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MIRA INFORM REPORT
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Report No. : |
497127 |
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Report Date : |
14.03.2018 |
IDENTIFICATION DETAILS
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Name : |
KEE ZIPPERS CORPORATION LIMITED |
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Registered Office : |
Unit B, 16/F., YHC Tower, 1 Sheung Yuet Road, Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.03.2002 |
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Com. Reg. No.: |
32520866 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kind of Zippers. |
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No. of Employees : |
8 |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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.
Hong Kong's open economy left it exposed to the global economic slowdown
that began in 2008. Although increasing integration with China through trade,
tourism, and financial links aided a more rapid initial recovery than many
observers anticipated, its continued reliance on foreign trade and investment
leaves it vulnerable to renewed global financial market volatility or a
slowdown in the global economy.
The Hong Kong Government is promoting the Special Administrative Region
(SAR) as the site for Chinese 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; and RMB trade settlement is allowed. The territory far exceeded the RMB
conversion quota set by Beijing for trade settlements in 2010 due to the growth
of earnings from exports to the mainland. RMB deposits grew to roughly 9.4% of
total system deposits in Hong Kong by the end of 2015. The government is
pursuing efforts to introduce additional use of RMB in Hong Kong financial
markets and is seeking to expand the RMB quota.
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 has surged from 4.5 million in 2001 to 47.3 million
in 2014, outnumbering visitors from all other countries combined. Mainland
visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million,
reflecting an overall drop of 2.5% in total visitors to Hong Kong. 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
51% of the firms listed on the Hong Kong Stock Exchange and accounted for about
62.1% 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, 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, and
will improve access to the mainland's service sector for Hong Kong-based
companies. Credit expansion and a tight housing supply have caused Hong Kong
property prices to rise rapidly; consumer prices increased 2.6% in 2016, but
slowed to 2.0% in 2017. Lower- and middle-income segments of the population are
increasingly unable to afford adequate housing.
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 Mutual Recognition of Funds, and The Hong Kong
Shanghai Gold Connect are all important steps towards opening up the Mainland’s
capital markets and has reinforced Hong Kong’s leading role as China’s offshore
RMB market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities. In
2017, Chief Executive 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 & address
KEE ZIPPERS CORPORATION LIMITED
ADDRESS: Unit B, 16/F., YHC
Tower, 1 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2369 2288
FAX: 852-2369 1388
MANAGEMENT
Managing Director: Mr. Xu Xinan
SUMMARY
Incorporated on: 1st March, 2002.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Group Revenue: HK$153.2 million (Year ended 31-12-2016)
Employees: 8.
Main Dealing Banker: CTBC Bank Co.
Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
KEE ZIPPERS CORPORATION LIMITED
ADDRESS
Registered Head
Office:-
Unit B, 16/F., YHC Tower, 1 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong
Kong.
Holding Company:-
KEE International (BVI) Ltd., British Virgin Islands.
Intermediate
Holding Company:-
KEE Holdings Co. Ltd., Cayman Islands/Hong Kong.
Penultimate
Holding Company:-
Glory Emperor Trading Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Zhonghong Holding Co. Ltd., China.
Associated
Companies:-
KEE Holdings Group of Companies
Baiyu Ventures Ltd., British Virgin Islands.
Ever Grace (China) Ltd., Hong Kong.
Fortress Gain (HK) Ltd., Hong Kong.
Foshan UNA Cultural Gifts Co. Ltd., China.
KEE (Guangdong) Garment Accessories Ltd., China.
KEE (Zhejiang) Garment Accessories Ltd., China.
Neo Ocean Ventures Ltd., British Virgin Islands.
Oriental Choice Holdings Ltd., British Virgin Islands.
Tianjin Jinhui Day Gold Co. Ltd., China.
Wide Bright Investment Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
32520866
COMPANY
FILE NUMBER
0787612
MANAGEMENT
Managing Director: Mr. Xu Xinan
ISSUED
SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDER
(As per registry dated 01-03-2018)
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Name |
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No. of shares |
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KEE International (BVI) Ltd. Vistra Corporate Services, Wickhams Cay II, Road Town, Tortola,
VG1110, British Virgin Islands. |
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1,000,000 ======= |
DIRECTORS
(As per registry dated 01-03-2018)
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Name (Nationality) |
Address |
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XU Xipeng |
Flat E, 38/F., Star Sky Cullinan, 1 Austin Road West, Kowloon, Hong
Kong. |
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XU Xinan |
Flat C, 8/F., Tower 1, The Austin, 8 Wui Cheung Road, Kowloon, Hong
Kong. |
SECRETARY
(As per registry dated 01-03-2018)
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Name |
Address |
Co. No. |
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CWL Secretarial Services Ltd. |
5/F., Standard Chartered Bank Building, 4‑4A Des Voeux Road
Central, Hong Kong. |
1470762 |
HISTORY
The subject was incorporated on 1st March, 2002 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Sino Giant Ltd.,
name changed to Kee International Ltd. on 15th April, 2002, and further changed
to the present style on 3rd July, 2006.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
Kind of Zippers.
Employees: 8.
Commodities Imported: China, other
Asian countries, etc.
Markets: China,
other Asian countries, Europe, US, etc.
Group Revenue: HK$157.4
million (Year ended 31-12-2012)
HK$160.8 million (Year ended 31-12-2013)
HK$165.4 million (Year ended 31-12-2014)
HK$159.0 million (Year ended 31-12-2015)
HK$153.2 million (Year ended 31-12-2016)
HK$
77.5 million (6 months ended
30-06-2016)
HK$164.2 million (6 months ended 30-06-2017)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date: 06-01-2015
Description of Instrument: Mortgage
Mortgagee: CTBC
Bank Co. Ltd., Hong Kong.
Profit or Loss: Made
small profits in past years.
Group Profit / (Loss) Attributable to Equity Shareholders:
HK$
1.1 million (Year ended
31-12-2012)
HK$
3.1 million (Year ended
31-12-2013)
HK$
3.7 million (Year ended
31-12-2014)
HK$
4.2 million (Year ended
31-12-2015)
HK$21.9 million (Year ended 31-12-2016)
HK$36.9 million (6 months ended 30-06-2016)
(HK$43.3 million) (6 months ended
30-06-2017)
Total Equity: HK$315.7
million (Year ended 31-12-2012)
HK$336.2 million (Year ended 31-12-2013)
HK$332.3 million (Year ended 31-12-2014)
HK$313.0 million (Year ended 31-12-2015)
HK$318.3 million (Year ended 31-12-2016)
HK$298.5 million (6 months ended 30-06-2016)
HK$296.4 million (6 months ended 30-06-2017)
Condition: Keeping in a
satisfactory manner.
Facilities: Making rather
active use of general banking facilities.
Payment: No Complaints.
Commercial Morality: Satisfactory.
Banker: CTBC Bank Co. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 1 million ordinary shares of HK$1.00 each, Kee Zippers Corporation
Limited is a wholly owned subsidiary of KEE International (BVI) Ltd. which is a
BVI-registered company.
The directors of the subject are Mr. Xu Xipeng and Mr. Xu Xinan, both of
whom are China merchants but Hong Kong ID holders. They have got the right to reside in Hong
Kong.
The subject is a zipper manufacturer and trader. Most of the products are manufactured on OEM
terms.
Prime markets are China, North America, Scandinavia, Southeast Asia,
Western Europe, etc.
The intermediate holding company of the subject Kee Holdings Co. Ltd.
[Company/Group, when including associates] is registered in the Cayman
Islands. It is a Hong Kong listed
company bearing stock code 2011.
The factories of the Group are in Foshan City, Guangdong Province and in
Jiaxing City, Zhejiang Province, China.
The Group’s revenue for the year ended 31 December 2016 decreased
slightly to approximately HK$153.20 million as compared with approximately
HK$159.02 million for the year ended 31 December 2015, which comprised of
approximately HK$145.57 million contributed from zippers business, and
approximately HK$7.63 million pertaining the real estate agency service
business.
In 2016, the Group’s profit attributable to equity Shareholders amounted
to approximately HK$21.94 million (2015: HK$4.16 million), representing an
increase of 427.3% as compared to 2015.
The increase was primarily due to the gain on disposal of equity
interest of KEE Jingmen and the leasehold land and properties located in the
PRC and Hong Kong.
For the six months ended 30th June, 2017, the Group’s revenue and loss
attributable to equity shareholders of the Company amounted to approximately
HK$164.2 million and HK$43.3 million respectively,
representing an increase of 111.8% and a decrease of 217.3% over the
corresponding period in 2016 respectively.
As at 30th June, 2017, the Group had 800 employees (30th June, 2016:
639), including 765 full-time employees and 35 temporary employees,
representing an increase of approximately 34.9% as compared with 30th June,
2016 primarily due to the new headcount accounted from the property agency
business.
The subject is fully supported by the Group and its ultimate holding
company.
The subject’s business is chiefly handled by the two directors. History in Hong Kong is over 16 years.
On the whole, consider the subject good for normal business engagements.
REMARKS
Brief personal profile of the directors:
Mr. XU Xipeng, aged 52, is the elder brother of Mr. Xu Xinan. Mr. Xu holds directorship in various subsidiaries
of the Company and Mr. Xu is responsible for the formulation of development
strategies and production management of zipper business. Mr. Xu has over 25 years of experience in the
zipper industry, especially on the overall management and production supervision.
Mr. XU Xinan, aged 47, is the younger brother of Mr. Xu Xipeng. Mr. Xu holds directorship in various
subsidiaries of the Company and Mr. Xu is responsible for sales and
marketing and non-production management work of zipper business. Mr. Xu has over 25 years of experience in the
zipper industry especially on the overall management and sales and marketing.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.95 |
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1 |
INR 90.23 |
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Euro |
1 |
INR 80.09 |
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HKD |
1 |
INR 8.27 |
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 : |
TPT |
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
·
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.