MIRA INFORM REPORT
|
Report No. : |
301871 |
|
Report Date : |
09.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
RICHFINE INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
Rm. 906, 9/F, Hung Tat Industrial Building,
43 Hung To Rd., Kwung Tong, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
24.10.1989 |
|
|
|
|
Com. Reg. No.: |
265097 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and sale of Porcelain Products |
|
|
|
|
No. of Employee : |
3 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
Company
name and address
|
Company Name (in
English): |
RICHFINE INDUSTRIES LIMITED |
|
Supplied Name: |
Richfine
Industries Ltd |
|
Trading Address: |
Flat 906, 9/F.,
Hung Tat Industrial Building, 43 Hung To Road Kwun Tong, Kowloon, HK |
|
Supplied Address: |
Unit 6 9/F, Hung
Tat Industrial Building Hung To Road Kwun Tong Kln |
Note: The exact name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Rm. 906, 9/F, Hung Tat Industrial Building,
43 Hung To Rd., Kwung Tong, Kowloon, Hong Kong |
|
Telephone Number: |
+852-2549-0382/2549-0383 |
|
Fax Number: |
+852-2517-8550 |
|
Date of Registration: |
1989-10-24 |
|
Registered Number: |
265097 |
|
Business Registration No.: |
13244807 |
|
Paid-up Capital: |
HKD 3,000,000 (USD 387,000) = 3,000,000 Shares@ HKD 1 (As of 2015.1, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
66613--Ceramic Tableware, Kitchenware, Other Household And Toilet
Articles (Other Than Porcelain Or China) (KG) |
|
Principal Activities: |
Manufacturing and sale of porcelain products, |
|
Staff: |
About 3 Employees (Hong Kong) About 150 Employees (The Mainland of China) |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-10-24 |
History
Subject was incorporated on 1989-10-24 with the registered number 265097
as Private Limited Liability Company in Hong Kong.
Corporate
Structure
Office
|
Name: |
The Mainland of China Office |
|
Address: |
Koon Tin Lai Kong Vill, Shek Ngan Town, Po On County, Shenzhen City,
China |
|
Tel: |
+86-755-2776-0929/755-2760-0713 |
|
Fax: |
+86-755-2760-3321 |
|
Email: |
Shareholders
|
Subscription
Shares |
Proportion of
Investment (%) |
|
|
Lee Kai Fat |
2,999,999 |
99.99997% |
|
Yip Siu Kam |
1 |
0.00003% |
|
Total |
3,000,000 |
100% |
Major Shareholder
Information:
|
1 |
|
|
Name: |
Lee Kai Fat |
|
Address: |
Flat B, 5/F, South Tower 6, Residence Bel-Air, Island South, 38 Bel-Air
Avenue, Hong Kong |
|
2 |
|
|
Name: |
Yip Siu Kam |
|
Address: |
Flat B, 5/F, South Tower 6, Residence Bel-Air, Island South, 38 Bel-Air
Avenue, Hong Kong |
Management
Information
Core Management
Detailed
Information of Directors:
|
1 |
|
|
Name: |
Yip Siu Kam |
|
Address: |
Flat B, 5/F, South Tower 6, Residence Bel-Air, Island South, 38 Bel-Air
Avenue, Hong Kong |
|
Position: |
Director |
|
ID Number: |
R106620(9) |
|
2 |
|
|
Name: |
Lee Kai Fat |
|
Address: |
Flat B, 5/F, South Tower 6, Residence Bel-Air, Island South, 38 Bel-Air
Avenue, Hong Kong |
|
Position: |
Director & Secretary |
|
ID Number: |
H436949(3) |
Personnel Structure
|
Total Employees |
About 150 Employees (The Mainland of China) |
Operation
Information
Offices & Factories
|
|
Office |
|
Address: |
Rm. 906, 9/F, Hung Tat
Industrial Building, 43 Hung To Rd., Kwung Tong, Kowloon, Hong Kong |
Premises
Information
Office address:
|
Address: |
Workshop No. 6 On 9th Floor Hung Tat Industrial Building No.43 Hung To
Road Kowloon |
|
Owners: |
Deluxe Way (HK) Limited |
|
Memorial Number: |
10111900370106 Assignment |
|
Date of Instrument: |
2010-11-1 |
|
Date of Registration: |
2010-11-19 |
|
Consideration Value: |
$6,130,000.00 (PT.) |
History
of Premises Owners’
|
1 |
|
|
Memorial No.: |
10111900370121 |
|
Date of Instrument: |
2010-11-1 |
|
Date of Registration: |
2010-11-19 |
|
Nature: |
Assignment Of Rentals |
|
In Favor of: |
China Construction Bank (Asia) Corporation Limited |
|
Consideration: |
-- |
|
2 |
|
|
Memorial No.: |
10111900370119 |
|
Date of Instrument: |
2010-11-1 |
|
Date of Registration: |
2010-11-19 |
|
Nature: |
Mortgage |
|
In Favor of: |
China Construction Bank (Asia) Corporation Limited |
|
Consideration: |
All Moneys (PT.) |
|
3 |
|
|
Memorial No.: |
10090201070023 |
|
Date of Instrument: |
2010-7-30 |
|
Date of Registration: |
2010-9-2 |
|
Nature: |
Provisional Agreement For Sale And Purchase |
|
In Favor of: |
Jia Xujun |
|
Consideration: |
$5,900,000.00 (PT.) |
Note: PT. means part of.
Production Information
l Subject is engaged in manufacturing and sale of porcelain products,
l It is introduced that subject has a factory (about 200,000 square meters)
in Shenzhen City, the Mainland of China for production.
Purchase Information
l The raw materials of the subject are mainly purchased in the Mainland of
China.
Sales Information
l Subject is engaged in sale of porcelain products,
l The major products are cups and saucers, souvenir, tableware, cava cups,
l It is introduced that subject can also providing the custom services,
l It is introduced that the customers can also contact the office in the
Mainland of China for business, and the Hong Kong office at present is mainly
engaged in providing accounting and exporting services for the Mainland of
China office.
l The major sales regions of the subject are domestic market, North
America, West Europe, Middle East,
l Subject’s major customers are supermarkets, porcelain products shops and
dealers,
Trademark
|
Trade Mark No.: |
300419085 |
|
Status: |
Registered |
|
Mark: |
RF
|
|
Mark Type: |
Ordinary |
|
|
RICHFINE INDUSTRIES
LIMITED |
|
Owner's Address |
HENRY WAN & YEUNG |
|
Agent's Address: |
17TH FLOOR, TWO
CHINACHEM PLAZA, |
|
Class No.: |
|
|
Specification: |
Class
8 Class
20 |
|
Date of Filing: |
12-05-2005 |
|
Date of Publication of |
20-05-2005 |
|
Date of Registration: |
12-05-2005 |
|
Actual Date of Registration: |
02-09-2005 |
|
Expiry date: |
11-05-2015 |
|
Date of entry |
02-09-2005 |
|
Matters |
Settlements
Purchase
1.
Domestic Purchase
|
Products |
Raw Materials, |
|
Payment Terms |
T/T, Cash, |
2.
Import
Subject has little import.
1.
Domestic Markets
|
Product |
Porcelain Products, |
|
Selling Terms |
T/T, Cash, |
2.
Export
|
Product |
Porcelain 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 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: |
Richfine
Industries Limited |
|
Instrument of Creating Mortgage: |
Mortgage |
|
Date of Creating Mortgage: |
2012-11-30 |
|
Amount Secured: |
All Monies |
|
Name of Mortgagee: |
Bank Of China (Hong Kong) Limited |
|
Address of Mortgagee: |
14th Floor, Bank of China Tower, No. Garden Rd., Central,
Hong Kong |
|
Description of Property Mortgaged: |
36/1, 761st parts or shares of and in Kwun Tong Inland Lot
No. 266, Factory Unit B on 1st Floor Including the Flat Roof thereof,
Gee Lok Industrial Building, No. 34 Hung To Rd., Kowloon, Hong Kong |
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 |
Ms. Chen |
Industry
Information
66613--Ceramic Tableware, Kitchenware, Other Household and Toilet Articles (Other Than Porcelain or China) (KG)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Germany |
-- |
-- |
1,705 |
416 |
|
Spain |
440 |
108 |
440 |
108 |
|
France |
53 |
51 |
5,911 |
765 |
|
Britain |
171 |
69 |
1,833 |
338 |
|
Italy |
95 |
17 |
1,856 |
385 |
|
Japan |
19,896 |
6,480 |
61,454 |
21,065 |
|
Korea |
157 |
22 |
11,459 |
404 |
|
Thailand |
11,964 |
726 |
39,205 |
2,227 |
|
USA |
2,572 |
104 |
34,754 |
1,646 |
|
The Mainland of China |
449,202 |
15,252 |
1,942,159 |
73,065 |
|
Exports |
||||
|
Brazil |
600 |
28 |
600 |
28 |
|
Switzerland |
270 |
12 |
1,368 |
41 |
|
18,909 |
142 |
40,714 |
345 |
|
|
Australia |
913 |
96 |
14,161 |
567 |
|
France |
119 |
71 |
23,042 |
1,269 |
|
Britain |
3,866 |
169 |
18,804 |
896 |
|
Canada |
418 |
15 |
31,549 |
1,339 |
|
The Mainland of China |
10,639 |
5,774 |
58,337 |
24,231 |
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.
Attachment
Address: Flat 906,
9/F., Hung Tat Industrial Building, 43 Hung To Road Kwun Tong, Kowloon, HK
Hung Tat
Industrial Building, 43 Hung To Road Kwun Tong, Kowloon, HK
9/F., Hung Tat
Industrial Building, 43 Hung To Road Kwun Tong, Kowloon, HK
Flat 906, 9/F.,
Hung Tat Industrial Building, 43 Hung To Road Kwun Tong, Kowloon, HK
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.97 |
|
|
1 |
Rs.94.97 |
|
Euro |
1 |
Rs.74.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.