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Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
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Name : |
KING FORTRESS (HONG KONG) LTD. |
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Registered Office : |
Room 3, 16/F., Block A, Wah Sang Industrial Building, 14-18 Wong Chuk Yeung Street, Fo Tan, Sha Tin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.12.1997 |
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Com. Reg. No.: |
21541584 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND MANUFACTURER OF COSMETICS FOR HAIR,
CASES, HAIR CARE PRODUCTS AND SKIN CARE PRODUCTS |
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No. of Employees : |
06 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Source
: CIA |
KING FORTRESS
(HONG KONG) LTD.
ADDRESS: Room 3, 16/F., Block A, Wah Sang Industrial Building, 14-18 Wong Chuk Yeung Street, Fo Tan, Sha Tin, New Territories, Hong Kong.
PHONE: Not available
Managing Director: Mr. Li Jianrong
Incorporated on: 5th December, 1997.
Organization: Private Limited Company.
Capital: Nominal:HK$500,000.00
Issued: HK$100,000.00
Business Category: Importer, Exporter and Manufacturer.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 3, 16/F., Block A, Wah Sang Industrial Building, 14-18 Wong Chuk Yeung Street, Fo Tan, Sha Tin, New Territories, Hong Kong.
Associated
Companies:-
Eagle Fortress Cases (HK) Ltd., Hong Kong.
Eagle Fortress International Limited, Hong Kong.
Guangzhou Eagle Fortress Cases Co. Ltd., China.
Guangzhou Eagle Fortress Cosmetics Ltd., China.
Guangzhou Eagle Fortress Electronic Products Limited, China.
Guangzhou Eagle Fortress Hair Products Factory Limited, China.
Guangzhou Eagle Fortress Tool Cases Limited, China.
Guangzhou Lion Fortress Case Co. Ltd., China.
Qingyuan Eagle Fortress Cases Co. Ltd., China.
21541584
0632170
Managing Director: Mr. Li Jianrong
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
SHAREHOLDERS: (As per registry dated 05-12-2013)
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Name |
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No. of shares |
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YIP Wai Shui |
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51,000 |
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LI Jianrong |
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39,000 |
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ZHANG Xiaoying |
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10,000 |
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‑‑‑‑‑‑‑‑‑‑ |
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Total: |
100,000 ====== |
DIRECTORS: (As per registry dated 05-12-2013)
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Name (Nationality) |
Address |
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LI Jianrong |
Room 3, 16/F., Block A, Wah Sang Industrial Building, 14-18 Wong Chuk Yeung Street, Fotan, Shatin, New Territories, Hong Kong. |
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YIP Wai Shui |
Room 3, 16/F., Block A, Wah Sang Industrial Building, 14-18 Wong Chuk Yeung Street, Fotan, Shatin, New Territories, Hong Kong. |
SECRETARY: YIP Wai Shui (As per registry dated
05-12-2013)
The subject was incorporated on 5th December, 1997 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 Manufacturer.
Lines: Cosmetics for hair, cases, hair care products and skin care products
Employees: 6.
Commodities Imported: China, other Asian countries,
Markets: Japan, other Asian countries, Europe.
Terms/Sales: L/C, T/T, .
Terms/Buying: Various terms.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 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: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 100,000 ordinary shares of HK$1.00 each, King Fortress (Hong Kong) Ltd. is jointly owned by three China merchants, namely, Mr. Yip Wai Shui, holding 51% interests; Mr. Li Jianrong, holding 39%; Mr. Zhang Xiaoying, 10%.
The first two are Hong Kong ID holders and have got the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject is trading in the following commodities: cosmetics for hair, hair care products and skin care products, all kinds of cases such as salon cases, cosmetic cases, dispatch boxes, retro suitcases, wine boxes, etc.
The subject belongs to the King Fortress Group of companies. It also trades in the products of Guangzhou Eagle Fortress Cosmetics Limited [GFFCL] which is a subsidiary of Eagle Fortress Hair Products Factory Limited. GFFCL was founded in 2003. It is specialized in the production of hair /skin care products and other cosmetic processing production. Products are mainly exported to the United States, Japan, the Netherlands, Belgium, Vietnam, etc., more than 30 countries.
The main products of GFFCL are shampoo, conditioner, hair treatment, styling gel, styling wax, hair perm lotion, straightener cream, body lotion, body/face wash, hand wash, etc. It has got ISO 22716 and GMPC-US certifications.
Another associated company of the subject Qingyuan Eagle Fortress Cases Co. Ltd. is engaged in manufacturing all kinds of cases and luggage. The subject also trades in its products.
The subject’s business of the subject is chiefly handled by the two shareholders. History in Hong Kong is over 16 years and ten months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.24 |
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|
1 |
Rs.98.68 |
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Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
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.