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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
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Name : |
YAT FUNG PRECIOUS
METALS MANUFACTORY CO. LTD. |
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Registered Office : |
Room P, 9/F., Kaiser Estate Phase 3, 9-11 Hok Yuen Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.05.2006 |
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Com. Reg. No.: |
36798017 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
·
Engaged in trading, refining,
fineness testing and recycling of precious metals. subject is also engaged in processing and
manufacturing all kinds of precious metals accessories. ·
Trader of Fine Jewellery (Refine
& purification, OEM), Jewellery - Gold (OEM), Fine Jewellery Findings
& Setting (OEM) as well as Gold (OEM) |
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No of Employees : |
20 (Including associated company) |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 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.
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Source
: CIA |
YAT FUNG PRECIOUS METALS MANUFACTORY CO. LTD.
Room P, 9/F., Kaiser Estate Phase 3, 9-11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2334 5610, 2334 5640, 2363 3826
FAX: 852-2334 9280
E-MAIL: hktf@live.hk
Managing Director: Mr. So Tin Cho
Incorporated on: 26th May, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Fine Jewellery Trader.
Employees: 20. (Including associated company)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Room P, 9/F., Kaiser Estate Phase 3, 9-11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
Associated
Company:-
Tin Fung Jewellery Casting Co., Hong Kong. (Same address)
36798017
1047994
Managing Director: Mr. So Tin Cho
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 26-05-2013)
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Name |
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No.
of shares |
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SO Tin Cho |
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5,000 |
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LIN Wan Yang |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 26-05-2013)
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Name (Nationality) |
Address |
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LIN Wan Yang |
Flat D, 5/F., Block 25, Ocean
Vista, 8 Laguna Verde, Hunghom, Kowloon, Hong Kong. |
|
SO Tin Cho |
Flat D, 5/F., Block 25, Ocean
Vista, 8 Laguna Verde, Hunghom,
Kowloon, Hong Kong. |
LIN Wan
Yang (As per registry dated 26-05-2013)
The subject was incorporated on 26th May, 2006 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 and Exporter.
Lines: All kinds of gold products &fine jewellery
Employees: 20. (Including associated company)
Commodities Imported: India, China, Europe, etc.
Markets: Hong Kong, China, other Asian countries, Europe, North America, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
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.
Bankers:-
· Bank of China (Hong Kong) Ltd., Hong Kong.
DBS
Bank (Hong Kong) Ltd., Hong Kong.
The
Bank of East Asia Ltd., Hong Kong.
Standing: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Yat Fung Precious Metals Manufactory Co. Ltd. is equally owned by a couple, Mr. So Tin Cho and Ms. Lin Wan Yang. Being Hong Kong merchants, both are also directors of the subject.
The subject has had an associated company Tin Fung Jewellery Casting Co. [Tin Fung], a Hong Kong-registered company located at the same address. Tin Fung is also owned and operated by the couple.
The subject is
trading in the following commodities:
Fine Jewellery (Refine & purification, OEM), Jewellery - Gold (OEM), Fine Jewellery Findings & Setting (OEM), Gold (OEM).
Tin Fung is one of the leading precious metals casting companies in Hong Kong. Established in 1988, Tin Fung is renowned for its technical expertise in casting of precious metals and their products with accurate purity and good quality.
The subject’s business includes trading, refining, fineness testing and recycling of precious metals. It is also engaged in processing and manufacturing all kinds of precious metals accessories.
After continuously growing for over twenty years, Tin Fung has set up a well‑equipped casting plant in Panyu, Guangzhou City, Guangdong Province, China. In the China factory, there are several hundreds well-trained staff members and experts who are not only serving its customers in China but also the other countries of the world.
Tin Fung is a veteran of precious metals casting, including all kinds of K‑gold, platinum, silver, copper, stainless steel, wax-investment, etc. In particular, its superb wax-investment casting technology is highly recognized by its customers and industry peers.
The business of the subject is chiefly handled by the couple. History in Hong Kong is about eight years.
On the whole, in view of the background of the subject, consider it good for normal business engagements.
REMARKS:
Property information
of the company:-
1. Property Location: Flat G, 8/F., Block 6, Bauhinia Mansions, Whampoa Garden-Site 11, 6 Tak Hong Street, Hunghom, Kowloon, Hong Kong.
Owner: Yat Fung Precious Metals Manufactory Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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04-04-2007 |
- |
The Bank of East Asia Ltd., Hong Kong. |
Legal Charge/Mortgage to secure general banking
facilities |
2. Property Location: Unit P on 9/F., Kaiser Estate Phase 3, 11 Hok Yuen Street, Kowloon, Hong Kong.
Owner: Yat Fung Precious Metals Manufactory Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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22-06-2010 |
- |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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Date |
Particulars |
Amount |
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04-04-2007 |
Instrument: Legal Charge/Mortgage Property: Those 14/27,300 parts or shares of and in Section K of Kowloon Inland Lot No. 10750. (Flat G, 8/F., Block 6, Bauhinia Mansions, Whampoa Garden-Site 11, 6 Tak Hong Street, Hunghom, Kowloon, Hong Kong.) Mortgagee: The Bank of East Asia Ltd., Hong Kong. |
All moneys |
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22-06-2010 |
Instrument: Mortgage Property: All those 48/5,000 parts or shares of and in Section I of Kowloon Marine Lot No. 40 and Subsection 1 of Section H of Kowloon Marine Lot No. 40. (Unit P on 9/F., Kaiser Estate Phase 3, 11 Hok Yuen Street, Kowloon, Hong Kong.) Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
To secure all monies in respect of general banking
facilities and interest thereto |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.58.48 |
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1 |
Rs.98.67 |
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Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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.