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MIRA INFORM REPORT
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Report No. : |
486670 |
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Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
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Name : |
LAP KEUNG PRECISION INDUSTRIAL COMPANY LIMITED |
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Registered Office : |
No. 3, 3/F., Block B, Delya Industrial Centre, 7 Shek Pai Tau Road,
Tuen Mun, New Territories |
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Country : |
Hongkong |
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Date of Incorporation : |
15.11.1994 |
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Com. Reg. No.: |
18479059 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, exporter and manufacturer of all kinds of watch cases and
watch bands as well as other metal parts. |
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No. of Employees : |
20. (Hongkong) |
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 : |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 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.
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Source
: CIA |
Company
Name And Address
LAP KEUNG PRECISION
INDUSTRIAL COMPANY LIMITED
ADDRESS: No. 3, 3/F., Block B, Delya
Industrial Centre, 7 Shek Pai Tau Road, Tuen Mun, New Territories, Hong Kong.
PHONE: 2465
2973, 2466 9068
FAX: 2455
1091
EMAIL: lapkeung@lapkeung.com
MANAGEMENT
Managing Director: Mr.
Tsoi Lap
SUMMARY
Incorporated on: 15th November, 1994.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer,
exporter and manufacturer.
Employees: 20. (Hong Kong)
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
No. 3, 3/F., Block B, Delya Industrial Centre, 7 Shek Pai
Tau Road, Tuen Mun, New Territories, Hong Kong.
China Factories:-
Lap Keung Precision Metal (Dongguan) Co. Ltd., China.
Lap Keung Precision Metal (Shenzhen) Co. Ltd., China.
Tak Ming Precision Metal (Shenzhen) Co. Ltd., China.
Associated Company:-
Lap Keung Metal Works Factory Ltd., Hong Kong. (Same address)
BUSINESS
REGISTRATION NUMBER
18479059
COMPANY
FILE NUMBER
0497070
MANAGEMENT
Managing Director: Mr. Tsoi Lap
ISSUED
SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDERS
(As per registry dated 15-11-2017)
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Name |
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No. of shares |
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TSOI Lap |
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400,000 |
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TSOI Chu Keung |
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300,000 |
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TSOI Kwok Keung |
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300,000 |
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Total: |
1,000,000 ======= |
DIRECTORS
(As per registry dated 15-11-2017)
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Name (Nationality) |
Address |
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TSOI Chu Keung |
No. 73, 1st Street, Scetion D, Fairview Park, Yuen
Long, New Territories, Hong Kong. |
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TSOI Kwok Keung |
40A, River North, 10st Street, Fairview Park, Yuen
Long, New Territories, Hong Kong. |
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TSOI Lap |
108 Lychee North Road, Fairview Park, Yuen Long,
New Territories, Hong Kong. |
SECRETARY
TSOI Chu Keung (As per registry dated 15-11-2017)
HISTORY
The subject was incorporated on 15th November, 1994 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 watch cases and watch bands as well as other metal parts.
Office/Factory Space in Hong Kong: 1,301 sq.m. - rented.
Employees: 20. (Hong Kong)
430. (China)
Raw Materials: Mainly
imported from Europe, Asia and procured locally.
Markets: Japan,
other Asian countries, Europe.
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
FINANCIAL
INFORMATION
Issued Share Capital: HK$1,000,000.00
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: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Lap Keung Precision
Industrial Company Limited is jointly owned by Mr. Tsoi Lap, holding 40%
interests, Mr. Tsoi Chu Keung, holding 30%, and Mr. Tsoi Kwok Keung, also
30%. Belong to the same Tsoi family,
they are also directors of the subject.
The subject has got
an associated company in Hong Kong known as Lap Keung Metal Works Factory
Ltd., a Hong Kong-registered company located at the same address. It has factories in China.
The Group is
specialized in manufacturing precision metal parts and watch related
accessories.
Today, the Group has
established two plants at Feng Gang Town in Dongguan and Pinghu Town in
Shenzhen SEZ, China. The one located at Guanlan is very well-established and
equipped with the up-to-date facilities and technologies for the manufactory of
Finished Watch Cases, Watch related components, Fashion Accessories, Metal
Parts for Leather-goods, and tailored-made refined Stainless Steel, Brass,
Titanium and Aluminium Blank Cases.
Besides, the factory
has been engaged in Stamping and Forging Products such as door locks, hinges,
diamond top rings, jewellery accessories, and scalpel handles etc.
More sophisticated
facilities and technology are adopted at its Pinghu factory, such as Powder
Metallurgy (P/M) and Metal Injection Moulding (MIM) for producing precision
components of intricate shape or complex shape in structural and multi-level
components.
The Group has a total
working population of 450 employees (including Hong Kong staff), its total
production floor and staff/labour quarter areas are 2,300 sq.m. and 3,304.5
sq.m. respectively. The senior
management team of Lap Keung is situated at Hong Kong and it is mainly
responsible for formulating the corporate strategy and providing China plant
with administrative and logistic support services including accounting,
purchasing, IT/IS and sales & marketing.
The Group has been
providing customers with quality products.
On the technical
side, the Group has been investing in product development, production
techniques, process re-engineering and procurement of advanced facilities and
tooling.
The Group is
administered by the Tsoi family. History
in Hong Kong is over 23 years and two months.
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 63.72 |
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1 |
INR 88.64 |
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Euro |
1 |
INR 78.14 |
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HKD |
1 |
INR 8.18 |
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
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.