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MIRA INFORM REPORT
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Report No. : |
492138 |
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Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL TOYS TRADING LIMITED |
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Registered Office : |
Room 806-808, 8/F., Hing Yip Commercial Centre, 272-284 Des Voeux
Road, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.01.1997 |
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Com. Reg. No.: |
20601054 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Toy Cars, Dolls, Tricycles, Other Plastic Toys. |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRAs 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 : |
Good |
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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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Hong Kong |
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 |
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 Kongs 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 Mainlands
capital markets and has reinforced Hong Kongs leading role as Chinas 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 & address
INTERNATIONAL TOYS TRADING LIMITED
ADDRESS: Room 806-808, 8/F., Hing Yip Commercial
Centre, 272-284 Des Voeux Road, Central, Hong Kong.
PHONE: 852-2851 0328
FAX: 852-2851 9238
E-MAIL: ittl@netvigator.com
MANAGEMENT
Managing Director: Mr. Hung Chun
Wai
SUMMARY
Incorporated on: 15th January, 1997.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Toy
Trader.
Employees: 20.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
INTERNATIONAL TOYS TRADING LIMITED
ADDRESS
Registered Head
Office:-
Room 806-808, 8/F., Hing Yip Commercial Centre, 272-284 Des Voeux Road,
Central, Hong Kong.
Branch Office:-
Room 801, 8/F., Hing Yip Commercial Centre, 272-284 Des Voeux Road,
Central, Hong Kong.
China Office:-
Guangzhou, Shantou Special Economic Zone, Yiwu.
Associated
Companies:-
Maxland International Enterprises Ltd., Hong Kong.
Shantou Chaoqian Garment Accessories Factory Co. Ltd., China.
Shantou Maxland Trading Co. Ltd., China.
World Top Development Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
20601054
COMPANY
FILE NUMBER
0589888
MANAGEMENT
Managing Director: Mr. Hung Chun
Wai
Contact Person: Ms. Hung Ngar
Ling, Lilian
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry dated 15-01-2018)
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Name |
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No. of shares |
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HUNG Chun Wai |
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3,334 |
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LAM Sau Chu |
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3,333 |
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HUNG Ngar Ling |
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3,333 |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 15-01-2018)
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Name (Nationality) |
Address |
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HUNG Ngar Ling |
Flat B, 25/F., Block 4, City Garden, 233 Electric Road,
North Point, Hong Kong. |
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LAM Sau Chu |
Flat C, 25/F., Block 4, City Garden, 233 Electric Road,
North Point, Hong Kong. |
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HUNG Chun Wai |
Flat B, 25/F., Block 4, City Garden, 233 Electric Road,
North Point, Hong Kong. |
SECRETARY
(As per registry dated 15-01-2018)
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Name |
Address |
Co. No. |
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Cheng & Cheng Corporate Services Ltd. |
Room 1201, 12/F., Allied Kajima Building, 138 Gloucester Road,
Wanchai, Hong Kong. |
0307222 |
HISTORY
The subject was incorporated on 15th January, 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: Toy
Trader.
Lines: Toy
cars, Dolls, Tricycles, other plastic toys.
Employees: 20.
Commodities Imported: China, other
Asian countries, etc.
Markets: Asian
countries, Middle East, Europe, North & South America, Australia, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Making
a small profit every year.
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: Good.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, International Toys
Trading Limited is almost equally owned by three Hong Kong merchants, namely,
Mr. Hung Chun Wai, Ms. Lam Sau Chu and Ms. Hung Ngar Ling. They are also directors of the subject and
belong to the same family.
The subject is a toy manufacturer and trader. According to the subject, its predecessor was
established in 1991. Its headquarters
are in Hong Kong and has branch offices in Shantou Special Economic Zone,
Guangzhou City of Guangdong Province, and Yiwu City of Zhejiang Province,
China.
Its factory is also in Shantou Special Economic Zone known as Shantou
Maxland Trading Co. Ltd. [Maxland].
Maxland now has about 40 employees.
The subject has had an associated company known as Maxland International
Enterprises Ltd. [MIEL], a Hong Kong-registered company located at the next
door of the subject.
The subject is manufacturing the following commodities: baby dolls, toy
dolls, toy cars, tricycles, doll sets, games, toy calculators, rattle sets,
musical sets, track play sets, gifts & premiums, household products, etc.
In recent years, its main products are as follow:
Animals Set, W/U Dinosaur Set, R/C Train Set, Block Set, Rescue Team
Set, Toy Cars, etc.
Prime markets are Australia, the United States, the United Kingdom, the
UAE, Russia, India, Pakistan, Eastern Europe, Africa, other Asian countries,
Central & South America, etc.
The subject also accepts OEM orders.
It is committed to providing wide varieties of high-quality and
competitively priced products, which are in conformity with international
safety standards.
The trademarks are iTTL and Happy Chappie. iTTL
has registered with the Trade Marks Registry, Intellectual Property Department,
the Government of the Hong Kong SAR. The
filing date was 31st January, 2013 while the expiry date is 30th January, 2023.
In order to penetrate the international market further, MIEL has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities.
For instance, it took part in Hong Kong Toys & Games Fair 2018
which had be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong
Kong during the period of 9th to 12th January, 2018.
Apart from toys manufacturing and trading, the subject also trades in
knitted garments. Its factory is also in
Shantou Special Economic Zone, China which is employing about 300 employees.
The business of the subject is rather steady as regular customers have
been maintained. Business is chiefly
handled by the directors.
As the history of the subject is over 21 years and a month in
Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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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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VIV |
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Report Prepared
by : |
TPT |
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
SCs 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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.