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MIRA INFORM REPORT
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Report No. : |
515010 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
FUHING INTERNATIONAL PRINTING PRODUCTS LIMITED |
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Registered Office : |
Unit A1, Room A, Block A, 12/F, Hong Kong Industrial Centre, |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.01.2016 |
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Com. Reg. No.: |
65715385 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of products for
packaging, accessories for garment and footwear, etc. |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Business is under development |
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Payment Behaviour : |
Slow |
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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
FUHING INTERNATIONAL
PRINTING PRODUCTS LIMITED
ADDRESS : Unit A1, Room A, Block A, 12/F, Hong Kong Industrial
Centre,
489-491
Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
PHONE : 852-2396 0188
FAX : 852-2396 1880
E-MAIL : sales@hkfuhing.com
MANAGEMENT
Managing Director : Mr.
Yip Yun Hung
SUMMARY
Incorporated on : 20th
January, 2016.
Organization : Private
Limited Company.
Issued Share Capital : HK$1.00
Business Category : Importer,
Exporter and Wholesaler.
Employees : 3.
Main Dealing Banker : The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation :
Satisfactory.
FUHING INTERNATIONAL
PRINTING PRODUCTS LIMITED
ADDRESS:
Registered Head
Office:-
Unit A1, Room A, Block A, 12/F, Hong Kong Industrial
Centre,
489-491 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
China Factory:-
18 Hetai Road, Hebian Village, Xinshe Town, Baiyuan
District, Guangzhou City, Guangdong Province, China.
[Tel: 86-20-6119 3280, 6119 3281 Fax: 86-20-6119 3298]
Associated Company:-
Hong Kong Fu Hing Trade Mark Products Co. Ltd., Hong
Kong.
(Same address)
BUSINESS
REGISTRATION NUMBER
65715385
COMPANY
FILE NUMBER
2332634
MANAGEMENT
Managing Director : Mr.
Yip Yun Hung
ISSUED
SHARE CAPITAL
HK$1.00
SHAREHOLDER
(As per registry dated 20-01-2018)
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Name |
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No. of
share |
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YIP Yun Hung |
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1 = |
DIRECTOR
(As per registry dated 20-01-2018)
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Name
(Nationality) |
Address |
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YIP Yun Hung |
Room 2911, 29/F., Fu Ying House, Fu Cheong Estate,
Shamshuipo, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 20-01-2018)
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Name |
Address |
Co. No. |
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Jadin Limited. |
Room 601, 6/F., Kalok Building, 720 Nathan Road,
Mongkok, Kowloon, Hong Kong. |
0227789 |
HISTORY
The subject was incorporated on 20th January, 2016 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 Wholesaler.
Lines : All kinds of products for packaging,
accessories for garment and footwear, etc.
Employees : 3.
Commodities Imported : China, etc.
Markets : Asian countries, Middle East, Africa,
Europe, US, Australia, etc.
Terms/Sales : L/C
or as per contracted.
Terms/Buying :
L/C, T/T, D/P, O/A, etc.
FINANCIAL
INFORMATION
Issued Share Capital :
HK$1.00
Profit or Loss : Made a small loss in 2017.
Condition : Business is under development
Facilities : Adequate for current running.
Payment : Slow.
Commercial Morality : Satisfactory.
Banker : The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing : Small.
GENERAL
Having issued just one ordinary share of HK$1.00, Fuhing International Printing Products Limited is wholly owned by Mr. Yip Yun Hung who is a Hong Kong merchant. He is also director of the subject.
The subject is a small company trading in paper packaging products:
- Recycle Paper Bag
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Non-Woven Bag
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PP Bag, Plastic Bag
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Paper Box
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Suit Bag
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Hang Tag
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Hang Drop, Label
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Woven Label
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Silk Paper, etc.
The subject’s factory is in Baiyuan District, Guangzhou City, Guangdong Province, China. Products are marketed in Hong Kong, China, and exported to Japan, Taiwan, South Korea, the Middle East, Africa, Europe, the United States, Australia, etc.
The subject has had an associated company Hong Kong Fu Hing Trade Mark Products Co. Ltd., a Hong Kong-registered company located at the same address.
The business of the subject is chiefly handled by Mr. Yip Yun Hung himself. History in Hong Kong is just over two years and five months.
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.19 |
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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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DIV |
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Report Prepared
by : |
SUJ |
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.