MIRA INFORM REPORT

 

 

Report No. :

340482

Report Date :

15.09.2015

 

IDENTIFICATION DETAILS

 

Name :

MOU FUNG LIMITED

 

 

Registered Office :

8/F, Block A, Kong Nam Ind. Bldg., 603-609 Castle Peak Road, Tsuen Wan, N.T.,

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

16.12.1964

 

 

Com. Reg. No.:

10980

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and sale of denim fabric.

 

 

No. of Employee :

About 30 Employees

About 300 Workers (The Mainland China Factory)

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.

 

Source : CIA

 

 

Contact Points

 

Company Name (in English):

Mou Fung Limited

Supplied Name:

MOU FUNG LIMITED

Trading Address:

8/F, Block A, Kong Nam Ind. Bldg., 603-609 Castle Peak Road, Tsuen Wan, N.T., Hong Kong

Supplied Address:

BLK A 8/F KONG NAM IND BLDG 603-609 CASTLE PEAK ROAD TWML 7 RP TSUEN WAN N T KOWLOON

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

Mou Fung Limited

Registered Address:

8/F, Block A, Kong Nam Ind. Bldg., 603-609 Castle Peak Road, Tsuen Wan, N.T., Hong Kong

Telephone Number:

+852-2416-1331-8

Fax Number:

+852-2413-6320

E-mail:

denim@moufung.com.hk

Date of Registration:

1964-12-16

Registered Number:

10980

Business Registration No.:

01815115

Paid-up Capital:

Ordinary: HKD 4,500,000 (USD 580,500) = 45,000 Shares @ HKD 100

Employees’: HKD 1,200 (USD 154.80) = 1,200 Shares @ HKD 1

(As of 2015.09, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

SITC Code:

65243-- Other Woven Fabrics, Containing 85% Or More By Weight Of Cotton, Denim, Weighing More Than 200 G/SQ M (KG)

Principal Activities:

Manufacturing and sale of denim fabric, etc.

Staff:

About 30 Employees

About 300 Workers (The Mainland China Factory)

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-12-16

 

 

History

 

Subject was incorporated on 1964-12-16 with the registered number 10980 as Private Limited Liability Company in Hong Kong.

 

Corporate Structure

 

Subject did not register any subsidiaries or branches; from other source we could not obtain the relevant information, either.

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Gainforce Holdings Company Inc.

28,725

62.18%

Twist Company Limited

11,025

23.86%

Ma Chui Lan

2,625

5.68%

Yu Kam Chung

2,625

5.68%

Chan Kok Cheung

800

1.73%

Lo Sui Hung

400

0.87%

Total

46,200

100%

 

Major Shareholder Information:

1

Name:

Gainforce Holdings Company Inc.

Address:

PO Box 659, Rd. Town, Tortola, British Virgin Islands

2

Name:

Twist Company Limited

Address:

Level 13, 1 Queen’s Rd., Central, Hong Kong

Date of Registration:

1986-9-18

Registered Number:

175208

Business Registration No.:

10529804

3

Name:

Ma Chui Lan

Address:

Parc Regal, Tower 1, Flat A-B, G/F, 19 Homantin Hill Rd., Kowloon, Hong Kong

4

Name:

Yu Kam Chung

Address:

Parc Regal, Tower 1, Flat A-B, G/F, 19 Homantin Hill Rd., Kowloon, Hong Kong

5

Name:

Chan Kok Cheung

Address:

Unit D, 31F, Tower 6, Bellagio, 33 Castle Peak Rd., Sham Tseng, NT, Hong Kong

6

Name:

Lo Sui Hung

Address:

Flat C, 3F, Block 2, Roca Centre, 466 King’s Rd., North Point, Hong Kong

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Ma Chui Lan

Address:

Parc Regal, Tower 1, Flat A-B, G/F, 19 Homantin Hill Rd., Kowloon, Hong Kong

Position:

Director

ID Number:

B429826

2

Name:

Chan Kok Cheung

Address:

Unit D, 31F, Tower 6, Bellagio, 33 Castle Peak Rd., Sham Tseng, NT, Hong Kong

Position:

Director

ID Number:

E419717(1)

3

Name:

Lau Georgianna

Address:

Flat D, 24F, Conduit Tower, 20 Conduit Rd., Hong Kong

Position:

Director

ID Number:

G455841(2)

4

Name:

Lau Raymond

Address:

Flat 10B, Tower 5, Bel-Air on the Peak Island South, No. 68 Bel-Air Peak Avenue, Hong Kong

Position:

Director

ID Number:

C624902(5)

5

Name:

Twist Company Limited

Address:

Level 13, 1 Queen’s Rd., Central, Hong Kong

Position:

Director

Reg. Number:

175208

6

Name:

Lau Hon Chung

Address:

House No. 8, Double Bay, 46 Island Rd., Hong Kong

Position:

Director

ID Number:

E005922(A)

7

Name:

Tse Ling Tai

Address:

House No. 8, Double Bay, 46 Island Rd., Hong Kong

Position:

Secretary

ID Number:

A318168(8)

 

Personnel Structure

 

Total Employees

About 30 Employees

About 300 Workers (The Mainland China Factory)

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

8/F, Block A, Kong Nam Ind. Bldg., 603-609 Castle Peak Road, Tsuen Wan, N.T., Hong Kong

 

Premises Information

 

Office address:

Address:

8/F, Block A, Kong Nam Ind. Bldg., 603-609 Castle Peak Road, Tsuen Wan, N.T., Hong Kong

Owners:

Siklok Investment Company Limited

Memorial Number:

UB2248082

Date of Instrument:

1982-3-31

Date of Registration:

1982-5-4

Consideration Value:

HKD 11,820,400.00 (PT.)

 

History of Premises Owners’

 

1

Memorial No.:

UB7601793

Date of Instrument:

1998-10-15

Date of Registration:

1998-11-6

Nature:

G.N. 4960 Re Creation Of Permanent Rights With Plan On 16.1.1999

2

Memorial No.:

UB2301319

Date of Instrument:

1982-7-21

Date of Registration:

1982-8-23

Nature:

Re-Registration Of Supplemental Deed Of Covenant Mem. No. UB2287816

3

Memorial No.:

UB2287816

Date of Instrument:

1982-7-21

Date of Registration:

1982-7-23

Nature:

Supplemental Deed Of Covenant

 

 

Production Information

 

Subject is engaged in manufacturing of denim fabric

It is introduced that subject has factory in the Mainland of China for production, but we cannot obtain the detail information.

Subject has obtained the certification of ISO 9001 and ISO 14001.

 

Purchase Information

 

It is introduced that the raw materials for production are mainly purchased in the Mainland of China.

 

Sales Information

 

Subject is engaged in sale of denim fabric

It is introduced that subject’s products are mainly applied for garments.

Subject’s major sales regions include domestic market, Japan, India, Thailand, Southeast Asia, etc.

It is introduced that subject’s major customers are LEVI’S, OLD NAVY, GAP, EXPRESS, H&M, GIORDANO, TARGET, etc.

 

Trademarks

 

1

Trade Mark No.:

301939366

Status:

Registered

Mark:

MF MOU FUNG


image

Mark Type:

Ordinary

Owner's Name, Address:

Mou Fung Limited
Block A, 8th Floor, Kong Nam Industrial Building,
603-609 Castle Peak Road, Tsuen Wan, New Territories,
Hong Kong

Owner's Address
for Service:

Kelvin Cheung & Co., Solicitors
Unit 101, 1st Floor, Hong Kong Trade Centre,
161-167 Des Voeux Road Central,
Hong Kong.

Agent's Address:

Unit 101, 1st Floor, Hong Kong Trade Centre,
161-167 Des Voeux Road Central,
Hong Kong.

Class No.:

24, 25, 42

Specification:

Class 24 Woven fabric, denim (cloth), twill, corduroy, poplin; all included in Class 24.

Class 25
Clothing and footwear; coats, sweaters, shirts, clothing in western style; nightwear; underwear; bathing suits, gaiters, gloves; belts, waistbands, headbands, stocking suspenders, braces suspenders, garters; shoes, boots and sandals; all included in Class 25.

Class 42
Scientific and technological research and design of clothing, footwear, headgear, leather and imitation of leather goods, textile and textile goods, interior décor, jewelry, curtains, fashion accessories and ornamental structures.

Date of Filing:
(D-M-Y)

08-06-2011

Date of Publication of
Application of Acceptance for
Registration:
(D-M-Y)

04-11-2011

Date of Registration:
(D-M-Y)

08-06-2011

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

14-02-2012

Expiry date:
(D-M-Y)

07-06-2021

2

Trade Mark No.:

1998B01511

Status:

Registered

Mark:

MF



image

Mark Type:

Ordinary

Owner's Name, Address:

MOU FUNG LIMITED
BLOCK A, 1-9TH FLOOR, KONG NAM INDUSTRIAL BUILDING,
603-609 CASTLE PEAK ROAD, TSUEN WAN, NEW TERRITORIES,
HONG KONG.

Owner's Address
for Service:

LO AND LO
7th Floor, World-Wide House,
No. 19 Des Voeux Road Central,
Hong Kong

Class No.:

24

Specification:

Class 24

Woven fabric, denim (cloth), twill, corduroy, poplin; all included in Class 24.

Disclaimer /

Limitation /
Condition /

Others：

Registration of this Trade Mark shall give no right to the exclusive use of letters "M" and "F".

Date of Registration:
(D-M-Y)

17-10-1995

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

16-02-1998

Expiry date:
(D-M-Y)

17-10-2016

 

 

Settlements

 

Purchase

 

Domestic Purchase

Products

Raw materials

Payment Terms

T/T, Cash

 

Import

 

Subject has little import.

 

Sales

 

Domestic Markets

Product

Denim fabric

Selling Terms

T/T, Cash

 

Export

Product

Denim fabric

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

 

Name:

The Hongkong and Shanghai Banking Corporation Limited

 

 

Public

 

Civil Litigation

 

Date

Court Name

Court No.

Claimant/Applicant

Answering/Respondent

Nature

2015-06-05

District Court Civil Action

DCEC2432

TSANG HEUNG TSAN
(DCEC2432/2014)

MOU FUNG LIMITED
* = First Hearing
(L & L Lawyers Munros)

*

2014-11-25

District Court ECC

2432

Tsang Heung Tsan
c/o
Messrs. L & L Lawyers
c/o
L & L Lawyers
(a firm)
(DCEC)
(Applicant)

Mou Fung Ltd
c/o
8/F, Block A,
Kong Nam Industrial Building,
T.W.M.L. No.7 R.P.,
Tsuen Wan, NT
*=Employees' Compensation Case
(Respondent)

*
#

2010-10-06

District Court Personal Injury Case

1670

Tsang Chau Heung
c/o
Sam Fu & Co
c/o
Sam Fu & Co
(a firm)
(DCPI)

Mou Fung Ltd
c/o
8/F, Block A,
Kong Nam Industrial Building,
T.W.M.L. No.7 R.P.
Tsuen Wan, NT

Damage

2009-09-02

District Court ECC

981

Tsang Chau Heung
c/o
Messrs. Sam Fu & Co
c/o
Sam Fu & Co
(a firm)
(DCEC)
(Applicant)

Mou Fung Ltd
c/o
8/F, Block A,
Kong Nam Industrial Building,
T.W.M.L. No.7 R.P.,
Tsuen Wan, NT
*=Employees' Compensation Case
(Respondent)

*

2009-02-27

District Court Civil Action

947

Mou Fung Ltd
c/o
8/F, Block A,
Kong Nam Industrial Building,
T.W.M.L. No.7 R.P.,
Tsuen Wan, NT
c/o
Kelvin Cheung & Co
(a firm)

Ace Win Investment Co Ltd
c/o
12A & B,
Tai Cheong Factory Building,
3 Wing Ming Street,
Sham Shui Po, Kln

Good Sold & Delivered

2007-12-29

District Court ECC

1531

Kong Ka Hang
c/o
Flat E, 11/F,
Hing Fat House,
9-13 Kau Yuk Road,
Yuen Long, NT
c/o
Au Yeung, Cheng, Ho & Tin
(a firm)
(DCEC)
(Applicant)

Mou Fung Ltd
c/o
8/F, Block A,
Kong Nam Industrial Building,
T.W.M.L. No.7 R.P.,
Tsuen Wan, NT
(Respondent)

Injury

2007-11-15

High Court Commercial Action

LBTC5153

(LAI KWAI LIN)
(YICK LAP HUNG)
(LBTC5153/2007)
(Parties)

(MOU FUNG LIMITED)
(LBTC)
(Parties)

Not Stated

2006-08-08

High Court Commercial Action

3682

(FUNG WAI YEE)
(LBTC)
(Parties)

(MOU FUNG LIMITED)
(LBTC)
(Parties)

Not Stated

2005-04-13

District Court Personal Injury Case

504

Wong Kai Ming
Room 1809,
Wang Sin House,
Cheung Wang
Estate, Tsing Yi,
NT
(DCPI)

Mou Fung Ltd
Block A, 8/F,
Kong Nam Industrial Building,
T.W. M. L No 7R.P, Tsuen Wan, NT

Damage

2004-03-11

District Court Civil Action

141

Wong Kai Ming
Rm1809 Wang Sin
Hse Cheung Wang
Est
Tsing Yi NT
(applicant)

Mou Fung Ltd
8/F Block A Kong Nam Industrial
Building T.W.M.L.No.7R.P. Tsuen
Wan NT
(respondent)

Injury

 

Mortgage Record

 

No mortgage record of the subject was found.

 

 

Special Note

 

Interview Details

Name

Ms. Janise

Department:

Sales Department

Email:

Janise@moufung.com.hk

 

 

Industry Information

 

65243-- Other Woven Fabrics, Containing 85% Or More By Weight Of Cotton, Denim, Weighing More Than 200 G/SQ M (KG)

 

Unit: HKD/000

 

2015.06

2015.01~2015.06

 

Quantity

Value

Quantity

Value

Imports

France

2,942

436

14,451

1,381

Indonesia

4,750

357

15,282

967

India

11,796

583

81,224

3,941

Italy

19,990

1,750

153,262

14,005

Japan

53,269

6,942

577,028

64,347

Pakistan

22,059

1,139

214,759

13,076

Turkey

74,333

7,903

454,137

45,938

Taiwan

13,536

1,069

104,130

7,804

USA

11,240

2,398

90,056

10,326

The Mainland of China

2,017,372

78,729

15,528,788

613,907

Exports

Italy

6,071

509

92,522

6,606

Austria

1,489

88

4,643

282

Australia

8,910

610

26,236

1,572

Germany

4,538

473

8,346

768

Indonesia

214,525

9,864

1,124,716

48,404

India

14,857

1,317

58,191

5,677

Nicaragua

101,370

4,541

651,490

29,019

USA

28,319

1,321

217,784

9,220

The Mainland of China

1,768,614

100,341

11,609,671

639,081

 

 

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

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

2014

4,219,046

55,283

3,617,468

3,672,751

+3.2

-546,295

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

2014.07

368,293

5,120

321,040

326,160

+6.8

-42,132

2014.08

358,750

5,289

321,937

327,225

+6.4

-31,525

2014.09

382,355

4,153

327,833

331,986

+4.5

-50,369

2014.10

381,569

4,392

327,335

331,727

+2.7

-49,842

2014.11

378,946

4,701

322,082

326,783

+0.4

-52,163

2014.12

372,007

4,050

308,705

312,755

+0.6

-59,253

2015.01

348,886

4,468

307,403

311,871

+2.8

-37,015

2015.02

264,220

2,919

225,418

228,337

+7.2

-35,884

2015.03

342,319

4,013

292,100

296,113

-1.8

-46,206

2015.04

331,108

4,202

287,742

291,944

+2.2

-39,164

2015.05

331,940

4,258

287,571

291,830

-4.6

-40,110

2015.06

345,302

4,158

295,361

299,518

-3.1

-45,783

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

Attachment

 

Address: 8/F, BLK A, Kong Nam Ind. Bldg., 603-609 Castle Peak Road, Tsuen Wan, N.T., Hong Kong

 

BLK A, Kong Nam Ind. Bldg., 603-609 Castle Peak Road, Tsuen Wan, N.T., Hong Kong

-365831483509C27C1

 

8/F, BLK A, Kong Nam Ind. Bldg., 603-609 Castle Peak Road, Tsuen Wan, N.T., Hong Kong

 

86810438627C245E8

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.37

UK Pound

1

Rs.102.54

Euro

1

Rs.75.32

 

 

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%)

 

 

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.