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Report No. : |
304720 |
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Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
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Name : |
FIRST METAL RESOURCES CO. LTD. |
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Registered Office : |
Unit A, 9/F., First Group Centre, 14 Wang Tai Road, Kowloon Bay,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.04.1998 |
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Com. Reg. No.: |
21651741 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND MANUFACTURER OF ALL KINDS OF METAL PRODUCTS, HARDWARE. |
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No. of Employee : |
18. (Including associates) |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
FIRST METAL RESOURCES
CO. LTD.
ADDRESS: Unit A, 9/F., First Group Centre,
14 Wang Tai Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2505 7005
FAX: 852-2505 7017
E-MAIL: info@firsthk.com
MANAGEMENT:
Managing Director: Mr. Hui Wai
Yan
Incorporated on: 9th April, 1998.
Organization: Private Limited
Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 18. (Including associates)
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit A, 9/F., First Group Centre, 14 Wang Tai Road, Kowloon Bay,
Kowloon, Hong Kong.
Holding Company:-
First Group Holdings Ltd., Hong Kong.
China Factory:
Perfect Metal Manufactory Co. Ltd., China.
Associated/Affiliated
Companies:-
Aiyingle Industrial Co. Ltd., Hong Kong.
First Global Resources Co. Ltd., Hong Kong.
First Metal Resources Co. Ltd., Hong Kong.
First Realty Co. Ltd., Hong Kong.
First Realty Development Co. Ltd., Hong Kong.
First Realty Investment Co. Ltd., Hong Kong.
Perfect (Zipper) Trading Co. Ltd., Hong Kong.
Perfect Development (Asia) Co. Ltd., Hong Kong. [Dissolved]
UNI SALA Capital Investment Ltd., Hong Kong.
21651741
0641668
Managing Director: Mr. Hui Wai
Yan
HK$5,000,000.00
(As per registry dated 09-04-2014)
|
Name |
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No. of shares |
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First Group Holdings Ltd., Hong Kong. |
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5,000,000 ======= |
(As per registry dated 09-04-2014)
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Name (Nationality) |
Address |
|
HUI Wai Yan |
Unit A, 9/F., First Group Centre, 14 Wang Tai Road, Kowloon Bay, Kowloon,
Hong Kong. |
|
CHEUNG Yuk Lin |
Unit A, 9/F., First Group Centre, 14 Wang Tai Road, Kowloon Bay,
Kowloon, Hong Kong. |
|
HUI Wai Yeung |
Unit A, 9/F., First Group Centre, 14 Wang Tai Road, Kowloon Bay,
Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 09-04-2014)
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Name |
Address |
|
CHEUNG Yuk Lin |
Unit A, 9/F., First Group Centre, 14 Wang Tai Road, Kowloon Bay,
Kowloon, Hong Kong. |
The subject was incorporated on 9th April, 1998 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Fortune Foods
(Chain-Stores) Co. Ltd., name changed to Perfect Power Enterprises Ltd. on 3rd
October, 2000 and further changed the present style on 9th November, 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: All kinds of metal
products, hardware
Employees: 18. (Including associates)
Materials/Commodities: Imports raw
materials from European countries, some of the Asian countries and finished
products from China.
Markets: Asian
countries, Europe, North America, Australia, Russia
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C, T/T, D/P
Issued Share Capital: HK$5,000,000.00
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
contracted.
Commercial Morality:
Satisfactory.
Banker: Hang Seng Bank Ltd.,
Hong Kong.
Standing: Good.
First Metal Resources Co. Ltd. is a wholly-owned subsidiary of First
Group Holdings Ltd., a Hong Kong-registered firm located at the same operating
address.
The subject is an experienced metal product manufacturer and exporter
founded in April 1998. Currently, it has
over a thousand customers throughout the world.
The subject’s factory is known as Perfect Metal Manufactory Co. Ltd.
The subject’s factory, covers an area of 33,000 sq.m. and has about 400
staff, is in Guangdong Province, China.
The factory is able to manufacture about 6,000 types of products which
are divided into four major categories.
The factory is able to carry out the following procedures: CAD
designing, moulding, die-casting, plating, assembling, and QC system. The factory is engaged in manufacturing the
following products: metal code locks, luggage locks, metal buckles, hooks, clasps,
belt buckles, handbag buckles, metal logos, handles, eyelets, rivets, snap
hooks, dog hooks, hangtags, charms, key-holders, keychains, luggage button
lock, magnetic metal locks, luggage safety locks, metal insert locks, key
locks, flip locks
Products are marketed in Hong Kong, China and exported to the other
Asian countries such as India, Europe, North America, Australia, the Middle
East, Russia, etc. Business is
good. The followings are some of its
main customers: Abas, AMIN, AX, Assima, Auslini, BBJ, Beckie-L, bimba &
lola, bodypack, Blozano, BOYY, Burberry, BUSH, CANOE, CERRUTI 1881, Charles
David, Christ, Clava, D&G, DYMS, ECE, eiger, EKA, FURLA, GIUDI, Hartmann,
HHH, Hlib, Hush Puppies, Isadora, Jaspal,
The subject is a member of the First Group.
A key member of the First Group First Realty Development Co. Ltd.
[FRDCL] was incorporated in Hong Kong on 20th December, 2007. It is jointly owned by First Group
Holdings Ltd. [FGHL], holding 80% interests, and UNI SALA Capital Investment Ltd.
[USCIL], holding 20%.
FGHL is a property investor and developer. It is engaged in property investment,
property development and property acquisition.
Since 2004, it has aimed to acquire the potential old property for
re-development, refurbishment, or to change the purpose of the property with a
view to add the value of its property portfolio.
USCIL is a subsidiary of Uni-Asia Finance Corporation [UAFC], a Cayman
Islands-registered firm. UAFC is a
public listed company with shares quoted on the Stock Exchange of Singapore
Ltd. UAFC is a structured finance
arrangement and alternative assets direct investment firm. Its main activities are the finance
arrangement of transportation related assets and the provision of ship charter
arrangements and the direct investing in alternative assets such as ships,
distressed assets, and real estate.
The First Group is putting emphasize on property development as well as
hardware manufacturing business.
The history of the subject in Hong Kong is over sixteen years and nine
months.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
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|
1 |
Rs.93.13 |
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Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
ANK |
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 |
-- |
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.