|
|
|
MIRA INFORM REPORT
|
Report No. : |
514942 |
|
Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
UNION SUCCESS GARMENT ACCESSORIES CO.
LIMITED |
|
|
|
|
Registered Office : |
Flat 7, 8/F., Block B, Po Yip Building, 62-70 Texaco Road, Tsuen Wan,
New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
22.09.1999 |
|
|
|
|
Com. Reg. No.: |
30425901 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Belts, fashion decorations,
garment accessories, footwear parts, lace. |
|
|
|
|
No. of Employees : |
8 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
Company
name and address
UNION
SUCCESS GARMENT ACCESSORIES CO. LIMITED
ADDRESS: Flat 7, 8/F., Block B, Po
Yip Building, 62-70 Texaco Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2439 6162
FAX: 852-2439 6639
MANAGEMENT
Managing Director: Mr. Wong Yuk Fai
SUMMARY
Incorporated on: 22nd
September, 1999.
Organization: Private
Limited Company.
Issued Share Capital: HK$20,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company
name
UNION
SUCCESS GARMENT ACCESSORIES CO. LIMITED
ADDRESS
Registered Head Office:-
Flat 7, 8/F., Block B, Po Yip Building, 62-70
Texaco Road, Tsuen Wan, New Territories, Hong Kong.
BUSINESS
REGISTRATION NUMBER
30425901
COMPANY
FILE NUMBER
0689095
MANAGEMENT
Managing Director: Mr. Wong Yuk Fai
ISSUED
SHARE CAPITAL
HK$20,000.00 (200 fully paid ordinary
shares)
SHAREHOLDERS
(As per registry dated 22-09-2017)
|
Name |
|
No.
of shares |
|
HUANG Ti Hui |
|
130 |
|
WONG Yuk Fai |
|
70 |
|
|
|
–––– |
|
|
Total: |
200 === |
DIRECTORS
(As per registry dated 22-09-2017)
|
Name (Nationality) |
Address |
|
WONG Yuk Fai |
Flat E, 13/F., On Fung Building, 90 Heung
Wo Street, Tsuen Wan, New Territories, Hong Kong. |
|
HUANG Ti Hui |
Flat A3, 9/F., Chung On Building, 305 Sha
Tsui Road, Tsuen Wan, New Territories, Hong Kong. |
SECRETARY
WONG Yuk Fai (As per registry dated
22-09-2017)
HISTORy
The subject was incorporated on 22nd
September, 1999 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: Belts,
fashion decorations, garment accessories, footwear parts, lace.
Employees: 8.
Commodities Imported: China, other Asian countries, etc.
Markets: Taiwan,
Hong Kong, other Asian countries, China, Australia, Eastern Europe,
Central & South America, 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$20,000.00 (200 fully paid ordinary
shares)
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:
No Complaints.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
GENERAL
Having issued 200 ordinary shares of
HK$100.00 each, Union Success Garment Accessories Co. Limited is jointly owned by
Mr. Huang Ti Hui, holding 65% interests; and Mr. Wong Yuk Fai, holding 35%.
The two shareholders are also directors of
the subject.
The subject is trading in the following
commodities:
Belts, fashion decorations, garment
accessories, footwear parts, lace, etc.
All the commodities are sourced from
China. Products are marketed in
Hong Kong, China and exported to Taiwan, the other Asian countries,
Australia, Eastern Europe, Central & South America, etc.
The contact person is Ms. Caroline Chui
Siu-Lee.
In order to penetrate the international
market further, the subject has taken part in fairs and exhibitions held in
Hong Kong and other foreign large cities.
For instance, it is going to take part in
“HKTDC Hong Kong Fashion Week for Spring/Summer Fair 2018” which will be held
in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 9th to 12th July, 2018. Its
booth No. is 1B-E09.
The business of the subject is chiefly
handled by the two shareholders. History
in Hong Kong is over 18 years and nine months.
On the whole, consider the subject good for
normal business engagements in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.20 |
|
|
1 |
INR 89.58 |
|
Euro |
1 |
INR 78.79 |
|
HKD |
1 |
INR 8.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.