|
Report No. : |
308879 |
|
Report Date : |
05.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SILVERLIT TOYS
MANUFACTORY LTD. |
|
|
|
|
Registered Office : |
Room 1701-1703, 17/F., World Trade Centre, 280 Gloucester Road, Causeway Bay |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
29.06.1984 |
|
|
|
|
Com. Reg. No.: |
09145540 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter OF All
kinds of press down and go, wind up, pull back, friction & remote control
plastic toys, pre-school, educational & infant toys, premium &
novelty items, battery operated toys, car/racing set/train & magnetic
toys. |
|
|
|
|
No of Employees : |
30 (Hong Kong) 5,000 (China) |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
SILVERLIT TOYS
MANUFACTORY LTD.
(Operating SHING TAK INDUSTRIAL CO.)
Room 1701-1703, 17/F., World Trade Centre, 280 Gloucester Road, Causeway Bay, Hong Kong.
PHONE: 852-2834 4168
FAX: 852-2834 8797
E-MAIL: sltoys@silverlit.com
Managing Director: Mr. Choi Kei Fung
Incorporated on: 29th June, 1984.
Organization: Private Limited Company.
Issued Share Capital: HK$480,000.00
Business Category: Toy Manufacturer.
Annual Turnover: HK$800~900 million.
Employees: 30. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1701-1703, 17/F., World Trade Centre, 280 Gloucester Road, Causeway Bay, Hong Kong.
Mailing Address:-
P.O. Box 11957, Hong Kong.
Warehouse:-
Flat B, 22/F., Chai Wan Industrial Centre, 20 Lee Chung Street, Chai Wan, Hong Kong.
China Offices: Beijing, Shanghai, Chengdu and Wuhan.
China Factory:-
Dongguan Silverlit Toys Fty. Ltd.
Huai De Toys Factory, Huai De, Humen, Dongguan 523926, Guangdong Province, China.
[Tel: 86-769-8555 1910, 8555 1654, 8555 1956, 8555 2227, 8555 1444
Fax: 86-769-8555 1088]
Operating
Company:-
Shing Tak Industrial Co., Hong Kong. [BR No. 9145540-001]
Associated/Affiliated
Companies:-
Giro Marketing & Sales S.L., Spain.
Max Bersinger S.A., Switzerland.
Silverlit e. K., Germany.
Silverlit Enterprise Ltd., Hong Kong.
Silverlit Group Ltd., Hong Kong. [Dissolved]
Silverlit Holdings Ltd., Hong Kong.
Silverlit International Ltd., Hong Kong.
Silverlit Investment (China) Ltd., Hong Kong.
Silverlit Ltd., Hong Kong.
Silverlit Research Ltd., Hong Kong.
Silverlit SAS, France.
Silverlit Technology Ltd., Hong Kong.
Silverlit Toys (USA) Inc., USA.
Silverlit Toys Ltd., UK.
Spectron BV, The Netherlands.
09145540
0138490
Managing Director: Mr. Choi Kei Fung
Contact Person: Mr. Stephen Chi
HK$480,000.00
(As per registry
dated 29-06-2014)
|
Name |
|
No.
of shares |
|
CHOI Kei
Fung |
|
150,000 |
|
CHOI So
May |
|
100,000 |
|
CHOI Ki
Sang |
|
110,000 |
|
TSOI So
Fong |
|
50,000 |
|
CHOI So
Lai |
|
40,000 |
|
CHOI So Ngor |
|
30,000 |
|
|
|
––––––– |
|
|
Total: |
480,000 ====== |
(As per registry
dated 29-06-2014)
|
Name (Nationality) |
Address |
|
CHOI Kei Fung (Chinese) |
29B, Tower II, Regent-On-The
Park, 9A Kennedy Road, Hong Kong. |
|
CHOI So May (Chinese) |
30B, Tower I, Regent-On-The
Park, 9A Kennedy Road, Hong Kong. |
(As per registry
dated 29-06-2014)
|
Name (Nationality) |
Address |
|
SZETO Wai Chong (Chinese) |
Flat F, 19/F., Block 13, Richland Gardens, Kowloon Bay,
Kowloon, Hong Kong. |
The subject was incorporated on 29th June, 1984 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 26/F., Soundwill Plaza, 38 Russell Street, Causeway Bay, Hong Kong, moved to the present address in August 2002.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer and Exporter.
Lines: All kinds of press down and go, wind up, pull back, friction & remote control plastic toys,
pre-school, educational & infant toys, premium & novelty items, battery operated toys, car/racing set/train & magnetic toys.
Trade Marks: SL, Silverlit, Bobby, Bonnie, Multimac, Turbo Z, iBugs, Dancing Auto, Chatter Animals,
Witty Sounds, Kidzland, Countdown Rocket, Countdown Racer, Ocean Discovery, I-Cybie, UFO, Laser MAD, X-Plane, X-Trek & Ouaps
Employees: 30. (Hong Kong)
5,000. (China)
Raw Materials: Imported from Europe and other Asian countries.
Markets: US, Europe, Canada, Asia, Japan, Australia, etc.
Annual Turnover: HK$800~900 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Federation of Hong Kong Industries, Hong Kong. [Member No. B1509]
Hong Kong Toys Council, Hong Kong.
Issued Share Capital: HK$480,000.00
Mortgage or
Charge:-
Date of Assignment of DC Proceeds: 13-07-2000
Amount: All loans or other advances
Property: By way of assignment or agreement to assign in each case as beneficial owner.
All monies in any currency representing proceeds payable or to be paid to the Customer under the Documentary Credits, all the Customer’s right, title and interest in the said Documentary Credits as the benefit of all powers and remedies for enforcing the Documentary Credits
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Hang Seng Bank Ltd., Hong Kong.
Standing: Very Good.
Silverlit Toys Manufactory Ltd. started business in 1984. It is operated by the Choi family headed by Mr. Choi Kei Fung who is a Hong Kong merchant.
According to the subject, its predecessor began operation in 1977.
The subject is one of the leading manufacturers in the toy industry for more than 37 years. It focuses on developing their own innovative products as well as manufacturing customers’ OEM products.
Currently, its integrated operation including product designing, tooling, engineering and its production is accommodated in its 70,000 sq.m. factory located at Dongguan City, Guangdong Province, China. The China factory is known as Dongguan Silverlit Toys Fty. Ltd. employing about 5,000 persons. The factory covers an area 70,000 sq.m.
The subject is one of the toy manufacturers which has been awarded the Certificate by the Import and Export Commodity Inspection Bureau of the PRC. This award shows that the subject’s products are in conformity with the safety standards laid down by the China authority. In 1994, the subject got the ISO Certificate and became the first Toy Manufacturer in Asia to attain such quality recognition. It also has got the “Care Process” certification issued by the International Toy Industry Association.
Now, the subject is famous for its remote controlled helicopters and other electronic toys.
In order to penetrate the international market further, the subject has set up associated companies in the United States, Germany, the United Kingdom, France, the Netherlands, Japan, Switzerland, Spain, etc.
The annual sales turnover of the subject ranges from HK$800 to 900 million. Making a small profit every year.
The subject is responsible for products marketing and raw materials sourcing. History in Hong Kong is over twenty-five and a half years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
|
UK Pound |
1 |
Rs.94.96 |
|
Euro |
1 |
Rs.69.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.