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MIRA
INFORM REPORT
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Report No. : |
492147 |
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Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
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Name : |
HANG SANG ZIPPER COMPANY LIMITED |
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Registered Office : |
Unit 302, 3/F., Elite Industrial Centre,
883 Cheung Sha Wan Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.01.1992 |
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Com. Reg. No.: |
16160258 |
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Legal Form : |
Private
Limited Company. |
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Line of Business : |
Importer,
Exporter and Manufacturer of all kinds
of zippers |
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No. of Employees : |
7. |
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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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 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
HANG SANG
ZIPPER COMPANY LIMITED
ADDRESS: Unit 302, 3/F., Elite Industrial Centre,
883 Cheung Sha Wan Road, Kowloon, Hong Kong.
PHONE: 852 - 2540 8573 (5 lines)
FAX: 852 - 2559 0690
E-MAIL: markets@zipper-hs.com.hk
MANAGEMENT:
Managing Director: Mr. Hung Tsz Fung, Edward
SUMMARY
Incorporated on: 23rd
January, 1992.
Organization:
Private Limited
Company.
Issued Share Capital: HK$3,000,000.00
Business Category: Importer, Exporter and Manufacturer.
Employees: 7.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS:
Registered Head Office:-
Unit 302, 3/F., Elite Industrial Centre, 883
Cheung Sha Wan Road, Kowloon, Hong Kong.
China Factory:-
Henghai Plastic & Metal Products
(Shenzhen) Co. Ltd.
Henghai Industrial Park, Nanming Road,
Tangwei, Gongming Town, Shenzhen Special Economic Zone, China.
China Offices: Zhongshan City, Guangdong Province, China.
Beining, China.
Associated Company:-
Ever Trend Trading Ltd., Hong Kong. (same address)
BUSINESS REGISTRATION NUMBER
16160258
COMPANY FILE NUMBER
0341700
MANAGEMENT
Managing Director: Mr. Hung Tsz Fung, Edward
ISSUED SHARE CAPITAL
HK$3,000,000.00 (30,000 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 23-01-2018)
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Name |
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No. of shares |
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HUNG Tsz Wan, Andrew |
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9,900 |
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HUNG Tsz Fung, Edward |
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10,200 |
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HUNG Haw Man, Celia |
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9,900 |
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–––––– |
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Total: |
30,000 ===== |
DIRECTORS
(As per registry dated 23-01-2018)
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Name (Nationality) |
Address |
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HUNG Tsz Fung, Edward |
Flat D, 11/F., Tower 15, Laguna Verde Phase
III, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong. |
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HUNG Tsz Wan, Andrew |
Flat D, 11/F., Tower 15, Laguna Verde Phase
III, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong. |
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HUNG Haw Man, Celia |
Flat D, 11/F., Tower 15, Laguna Verde Phase
III, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong. |
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HUNG Cho Sang |
Flat D, 11/F., Tower 15, Laguna Verde Phase
III, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong. |
SECRETARY
HUNG Tsz Wan, Andrew (As per registry dated 23-01-2018)
HISTORY
The subject was incorporated on 23rd January,
1992 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 Manufacturer.
Lines: All kinds of zippers
Employees: 7.
Commodities
Imported: China,
other Asian countries, etc.
Markets: Asia,
Europe, Middle East, North and South America, etc.
Terms/Sales:
L/C or as per contracted.
Terms/Buying:
L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$3,000,000.00 (30,000 fully paid ordinary shares)
Profit or Loss: Making a small
profit every year.
Condition:
Keeping in a
normal 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 30,000 ordinary shares, Hang
Sang Zipper Company Limited is jointly owned by three members of the Hung
family. The largest shareholder is Mr.
Hung Tsz Fung, Edward, holding 34% interests.
The subject was founded by Mr. Hung Cho Sang,
Patrick. Now, the business of the
subject is handled by his sons and daughters.
The subject is a zipper manufacture and
trader.
The predecessor or associated company of the
subject was established in 1985. Since
then the subject has become one of the leading zipper manufacturer in Hong Kong
and China.
Its factory is located in Shenzhen Special
Economic Zone, China. Its factory
occupies 30,000 square meters, and employing 600 technician and workers. The name of the factory is Henghai Plastic &
Metal Products (Shenzhen) Co. Ltd. [Henghai].
Its brief information is as follow:
Name:
Henghai
Address:
Henghai Industrial Park, 16 Guangming Dadao, Tangwei Society, Gongming
Jiedao, Guangming New District, Shenzhen Special Economic Zone, China.
Date of Incorporation: 19th October, 1992.
Legal Status: Limited Liability Company (owned by natural
person)
Registered Capital: HK$59 million
Duration:
19th October, 1992 to 18th October, 2042 (50 years)
United Social Credit Code: 91440300618852344H
Registration No.: 440301503326793
Legal Representative: Mr. Hung Tsz Fung, Edward
Director:
Mr. Hung Cho Sang, Patrick
The subject produces variety kinds of
zippers, ranging from No. 3, No. 4, No. 5, No.7, No. 8, and No. 10, including
Plastic, Polyester and Metal zippers.
Besides, it can develop and design different pullers for its customers. It also receives OEM orders.
The subject’s products are marketed in China,
exported to Southeast Asia, Europe, North and South America, the Middle East,
etc. Business is active.
The subject’s owns its brand name HS.
Its main customers are Adidas, YKK, Walmart,
Cobo, Meter Bonwe, etc.
The subject always maintains a good
relationship with its suppliers, to ensure all of the raw materials such as
polyester yarn, zinc alloy, brass wire, etc., that are in good quality.
In 2006, the subject got the ISO9001:2000
certification. Besides, its zippers have
been tested by ITS and SGS, and have been passed BS3084 and ASTM2061 test
requirement. Moreover, all the zippers
pass the European Environment requirements.
The subject also has acquired Oeko-Tex Standard 100 certificate,
The subject is owned and operated by the Hung
family. History in Hong Kong is
over 26 years.
On the whole, consider the subject 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 64.66 |
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1 |
INR 90.65 |
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Euro |
1 |
INR 79.70 |
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HKD |
1 |
INR 8.30 |
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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PRA |
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Report Prepared
by : |
KET |
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
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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.