MIRA INFORM REPORT

 

 

Report No. :

307975

Report Date :

26.02.2015

 

IDENTIFICATION DETAILS

 

Name :

SUN FAT ELECTRIC PRODUCTS (INTERNATIONAL) COMPANY LIMITED

 

 

Registered Office :

E2, 1/F., Tuen Mun Industrial Centre, TMTL 76, Pui To Road, Tuen Mun, N.T.

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

15.12.1992

 

 

Com. Reg. No.:

394800

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of Electric Products

 

 

No. of Employee :

About 20

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 English):

SUN FAT ELECTRIC PRODUCTS (INTERNATIONAL) COMPANY LIMITED

Supplied Name:

SUN FAT ELECTRIC PRODUCTS (INT'L) CO., LTD

Trading Address:

E2, 1/F., Tuen Mun Industrial Centre, TMTL 76, Pui To Road, Tuen Mun, N.T., Hong Kong

Supplied Address:

E2,1/F,TUEN MUN IND.CTR.PUI TO RD. TMTL 76,TUEN MUN,N.T HONGKONG

Note: The exact name and address are as above.

 

 

Special Note

 

We tried to contact subject through the phone +852-2461-6073, Mr. Wong answered it and introduced subject’s operation information and trading address as we supplied.

 

Due to the long holiday for Chinese New Year, we suffered some difficulties in taking pictures in Hong Kong. We will update the report with photos as soon as possible.

 

 

Company Identification Details

 

Registered Name:

Sun Fat Electric Products (International) Company Limited

Registered Address:

E2, 1/F., Tuen Mun Industrial Centre, TMTL 76, Pui To Road, Tuen Mun, N.T., Hong Kong

Telephone Number:

+852-2461-6073

Fax Number:

+852-2464-7008

E-mail:

sunfat@sunfat.com.hk

Date of Registration:

1992-12-15

Registered Number:

394800

Business Registration No.:

16544880

Paid-up Capital:

HKD 1,000,000 (USD 129,000) = 100,000 Shares@ HKD 10

(As of 2015.02, 1 HKD = 0.1290 USD)

Legal Form:

Private Limited Liability Company

SITC Code:

69545-- Household tools, n.e.s. (no.)

Principal Activities:

Trading of electric products, etc.

Staff:

About 20 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-12-15

 

 

History

 

Subject was incorporated on 1992-12-15 with the registered number 394800 as Private Limited Liability Company in Hong Kong.

 

 

Corporate Structure

 

Major Related Company

Name:

Kenfair Electrical Products (Shenzhen) Co., Ltd. (Translated)

Address:

No.74 , Gushu Community 1st Road, Xixiang Street, Bao-an District, Shenzhen City, Guangdong Province, China

Date of Registration:

1992-5-27

Registered Number:

440306503254193

Registered Capital:

HKD 80,000,000

Paid-up Capital:

HKD 80,000,000

Legal Representative:

Leung Hon Kai

Shareholder:

Sunfair Electronic Company Limited

Proportion of Investment (%)

100%

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Leung Kit

70,000

70%

Sun Fat (Holding) Company Limited

10,000

10%

Leung Wing Hong

8,334

8.33%

Leung Ho Sze, Cecilia

8,333

8.33%

Leung Ho Ying

3,333

3.33%

Total

100,000

=100%

 

Major Shareholder Information:

1

Name:

Leung Kit

Address:

House No.21, Aquamarine Garden, 8 Tsing Yan Street, Tuen Mun, N.T., Hong Kong

2

Name:

Sun Fat (Holding) Company Limited

Address:

E2, 1/F., Tuen Mun Industrial Centre, TMTL 76, Pui To Road, Tuen Mun, N.T., Hong Kong

Date of Registration:

1992-12-15

Registered Number:

394801

Business Registration No.:

17788077

3

Name:

Leung Wing Hong

Address:

House No.21, Aquamarine Garden, 8 Tsing Yan Street, Tuen Mun, N.T., Hong Kong

4

Name:

Leung Ho Sze, Cecilia

Address:

House No.21, Aquamarine Garden, 8 Tsing Yan Street, Tuen Mun, N.T., Hong Kong

5

Name:

Leung Ho Ying

Address:

House No.21, Aquamarine Garden, 8 Tsing Yan Street, Tuen Mun, N.T., Hong Kong

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Leung Kit

Address:

House No.21, Aquamarine Garden, 8 Tsing Yan Street, Tuen Mun, N.T., Hong Kong

Position:

Director

ID Number:

E234785(0)

2

Name:

Sun Fat (Holding) Company Limited

Address:

E2, 1/F., Tuen Mun Industrial Centre, TMTL 76, Pui To Road, Tuen Mun, N.T., Hong Kong

Position:

Director

Registered Number:

394801

3

Name:

Lee Ka Tak, Morris

Address:

Flat F, 8/F., Block 2, Marina Garden, Tuen Mun, N.T., Hong Kong

Position:

Director

ID Number:

E862706(5)

4

Name:

Wong Kin Ping

Address:

No.40, 3rd Street, Section H, Fairview Park, Yuen Long, N.T., Hong Kong

Position:

Director

ID Number:

E454616(8)

5

Name:

Leung Hon Kai

Address:

Room 6, Blk B, 36/F., Wan Hei Hse., Siu Hei Court, Tuen Mun, N.T., Hong Kong

Position:

Director

ID Number:

E257255(2)

6

Name:

Leung Wing Hong

Address:

House No.21, Aquamarine Garden, 8 Tsing Yan Street, Tuen Mun, N.T., Hong Kong

Position:

Director

ID Number:

K055568(1)

7

Name:

Leung Ho Sze, Cecilia

Address:

House No.21, Aquamarine Garden, 8 Tsing Yan Street, Tuen Mun, N.T., Hong Kong

Position:

Director

ID Number:

K263011(7)

8

Name:

Lai Yau Lin

Address:

189 Wing Hing Wai Sheung Tsuen, Pat Heung, Yuen Long, New Territories, Hong Kong

Position:

Director

ID Number:

C318112(8)

9

Name:

Wellink Business Services Limited

Address:

Room 802-4, Kin Wing Commercial Building, 24-30 Kin Wing Street, Tuen Mun, New Territories, Hong Kong

Position:

Corporate Secretary

Registered Number:

1730678

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

E2, 1/F., Tuen Mun Industrial Centre, TMTL 76, Pui To Road, Tuen Mun, N.T., Hong Kong

 

Production Information

 

Subject is engaged in trading of electric products, etc.

It is introduced that subject has related companies in Shenzhen City and Zhongshan City of Mainland China for production.

It is introduced that its related factories can provide OEM and ODM services.

 

Purchase Information

 

Subject purchases products mainly from its related companies in Mainland China.

 

Sales Information

 

Subject is engaged in sale of electric products, etc.

Subject’s major products include rechargeable led lights, rechargeable fan, torches & powerful spotlights, rechargeable batteries, rechargeable air cooler fan, rechargeable table lamp, rechargeable insect killer and so on.

Subject’s sales regions include Middle East, India, China, Japan, USA and Europe, etc.

One of subject’s major foreign customers is Supreme Premium Products Inc (USA).

 

Trademark

 

1

Trade Mark No.:

199601868

Status:

Registered

Mark:

SUNAGO


image

Mark Type:

Ordinary

Owner's Name, Address:

Sun Fat Electric Products (International) Company Ltd
E2, 1st Floor, Tuen Mun Ind. Centre, Pui To Road, TMTL 76, Tuen Mun, New Territories, Hong Kong.

Owner's Address for Service:

Sun Fat Electric Products (Int'l) Company Limited
E2, 1st Floor, Tuen Mun Industrial Centre, Pui To Road, TMTL 76, Tuen Mun, New Territories, Hong Kong.

Class No.:

11

Specification:

Class 11
rechargeable lanterns incorporating flourescent tubes, search lights, blinkers, radios, clocks and sirens; rechargeable lanterns incorporating flourescent tubes, blinkers, search lights and sirens; rechargeable torches incorporating blinkers, radios and sirens; torches; rechargeable fans incorporating flourescent tubes, radios and clocks; rechargeable fans incorporating radios and clocks; rechargeable fans; all included in Class 11.

Disclaimer / Limitation / Condition / Others:

Registration of this Trade Mark shall give no right to the exclusive use of a letter "N".

Date of Registration: (D-M-Y)

06-06-1994

Actual Date of Registration: (D-M-Y)

28-02-1996

Expiry date: (D-M-Y)

06-06-2025

Historical Details:

 

Date of entry

Matters

28-02-1996

Registration

2

Trade Mark No.:

199601867

Status:

Registered

Mark:

SUNAGO 新 宝

image

Mark Type:

Ordinary

Owner's Name, Address:

Sun Fat Electric Products (International) Company Ltd
E2, 1st Floor, Tuen Mun Ind. Centre, Pui To Road, TMTL 76, Tuen Mun, New Territories, Hong Kong.

Owner's Address for Service:

Sun Fat Electric Products (Int'l) Company Limited
E2, 1st Floor, Tuen Mun Industrial Centre, Pui To Road, TMTL 76, Tuen Mun, New Territories, Hong Kong.

Class No.:

9

Specification:

Class 9
video tape rewinders, video cassettes (blank), direct current adapter transformers, lead acid rechargeable batteries, radios; all included in Class 9.

Disclaimer / Limitation / Condition / Others:

The transliteration and translation of the Japanese Kanji characters appearing in the mark are "Shin Ka Ho" meaning "new treasure".

Registration of this Trade Mark shall give no right to the exclusive use of the Japanese Kanji characters "新か宝 " and a letter "N".

Date of Registration: (D-M-Y)

06-06-1994

Actual Date of Registration: (D-M-Y)

28-02-1996

Expiry date: (D-M-Y)

06-06-2025

Historical Details:

 

Date of entry

Matters

28-02-1996

Registration

3

Trade Mark No.:

199601866

Status:

Registered

Mark:

SUNAGO

image

Mark Type:

Ordinary

Owner's Name, Address:

Sun Fat Electric Products (International) Company Ltd
E2, 1st Floor, Tuen Mun Ind. Centre, Pui To Road, TMTL 76, Tuen Mun, New Territories, Hong Kong.

Owner's Address for Service:

Sun Fat Electric Products (Int'l) Company Limited
E2, 1st Floor, Tuen Mun Industrial Centre, Pui To Road, TMTL 76, Tuen Mun, New Territories, Hong Kong.

Class No.:

9

Specification:

Class 9
video tape rewinders, video cassettes (blank), direct current adapter transformers, lead acid rechargeable batteries, radios; all included in Class 9.

Disclaimer / Limitation / Condition / Others:

Registration of this Trade Mark shall give no right to the exclusive use of a letter "N".

Date of Registration: (D-M-Y)

06-06-1994

Actual Date of Registration: (D-M-Y)

28-02-1996

Expiry date: (D-M-Y)

06-06-2025

Historical Details:

 

Date of entry

Matters

28-02-1996

Registration

4

Trade Mark No.:

1995B10679

Status:

Registered

Mark:

Sf

image

Mark Type:

Ordinary

Owner's Name, Address:

Sun Fat Electric Products (Int'l) Company Ltd.
E2, 1/F., Tuen Mun Ind. Centre, Pui To Road, TMTL 76, Tuen Mun, N.T., Hong Kong.

Owner's Address for Service:

Sun Fat Electric Products (Int'l) Company Limited
E2, 1st Floor, Tuen Mun Industrial Centre, Pui To Road, TMTL 76, Tuen Mun, New Territories, Hong Kong.

Class No.:

9

Specification:

Class 9
rewinding apparatus for video tape, video cassettes, direct current adaptor transformers, lead acid rechargeable batteries, radios; all included in Class 9.

Disclaimer / Limitation / Condition / Others:

Registration of this Trade Mark shall give no right to the exclusive use of a letter "f".

Date of Registration: (D-M-Y)

31-12-1993

Actual Date of Registration:
(D-M-Y)

19-12-1995

Expiry date:
(D-M-Y)

31-12-2024

Historical Details:

 

Date of entry

Matters

19-12-1995

Registration

5

Trade Mark No.:

1995B06239

Status:

Registered

Mark:

Sf

image

Mark Type:

Ordinary

Owner's Name, Address:

Sun Fat Electric Products (Int'l) Co., Ltd.
E2, 1/F., Tuen Mun Ind. Centre, Pui To Road, TMTL 76, Tuen Mun, N.T., Hong Kong.

Owner's Address for Service:

Sun Fat Electric Products (Int'l) Company Limited
E2, 1st Floor, Tuen Mun Industrial Centre, Pui To Road, TMTL 76, Tuen Mun, New Territories, Hong Kong.

Class No.:

11

Specification:

Class 11
rechargeable lanterns, rechargeable torches, rechargeable fans; all included in Class 11.

Disclaimer / Limitation / Condition / Others:

Registration of this Trade Mark shall give no right to the exclusive use of a letter "f".

Date of Registration: (D-M-Y)

31-12-1993

Actual Date of Registration: (D-M-Y)

26-07-1995

Expiry date: (D-M-Y)

31-12-2024

Historical Details:

 

Date of entry

Matters

26-07-1995

Registration

 

 

Settlements

 

Purchase

 

Domestic Purchase

Products

Electric products

Payment Terms

Interior Settlement, T/T

 

Import

 

Subject has little import.

 

Sales

 

Domestic Markets

Product

Electric products

Selling Terms

Cash, T/T

 

Export

Product

Electric products

Selling Terms

L/C, T/T

 

 

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 Mr. Wong 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

 

Company Name:

Sun Fat Electric Products (International) Company Limited

Instrument of Creating Mortgage:

Deed of Charge on Deposit and Set-off

Date of Creating Mortgage:

1999-4-7

Amount Secured:

To secure advances, credit or banking facilities and accommodation to Honva Enterprises Limited

Name of Mortgagee:

CITIC Ka Wan Bank Limited

Address of Mortgagee:

No.232 Des Voeux Road, Central, Hong Kong

Description of Property Mortgaged:

Fixed deposit receipt no.113394 for HKD 5,036,495.72 issued in the name of Sun Fat Electric Products (International) Company Limited by CITIC Ka Wan Bank Limited and subsequent renewals.

 

 

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

Mr. Wong

Department:

Sales Department

 

 

Industry Information

 

69545-- Household tools, n.e.s. (no.)

Unit: HKD/000

 

2014.05

2014.01~2014.05

 

Quantity

Value

Quantity

Value

Imports

Germany

2,296

112

55,444

1,706

France

3,005

84

3,181

101

Britain

217

18

304

26

Italy

2,574

112

20,833

607

Japan

5,135

342

113,887

919

Korea

1,920

15

35,340

137

Canada

2,712

99

3,288

123

Switzerland

152

19

906

383

Singapore

2,538

69

3,764

87

USA

1,853

242

77,234

1,509

The Mainland of China

4,256,817

43,536

17,967,973

215,962

Exports

United Arab Emirates

47,314

590

366,629

4,544

Argentina

13,164

235

94,980

925

Austria

16,036

290

57,866

1,196

Australia

194,290

2,563

849,239

11,243

Belgium

117,855

1,760

613,753

11,811

Brazil

10,440

71

28,548

361

Canada

207,308

3,229

1,420,048

20,503

Switzerland

110,032

2,369

323,565

7,846

Chile

46,848

817

315,914

3,511

Britain

688,738

8,677

1,997,187

27,730

Japan

212,807

2,044

981,847

13,617

The Mainland of China

86,894

891

468,829

4,286

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.05

UK Pound

1

Rs.96.03

Euro

1

Rs.70.43

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ANK

 

 

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.