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Report No. : |
352583 |
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Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
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Name : |
WAH FUNG LABEL CO. LTD. |
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Registered Office : |
Unit A, 4/F., Unit A & B, 10/F., Phase 1, Yee Lim Factory
Building, |
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Country : |
Hongkong |
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Date of Incorporation : |
08.01.1985 |
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Com. Reg. No.: |
09424764 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garment accessories. |
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No. of Employees : |
40 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
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 |
HONGKONG - 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong
Kong and the mainland. The new measures, effective from March 2015, cover a
negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
WAH FUNG
LABEL CO. LTD.
ADDRESS: Unit
A, 4/F., Unit A & B, 10/F., Phase 1, Yee Lim Factory Building,
32-40
Kwai Ting Road, Kwai Chung, New Territories, Hong Kong.
(Formerly located at:
Unit A,
10/F., Phase 1, Yee Lim Factory Building,
32-40 Kwai
Ting Road, Kwai Chung, New Territories, Hong Kong.)
PHONE: 852-2343
7472
FAX: 852-2341
6776
E-MAIL: sales@ronnex.com.hk
Managing Director:
Mr. Ko Shing
Incorporated on: 8th January, 1985.
Organization: Private Limited Company.
Issued Share Capital: HK$2,428,572.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 40.
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: -
Registered Head
Office:-
Unit A, 4/F., Unit A & B, 10/F., Phase 1, Yee Lim
Factory Building, 32‑40 Kwai Ting Road, Kwai Chung, New Territories, Hong
Kong.
Holding Company:-
Wah Fung Labels Weaving Factory Ltd., Hong Kong.
Associated
Companies:-
Eastern Label Ltd., Hong Kong.
Ronnex (Far East) Ltd., Hong Kong.
Sanxing (Wuxi) Garment Accessories Co. Ltd., China.
Sanxing Label Weaving (Xianghe) Co. Ltd., China.
Shanghai Sanxing Thread & Ribbon Co. Ltd., China.
Shenzhen Wah Sing Label Co. Ltd., China.
Wah Sing Labels Ltd., Hong Kong.
WFL Packaging Ltd., Hong Kong.
WFL Printing & Packaging Ltd., China.
09424764
0145579
Managing Director:
Mr. Ko Shing
HK$2,428,572.00
(As per registry dated 08-01-2015)
|
Name |
|
No. of shares |
|
Wah Fung Labels Weaving Factory Ltd., Hong Kong. |
|
2,428,572 ======= |
(As per registry dated 08-01-2015)
|
Name (Nationality) |
Address |
|
CHOI Yee Wan, Sharly |
Room B, 14/F., Beverley Heights, 56 Cloud View Road,
Hong Kong. |
|
KO Shing |
Room E, 30/F., Block 2, Serene Garden, 77 Tsing King Road,
Tsing Yi, New Territories, Hong Kong. |
|
NG Sau Yee |
Flat 1, 9/F., Lion Building, 113-117 Shek Yam Road,
Kwai Chung, New Territories, Hong Kong. |
(As per registry dated 08-01-2015)
|
Name |
Address |
Co. No. |
|
Vincent Secretarial Services (Nominee) Ltd. |
11/F., Wheelock House, 20 Pedder Street, Central, Hong
Kong. |
0513164 |
The subject was
incorporated on 8th January, 1985 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Musak Co. Ltd., name changed to the
present style on 19th March, 1985.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of garment accessories.
Employees: 40.
Commodities Imported: China,
other Asian countries, etc.
Markets: Asian
countries, North America, Europe, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C,
D/P, O/A, etc.
Issued Share Capital: HK$2,428,572.00
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.
Bankers:-
Bank of China
(Hong Kong) Ltd., Hong Kong.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Good.
Wah Fung Label Co.
Ltd. is a wholly-owned subsidiary of Wah Fung Labels Weaving Factory Ltd. which
is a Hong Kong-registered company.
The subject has had
an associated company Ronnex (Far East) Ltd. [Ronnex] which is also a Hong
Kong-registered company. Ronnex and the
subject are engaged in the same lines of business.
The subject has been
in the woven label manufacturing industry since 1953. Growing from a small family-run business to an
established corporation that owns and operates manufacturing facilities in five
locations, the subject has been engaged in maintaining woven labels for local
and international customers for a very long time.
As a leading
manufacturer of woven labels based in Hong Kong, the subject services the
textile and apparel industries world-wide.
It has kept a solid record of steady growth in sales.
The subject also
offers customers with one-stop service from the very beginning to finished
products, including packaging, labelling and customs document preparation.
The subject is able
to get its exclusive supply of raw material from its own yarn suppliers, and
this is able to guarantee the quality of its products.
The following
companies are the subject’s main associated factories and companies in China:
· Shanghai Sanxing Thread & Ribbon Co. Ltd.
· Shenzhen Wah Sing Label Co. Ltd.
· Sanxing (Wuxi) Garment Accessories Co. Ltd.
As one of the leading
garment accessories manufacturers in Hong Kong, Ronnex provides customers with
its service and comprehensive package service at a reasonable price. Its label, printing, and button factories in
Hong Kong and China are all renowned for “Tailor-Made” services. Ronnex chiefly receives OEM orders from local
and abroad.
Apart from its Hong
Kong sales service, Ronnex’s products are exported to the other Asian
countries, the United States, Canada, Europe, etc.
The business of the
subject is chiefly handled by the three directors. History in Hong Kong is over thirty years.
On the whole,
consider the subject good for normal business engagements.
|
Date |
Description
of Instrument |
Mortgagee |
|
02-08-1994 |
General Letter of
Hypothecation |
The Kwangtung Provincial Bank, Hong Kong
Branch. [Merged into Bank of China
(Hong Kong) Ltd.] |
|
01-11-2001 |
Charge |
Dao Heng Bank Ltd., Hong Kong. [Merged into DBS Bank (Hong Kong)
Ltd.] |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.80 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.72.52 |
|
HKD |
1 |
Rs.8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.