MIRA INFORM REPORT
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Report No. : |
308435 |
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Report Date : |
03.03.2015 |
IDENTIFICATION DETAILS
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Name : |
WING FAT ENTERPRISES LTD. |
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Registered Office : |
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui
East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.11.2004 |
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Com. Reg. No.: |
35165287 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Re-exporter and Wholesaler of all kinds of garments, fabrics and other textiles, toys, gifts and crafts. |
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No. of Employee : |
24. (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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
Company
name and address
WING FAT
ENTERPRISES LTD.
(Your enquiry given as:
WINGFAT ENTERPRISES
of the same address.)
ADDRESS: Room 1214-1218, 12/F.,
Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-3552
5500, 3553 5607
FAX: 852-3552
5501, 2723 3357
E-MAIL: rajesh@basicline.com.hk
MANAGEMENT
Managing Director: Mr. Seema
Rajesh Mirpuri
SUMMARY
Incorporated on: 26th November, 2004.
Organization: Private Limited Company.
Issued Share Capital: HK$2,000,000.00
Business Category: Importer,
Re-exporter and Wholesaler.
Employees: 24. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong.
Holding Company:-
Euroline Overseas Co. Ltd., British Virgin Islands.
Affiliated/Associated
Companies:-
Basicline International Ltd., Hong Kong.
(Same address)
RK Manufacturing Corporation, Philippines.
Wing Fat Enterprises Ltd., China.
Wing Fat Enterprises Ltd., India.
Wing Fat Enterprises Ltd., Bangladesh.
BUSINESS
REGISTRATION NUMBER
35165287
COMPANY
FILE NUMBER
0936443
MANAGEMENT
Managing Director: Mr. Seema
Rajesh Mirpuri
Contact Person: Mr. Garry
ISSUED
SHARE CAPITAL
HK$2,000,000.00
SHAREHOLDERS
(As per registry dated 26-11-2014)
|
Name |
Occupation |
No. of shares |
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Euroline Overseas Co. Ltd. Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin
Islands. |
Corporation |
1,200,000 |
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Tagifa Hong Kong Ltd., Hong Kong. |
Corporation |
800,000 |
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–––––––– |
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Total: |
2,000,000 ======= |
DIRECTOR
(As per registry dated 026-11-2014)
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Name (Nationality) |
Address |
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Seema Rajesh MIRPURI |
Flat B, U23/F., Block 3, Garden Terrace, 8A Old Peak Road, Hong Kong. |
SECRETARY
(As per registry dated 26-11-2014)
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Name |
Address |
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Rajesh Prishotam MIRPURI |
Flat B, U23/F., Block 3, Garden Terrace, 8A Old Peak Road, Hong Kong. |
HISTORY
The subject was incorporated on 26th November, 2004 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.
OPERATIONS
Activities: Importer,
Re-exporter and Wholesaler.
Lines: All
kinds of garments, fabrics and other textiles, toys, gifts and crafts
Employees: 24. (Including associates)
Commodities Imported: Imported from
Europe, China, India
Markets: South
Africa, Asian countries
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
FINANCIAL
INFORMATION
Issued Share Capital: HK$2,000,000.00
Mortgage
or Charge:-
Date of Charge: 27-04-2005
Amount: All
monies obligations and liabilities
Property: By
way of first fixed charge of all monies from time to time standing to the
credit of the Security Account (means deposit account number 630-588783-824)
and any account opened by the Chargee
Mortgagee: Belgian
Bank, Hong Kong Branch.
[Business was taken over by Industrial & Commercial Bank of China (Asia)
Ltd.]
Profit or Loss: Business is profitable.
Condition:
Keeping in a satisfactory condition.
Facilities:
Rather actively using general banking facilities.
Payment:
Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Standing:
Good.
GENERAL
Having issued 2 million ordinary shares of
HK$1.00 each, Wing Fat Enterprises Ltd. formerly was a wholly owned subsidiary
of Euroline Overseas Co. Ltd. [Euroline] which was a BVI-registered firm. Now, the subject is jointly owned by
Euroline, holding 60% interests, and Tagifa Hong Kong Ltd., holding 40%.
The subject is chiefly controlled by
Mr. Seema Rajesh Mirpuri who is an Indian.
He is a Hong Kong ID Card holder and has got the right to reside in Hong
Kong permanently. He is also the only
director of the subject.
The subject has got an associated company
Basicline International Ltd. [Basicline] located at its operating address. Basicline and the subject are engaged in the
same lines of business, more or less.
Incorporated on 17th August, 1990, Basicline
is a private limited company jointly owned by Mr. Prishotam Ramchand Mirpuri
and Mr. Asha Prishotam Mirpuri, both of whom are the members of the Indian
Mirpuri family. The former is holding
50.34% while the latter, holding 49.66%.
The two Mirpuris are also directors of Basicline and have got the right
to reside in Hong Kong permanently as they are Hong Kong ID Card holders.
The subject is a
garment, fabric and other textile product importer and re‑exporter. It is trading in the following products:-
- Suits & Jackets - Men’s;
- Suits & Jackets - Women’s;
- Children’s Wear;
- Anoraks;
- Parkas & Car coats;
- Blouses;
- Coats;
- Denim Garments;
- Dresses & Skirts;
- Shirts;
- Trousers & Slacks;
- Knitted Garments;
- Crocheted & Hand-Knitted Garments;
- Tee & Sweat Shirts,
- Toys, Baby Products
- Gifts and Crafts
Commodities are mainly imported China, other Asian countries, while its
re‑exported markets are the other Asian countries, Europe, the United
States and even South Africa. The
subject also trades in sweaters, knitted accessories. Overall business has been steady.
The subject and Basicline have developed long term business ties with a
number of firms in India and buyers in South Africa.
The subject has set up an office in Guangzhou, Guangdong Province,
China. Besides, the subject also has set
up offices in Mumbai of India, Dhaka of Bangladesh.
Besides, the subject has had an associated company RK Manufacturing
Corporation [RKMC] which is in the Philippines.
Located at Pasay City, Manila, the Philippines, RKMC is a garment
manufacturer which is also operated by the Mirpuri family.
In order to penetrate the international market further, Basicline has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, the subject took
part in the fair held in Las Vegas, the United States in February, 2010.
The contact person of the subject is Mr. Garry.
As the history of the subject in Hong Kong is over ten years and three
months, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.82 |
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1 |
Rs.95.27 |
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Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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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 |
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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.