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Report No. : |
308834 |
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Report Date : |
04.03.2015 |
IDENTIFICATION DETAILS
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Name : |
YUE FAT INTERNATIONAL LTD. |
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Registered Office : |
Unit 9, 9/F., Siu Wai Industrial Centre, 29-33 Wing Hong
Street, Cheung Sha Wan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.08.1996 |
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Com. Reg. No.: |
20147476 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Glazed goat skins,
goat nappa, goat suede and mesh leather. |
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No. of Employee : |
6 |
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 : |
Slow but correct |
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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
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Source
: CIA |
YUE FAT
INTERNATIONAL LTD.
ADDRESS: Unit 9, 9/F., Siu Wai Industrial Centre, 29-33 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 852-2959 2282, 852-2959 2001
FAX: 852-2785 3050
Managing Director: Mr. Chan Chui Chi
Establishment: 8th September, 1988. (Sole Proprietorship)
Incorporated on: 20th August, 1996.
Organization: Private Limited Company.
Issued Share Capital: HK$1,280,000.00
Business Category: Importer, Wholesaler and Re-exporter.
Employees: 6.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
20147476
0562501
Managing Director: Mr. Chan Chui Chi
HK$1,280,000.00
(As per registry dated 20-08-2014)
|
Name |
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No. of shares |
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CHAN Chui Chi [Husband] |
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1,267,200 |
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HO Kit Fong [Wife] |
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12,800 |
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–––––––– |
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Total: |
1,280,000 ======= |
(As per registry dated 20-08-2014)
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Name (Nationality) |
Address |
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CHAN Chui Chi (Chinese) |
Flat K, 5/F., 23 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
|
HO Kit Fong (Chinese) |
Flat K, 5/F., 23 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
HO Kit
Fong (As per registry dated 20-08-2014)
The subject’s predecessor Yue Fat Trading Co. was established on 8th September, 1988 as a partnership jointly owned by Mr. Tsang Hoi Kau and Mr. Chan Chui Chi under the Hong Kong Business Registration Regulations. Changed to a sole proprietorship firm solely owned by Mr. Chan Chui Chi on 20th December, 1991. Re-organized and incorporated on 20th August, 1996 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject’s moved from Flat A, 12/F., Hai Tan Mansion, 145‑149 Hai Tan Street, Shamshuipo, Kowloon, Hong Kong to Flat K, 5/F., 23 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong in November 1990, and further to the present location in September 1994.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Wholesaler and Re-exporter.
Lines: Glazed goat skins, goat nappa, goat suede and mesh leather.
Agents for:-
Maximo Mor S.A.
Avda. lo De Mayo, 14, 08160 Montmelo, Barcelona, Spain.
[Lambskins and goatskins for shoe, clothing and morocco leather industries.]
Vidal Bosch S.A.
Baja San Antonio, 75, 08700 - Igualada, Spain.
[Double butts of polyurethane splits for belts and leather goods.]
Employees: 6.
Commodities Imported: Mainly imported from Spain, Italy and India.
Markets: Hong Kong, China, other Asian countries
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P
The Hong Kong Hide & Leather Traders’ Association Ltd., Hong Kong.
Issued Share Capital: HK$1,280,000.00
Indebtedness: HK$1,432,217 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 20-08-2014)
Mortgage or Charge: (See attachment)
Profit & Loss: Making a small profit every year.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Delay payment experienced in 1993.
Commercial Morality: Satisfactory.
Bankers:-
Bank of Communications, Hong Kong Branch.
Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Yue Fat International Ltd. is a private limited company jointly owned by Mr. Chan Chui Chi, holding 99% interests, and his wife Ms. Ho Kit Fong, just holding 1%.
The subject is a successor to Yue Fat Trading Co., a sole proprietorship firm founded by Mr. Chan Chui Chi in 1988. The present style has been adopted since August 1996.
The subject is a small trading company engaged in importing
and marketing of raw leather and hide. Currently,
the subject is the agents for two Spain Suppliers, Maximo Mor S.A. and Vidal
Bosch S.A. In recent ten years, India
has become a large supplier. Hong Kong
and China are its prime markets.
Most of its customers are shoe, leather product, leather garment manufacturers in Hong Kong and China.
In order to penetrate the China market further, the subject has participated many exhibitions and fairs held in China. The followings are some of the significant fairs:
These exhibitions are held in Dongguan City and Wenzhou City of China annually.
Formerly, the owner operated his business in his own residence and in September 1994, the subject moved to an industrial building where is the present address. The premises located at the present address belongs to the subject.
In October 1993, a Hong Kong firm Vimeda Co. Ltd. made a claim against the subject in an amount due in US dollar.
The business of the subject is chiefly handled by the couple. History in Hong Kong is over 18 years and six months.
On the whole, consider the subject good for normal business engagements.
Court case record in the past:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Oct. 1993 |
Vimeda Co. Ltd. |
Chan Chui Chi trading as Yue Fat Trading Co. |
Amount due |
US$85,799 & |
Property information of directors:-
1.Property Location: Workshop Unit No. 9 on 9/F., Siu Wai Industrial Centre, 29‑33 Wing Hong Street / 68 King Lam Street, Kowloon, Hong Kong.
Owner: Chan Chui Chi & Ho Kit Fong
Date of Purchase: 13-05-1994
Purchased Price: HK$2,450,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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13-05-1994 |
- |
Bank of Communications, Hong Kong Branch. |
Legal charge to secure general banking facilities |
2.Property Location: Flat K on 5/F., 23 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong.
Owner: Chan Chui Chi & Ho Kit Fong
Date of Purchase: 10-10-1990
Purchased Price: HK$853,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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20-02-1992 |
- |
Bank of Communications, Hong Kong Branch. |
Mortgage to secure general banking facilities |
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Date |
Particulars |
Amount |
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23 02 2000 |
Instrument: Deed of Indemnity, Charge Over Deposit(s) and Set-Off Property: By way of Fixed Charge to the Bank all the Company’s estate, right, title, claim, benefit and interest to and in the Deposit Account Nos. 02753310423413 & 02753392058514 and all interest Mortgagee: Bank of Communications, Hong Kong Branch. |
All actions, suits, proceedings, claims, demands, losses, damages, costs, fees, expanses and/or liabilities |
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27-12-2006 |
Instrument: Equitable Mortgage Property: 2,478th/1,762,675th parts or shares of and in Section A of New Kowloon Marine Lot No. 3 (Flat B on 33/F. and Carpark Space No. 2098 on 2/F. of Tower 2, Manhattan Hill, 1 Po Lun Street, Kowloon, Hong Kong.) Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities and interest |
|
25-07-2007 |
Instrument: Equitable Mortgage Property: 2,478th/1,762,675th parts or shares of and in Section A of New Kowloon Marine Lot No. 3 (Flat B on 33/F. and Carpark Space No. 2098 on 2/F. of Tower 2, Manhattan Hill, 1 Po Lun Street, Kowloon, Hong Kong.) Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong.. |
All moneys in respect of general banking facilities and interest |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.85 |
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|
1 |
Rs.94.96 |
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Euro |
1 |
Rs.69.10 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
VNT |
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.