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MIRA
INFORM REPORT
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Report No. : |
508880 |
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Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
CHEONGFULI (HONG KONG) COMPANY, LIMITED |
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Registered Office : |
Room
2306B & 2307, 23/F., West Tower, Shun Tak Centre, 168-200 Connaught Road
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.05.1988 |
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Com. Reg. No.: |
12982876 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Bags and plastic
products; arts and crafts; mechanical and electronic products. |
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No. of Employees : |
12.
(the Company) 14,309.
(the Group) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
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 |
|
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.
|
Source
: CIA |
Company name and address
CHEONGFULI (HONG
KONG) COMPANY, LIMITED
ADDRESS: Room 2306B & 2307, 23/F., West Tower,
Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong.
PHONE: 852-2571 2223
FAX: 852-2887
8943
E-MAIL: cheongfuli@tdctrace.com
MANAGEMENT:
Managing Director: Mr. Lai Yanda
SUMMARY
Incorporated on: 31st
May, 1988.
Organization:
Private Limited
Company.
Issued Share Capital: HK$352,463,400.00
Business Category: Importer, Exporter and Wholesaler.
Company Revenues: RMB18,216.0
million Yuan (Year ended 31-12-2017)
Group Revenues: RMB218,601.6
million Yuan (Year ended 31-12-2017)
Employees: 12.
(the Company)
14,309. (the Group)
[As at 31-12-2017]
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
Room 2306B & 2307, 23/F., West Tower,
Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong.
Holding Company:-
Xiamen C & D Inc., China.
Ultimate Holding Company:-
Xiamen C&D Corporation Ltd., China.
Associated Companies:-
Beijing C&D Co. Ltd., China.
C&D (Canada) Import & Export Inc.,
Canada.
C&D (Chengdu) Co Ltd., China.
C&D (Qingdao) Co Ltd., China.
C&D (Shanghai) Inc., China.
C&D (USA) Inc., USA.
C&D (Wuhan) Co Ltd., China.
C&D Logistics Group Co. Ltd., China.
C&D Prosper (Hong Kong) Shipping Co.
Ltd., Hong Kong.
C&D Real Estate Corporation Ltd., China.
Changsha C&D Real Estate Co. Ltd., China.
China Eagle Securities Co. Ltd., China.
Fujian De’er Medical Industrial Co. Ltd.,
China.
Fujian Zhaofeng Real Estate Co. Ltd., China.
Fuzhou C&D Co. Ltd., China.
Guangzhou C&D Trading Co. Ltd., China.
Hanifat Co. Ltd., Hong Kong.
Hong Kong Heng Chi International Co. Ltd.,
Hong Kong.
Hong Kong Paper Sources Co. Ltd., Hong Kong.
Lianfa Group Co. Ltd., China.
Quanzhou C&D Co. Ltd., China.
Quanzhou YeoHwa Hotel Co. Ltd., China.
Shanghai C&D Co. Ltd., China.
Shanghai C&D International Freight
Forwarding Co. Ltd., China.
Sichuan Yongfeng Paper Industry Inc., China.
Sino East Development Ltd., Hong Kong.
South West Eco Development Ltd., Cayman
Islands.
Tianjin C&D Co. Ltd., China.
Well Honour International Ltd., Hong Kong.
Wuyi Mountain YeoHwa Resort Co. Ltd., China.
Xiamen Airlines Co. Ltd., China.
Xiamen B&G Co. Ltd., China.
Xiamen C&D Agricultural Product Co. Ltd.,
China.
Xiamen C&D Art Ceramics Co. Ltd., China.
Xiamen C&D Automobile Co. Ltd., China.
Xiamen C&D Chemicals Co. Ltd., China.
Xiamen C&D Commodities Co. Ltd., China.
Xiamen C&D Communication Co. Ltd., China.
Xiamen C&D Electronics Co. Ltd., China.
Xiamen C&D Energy Co. Ltd., China.
Xiamen C&D Import & Export Co. Ltd.,
China.
Xiamen C&D Int’l Travel Service Co. Ltd.,
China.
Xiamen C&D Light Industry Ltd., China.
Xiamen C&D Liquor Industry Co. Ltd.,
China.
Xiamen C&D Material Co. Ltd., China.
Xiamen C&D Metal Co. Ltd., China.
Xiamen C&D Minerals Co. Ltd., China.
Xiamen C&D Packing Co. Ltd., China.
[Also known as Xiamen C&D Paper & Pulp Co. Ltd.]
Xiamen C&D Paper & Pulp Co. Ltd.,
China.
Xiamen C&D Pharmaceutical Co. Ltd.,
China.
Xiamen C&D Pinchuan Real Estate
Consulting Co. Ltd., China.
Xiamen C&D Property Management Co. Ltd.,
China.
Xiamen C&D Real Estate Co. Ltd., China.
Xiamen C&D Shengmao Co. Ltd., China.
Xiamen C&D Tourism & Hotels Co. Ltd.,
China.
Xiamen Candour Co. Ltd., China.
Xiamen City Hotel Co. Ltd., China.
Xiamen Da Zhong Tong Shang Automobile Sales
& Service Co. Ltd., China.
Xiamen Dazhen Magnetic Record Co. Ltd.,
China.
Xiamen Faratronic Co. Ltd., China.
Xiamen Goldorigin Financial Leasing Co. Ltd.,
China.
Xiamen Hongfa Electroacoustic Co. Ltd.,
China.
Xiamen Hualian Electronics Co. Ltd., China.
Xiamen Information Port Construction &
Development Co. Ltd., China.
Xiamen International Bank, China.
Xiamen International Conference &
Exhibition Co. Ltd., China.
Xiamen International Seaside Hotel Co. Ltd.,
China.
Xiamen International Trust & Investment
Co. Ltd., China.
Xiamen Jiacheng Real Estate Co. Ltd., China.
Xiamen JianFa Sealing Materials Co. Ltd.,
China.
Xiamen Jianpeng Agricultural of Production
Ltd., China.
Xiamen Jiarun Real Estate Co. Ltd., China.
Xiamen King Home Import & Export Co.
Ltd., China.
Xiamen Kingland Co. Ltd., China.
Xiamen Kingland Import & Export Co. Ltd.,
China.
Xiamen Lianfa (Group) Forever Co. Ltd.,
China.
Xiamen Lianxincheng Co. Ltd., China.
Xiamen Mandarin Hotel Co. Ltd., China.
Xiamen Mandarin Taxi Service Co. Ltd., China.
Xiamen Modern Dock Co. Ltd., China.
Xiamen Overseas Chinese Electronic Co. Ltd.,
China.
Xiamen Seaview Resort Co. Ltd., China.
Xiamen Shipbuilding Industry Co. Ltd., China.
Xiamen United Development (Group) Co. Ltd.,
China.
Xiamen Wuyi Mountain C&D International
Travel Service Co. Ltd., China.
Xiamen Wuyi Mountain Mandarin Hotel Co. Ltd.,
China.
Xiamen Xinchi Automobile Co. Ltd., China.
Xiamen Xingsha Pharmaceutical Co. Ltd.,
China.
Xiamen Zijin Tongguan Mining Investment
Development Co. Ltd., China.
XOCECO Holding Co. Ltd., China.
Yuehua International (H.K.) Co. Ltd., Hong
Kong.
etc.
BUSINESS REGISTRATION NUMBER
12982876
COMPANY FILE NUMBER
0217308
MANAGEMENT
Managing Director: Mr. Lai Yanda
ISSUED SHARE CAPITAL
HK$352,463,400.00 (3,524,634 fully paid ordinary shares)
SHAREHOLDER
(As per registry dated 31-05-2017)
|
Name |
|
No. of shares |
|
Xiamen C & D Inc. C&D International Building, No. 1699,
Huandao East Road, Xiamen, Fujian, China. |
|
3,524,634 ======= |
DIRECTORS
(As per registry dated 31-05-2017)
|
Name (Nationality) |
Address |
|
HUANG Wenzhou |
Room 702, Block 3, No. 136, Xiaoxue Road,
Xiamen, China. |
|
ZHANG Yongfeng |
Room 10B, No. 35, He Xiang Xi Er Road,
Siming District, Xiamen City, Fujian Province, China. |
|
ZHENG Yongda |
Room 903, No. 15, Yan Wu Road, Siming
District, Xiamen City, Fujian Province, China. |
|
LAI Yanda |
7/F., Seaside Building, Xiamen 361001,
China. |
SECRETARY
(As per registry dated 31-05-2017)
|
Name |
Address |
Co. No. |
|
General Secretarial Services Ltd. |
26/F., KP Tower, 93 King’s Road,
North Point, Hong Kong. |
0029941 |
HISTORY
The subject was incorporated on 31st May,
1988 as a private limited liability company under the Hong Kong Companies
Ordinance.
Originally the subject was registered under
the name of Super Boom Co. Ltd., name changed to the present style on 7th
November, 1989.
Formerly the subject was located at ‘Room A,
9/F., Max Share Centre, 367‑373 King’s Road, North Point, Hong Kong’,
moved to the present address in December 2014.
The subject increased its ordinary shares to
3,524,634 in May 2015.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Bags and plastic
products; arts and crafts; mechanical and electronic products, etc.
Employees: 12.
(the Company)
14,309. (the Group)
[As at 31-12-2017]
Commodities
Imported: Imports raw materials from
European countries, some of the Asian countries and finished products from
China.
Markets: Asian countries, Europe, North
America, etc.
Company Revenues: RMB 7,279.0 million
Yuan (Year ended 31-12-2013)
RMB15,351.0 million Yuan (Year ended 31-12-2014)
RMB17,064.0 million Yuan (Year ended 31-12-2015)
RMB13,827.0 million Yuan (Year ended 31-12-2016)
RMB18,216.0 million Yuan (Year ended 31-12-2017)
Group Revenues: RMB102,067.8
million Yuan (Year ended 31-12-2013)
RMB120,924.8 million Yuan (Year ended 31-12-2014)
RMB128,088.6 million Yuan (Year ended 31-12-2015)
RMB145,590.9 million Yuan (Year ended 31-12-2016)
RMB218,601.6 million Yuan (Year ended 31-12-2017)
Terms/Sales:
L/C or as per
contracted.
Terms/Buying:
L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$352,463,400.00 (3,524,634 fully paid ordinary shares)
Indebtedness: HK$
33,237,600.04 (Total amount outstanding on all mortgages and charges as per
last Annual Return dated 31-05-2016)
Mortgage or Charge: (See
attachment)
Total Assets:
RMB 975.0 million Yuan (Year ended 31-12-2013)
RMB1,214.0 million Yuan (Year ended 31-12-2014)
RMB1,459.0 million Yuan (Year ended 31-12-2015)
RMB2,498.0 million Yuan (Year ended 31-12-2016)
RMB3,134.0 million Yuan (Year ended 31-12-2017)
Net Assets:
RMB422.0 million Yuan (Year ended
31-12-2013)
RMB490.0 million Yuan (Year ended 31-12-2014)
RMB701.0 million Yuan (Year ended 31-12-2015)
RMB799.0 million Yuan (Year ended 31-12-2016)
RMB893.0 million Yuan (Year ended 31-12-2017)
Company Net Profit: RMB
40.4 million Yuan (Year ended
31-12-2013)
RMB
66.3 million Yuan (Year ended
31-12-2014)
RMB103.0 million Yuan (Year ended 31-12-2015)
RMB
78.0 million Yuan (Year ended
31-12-2016)
RMB114.0 million Yuan (Year ended 31-12-2017)
Group profit attributable to shareholders:-
RMB2,693.0 million Yuan (Year ended 31-12-2013)
RMB2,507.2 million Yuan (Year ended 31-12-2014)
RMB2,641.4 million Yuan (Year ended 31-12-2015)
RMB2,856.1 million Yuan (Year ended 31-12-2016) – [restated]
RMB3,330.9 million Yuan (Year ended 31-12-2017)
Profit or Loss: Making a profit
every year.
Condition:
Keeping in a
good condition.
Facilities:
Making active
use of general banking facilities.
Payment:
No
Complaints.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Cooperatieve Centrale Raiffeisen-Boerenleenbank
B.A. [Business names: Rabobank Nederland, Rabobank and Rabobank International],
Hong Kong Branch.
Societe Generale, Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing:
Very Good.
GENERAL
Cheongfuli (Hong Kong) Company, Limited is a wholly-owned
subsidiary of Xiamen C & D Inc. [C&D Inc.], China.
Established in June 1998, Xiamen C&D Inc. is 46.3% owned by
Xiamen C&D Corp. Ltd. [C&D].
The subject is trading in the same kinds of commodities as
C&D. C&D is trading in bags and
plastic products; arts and crafts; mechanical and electronic products, paper
and paper products, etc.
C&D is a state-owned conglomerate enterprise which was
established in December 1980.
C&D Inc. (Stock
code: 600153) is a service enterprise specialized in supply chain operation and
real estate development. It was founded
and listed on the Shanghai Stock Exchange, in June 1998.
In regard to supply chain operation, C&D Inc. has
formed 10 core business units, namely, pulp and paper, iron and steel, mineral
products, agricultural products, textiles and other light industrial goods,
chemical products, mechanical and electrical products, logistics service as
well as automobiles and wines/liquors.
C&D Inc. has set
up business relations with over 150 countries and regions of the world. In regard to real estate business, it has
built two major brands, i.e. "C&D Realty" and "Lianfa
Realty". C&D Inc. is
now undertaking real estate business in as many as 19 cities throughout China.
C&D Inc. has
been rated an AAA Credit-standing enterprise.
Its commodities are imported from Japan, Europe, the United State,
etc. and also purchased in China.
C&D Inc. has established its branches in Beijing, Tianjin,
Shanghai, Guangzhou, Fuzhou, Quanzhou, Hong Kong, Canada, etc.
The President of C&D Inc. is Mr. Zhang Yongda while General
Manager is Mr. Huang Wenzhou.
The revenues of C&D Inc. for the year ended 31st December,
2017 amounted to RMB218.6 billion Yuan (2016: RMB145.6 billion Yuan); group
profit attributable to shareholders was RMB3.3 billion Yuan in the year (2016:
RMB2.9 billion Yuan).
As at end of 2017, C&D Inc. had 14,309 employees in total.
According to the subject, its revenues for the year ended 31st
December, 2017 amounted to RMB18.2 billion Yuan (2016: RMB13.8 billion Yuan); net
profit was RMB114.0 million Yuan in the year (2016: RMB78.0 million Yuan). In FY 2017, the turnover and net profit of
the subject increased by 31.9% and 46.1% respectively.
The subject is fully supported by C&D Inc. History in Hong Kong is about 30 years.
On the whole, consider the subject good for normal business engagements.
MORTGAGE OR CHARGE
|
Date |
Description of Instrument |
Mortgagee |
|
15-02-2011 |
Trade
Finance Security Assignment (the Assignment) |
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong. |
|
01-03-2011 |
Security Over Deposit in respect of
Obligations of the Depositor |
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong. |
|
21-09-2011 |
Trade Finance Security Assignment (All
Moneys) (Own Obligations) (“the Security Assignment) |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
|
29-09-2014 |
Mortgage |
Hang Seng Bank Ltd., Hong Kong. |
|
09-10-2014 |
Trade Finance Security Assignment |
Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A. [Business names: Rabobank Nederland, Rabobank
and Rabobank International], Hong Kong Branch. |
|
16-12-2015 |
Trade Finance Security Assignment |
Société Générale, Hong Kong Branch. |
|
15-06-2016 |
Charge Over Deposits/Securities (3-Parties) |
Hang Seng Bank Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.83 |
|
|
1 |
INR 91.68 |
|
Euro |
1 |
INR 80.29 |
|
HKD |
1 |
INR 8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.