|
Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
VINCENT RAYA CO.
LTD. |
|
|
|
|
Registered Office : |
Flats B2 &
C2, 7/F., Phase 2, Hang Fung Industrial Building, 2G Hok Yuen
Street, Hunghom, Kowloon, Hong Kong. |
|
|
|
|
Country : |
Hong Kong |
|
|
|
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Date of Incorporation : |
18.01.1985 |
|
|
|
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Com. Reg. No.: |
09461687 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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LINE OF BUSINESS : |
MANUFACTURERS AND EXPORTERS OF ALL KINDS OF MEDICAL DEVICES,
BEAUTY PRODUCTS, LAMPS |
|
|
|
|
No. of Employees : |
35 |
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 |
VINCENT
RAYA CO. LTD.
ADDRESS:
Flats B2 & C2,
7/F., Phase 2, Hang Fung Industrial Building, 2G Hok Yuen Street,
Hunghom, Kowloon, Hong Kong.
PHONE: 852-2365 5688, 2365 8222
FAX: 852-2765 8428
E-MAIL: vrhk@vincent-raya.com
Managing
Director: Mr. Choi Man Shing
Incorporated on: 18th January, 1985.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Manufacturer and Exporter of Consumer Electronics.
Employees: 35. (Including holding company)
Annual Turnover: HK$150-200 million.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
VINCENT
RAYA CO. LTD.
Registered
Head Office:-
Flats B2 & C2,
7/F., Phase 2, Hang Fung Industrial Building, 2G Hok Yuen Street,
Hunghom, Kowloon, Hong Kong.
China
Factory:- [Operated by Vincent Raya (Dongguan) Electronics Co. Ltd.]
45 & 46, Shabu
Industrial Zone, Qiaolong District, Tangxia Town, Dongguan City, Guangdong
Province, China.
[Tel: 86-769-8794
8068; Fax: 86-769-8798 2505]
Holding
Company:-
Vincent Raya International
Ltd., British Virgin Islands.
P.O. Box 71,
Craigmuir Chambers, Road Town, Tortola, British Virgin Islands.
Associated
Companies:-
Vincent Raya Group of
Companies
Jackcent Industrial Co. Ltd., Hong Kong.
Shenzhen Homesmart Ltd., China.
Vicent Healthcare Products Ltd., Hong Kong.
Vincent Hive Asia Beauty Co. Ltd., Hong Kong.
Vincent Medical (Dongguan) Manufacturing Co. Ltd., China.
Vincent Raya (Dongguan) Electronics Co. Ltd., China.
Vincent Raya Development Ltd., Hong Kong.
Vincent Raya Jewelry Ltd., Hong Kong. [Dissolved]
Vincent Trading Co., Hong Kong. (Solely owned by Mr. Vincent Choi)
etc.
09461687
0146058
Managing Director: Mr. Choi Man Shing
Nominal Share Capital:
HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share
Capital: HK$1,000,000.00
(As
per registry dated 18-01-2014)
|
Name |
|
No.
of shares |
|
CHOI
Man Shing |
|
1 |
|
Vincent Raya International Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin
Islands. |
|
99,999 |
|
|
|
––––––– |
|
|
Total: |
100,000 ====== |
(As
per registry dated 18-01-2014)
|
Name (Nationality) |
Address |
|
CHOI Man Shing |
19D, Block 6, Villa Oceania, 8 On Chun Street, Shatin, New
Territories, Hong Kong. |
|
LIU Pui Ching |
19D, Block 6, Villa Oceania, 8
On Chun Street, Shatin, New Territories, Hong Kong. |
|
TO Ki Cheung |
12A, Block 3, Sausalito, 1 Yuk Tai Street, Ma On Shan, New
Territories, Hong Kong. |
TO Ki Cheung (As per registry dated 18-01-2014)
The
subject was incorporated on 18th January, 1985 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: Manufacturers and Exporters.
Lines: All kinds of medical devices, beauty products, lamps.
Brand Names: Inspired Medical and EZ Wax.
Office Space: 5,000 sq.ft. (Hong Kong – self-owned).
Factory Space: 50,000 sq.m. (China).
Employees:-
Office Staff/Workers: 35. (Including holding company)
Workers: 1,500. (China)
Raw Materials: Mainly imports electronic parts and components, materials from China, Japan, Korea and Taiwan.
Markets: US, UK, Germany, South Africa and Japan.
Annual Turnover: HK$150-200 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C or 30 days credit.
MEMBERSHIP: The Hong Kong General Chamber of Commerce, Hong Kong.
Federation of Hong Kong Industries, Hong Kong.
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000,000.00
Profit & Loss: Operation is profitable.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Regularly met.
Commercial Morality: Good.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
The Bank of East Asia Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Crédit Agricole Indosuez, Hong Kong Branch.
Standing: Good.
Vincent
Raya Co. Ltd. is a wholly-owned subsidiary of
Vincent Raya International Ltd. which is a BVI-registered company.
The
subject is a member of the Vincent Raya Group which is a family business of Mr.
Vincent Choi Man Shing and his wife Ms. Liu Pui Ching. Both are Hong Kong merchants. The couple and Mr. To Ki Cheung are the
directors of the subject.
The
subject is a Hong Kong medical manufacturer with 1,500 workers in China. Its factory in Dongguan City, Guangdong
Province, China, known as Vincent Raya (Dongguan) Electronics Co. Ltd.,
occupies an area of 50,000 sq.m.
The manufacturing facility comprises over 20 buildings with a total
gross floor area of about 40,000 sq.m.
The
workshops have been equipped with production facilities including 35
injection-moulding machines, 4 blow moulding machines, 4 extrusion machines and
a number of assembly lines. There is
also a ‘Class 100000’ clean room for ETO sterilization.
The
factory also provides clients with metal stamping, sewing operation and
bilingual documentation packages services.
The
subject has got the following certifications: ISO 9001, ISO 13485,
ISO 14971, ISO 11135, EN 550 and CE.
Its products are in conformity with FDA, GMP and JGMP standards.
According
to the subject, its factory has been equipped with a good quality system to
control the processes from designing, product development, prototyping, mould
building, injection moulding, assembly, metal stamping and die-cutting,
bar-coding, packaging, validation, sewing operation to logistics.
Formerly
the subject was engaged in manufacturing diversified products such as toys,
jewellery, magnetic head components, etc.
It was due to the profit margin of these products were low, the subject
has ceased to manufacture these products.
Now, the subject is chiefly engaged in manufacturing the following products:-
·
Small Electric Appliances;
·
Beauty Care and Health Care Products; &
·
Medical Devices.
Its
products have been exported to worldwide countries. Business is rather active.
In
2009, Vincent Raya was the first Hong Kong company got the ISO 14971 Risk Management
certification. In the year, it launched
its own brand humidifier chamber, HMEF & HEPA filters, aircushion facemask,
coaxial circuit and heater wire circuit in the markets. In 2010, it set up its China sales office,
and launched own brand humidifier heater in China market. In 2011, it installed new 6 pallets EtO
sterilizer & Validation in its China factory.
The
subject operates from its own office in Hong Kong (owned by Choi Man
Shing). Its history is over 29 years and
nine months in Hong Kong.
On the whole,
consider the subject good for normal business engagements.
Property
information of directors:-
1. Property Location: Workshop B2 on 7/F., Hang Fung Industrial Building, Phase 2,
2G Hok Yuen Street, Kowloon, Hong Kong.
Owner: Choi Man Shing
Date of
Purchase: 29-01-1985
Purchased
Price: HK$600,000
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
12-05-1986 |
- |
Bank of China, Hong Kong Branch.
[Now known as Bank of China (Hong Kong) Ltd.] |
Legal charge to secure general banking facilities |
|
07-09-1988 |
- |
- ditto - |
Second mortgage to secure general banking facilities |
2. Property Location: Workshop C2 on 7/F., Hang Fung Industrial Building, Phase 2,
2G Hok Yuen Street, Kowloon, Hong Kong.
Owner: Choi Man Shing
Date of
Purchase: 29-09-1989
Purchased
Price: HK$1,974,960
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
29-09-1989 |
- |
Bank of China, Hong Kong Branch.
[Now known as Bank of China (Hong Kong) Ltd.] |
Mortgage to secure general banking facilities |
3. Property Location: Flat C on 24/F., Brilliant Court, 28 Kennedy Town Praya,
Hong Kong.
Owner: Liu Pui Ching
Date of
Purchase: 18-01-1989
Purchased
Price: HK$480,000
Incumbrances: No mortgage record registered against the
property.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.