Cheung Sha Wan, Kowloon, Hong Kong
G/F, 1F, Cheung Kwong Factory Building, 6 Cheung Yee Street, Cheung Sha Wan, Kowloon, Hong Kong
G/F, 1F, Cheung Kwong Factory Building, 6 Cheung Yee Street, Cheung Sha Wan, Kowloon, Hong Kong
G/F, 1F, Cheung Kwong Factory Building, 6 Cheung Yee Street, Cheung Sha Wan, Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.95 |
|
|
1 |
Rs. 97.15 |
|
Euro |
1 |
Rs. 76.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.