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MIRA INFORM REPORT
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Report No. : |
491078 |
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Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
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Name : |
HUNG KAI INDUSTRIAL CO. |
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Registered Office : |
Room 1203, 12/F., Shun Kwong Commercial Building, 8 Des Voeux Road
West, Sheung Wan |
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Country : |
Hongkong |
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Date of Incorporation : |
01.10.1991 |
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Com. Reg. No.: |
15004251-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Optical Cases. |
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No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONGKONG - 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. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
COMPANY
NAME AND ADDRESS
HUNG KAI INDUSTRIAL
CO.
ADDRESS: Room 1203, 12/F., Shun Kwong
Commercial Building, 8 Des Voeux Road West, Sheung Wan, Hong Kong.
PHONE: 852-2561
9202
FAX: 852-2579
1278
MANAGEMENT
Manager: Mr.
Chan Hau Kei
SUMMARY
Establishment: 1st October, 1991.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer,
Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Room 1203, 12/F., Shun Kwong Commercial Building, 8 Des
Voeux Road West, Sheung Wan, Hong Kong.
Associated Company:-
Advantics Industrial Co. Ltd., Hong Kong. (Same address)
BUSINESS
REGISTRATION NUMBER
15004251-000-10
MANAGEMENT
Manager: Mr. Chan Hau Kei
Contact Person: Ms.
Liz Fan
SOLE
PROPRIETOR
Name: CHAN Hau Kei
Residential
Address: Room 302, 3/F., Block C, Wah
Ming Centre, 396-400 Des Voeux Road West, Hong Kong.
HISTORY
The subject was
established on 1st October, 1991 as a sole proprietorship concern owned by Mr.
Chan Hau Kei under the Hong Kong Business Registration Regulations.
The subject has
changed its registered address for many times.
Last time, it was located at ‘Unit A & B, 15/F., 235 Wing Lok
Street, Sheung Wan, Hong Kong’, moved to the present address in October,
2016.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of optical cases.
Employees: 6.
Commodities Imported: China,
other Asian countries, etc.
Markets: Other
Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C,
T/T, D/P, O/A, etc.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
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: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Hung Kai Industrial
Co. is a sole proprietorship set up and owned by Mr. Chan Hau-Kei who is a
Hong Kong merchant. He is also manager
of the subject.
The subject is a
professional eyewear packaging manufacturer.
Its factory is now located in Dongguan City, Guangdong Province,
China. In the China factory it has more
than 700 workers and our monthly production capability reaches about 800,000
units of optical cases.
Over the past 20
years, 360 million premium and innovative optical cases were shipped. It also receives OEM orders.
According to the
subject, its products are high quality and their prices are competitive.
The subject has got
an associated company Advantics Industrial Co. Ltd., a Hong Kong-registered
company located at the same address.
The subject is
trading in the following commodities:-
· Metal Optical Case;
· Optical Case;
· Steel Spectacles Case;
· PU Optical Case;
· Cardboard Eyewear Case;
· Folding Eyeglasses Case;
· Aluminium Eyewear Case;
· Cardboard Glasses Case;
· PU Eyeglasses Case;
· Folding Spectacles Case; &
· Eyeglasses Case.
Most of the products
bear the trade mark brandedcasefactory. Products are exported to the other Asian
countries, Europe, North America, etc.
Business is normal.
In order to penetrate
the international market further, the subject has taken part in fairs and
exhibitions held in Hong Kong and other foreign large cities.
For instance, it also
took part in “HKTDC Hong Kong Gifts & Premium Fair 2018” which will be held
in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 27th to 30th April, 2018. Its
booth No. is IE A25.
Besides, it is also
going to take part in “HKTDC Hong Kong Optical Fair 2017” which will be held in
Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 8th to 10th November, 2018.
The contact person of
the subject Ms. Liz Fan is the marketing manager.
As the history of the
subject is over 26 years and four months in Hong Kong, on the whole, consider
it good for normal credit requirements.
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.91 |
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1 |
INR 90.31 |
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Euro |
1 |
INR 80.71 |
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HKD |
1 |
INR 8.28 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.