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MIRA INFORM REPORT
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Report No. : |
516222 |
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Report Date : |
27.06.2018 |
IDENTIFICATION DETAILS
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Name : |
PRIME ORCHARDS LIMITED |
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Registered Office : |
10/F., Bangkok Bank Building, 490-492 Nathan Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.08.2000 |
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Com. Reg. No.: |
31712884 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of fruits |
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No. of Employees : |
20 |
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 : |
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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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
PRIME ORCHARDS
LIMITED
ADDRESS : 10/F.,
Bangkok Bank Building, 490-492 Nathan Road, Kowloon, Hong Kong.
PHONE : 852-2388
0871
FAX : 852-2384 0932
E-MAIL : info@primeorchards.com
lauk@primeorchards.com
MANAGEMENT
Managing Director : Mr.
Kwan Kam Chi
SUMMARY
Incorporated on : 4th
August, 2000.
Organization : Private
Limited Company.
Issued Share Capital : HK$1,100,000.00
Business Category : Fruit Importer and Wholesaler.
Annual Sales Turnover of Group: US$10 – 50 million.
Employees : 20. (Hong Kong, including retailing shop)
Main Dealing Banker : Hang Seng Bank Ltd., Hong Kong.
Banking Relation :
Satisfactory.
PRIME ORCHARDS
LIMITED
ADDRESS:
Registered Head
Office:-
10/F., Bangkok Bank Building, 490-492 Nathan Road,
Kowloon, Hong Kong.
Associated
Companies:-
Beaute Elements International Ltd., Hong Kong.
Chung Wing Fruits Co. Ltd., Hong Kong.
Fruits Connections Co. Ltd., Hong Kong.
Fruits Union Ltd., Hong Kong.
Fu Mau International Ltd., Hong Kong.
Fu Yun Lann Ltd., Hong Kong.
Grand Loyal Corporation Ltd., Hong Kong.
International Duty Free Agency (HK) Ltd., Hong Kong.
Karris-Mia Fruits Ltd., Hong Kong. (Same address)
Poly Rising Investment Ltd., Hong Kong.
Prime Orchards (China) Ltd., Hong Kong.
Shenzhen Fu Mau Trading Co. Ltd., Hong Kong.
Shun King Lann Co. Ltd., Hong Kong. [Dissolved]
Sunshine Fruits Co. Ltd., Hong Kong. [Dissolved]
System Management Consultant Ltd., Hong Kong. [Dissolved]
Tsun Choi Fruits Co. Ltd., Hong Kong. [Dissolved]
Wang Fung Transportation Ltd., Hong Kong. [Dissolved]
BUSINESS
REGISTRATION NUMBER
31712884
COMPANY
FILE NUMBER
0726310
MANAGEMENT
Managing Director:
Mr. Kwan Kam Chi
General Manager:
Mr. Lau Kam Lun
ISSUED
SHARE CAPITAL
HK$1,100,000.00
SHAREHOLDERS
(As per registry
dated 04-08-2017)
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Name |
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No. of
shares |
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KWAN Kam Chi |
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245,000 |
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KWAN Kam Shan |
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230,000 |
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Chung Wing Fruits Co. Ltd., Hong Kong. |
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375,000 |
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YEUNG Chi Fai |
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100,000 |
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LAU Kam Lun |
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100,000 |
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POON Chi Wang, Daniel |
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50,000 |
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–––––––– |
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Total: |
1,100,000 ======= |
DIRECTORS
(As per registry
dated 04-08-2017)
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Name
(Nationality) |
Address |
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YEUNG Chi Fai |
Flat 2, 27/F., Grand Excelsior, 83 Waterloo Road,
Kowloon, Hong Kong. |
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CHEUNG Siu Hong |
Flat E, 17/F., Tower 3, City Point, 48 Wing Shun Street,
Tsuen Wan, New Territories, Hong Kong. |
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LAU Kam Lun |
Flat A, 7/F., Triumph Terrace, 9 Victory Avenue, Ho Man
Tin, Kowloon, Hong Kong. |
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KWAN Kam Shan |
G/F., 2 Reclamation Street, Yaumatei, Kowloon,
Hong Kong. |
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POON Chi Wang, Daniel |
Flat D, 7/F., Block 4, Metro Harbour View, 8 Fuk Lee
Street, Tai Kok Tsui, Kowloon, Hong Kong. |
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LEUNG Chi Mei, Maggie |
Flat A, 33/F., Tower 4, Bauhinia Garden, Tseung Kwan O,
New Territories, Hong Kong. |
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KWAN Kam Chi |
Flat 2, 11/F., Block A, Fair Way Garden, 3-7 Liberty
Avenue, Ho Man Tin, Kowloon, Hong Kong. |
SECRETARY
KWAN Kam Chi (As per registry dated 04-08-2017)
HISTORY
The subject was incorporated on 4th August, 2000 as a
private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Winning Plan Ltd., name changed to Royal Food Co. Ltd. on 23rd October, 2000, changed to Shun King Fruits Co. Ltd. on 27th April, 2001, and further to the present style on 27th August, 2001.
Formerly the subject was located at Flat E, G/F., Wah Tak Building, 1 Waterloo Road, Yaumatei, Kowloon, Hong Kong, moved to 16/F., Ginza Square, 565-567 Nathan Road, Yaumatei, Kowloon, Hong Kong with effect from 18th August, 2001; to Room 1501-1502, 15/F., Omega Plaza, 32‑34A Dundas Street, Kowloon, Hong Kong in June 2005 and further moved to the present address in March 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities : Importer, Exporter and Wholesaler.
Lines : All kinds of fruits.
Employees : 20.
(Hong Kong, including retailing shop)
10. (China)
Commodities Imported : Imported from Europe, Australia,
Southeast Asia, India, Taiwan, etc.
Markets : Hong Kong, China, other Asian
countries, Europe, US, Australia, etc.
Annual Sales Turnover of Group: US$10 – 50 million.
Terms/Sales : COD
or as per contracted.
Terms/Buying : L/C,
T/T, O/A, etc.
MEMBERSHIP
Kowloon Fruit & Vegetable Merchants Association Ltd.
(Hong Kong), Hong Kong.
FINANCIAL
INFORMATION:
Issued Share Capital :
HK$1,100,000.00
Profit or Loss : Making a small profit every year.
Condition : Business is steady.
Facilities : Making active use of general banking
facilities.
Payment : Met
trade commitments on time.
Commercial Morality : Satisfactory.
Banker : Hang
Seng Bank Ltd., Hong Kong.
Standing : Very
Good.
GENERAL
Prime Orchards Limited has increased its issued share capital from HK$10,000.00 to HK$1,000,000.00 and further to HK$1,100,000.00.
Having issued 1,100,000 ordinary shares of HK$1.00 each, now, the subject is jointly owned by Mr. Kwan Kam Chi, holding 22.3%; Mr. Kwan Kam Shan, 20.9%; Chung Wing Fruits Co. Ltd., Hong Kong, 34.1%; Mr. Yeung Chi Fai, 9.1%; Mr. Daniel Poon Chi Wang, 4.5%; and Mr. Lau Kam Lun, 9.1%. Mr. Lau Kam Lun is the last who joined in the subject as a shareholder.
The subject is a fruit trader. It imports, exports and wholesales all kinds of fruits which are imported from European countries, Australia, Southeast Asia, Taiwan, India, Japan, Chile, Turkey, Argentina, the Middle East, the United States, Southeast Asia, South Africa, etc.
It chiefly imports mangoes from India. Hong Kong is its prime market. The subject is significant for the following fruits:
· Japan South Pear
· Chile blueberries
· Taiwan Mandarin (pon-kan)
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R2E2 mango
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Australian cherry
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R2E2 mango 2
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Fuhui sweet orange
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Turkey lemon
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Turkish grapefruit, etc.
The subject’s shareholding company Chung Wing Fruits Co. Ltd. is engaged in retailing the subject’s fruits. This retailing shop is located at G/F., 9 Waterloo Road, Yaumatei, Kowloon, Hong Kong.
The business of the subject is active.
The subject’s wholesaling centre is in Fruit Wholesaling Market, Yau Ma Tei, Kowloon, Hong Kong consisting of seven shops. Its main customers include supermarkets, hotels, fruit retailing shops, etc.
In 2004, the subject set up an associated company Fu Mau International Ltd. and Shenzhen Fu Mau Trading Co. Ltd., both are Hong Kong-registered firms. However, the latter company is operated in Shenzhen Special Economic Zone, China. These two firms are responsible for the China market. Now, the subject’s fruits have been marketed in Shenzhen Special Economic Zone, Guangzhou, Beijing, Shanghai, Qingdao, etc. Currently, the Shenzhen-based firm is employing about 12 persons.
Besides marketing in Hong Kong and China, the subject’s
fruits are exported to Taiwan, Vietnam, Singapore, etc. Business is active and steady. Regular customers have been maintained. However, its prime markets are Hong Kong and
China.
The subject’s business is chiefly handled by Mr. Kwan Kam Chi. Kwan is also the director of Fruits Union Ltd. [Fruits Union], a Hong Kong-registered firm incorporated on 27th October, 1999. Fruits Union is a fruit juice supplier. Business is very active. Fruits Union is located at Room 1-3, 20/F., Millennium Trade Centre, 56 Kwai Cheong Road, Kwai Chung, New Territories, Hong Kong. The directors of Fruits Union are Kwan Kam Chi and Kwan Kam Shan.
The subject is one of the key members of the Group of companies operated by Kwan and his partners.
So far, the Group has over 50 spots in various supermarkets in Hong Kong for selling Dried Fruits, Tropical Fruits, Vegetables, Freshly Squeezed Juices, Sugar Cane Juice, Roasted Chestnuts, ‘Siu Mei’ (roasted meat), Cooked Dish and Gelato. Its customers include supermarkets, distributors, restaurants, gourmet and specialty stores, produce stores, grocery stores and so on.
Kwan is a significant character in the field of fruit industry.
The annual sales of the Group is very significant, ranges from US$10 to 50 million. Business is profitable and steady.
As the history of the subject in Hong Kong is over seventeen years and ten months, on the whole, consider it good for normal business engagements.
REMARKS
Property information
of directors:-
1.Property Location : Flat A2 on 11/F. of Block A, Fair Way
Garden, 7 Liberty Avenue, Kowloon, Hong Kong.
Owner: Kwan Kong
& Kwan Kam Chi (Joint Tenants)
Date of Purchase:
05-11-1990
Purchased Price:
HK$1,850,000
Incumbrances:-
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Date of
Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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04-03-2002 |
- |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Mortgage to secure general banking facilities |
2.Property Location : Flat B on 5/F. of Tower 7, Hanley
Villa, 22 Yau Lai Road, Ting Kau, Tsuen Wan, New Territories,
Hong Kong.
Owner : Kwan Kam Shan & Kwan Kong (Joint
Tenants)
Date of Purchase : 22-07-1994
Purchased Price : HK$3,709,800
pt.
Incumbrances:-
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Date of
Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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15-03-2002 |
- |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.16 |
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1 |
INR 90.47 |
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Euro |
1 |
INR 79.74 |
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HKD |
1 |
INR 8.74 |
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
·
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.