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MIRA INFORM REPORT
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Report No. : |
506873 |
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Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
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Name : |
FESTON TRADING LTD. |
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Registered Office : |
G/F., Wilmer Building, 104B Connaught Road West, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.02.1993 |
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Com. Reg. No.: |
16709060 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter, Wholesaler and Retailer of Dried Seafood and Dried Aquatic Products. |
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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 (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
FESTON TRADING LTD.
ADDRESS: G/F., Wilmer
Building, 104B Connaught Road West, Sheung Wan, Hong Kong.
PHONE: 852-2391 4128
FAX: 852-3591 7429
MANAGEMENT
Managing Director: Mr. Tsui Wai
SUMMARY
Incorporated on: 16th February, 1993.
Organization: Private Limited Company.
Issued Share Capital: HK$100,000.00
Business Category: Importer,
Exporter, Wholesaler and Retailer.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
FESTON TRADING LTD.
ADDRESS
Registered Head
Office & Shop:-
G/F., Wilmer Building, 104B Connaught Road West, Sheung Wan,
Hong Kong.
Branch Company:-
G/F., 2-4A Sung Hing Lane, Sai Ying Pun, Hong Kong.
BUSINESS
REGISTRATION NUMBER
16709060
COMPANY
FILE NUMBER
0402991
MANAGEMENT
Managing Director: Mr. Tsui Wai
ISSUED
SHARE CAPITAL
HK$100,000.00
SHAREHOLDERS: (As per
registry dated 16-02-2018)
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Name |
Occupation |
No. of shares |
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TAM Ha |
Merchant |
10,000 |
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TSUI Wai |
Merchant |
50,000 |
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TSUI Yu Lui |
Merchant |
40,000 |
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––––––– |
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Total: |
100,000 ====== |
DIRECTORS
(As per registry dated 16-02-2018)
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Name (Nationality) |
Address |
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TAM Ha |
Flat A, 32/F., CITE 33, 33 Lai Chi Kok Road, Kowloon, Hong Kong. |
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TSUI Wai |
Flat A, 32/F., CITE 33, 33 Lai Chi Kok Road, Kowloon, Hong Kong. |
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TSUI Yu Lui |
Flat A, 32/F., CITE 33, 33 Lai Chi Kok Road, Kowloon, Hong Kong. |
SECRETARY
TAM Ha (As per registry dated
16-02-2018)
HISTORY
The subject was incorporated on 16th February, 1993 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Feston Trading
Ltd., name changed to Feston Motors Ltd. on 14th April, 1994 and further
changed back the old style on 29th March, 2000.
Last time, the subject was located at Room D, 8/F., Carprio Mansion, 1 Lai
Chi Kok Road, Kowloon, Hong Kong, moved to ‘G/F., 2-4A Sung Hing Lane, Sai Ying
Pun, Hong Kong’ in February 2012, and further moved to the present address in
November 2015.
The subject has increased its issued share capital from HK$10,000.00 to
HK$100,000.00.
The subject changed its Chinese name in March 2000.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter, Wholesaler and Retailer.
Lines: Dried
seafood and dried aquatic products.
Employees: 6.
Commodities Imported: Japan, China,
India, South America, etc.
Markets: Hong
Kong, other Asian countries, North America, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$100,000.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making active use of general
banking facilities.
Payment: No Complaints.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Satisfactory.
GENERAL
Having issued 100,000 ordinary shares of HK$1.00 each, Feston Trading
Limited formerly was jointly owned by Ms. Tam Ha, holding 10% interests; Mr.
Tsui Wai, holding 90%. Now, the subject
is jointly owned by Ms. Tam Ha, holding 10% interests; Mr. Tsui Wai, holding
50% and Mr. Tsui Yu Lui, 40%.
They are also directors of the subject.
Being Hong Kong merchants, Tam Ha and Tsui Wai is a couple. Tsui Yu Lui is their son.
The subject is engaged in importing, exporting, wholesaling and
retailing all kinds of dried seafood or dried aquatic products.
At the very beginning, the subject had been engaged in automobiles and
auto-parts trading. In early 2000, the
subject began trading in frozen meat, frozen seafood and dried seafood.
The subject moved to the present address in November 2015 where is also
a wholesaling and retailing outlet.
The subject has a branch company located at ‘G/F., 2-4A Sung Hing Lane,
Sai Ying Pun, Hong Kong’ where was the old registered address of the
subject.
Mr. Tsui Wai can be reached at his mobile phone number 852-9639 1649.
Now the subject is chiefly trading in the following dried commodities:
Shark’s fin, dried cuttle fish, squid, octopus, abalone, beche-de-mer,
mussels, oysters, scallops, shrimps, etc.
Products are imported from China, Japan, India, Europe, North America,
Southeast Asia, South America, etc.
Prime markets are Hong Kong, China, Japan, the other Asian countries,
North America, etc.
As the history of the subject is over 25 years and four months in Hong
Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.22 |
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1 |
INR 90.87 |
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Euro |
1 |
INR 80.09 |
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HKD |
1 |
INR 8.60 |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
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.