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MIRA INFORM REPORT
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Report No. : |
514916 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
CHING FUNG APPAREL ACCESSORIES COMPANY LIMITED |
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Formerly Known As : |
FUNDPOST ENTERPRISE LTD |
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Registered Office : |
8/F., Fuk Cheong
Factory Building, 1 Walnut Street, Tai Kok Tsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.01.1997 |
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Com. Reg. No.: |
20723135 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of buckles, metal
buckles, buttons, rivet for garment |
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No. of Employees : |
55 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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
CHING FUNG
APPAREL ACCESSORIES COMPANY
LIMITED
ADDRESS: 8/F., Fuk Cheong Factory
Building, 1 Walnut Street, Tai Kok Tsui, Kowloon, Hong Kong.
PHONE: 852-2308 5000, 2308 5368
FAX: 852-2789 9032
E-MAIL: info@chingfung.com
bryan_leung@chingfung.com
gary_leung@chiingfung.com
MANAGEMENT
Managing
Director: Mr. Leung Kwok Lun, Bryan
SUMMARY
Incorporated on: 17th
January, 1997.
Organization: Private
Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer, Exporter and Manufacturer.
Group Turnover: US$50-90
million.
Employees: 55.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Very Good.
ADDRESS
Registered Head
Office:-
8/F., Fuk Cheong
Factory Building, 1 Walnut Street, Tai Kok Tsui, Kowloon, Hong Kong.
Holding Company:-
Sapphire Star
Holdings Ltd., Cayman Islands.
Associated
Companies:-
Ching Fung Metal
Manufacturing (Longnan) Co. Ltd., China.
Ching Fung Metal
Manufacturing Factory Ltd., Hong Kong.
Dongguan Ching Fung
Metal Manufacturing Factory Ltd., China.
Dongguan Daojiao
Yunfeng Metal Manufactory, China.
BUSINESS
REGISTRATION NUMBER
20723135
COMPANY
FILE NUMBER
0591200
MANAGEMENT
Managing
Director: Mr. Leung Kwok Lun, Bryan
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry
dated 17-01-2018)
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Name |
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No. of shares |
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Sapphire Star
Holdings Ltd. 4/F., Scotia Centre,
P.O. Box 2804, George Town, Grand Cayman, Cayman Islands. |
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10,000 ===== |
DIRECTORS
(As per registry
dated 17-01-2018)
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Name (Nationality) |
Address |
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LEUNG Kwok Yun,
Gary |
25/F., Block 46, Baguio
Villa, 550 Victoria Road, Pokfulam, Hong Kong. |
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LEUNG Kwok Lun,
Bryan |
9/F., Block 42,
Baguio Villa, 550 Victoria Road, Pokfulam, Hong Kong. |
SECRETARY
(As per registry
dated 17-01-2018)
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Name |
Address |
Co. No. |
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Bentleys Secretarial
and Taxation Ltd. |
Rooms 1909-1913,
19/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong. |
1119736 |
HISTORY
The subject was
incorporated on 17th January, 1997 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Fundpost Enterprise Ltd., name changed
to the present style on 13th March, 1998.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and
Manufacturer.
Lines: All kinds of buckles,
metal buckles, buttons, rivet for garment.
Employees: 55.
Commodities Imported: China, etc.
Markets: China, other Asian
countries, Europe, etc.
Annual Turnover: US$50-90 million.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
MEMBERSHIP: The Chinese Manufacturers’ Association of Hong Kong,
Hong Kong.
[Membership No. 005940]
FINANCIAL
INFORMATION
Issued Share Capital:
HK$10,000.00
Mortgage or Charge:-
Date: 16-04-2018
Description
of Instrument: Assignment of Insurance Policy
Mortgagee:
DBS Bank (Hong Kong) Ltd., Hong Kong.
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: Regular
Commercial
Morality: Satisfactory.
Bankers:-
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Good.
GENERAL
Ching Fung Apparel
Accessories Company Limited is a wholly-owned subsidiary of Sapphire Star
Holdings Ltd., a Cayman Islands-registered firm.
The directors of the
subject are Mr. Leung Kwok Yun, Gary and Mr. Leung Kwok Lun, Bryan.
The subject in fact
is wholly-owned by the Leung family.
The subject is
trading in the following commodities:-
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Buckle - Metal (Brass include OEM);
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Buckle - Plastic (Include snap/button cover
& OEM);
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Button - Metal (Include OEM);
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Button - Others (Include OEM);
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Button - Plastic (Plastic stopper include
OEM); &
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Rivet For Garment (Alloy).
Products are exported
to Japan, North Korea, North America, other Asian countries, Southeast Asia,
Taiwan, Western Europe, etc. Business is
rather active.
The subject has got
ISO 9001 and Oek-Tex Standard 100 certification.
The predecessor of
the subject was set up in 1965. Now, the
subject is specialized in all types of fashionable buttons, buckles, and metal
accessories.
The subject’s
factories are located in Dongguan City, Guangdong Province and Longnan City of
Jiangxi Province.
The factory in
Longnan is known as Ching Fung Metal Manufacturing (Longnan) Co. Ltd. This factory is significant for its plastic
buttons, plastic buckles, handbag accessories, etc.
The subject’s
factories are using the latest computerized numerical control equipment such as
the CNC electric discharge, wire-cut electric machines, and automatic fastening
machines for garment products.
Its 300,000 sq. ft.
factory in Hong Kong guarantees the production can meet customers order
size. The subject is using the raw
materials such as steel, iron imported from Japan; and copper alloy from
Australia.
The subject also
receives OEM and ODM orders.
According to the
subject, its annual sales amounted to US$50 to 90 million. Business is profitable.
As the history of the
subject is over 21 years and five months 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 68.20 |
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1 |
INR 89.58 |
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Euro |
1 |
INR 78.79 |
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HKD |
1 |
INR 8.64 |
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 : |
SYL |
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.