MIRA INFORM REPORT

 

 

Report No. :

489121

Report Date :

06.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

WATER-WELL  FOOTWEAR  (H.K.)  COMPANY  LIMITED

 

 

Registered Office :

Room C21, 4/F., Block C, Manning Industrial Building, 118 How Ming Street, Kwun Tong, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

10.02.1997

 

 

Com. Reg. No.:

20695990

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of All kinds of footwear, garments, electric appliances

 

 

No. of Employees :

5

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.

Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.

Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities

 

Source : CIA

 

Company name and address

 

WATER-WELL  FOOTWEAR  (H.K.)  COMPANY  LIMITED

 

ADDRESS:       Room C21, 4/F., Block C, Manning Industrial Building, 118 How Ming Street, Kwun Tong, Kowloon, Hong Kong.

 

PHONE:            852-2344 7378

 

FAX:                 852-2345 7663

 

MANAGEMENT:

 

Managing Director:  Mr. Kei Wing Chun

 

 

SUMMARY

 

Incorporated on:            10th February, 1997.

 

Organization:                  Private Limited Company.

 

Issued Share Capital:     HK$10,000.00

 

Business Category:       Importer, Exporter and Wholesaler.

 

Annual Turnover:           HK$50 – 100 million.

 

Employees:                  5.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Registered Head Office:-

Room C21, 4/F., Block C, Manning Industrial Building, 118 How Ming Street, Kwun Tong, Kowloon, Hong Kong.

 

Associated Companies:-

Ever-Pacific Enterprise Co. Ltd., Hong Kong.  (Same address)

Mega Sun (Hong Kong) Ltd., Hong Kong.

 

BUSINESS REGISTRATION NUMBER

 

20695990

 

 

COMPANY FILE NUMBER

 

  0594910

 

 

MANAGEMENT

 

Managing Director:  Mr. Kei Wing Chun

 

 

ISSUED SHARE CAPITAL

 

 HK$10,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 10-02-2017)

Name

 

No. of shares

KEI Tim Ki

 

4,000

KEI Wing Chun

 

4,000

KEI Tun Yiu

 

2,000

 

 

––––––

 

Total:

10,000

=====

 

 

DIRECTORS

 

(As per registry dated 10-02-2017)

Name

(Nationality)

 

Address

KEI Wing Chun

Flat A, 1/F., Front Block, Wan Hon Mansion, 30 Wan Hon Street, Kwun Tong, Kowloon, Hong Kong.

 

KEI Tun Yiu

Flat A, 1/F., Front Block, Wan Hon Mansion, 30 Wan Hon Street, Kwun Tong, Kowloon, Hong Kong.

 

KEI Tim Ki

Flat A, 1/F., Wan Hong Mansion, 26-34 Wan Hon Street, Kowloon, Hong Kong.

 

 

SECRETARY

 

(As per registry dated 10-02-2017)

Name

Address

Co. No.

Fto Corporate Consultants Ltd.

Unit A, 8/F., Winbase Centre, 208 Queen’s Road Central, Hong Kong.

1298568

 

 

HISTORY

 

The subject was incorporated on 10th February, 1997 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, Exporter and Wholesaler.

 

Lines:                           All kinds of footwear, garments, electric appliances

 

Employees:                  5.

 

Commodities

 Imported:                     China, other Asian countries, etc.

 

Markets:                       Central & South America, Middle East, North America, Southeast Asia, Western Europe, etc.

 

Annual Turnover:           HK$50 – 100 million.

 

Terms/Sales:                  L/C or as per contracted.

 

Terms/Buying:                L/C, T/T, D/P, O/A, etc.

 

 

 

 

FINANCIAL INFORMATION

 

Issued Share Capital:     HK$10,000.00

 

Profit or Loss:               Made small profits in past years.

 

Condition:                     Keeping in a satisfactory manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      No Complaints.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                       Normal.

 

 

GENERAL

 

Having issued 10,000 ordinary shares of HK$1.00 each, Water-Well Footwear (H.K.) Company Limited is jointly owned by Mr. Kei Tim Ki, holding 40% interests; Mr. Kei Wing Chun, holding 40%; and Mr. Kei Tun Yiu, 20%.  Being Hong Kong merchants, they are also directors of the subject.

The subject is a footwear, garment and electric product trader.  However, footwear is its main commodities.

It has got an associated company known as Ever-Pacific Enterprise Co. Ltd. [EPE], a Hong Kong-registered company located at the same address.

EPE and the subject are under the same management and engaged in the same lines of business.

The subject is trading in the following commodities:

Boots - PVC (Include OEM),

Sandals - PVC (Include OEM),

Shoes - Imitation Leather (PVC, OEM),

Slippers, Sandals - EVA (Include OEM),

Slippers - PVC (Include OEM),

Sport Shoes (PU upper & TTR/PVC/rubber sole, OEM),

Garments,

Loud Speaker (With Casing) (Including OEM),

Kitchen Appliances - Electrical (Including OEM), etc.

The subject’s footwear and garment bear the brand name of FALENDO.  This trademark has been registered in China.

The subject has had a number of associated factories in Southern China.

Commodities are marketed in China, exported to Central & South America, the Middle East, North America, Southeast Asia, Western Europe, etc.

The business of the subject is normal.  History in Hong Kong is about 21 years.

On the whole, in view of the background of the subject, consider it good for normal credit requirements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.03

UK Pound

1

INR 90.40

Euro

1

INR 79.73

HKD

1

INR 8.22

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KET

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.