MIRA INFORM REPORT

 

 

Report Date :

28.11.2014

 

IDENTIFICATION DETAILS

 

Name :

FORTUNE FOOTWEAR COMPANY LIMITED

 

 

Formerly Known As :

BUFFALINO LIMITED

 

 

Registered Office :

Room 804, 8/F, Emperor Group Centre, 288 Hennessy Road, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

16.04.1997

 

 

Com. Reg. No.:

603810

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and sales of shoes.

 

 

No of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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

 

 

 

 

Contact Points

 

Company Name (in Chinese):

寶盈鞋業有限公司

Company Name (in English):

FORTUNE FOOTWEAR COMPANY LIMITED

Supplied Name:

FORTUNE FOOTWEAR CO. LIMITED

Trading Address:

Room 804, 8/F, Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong

Supplied Address:

288 HENNESSY ROAD ROOM 804, 8/F, EMPEROR GROUP CENTRE WANCHAI, HONG KONG

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

FORTUNE FOOTWEAR COMPANY LIMITED

Registered Address:

Room 804, 8/F, Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong

Telephone Number:

+852-2529-8381

Fax Number:

+852-2527-7526

Date of Registration:

1997-4-16

Registered Number:

603810

Business Registration No.:

20868480

Registered Capital:

HKD 50,000 (USD 6,450)

(As of 2014.11, 1 HKD = 0.129 USD)

Paid-up Capital:

HKD 50,000 (USD 6,450) = 50,000 Shares@ HKD 1

Legal Form:

Private Limited Liability Company

SITC Code:

85148--Footwear, n.e.s., with outer soles of leather and uppers of leather or composition leather (pr)

Principal Activities:

Manufacturing and sales of shoes.

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-4-16

Notes: Subject declined to disclose its staff number; from other source we cannot obtain the relevant information, either.

 

 

History

 

Subject was incorporated on 1997-4-16 with the registered number 603810 as Private Limited Liability Company in Hong Kong.

 

Change of Name:

Date

Change

2002-10-4

Fortune Footwear Company Limited

1997-4-16

Buffalino Limited

Corporate Structure

 

Subject did not introduce whether it has any subsidiaries or branches, from other source we can not obtain the relevant information, either.

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Wai Wa

25,000

50%

Ng Shing

25,000

50%

Total

50,000

100%

 

Major Shareholder Information:

1

Name:

Wai Wa

Address:

Flat E, 25/F, Blk 6, City Garden North Point Hong Kong

2

Name:

Ng Shing

Address:

Flat C, 3/F, Blk 17, Richland Gardens, 80 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Ng Shing

Address:

Flat C, 3/F, Blk 17, Richland Gardens, 80 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong

Position:

Director

ID Number:

H419799(6)

2

Name:

Wai Wa

Address:

Flat E, 25/F, Blk 6, City Garden North Point Hong Kong

Position:

Secretary/Director

ID Number:

P132350(8)

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Room 804, 8/F, Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong

 

Premises Information

 

Office address:

Address:

Commercial Unit No.4 On 8th Floor

Emperor Group Centre

No.288 Hennessy Road

Hong Kong

Owners:

Globalac Development Limited

Memorial Number:

UB5936396

Date of Instrument:

1994-2-2

Date of Registration:

1994-3-3

Consideration Value:

HKD 10,810,000.00

 

History of Premises Owners’

 

1

Memorial No.:

UB6739577

Date of Instrument:

1994-2-2

Date of Registration:

1996-9-6

Nature:

Deed Of Mutual Covenant And Management Agreement With Plans

In Favor of:

First Pacific Davies (Hong Kong) Limited "The Manager"

2

Memorial No.:

UB5928053

Date of Instrument:

1994-2-2

Date of Registration:

1994-2-24

Nature:

Deed Of Mutual Covenant And Management Agreement With Plans

In Favor of:

First Pacific Davies (Hong Kong) Limited "The Manager"

3

Memorial No.:

UB5792547

Date of Instrument:

1993-9-18

Date of Registration:

1993-9-22

Nature:

Undertaking By The Hongkong And Shanghai Banking Corporation Ltd.

In Favor of:

Government Of Hong Kong And Director Of Lands

 

Production Information

 

·         The subject is mainly engaged in manufacturing of shoes without any production activities

·         It is introduced that subject has a factory in the mainland of China for production, however, the subject refused to introduce details information for us, and we didn’t detailed information of the factory from other sources.

 

Purchase Information

 

·         It is introduced that subject purchases raw materials both at home and abroad.

 

Sales Information

 

·         The subject is mainly engaged in sales of shoes

·         Subject’s major products are men's shoes, such as leather shoes, casual shoes

·         Subject’s selling territory includes Asia, Europe, America and etc.

·         Subject’s products are distributors of shoes, manufacturers or designers of garments.

·         It is introduced that subject can provide OEM services.

 

 

Settlements

 

Purchase

 

1. Domestic Purchase

Products

Raw materials

Payment Terms

Cash, T/T and etc

 

2. Import

Products

Raw materials

Payment Terms

L/C, T/T and etc

 

Sales

 

1. Domestic Markets

Product

Shoes 

Selling Terms

Cash, T/T and etc

 

2. Export

Product

Shoes

Selling Terms

L/C, T/T and 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.

Subject’s relevant staff Ms. Tina rejected to disclose the financial information, from other sources we could not obtain such information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

 

Public

 

Mortgage Record

 

No mortgage record of subject was found.

 

 

Lawsuits

 

Up to now, no present or latent litigation of the subject has been found.

High Court Action:

Clear

High Court Baukufty Bankruptcy Proceedings:

Clear

High Court Commercial Action:

Clear

High Court Construction & Arbitration Proceedings:

Clear

High Court Companies Winding-Up:

Clear

 

 

Special Note

 

Interview Details

Name

Ms. Tina

Department:

Sales Department

E-mail:

tina@gblhk.com

 

 

Industry Information

 

85148--Footwear, n.e.s., with outer soles of leather and uppers of leather or composition leather (pr)

Unit: HKD/000

 

2014.05

2014.01~2014.05

 

Quantity

Value

Quantity

Value

Imports

Australia

97

198

2,285

1,925

Brazil

26,227

7,742

78,224

23,425

Switzerland

23,804

48,62

103,399

200,239

The Mainland of China

11,132,856

1,388,688

45,830,535

5,740,926

Germany

12,228

5,764

46,461

41,095

Exports

United Arab Emirates

120,898

22,153

665,705

117,955

Australia

255,346

40,773

1,750,287

300,679

Belgium

92,557

12,167

337,388

43,721

Canada

29,302

6,728

109,842

24,292

The Mainland of China

316,182

125,901

1,856,723

804,490

 

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.

 

 

Attachment

 

We contacted with the subject, the subject’s relevant staff Ms. Tina confirmed the name, address and operation for us.

Since our on-site visit has no return yet, we cannot provide the photos at this stage,

We will update on-site visit photos as soon as possible.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.86

UK Pound

1

Rs.97.69

Euro

1

Rs.77.37                             

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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