|
Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PUIBRIGHT INVESTMENTS
LTD. |
|
|
|
|
Registered Office : |
Room 31, 10/F., Kowloon Bay Industrial Centre, 15 Wang Hoi Road, Kowloon Bay, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
28.07.1989 |
|
|
|
|
Com. Reg. No.: |
13413767 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of Sport
Shoes, Slippers & Footwear (Rubber & Textile), Footwear (PVC &
Plastic) & Footwear (Leather) |
|
|
|
|
No of Employees : |
6. (Hong Kong) 1,000 (China) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
PUIBRIGHT INVESTMENTS LTD.
Room 31, 10/F., Kowloon Bay Industrial Centre, 15 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2757 5021
FAX: 852-2795 4307, 2795 3307
E-MAIL: puibht@netvigator.com
Managing Director: Mr. Pui Shie Chung, Charles
Incorporated on: 28th July, 1989.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$450,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$250-300 million.
Employees: 6. (Hong Kong)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 31, 10/F., Kowloon Bay Industrial Centre, 15 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong.
Business Name:-
Mita Enterprises Co., Hong Kong. [BR No. 13413767-001]
China Factory:-
Dongguan Puibright Shoes Industrial Co. Ltd.
Jiaoshe Second Industrial Area, Dong Keng Town, Dongguan City, Guangdong Province, China.
13413767
0259549
Managing Director: Mr. Pui Shie Chung, Charles
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$450,000.00
(As per registry
dated 28-07-2013)
|
Name |
|
No. of shares |
|
PUI Yiau Ming |
|
202,725 |
|
PUI Yau
Tat |
|
157,275 |
|
PUI Shie
Chung, Charles |
|
45,000 |
|
PUI Yau Ping |
|
45,000 |
|
|
|
––––––– |
|
|
Total |
450,000 ====== |
(As per registry
dated 28-07-2013)
|
Name (Nationality) |
Address |
|
PUI Shie
Chung, Charles |
Flat A, 7/F., 285 Prince
Edward Road, Kowloon, Hong Kong. |
|
PUI Yau Ping |
Flat B1, 21/F., Block B,
Greebfield Terrace, 26 Homantin Hill Road, Kowloon, Hong Kong. |
|
PUI Yau Tat |
Flat A, 7/F., 285 Prince Edward
Road, Kowloon, Hong Kong. |
(As per registry
dated 28-07-2013)
|
Name |
Address |
Co.
No. |
|
Winsome Rich Secretarial Service Ltd. |
Room 1012, 10/F., Wealth Commercial Centre, 48 Kwong Wa
Street, Mongkok, Kowloon, Hong Kong. |
0403915 |
The subject was incorporated on 28th July, 1989 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: Sport shoes, other kinds of footwear
Employees: 6. (Hong Kong)
1,000. (China)
Commodities Imported: Imports raw materials from European countries, some of the Asian countries and finished
products from China.
Markets: Eastern Europe, North America, Scandinavia, Western Europe, etc.
Annual Turnover: HK$250-300 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$450,000.00
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.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Puibright Investments Ltd. is wholly-owned by the Pui family. Its business name is Mita Enterprises Co.
The subject is a footwear trader and manufacturer.
Currently, the
subject is manufacturing the following commodities and offering clients with
the following services:
|
Product/Service |
Product/Service
Remarks |
|
Footwear |
|
|
Sport
Shoes |
Lady footwear (Exporter) |
|
|
Lady footwear, OEM
(Manufacturer) |
|
Slippers |
Lady footwear (Exporter) |
|
|
Lady footwear, OEM
(Manufacturer) |
|
Footwear
- Rubber & Textile |
Lady footwear (Exporter) |
|
|
Lady footwear, OEM
(Manufacturer) |
|
Footwear
- PVC & Plastic |
Lady footwear (Exporter) |
|
|
Lady footwear, OEM
(Manufacturer) |
|
Footwear
- Leather |
Lady footwear (Exporter) |
|
|
Lady footwear, OEM
(Manufacturer) |
Products are exported to Eastern
Europe, North America, Scandinavia, Western Europe, Turkey, South Africa, etc.
The subject has got an associated factory in Dongguan
City, Guangdong Province, China known as Dongguan Puibright Shoes Industrial
Co. Ltd. [Puibright]. Formerly known as
Fuwei Shoes Factory Co., Puibright was established in 1989 and was one of the
pioneer companies manufacturing shoes and sandals in China. Originally the
subject operated as a small size home-based business. As demand increased, Puibright moved to
a new location in 2003. Puibright is now
located at Jiaoshe Second Industrial Area, Dong Keng Town, Dongguan City which
covers an area of 40 acres and has a construction area of 40,000 sq.m., and now
has about 1,000 employees.
Puibright now has 3 assembly lines which can manufacture over 1 million
pairs of shoes annually.
Puibright is specialized in high-end women
shoes manufacturing. It has been
manufacturing shoes for many famous brands such as Nine West, Steve Madden,
Kurt Geiger, Bebe, Enzo Angiolini, Sam Edelman & Bakers. Business is rather active.
The subject also receives OEM orders. In 2001, the factory got the
ISO9001 certification.
The
annual sales turnover of the subject ranges from HK$250-300 million. Making a small profit every year. History in Hong Kong is about 25 years.
On the whole, consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
05-07-1990 |
Instrument: Mortgage Property: 5/1,889th parts or shares of and in New Kowloon Inland Lot No. 5833 (Factory Unit No. 31 on 10/F. and the Portion of the Main Roof, Kowloon Bay Industrial Centre, 15 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong.) Mortgagee: The Yien Yieh Commercial Bank Ltd., Hong Kong
Branch. [Merged into Bank of China
(Hong Kong) Ltd.] |
To secure general banking facilities |
|
29-09-2000 |
Instrument: Deed of Indemnity, Charge Over Deposit(s) and Set-Off Property: Deposit No. 014-691-5-756934-9 for DEM311,000 Mortgagee: The Yien Yieh Commercial Bank Ltd., Hong Kong
Branch. [Merged into Bank of China
(Hong Kong) Ltd.] |
To secure general banking facilities granted to
Puibright Investments Ltd. trading as Mita Enterprises Co. |
|
25-09-2001 |
Instrument: Second Mortgage Property: 5/1,889th parts or shares of and in New Kowloon Inland Lot No. 5833 (Factory Unit No. 31 on 10/F. and the Portion of the Main Roof, Kowloon Bay Industrial Centre, 15 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong.) Mortgagee: The Yien Yieh Commercial Bank Ltd., Hong Kong
Branch. [Merged into Bank of China
(Hong Kong) Ltd.] |
To secure general banking facilities granted to
Puibright Investments Ltd. trading as Mita Enterprises Co. |
|
18-10-2003 |
Instrument: Deed of Indemnity, Charge Over Deposit(s) and Set-Off Property: Particulars of the Deposit(s):- Signature No. : 91011048 Deposit No. : 014-691-5-756934-9 Amount : EUR172,215 Due Date : 13th November, 2003. Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
To secure general banking facilities granted to
Puibright Investments Ltd. trading as Mita Enterprises Co. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.58 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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 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.