MIRA INFORM REPORT
|
Report No. : |
342473 |
|
Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
YEN SHENG FACTORY LIMITED |
|
|
|
|
Formerly Known As : |
YEN SHENG PLASTIC AND RATTAN FACTORY LIMITED |
|
|
|
|
Registered Office : |
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
27.08.1963 |
|
|
|
|
Com. Reg. No.: |
9188 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of Leather Products. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 Chinese): |
|
|
Company Name (in English): |
|
|
Supplied Name: |
YEN SHENG FACTORY LIMITED |
|
Trading Address: |
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong |
|
Supplied Address: |
Unit 81-3, 21st Fl Yen Sheng Centre 64, Hai Yuen Road, Kwun Tong
Kowloon |
Notes: The exact name and
address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unit 2101-2103 Yen Sheng Centre, 64 Hoi
Yuen Road, Kwun Tong, Kowloon, Hong Kong |
|
Telephone Number: |
+852-2172-5107 |
|
Fax Number: |
+852-2345-2214 |
|
Date of Registration: |
1963-8-27 |
|
Registered Number: |
9188 |
|
Business Registration No.: |
01562954 |
|
Paid-up Capital: |
HKD 1,485,000 (USD 191,565) =14,850 Shares@ HKD 100 (As of 2015.09, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
83111-- Handbags, with outer surface of leather (no.) |
|
Principal Activities: |
Trading of Leather Products. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2015-8-27 |
Notes: Subject declined to disclose its staff number; from
other source we cannot obtain the relevant information, either.
History
Subject was incorporated on 1963-8-27 with the registered number 0009188
as Private Limited Liability Company in Hong Kong.
Change of Name:
|
Date |
Change |
|
1975-1-31 |
Yen Sheng Factory Limited |
|
1963-8-27 |
Yen Sheng Plastic And Rattan Factory Limited |
Corporate Structure
Major Related
Company
|
Name: |
Dong Guan Da Lang Yuan Xing Leather Products Factory (Liberal
Translation) |
|
Address: |
Hua Yuan Industrial Village, Shi Xia Country, Da Lang Town, Dongguan
City, The Mainland Of China |
|
Date of Registration: |
1989-8-18 |
|
Registered Number: |
441900500053879 |
|
Registered Capital: |
HKD 13,070,000 |
|
Term of Operation: |
From 1989-8-18 to 2019-8-15 |
|
Legal Representatives: |
Jinhu Wang |
|
\Tel: |
+86-769-83312003 |
|
Fax: |
+86-769-83312002 |
Shareholders
|
Subscription
Amount |
Proportion of
Investment (%) |
|
|
Lee Sang Investment Company Limited |
9,000 |
60.61% |
|
Atbest Investments Limited |
2,700 |
18.18% |
|
Yau Tai Nin, Sonny |
1,575 |
10.61% |
|
Yau Tai Leung, Sammy |
1,575 |
10.61% |
|
Total |
14,850 |
100% |
Major Shareholder
Information:
|
1 |
|
|
Name: |
Lee Sang Investment Company Limited |
|
Address: |
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong |
|
Registered Number: |
7537 |
|
2 |
|
|
Name: |
Atbest Investments Limited |
|
Address: |
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong |
|
Registered Number: |
97338 |
|
3 |
|
|
Name: |
Yau Tai Nin, Sonny |
|
Address: |
Flat A, 12/F., Fortuna Court, 25 Repulse Bay Road, Hong Kong |
|
ID Number: |
A862031(0) |
|
Nationality: |
Hong Kong |
|
4 |
|
|
Name: |
Yau Tai Leung, Sammy |
|
Address: |
House No.40, 38-48 Horizon Drive, Chung Hom Kok, Hong Kong |
|
ID Number: |
D077486 |
|
Nationality: |
Hong Kong |
Management Information
Core Management
Detailed
Information of Directors:
|
1 |
|
|
Name: |
Yau Tai Nin, Sonny |
|
Address: |
Flat A, 12/F., Fortuna Court, 25 Repulse Bay Road, Hong Kong |
|
Position: |
Director |
|
ID Number: |
A862031(0) |
|
2 |
|
|
Name: |
Yau Tai Leung, Sammy |
|
Address: |
House No.40, 38-48 Horizon Drive, Chung Hom Kok, Hong Kong |
|
Position: |
Director |
|
ID Number: |
D077486(4) |
|
3 |
|
|
Name: |
Yau Heng Chung, Frederick |
|
Address: |
Flat B, 15/f., Celestial Garden, 5 Repulse Bay Road, Hong Kong |
|
Position: |
Director |
|
ID Number: |
K406751(7) |
|
4 |
|
|
Name: |
Rocky Shek Secretarial Limited |
|
Address: |
Room 901 Yip Fung Building, 2-12 D’Aguilar Street, Central, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
105477 |
Operation Information
Offices & Factories
|
|
Office |
|
Address: |
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong |
Premises Information
Office address:
|
Address: |
Unit 1 On 21st Floor, Yen Sheng Centre, No.64 Hoi Yuen Road, Kowloon |
|
Owners: |
Unigrade International Limited |
History of Premises Owners’
|
1 |
|
|
Memorial No.: |
11101301900102 |
|
Date of Instrument: |
2011-10-3 |
|
Date of Registration: |
2011-10-13 |
|
Nature: |
Rental Assignment |
|
In Favor of: |
Hang Seng Bank Limited |
|
2 |
|
|
Memorial No.: |
07042001470268 |
|
Date of Instrument: |
2007-3-30 |
|
Date of Registration: |
2007-4-20 |
|
Nature: |
Tenancy agreement with plan |
|
In Favor of: |
Catch Communication Limited |
|
Consideration: |
The rent is HKD 57,516 per month (PT.) |
|
3 |
|
|
Memorial No.: |
UB9286674 |
|
Date of Instrument: |
2004-7-5 |
|
Date of Registration: |
2004-7-30 |
|
Nature: |
Rent assignment |
|
In Favor of: |
Hang Seng Bank Limited |
Production Information
The subject is a trader of leather products and etc without any
production activities.
It is introduced that subject’s related company named “Dong Guan Da Lang
Yuan Xing Leather Products Factory (Liberal Translation)” has a factory in
Dongguan City, Guangdong Province, the mainland of China for production.
Purchase Information
It is introduced that subject purchases its products mainly from the
mainland of China.
Sales Information
Subject is mainly engaged in sales of leather products.
Subject’s major products include handbags, wallet and etc.
Subject’s selling territory includes Asia, Europe, America and etc.
Subject’s major customers are designers and manufacturers of garment
accessories and etc.
It is introduced that the factory of subject’s related company has
obtained ISO 9001 and can provide OEM services.
Settlements
Purchase
Domestic Purchase
|
Products |
Leather products |
|
Payment Terms |
T/T, Cash |
Import
Subject has little import.
Sales
Domestic Markets
|
Product |
Leather products |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Leather 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 Mr. Pan 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
|
Date: |
2003-9-3 |
|
Court Name: |
Small Claim Tribunal |
|
Court No.: |
68574 |
|
Claimant: |
Holiday Resorts (Management) Co Ltd |
|
Defendant: |
Yen Sheng Factory Ltd |
|
Reason: |
Management Fee |
|
2 |
|
|
Date: |
2003-9-3 |
|
Court Name: |
Small Claim Tribunal |
|
Court No.: |
68577 |
|
Claimant: |
Holiday Resorts (Management) Co Ltd |
|
Defendant: |
Yen Sheng Factory Ltd |
|
Reason: |
Management Fee |
Mortgage Record
|
1 |
|
|
Company Name: |
Yen Sheng Factory Limited (“The Chargor”) |
|
Date of Creating Mortgage: |
2013-6-27 |
|
Name of Mortgagee: |
Hang Seng Bank Limited (“The Bank”) |
|
Address of Mortgagee: |
83 Des Voeux Road Central Hong Kong |
|
2 |
|
|
Company Name: |
Yen Sheng Factory Limited ("the Policyholder”) |
|
Date of Creating Mortgage: |
2012-2-29 |
|
Name of Mortgagee: |
Hang Seng Bank Limited (“the Assignee”) |
|
Address of Mortgagee: |
83 Des Voeux Road Central, Hong Kong |
|
3 |
|
|
Company Name: |
Yen Sheng Factory Limited |
|
Date of Creating Mortgage: |
2012-3-8 |
|
Name of Mortgagee: |
Hang Seng Bank Limited |
|
Address of Mortgagee: |
83 Des Voeux Road Central Hong Kong |
Special Note
Interview Details
|
Name |
Mr. Pan |
Industry Information
83111-- Handbags, with outer surface of leather (no.)
Unit: HKD/000
|
|
2015.06 |
2015.01~2015.06 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
16 |
72 |
87 |
190 |
|
|
Australia |
12,416 |
5,603 |
20,291 |
11,672 |
|
Bulgaria |
83 |
1,225 |
1,545 |
5,438 |
|
Canada |
1,145 |
139 |
4,277 |
894 |
|
The Mainland of China |
23,313 |
459,960 |
16,377,877 |
2,625,451 |
|
Exports |
||||
|
United Arab Emirates |
11,478 |
5,690 |
81,693 |
60,240 |
|
586 |
206 |
604 |
230 |
|
|
Australia |
80,757 |
38,204 |
543,123 |
231,158 |
|
Belgium |
3,082 |
567 |
29,843 |
3,412 |
|
Canada |
40,079 |
12,023 |
130,682 |
45,722 |
|
The Mainland of China |
110,529 |
220,413 |
658,767 |
1,298,203 |
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
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong
Unit 2101-2103 Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.08 |
|
|
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
TPT |
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.