MIRA INFORM REPORT

 

 

Report Date :

25.11.2014

 

IDENTIFICATION DETAILS

 

Name :

KONG FUNG HONG LTD.

 

 

Registered Office :

Unit B, 4/F., International Industrial Building, 501-503 Castle Peak Road, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

10.01.2001

 

 

Com. Reg. No.:

31532810

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

IMPORTER, EXPORTER AND WHOLESALER OF FABRICS, GARMENT ACCESSORIES, I-PHONE CASES AND I-PAD CASES.

 

 

No of Employees :

5

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

 

 

 

Company Name & address

 

KONG FUNG HONG LTD.

 

 

ADDRESS:       Unit B, 4/F., International Industrial Building, 501-503 Castle Peak Road, Kowloon, Hong Kong.

 

PHONE:            852-2748 6360

 

FAX:                 852-2748 0759

 

E-MAIL:                        anniem@kongfunghong.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Mok Poon Man

 

 

SUMMARY

 

Incorporated on:             10th January, 2001.

 

Organization:                 Private Limited Company.

 

Capital: Nominal:           HK$100,000.00

 

Issued:                          HK$100,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   5.

 

Main Dealing Banker:     Wing Hang Bank Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

 

 

Name

 

KONG  FUNG  HONG  LTD.

 

 

ADDRESS

 

Registered Head Office:-

Unit B, 4/F., International Industrial Building, 501-503 Castle Peak Road, Kowloon, Hong Kong.

 

Associated Company:-

Yu Fung Trading Development Ltd., Hong Kong.  (Same address)

 

 

BUSINESS REGISTRATION NUMBER

 

31532810

 

 

COMPANY FILE NUMBER

 

0744122

 

 

MANAGEMENT

 

Managing Director:  Mr. Mok Poon Man

 

 

CAPITAL

 

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 10-01-2014)

Name

 

No. of shares

MOK Poon Man

 

99,500

WONG Yu Fu

 

500

 

 

––––––

 

Total:

100,000

======

 

 

DIRECTORS

 

(As per registry dated 10-01-2014)

Name

(Nationality)

 

Address

WONG Yu Fu

Flat D, 8/F., Block 5, Seacrest Villa, Phase 2, 18 Castle Peak Road, Tsing Lung Tau, New Territories, Hong Kong.

 

MOK Poon Man

Unit B, 4/F., International Industrial Building,
501-503 Castle Peak Road, Kowloon, Hong Kong.

 

 

SECRETARY

 

(As per registry dated 10-01-2014)

Name

Address

Mok So Kam, Annie

Room 418, 4/F., Un Fung House, Un Chau Estate, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 10th January, 2001 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.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Fabrics, garment accessories, iPhone cases, iPad cases, etc.

 

Employees:                   5.

 

Commodities Imported:   China, other Asian countries

 

Markets:                       Southeast Asia, Europe, North America

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$100,000.00

 

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:  Wing Hang Bank Ltd., Hong Kong.

 

Standing:  Small.

 

 

GENERAL

 

Having issued 100,000 ordinary shares of HK$1.00 each, Kong Fung Hong Ltd. is jointly owned by Mr. Mok Poon Man, holding 99.5% interests; and Mr. Wong Yu Fu, holding 0.5%.  Being Hong Kong merchants, they are also directors of the subject.

 

The subject has had an associated company Yu Fung Trading Development Ltd., a Hong Kong-registered company located at the same address.

 

The subject is trading in the following commodities: blended fabrics, fleece fabrics, synthetic fabrics, garment accessories.

 

In recent years, the subject has been trading in the following commodities as well: iPhone Case, iPhone 4 Perforated Case, iPhone Silicone Case, iPhone Bling Bling Cover, Leather iPhone Case.

 

Products are exported to Southeast Asia, North America, Scandinavia.

 

The subject has set up an office in Foshan City, Guangdong Province, China.  The Foshan Office is responsible for marketing products or sourcing commodities from China suppliers.

 

The subject’s business is chiefly handled by the two shareholders and Ms. Annie Mok So Kam.

 

As the history of the subject is over 13 years and nine months in Hong Kong, on the whole, consider it good for normal credit requirements.

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.77

UK Pound

1

Rs.96.78

Euro

1

Rs.76.59

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.