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MIRA INFORM REPORT
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Report No. : |
515006 |
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Report Date : |
25.06.2018 |
IDENTIFICATION DETAILS
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Name : |
WAH CHEONG ZIPPER PLASTIC FACTORY |
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Registered Office : |
Flat D, 20/F., Block 1, Kingswin Industrial Building, 32-50 Lei Muk
Road, Kwai Chung, New Territories |
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Country : |
Hongkong |
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Date of Incorporation : |
01.06.2003 |
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Com. Reg. No.: |
33722067-000-06 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Zippers. |
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No. of Employees : |
6 |
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 (31.12.2017) |
Current Rating (01.04.2018) |
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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.
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
WAH CHEONG ZIPPER
PLASTIC FACTORY
ADDRESS: Flat D, 20/F., Block 1,
Kingswin Industrial Building, 32-50 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2425
9960
FAX: 852-2407
7286
MANAGEMENT
Manager: Mr. Tai Shun Liang
SUMMARY
Establishment: 1st
June, 2003.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer,
Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: Not
available.
Banking Relation: Not applicable.
ADDRESS
Head Office:-
Flat D, 20/F., Block 1, Kingswin Industrial Building,
32-50 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
BUSINESS
REGISTRATION NUMBER
33722067-000-06
MANAGEMENT
Manager: Mr. Tai Shun
Liang
SOLE
PROPRIETOR
Name: Mr. TAI Shun
Liang
Residential Address: 13/F.,
Block A, Tsuen Bik Building, 108 Hoi Pa Street, Tsuen Wan, New Territories,
Hong Kong.
HISTORY
The subject was established
on 1st June, 2003 as a sole proprietorship concern owned by Mr. Tai Shun Liang
under the Hong Kong Business Registration Regulations.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of Zippers.
Employees: 6.
Commodities Imported: China.
Markets: Other
Asian countries, South America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, O/A, etc.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
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: Not available.
Standing: Normal.
GENERAL
Wah Cheong Zipper
Plastic Factory is a sole proprietorship set up and owned by Mr. Tai Shun Liang
who is a Hong Kong merchant. He is also
manager of the subject.
The subject is a
zipper manufacture and trader. It is
trading in various series of zipper chain and finished zipper in metal, nylon,
plastic, invisible, LFC, water resistance zipper, precision moulds, and
accessories for garment, bag, and suitcase.
The subject exports
its products to the United States, Europe, and markets in China and Hong
Kong According to the subject, its
principal customers are Mandarina Duck, Dior, Dicota, Style & Co., Adidas,
Targus, Dell, Sony, Ellese, etc.
The subject’s own
brand name is HCH. Its factory is in
China. Its brief information is as
follow:
Name: Hua Chang Dress (Shenzhen) Co., Ltd.
Address: Fajiafu Area, Pingdi, Longgang Town,
Shenzhen, China.
Tel: 86-0755-89753299, 89753978
Fax: 86-0755-89753639
E-mail: cn@hchzipper.com.hk (Sale)
support@hchzipper.com.hk
(Customer Service)
No. of
Workers: 200
R&D
Department: Yes
Production
Lead Time: 15 days
Monthly
Production Capacity: Over 3,000,000 pcs
International Standards: ISO 9001, 2000, 100% free from harmful AZO
dyes and lead, Deutsches Institut Für Normung (DIN), Japanese Industrial
Standard (JIS), British Standards (BS)
The business of the
China factory is also handled by Mr. Tai Shun Liang. The history of the subject in Hong Kong is
over 15 years. Business is normal.
On the whole,
consider it good for normal credit requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.77 |
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1 |
INR 89.96 |
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Euro |
1 |
INR 78.86 |
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HKD |
1 |
INR 8.68 |
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 : |
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
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.