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MIRA INFORM REPORT
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Report No. : |
506791 |
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Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SUN KAM KWONG PRINTING & DYEING FACTORY LIMITED |
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Registered Office : |
Room 3804-05, 38/F., Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.02.1997 |
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Com. Reg. No.: |
20537714 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Dyer, Finisher & Printer of All Kinds of Cotton Knitted Fabrics such as Jacquard, Jersey, Lacoste, Rib, T/C & CVC. |
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No. of Employees : |
15. (Office Staff) |
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 : |
Exist |
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.
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 & address
SUN KAM KWONG PRINTING & DYEING FACTORY LIMITED
ADDRESS: Room 3804-05, 38/F., Cable TV Tower, 9
Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2492 0098
FAX: 852-2402 3230
E-MAIL: rep38@skk.com.hk
MANAGEMENT
Executive Director: Mr. Li Yuk
Shing
SUMMARY
Incorporated on: 14th February, 1997.
Organization: Private Limited Company.
Issued Share Capital: HK$27,430,000.00
Business Category: Textile
Printing & Dyeing.
Employees: 15. (Office Staff)
Main Dealing Bankers: DBS Bank
(Hong Kong) Ltd., Hong Kong.
Citibank N.A.,
Hong Kong Branch.
Banking Relation: Satisfactory.
Name
SUN KAM KWONG
PRINTING & DYEING
FACTORY LIMITED
ADDRESS
Registered Head
Office:-
Room 3804-05, 38/F., Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan,
New Territories, Hong Kong.
China Factory:-
Changshu Sun Kam Kwong Printing Dyeing Factory Ltd., China.
Tonggang Industrial Park, Changshu Economic Development Zone, Changshu,
Jiangsu Province, China.
[Tel: 0512-5238 9188
Fax: 0512-5238 9288
E-mail: kcli2@skk.com.hk]
Associated Companies:-
Gogent Enterprises Ltd., Hong Kong.
(Dissolved)
Hojet Industries Ltd., Hong Kong.
(Same address)
BUSINESS
REGISTRATION NUMBER
20537714
COMPANY
FILE NUMBER
0595495
MANAGEMENT
Executive Director: Mr. Li Yuk
Shing
ISSUED
SHARE CAPITAL
HK$27,430,000.00
SHAREHOLDERS
(As per registry dated 14-02-2018)
|
Name |
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No. of shares |
|
LI Yuk Shing |
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19,201,000 |
|
LI Ching |
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8,229,000 |
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––––––––– |
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Total: |
27,430,000 ======== |
DIRECTORS
(As per registry
dated 14-02-2018)
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Name (Nationality) |
Address |
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LI Yuk Shing |
Flat F, 7/F., Block 6, Phase 3, Belvedere Garden, Tsuen Wan, New
Territories, Hong Kong. |
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LI Hing Ming |
Flat F, 7/F., Block 6, Phase 3, Belvedere Garden, Tsuen Wan, New
Territories, Hong Kong. |
SECRETARY
(As per registry
dated 14-02-2018)
|
Name |
Address |
Co. No. |
|
World Smart Accounting Services Ltd. |
Flat D79, 1/F., Block 2, Camelpaint Building, 62 Hoi Yuen Road, Kwun
Tong, Kowloon, Hong Kong. |
1460132 |
HISTORY
The subject was incorporated on 14th February, 1997 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: Dyer,
Finisher & Printer.
Lines: All
kinds of cotton knitted fabrics such as jacquard, jersey, lacoste, rib, T/C
& CVC.
Employees: 15. (In Hong Kong)
Markets: US,
Europe, Southeast Asia, Middle East, etc.
Terms/Sales: L/C or as per contract.
Terms/Buying: Various terms.
FINANCIAL
INFORMATION
Issued Share Capital: HK$27,430,000.00
Indebtedness: HK$18,845,502 (Total amount
outstanding on all mortgages and charges as per last
Annual Return
dated 14-02-2018)
Mortgage or Charge: (See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping
in a normal and satisfactory manner.
Facilities: Making
rather actove use of general banking facilities.
Payment: No Complaints.
Commercial Morality: Satisfactory.
Bankers:- DBS
Bank (Hong Kong) Ltd., Hong Kong.
Citibank N.A., Hong Kong Branch.
Industrial and Commercial Bank of China
(Asia) Ltd., Hong Kong.
Fubon Bank (Hong
Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Sun Kam Kwong Printing & Dyeing Factory Limited [SKK] was
incorporated in 1997 as a private limited liability company with an issued
share capital of HK$27,430,000.00.
The subject is jointly owned by Mr. Li Yuk Shing, holding 70% stake, and
Mr. Li Ching, holding 30%.
SKK is a Hong Kong based company which is mainly engaged in the textile
printing and dyeing especially in screen printing. It has established a factory in Changshu
City, Jiangsu Province in December 2003 known as Changshu Sun Kam Kwong
Printing Dyeing Factory Ltd. [CSKK].
SKK is specialised in printing various kinds of cotton knitted fabrics
including jacquard, jersey, lacoste, rib, T/C & CVC, etc. It can always provides pre-treatment and
after-finishing services by using different kinds of reactive and disperse
pigment and discharge techniques.
Customers include many reputable US and European buyers such as
Wal-Mart, Kmart, JCPenny, May Co., Target, etc.
CSKK is wholly-owned by SKK. The
total investment was US$15 million. CSKK
is mainly engaged in the development, production and marketing of high-end
cotton knitted printed fabrics and dyed fabrics. It is equipped with 4 sets of printing
machines originated from Japan and 2 sets of circular printing machines
originated from Holland with monthly capacity up to about 600 tons. CSKK has over 500 employees while 30% of them
are professionals.
Located at Changshu Economic Development Zone, the factory covers an
area of 170 acres.
CSKK has got the ISO9000 certification.
The business of SKK is kept in a normal and satisfactory manner. Regular local and foreign customers have been
maintained. Its history in Hong Kong is
over 21 years and two months.
On the whole, consider it good for normal business engagements.
REMARKS
COURT CASE:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
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13-03-2001 |
S59505 |
Comsome Industrial Ltd. |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Refund |
Not stated |
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03-05-2001 |
S59505 |
Comsome Industrial Ltd. |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Refund |
Not stated |
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14-06-2001 |
S59505 |
Comsome Industrial Ltd. |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Refund |
Not stated |
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13-08-2001 |
S59505 |
Comsome Industrial Ltd. |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Refund |
Not stated |
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26-08-2004 |
R5028 |
Lee Kin Wai |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Labour Dispute |
Not stated |
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23-09-2004 |
R5028 |
Lee Kin Wai |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Labour Dispute |
Not stated |
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01-11-2004 |
R5028 |
Lee Kin Wai |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Labour Dispute |
Not stated |
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07-12-2004 |
R5028 |
Lee Kin Wai |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Labour Dispute |
Not stated |
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03-01-2005 |
R5028 |
Lee Kin Wai |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Labour Dispute |
Not stated |
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04-01-2005 |
R5028 |
Lee Kin Wai |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Labour Dispute |
Not stated |
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13-04-2006 |
D1848 |
Kam Hing Piece Works Ltd. |
Sun Kam Kwong Printing & Dyeing Factory Ltd. |
Service Rendered |
HK$461,204 |
PROPERTY
INFORMATION OF DIRECTOR:-
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Property
Location |
Owner |
Date of Purchase |
Purchased |
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Unit A on 18/F., Kwai Chung Building, 18-20 Shek Pui Street, Kwai
Chung, New Territories, Hong Kong. |
Li Kin Fai & Li Fung Ngan (Joint Tenant) |
18-02-1991 |
HK$493,800 |
(No mortgage record registered against the property)
MORTGAGE
OR CHARGE
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Date |
Particulars |
Amount |
|
03-07-2006 |
Instrument: Charge Over Assets Property: All the Company’s present and future rights, title and interest in and
to the Deposits and Securities set out in the Schedule being charged and
pledged in favour of the Bank by way of a first fixed legal charge and
assigned and agreed to assign absolutely to the Bank. Deposit Account Number: 01300800176007 Amount: HK$500,000 Mortgagee: Fubon Bank (Hong Kong) Ltd.,
Hong Kong. |
All monies, obligations and liabilities |
|
31-08-2009 |
Instrument: Deposit Deed Property: By way of a first fixed charge and as a continuing security for the
Obligations, the Company charges and assigns absolutely all its rights, title
to and interest in the Accounts and all Deposits from time to time in the
Accounts and comprising the Accounts maintained with Citibank, N.A., any
branch and Citibank (Hong Kong) Ltd. Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys |
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31-08-2009 |
Instrument: Mortgage Property: 190/177,500th parts or shares of and in Tsuen Wan Inland Lot No. 36
and Tsuen Wan Town Lot No. 218 (Unit 5 on 38/F. of Cable TV Tower, 9 Hoi
Shing Road, Tsuen Wan, New Territories, Hong Kong.) Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All moneys |
|
20-12-2010 |
Instrument: Mortgage Property: 73/4,986th parts or shares of and in Tsuen Wan Town Lot No. 367
(Duplex Flat C on 36/F. & 37/F. with balcony and AHU Room) and
Residential Parksing Spaces No.s G07 & G08 on G/F. of the Westminster
Terrace, 2A Yau Lai Road, Tsuen Wan, New Territories, Hong Kong.) Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All moneys |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.11 |
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|
1 |
INR 90.85 |
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Euro |
1 |
INR 80.12 |
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HKD |
1 |
INR 8.55 |
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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VIV |
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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.