MIRA INFORM REPORT
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Report Date : |
04.09.2011 |
IDENTIFICATION DETAILS
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Name : |
CHEUNG NING CO. LTD. |
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Registered Office : |
Room 607, 6/F., Yu To Sang Building, 37 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.04.2003 |
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Com. Reg. No.: |
33604532 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds jewellery products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Small Company |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
CHEUNG NING CO. LTD.
Company ADDRESS
Room 607, 6/F., Yu To Sang Building, 37 Queen’s Road Central, Hong Kong.
PHONE: 3590 5998
FAX: 3590 5997
MANAGEMENT
Managing Director: Mr. Wang Ning
SUMMARY
Incorporated on: 30th April, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$2,340,000.00
Issued: HK$2,340,000.00
Business Category: Diamond Trader.
Employees: 8.
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Room 607, 6/F., Yu To Sang Building, 37 Queen’s Road Central, Hong Kong.
Business Name:-
Asia Diamond Exchange Centre, Hong Kong. (Same BR No.)
Associated Company:-
Shenzhen Cheung Ning Diamond Co. Ltd., China.
BUSINESS REGISTRATION NUMBER
33604532
COMPANY FILE NUMBER
0846305
MANAGEMENT
Managing Director: Mr. Wang Ning
CAPITAL
Nominal Share Capital: HK$2,340,000.00 (Divided into 2,340,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,340,000.00
SHAREHOLDER
(As per registry
dated 30-04-2011)
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Name |
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No. of shares |
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WANG Ning (Previous name: WANG Lanning) |
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2,340,000 ======= |
DIRECTOR
(As per registry
dated 30-04-2011)
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Name (Nationality) |
Address |
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WANG Ning (Previous name: WANG Lanning) |
27 E5, Ming Yue Wanshida Garden, Tai Ning Road, Luohu District 518020, Shenzhen, China. |
SECRETARY
(As per registry
dated 30-04-2011)
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Name |
Address |
Co.
No. |
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Uni-1 Corporate Services Ltd. |
Room 1502, 15/F., The Chinese Building, |
0785985 |
HISTORY
The subject was incorporated on 30th April, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Cheung Fat Trading (China) Ltd., name changed to the present style on 17th October, 2003.
Formerly the subject was located at Room 607, 6/F., Yu To Sang Building, 37 Queen’s Road Central, Hong Kong, moved to Room 705, 7/F. of the same building with effect from 16th December, 2008. It moved back to Room 607, 6/F. of the same building in October 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds jewellery products.
Employees: 8.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, China, Southeast Asia, Europe, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$2,340,000.00 (Divided into 2,340,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,340,000.00
Indebtedness: HK$3,750,000.00 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 30-04-2011)
Mortgage or Charge
(since 26-04-2011): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 2,340,000 ordinary shares of HK$1.00 each, Cheung Ning Co. Ltd. was jointly owned by Mr. Frankie Chan Fat Kee, holding 51% interests; and Mr. Wang Ning, holding 49%. Now, Chan has transferred all his shares to Wang. At present, the subject is wholly-owned by Wang who is also the only director of the subject. He is a China merchant who is also a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject’s business name is splendid: Asia Diamond Exchange Centre, Hong Kong.
The subject is a diamond and jewellery trader. Most of its products bear the trademark “ADIAMOND”.
The subject’s main associated company is Shenzhen Cheung Ning Diamond Co. Ltd. [Shenzhen Cheung Ning] which is a China-based firm. At present, Shenzhen Cheung Ning has set up offices in India, Belgium, and large cities of China such as Tianjin, Dalian, Wuhan, besides the subject.
Shenzhen Cheung Ning is the supplier, importer and exporter of a wide range of diamonds in a wide variety like Rose cut diamonds, rose cut heart, princesses square cut, water drop cut, rose cut round, rose cut pears, rose cut oval, rose cut marquise, fancy cut and fancy colour diamonds, briollets beads, old mine cut diamonds round brilliant cut diamonds, marquise, pears, oval, heart, emeralad, etc. Shenzhen Cheung Ning is using JGS system to sort its diamonds. Worldwide customers can place their order online.
Shenzhen Cheung Ning is cooperating with J. B. & Brothers of India to set up a joint venture known as Cheung Ning- J. B. & Brothers Group to develop diamond wholesaling and retailing business. According to Shenzhen Cheung Ning, it has got a number of rough diamond suppliers in India and Europe. Besides, its products are in conformity with the international standards of NGTC, GIA, IGI, etc.
Shenzhen Cheung Ning is a member of Shanghai Diamond Exchange [SDE]. Wang Ning is also the General Manager of Shenzhen Cheung Ning.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong, China and other foreign large cities.
The business of the subject is active. History in Hong Kong is over eight years and four months.
On the whole, consider the subject good for normal business engagements.
REMARKS:
Property information of the company:-
1. Property Location: Flat D on 30/F. of Tower M8, Yoho Midtown, 9 Yuen Long Street, Yuen Long, New Territories, Hong Kong.
Owner: Cheung Ning Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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26-04-2011 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Unit 4 on 5/F., Wing On Plaza, 62 Mody Road, Kowloon, Hong Kong.
Owner: Cheung Ning Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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01-06-2011 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
(Since 26-04-2011)
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Date |
Particulars |
Amount |
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26-04-2011 |
Instrument: Mortgage Property: 1,608/3,172,953rd parts or shares of and in Yuen Long Town Lot No. 504 (Flat D on 30/F. of Tower M8 of Yoho Midtown, 9 Yuen Long Street, Yuen Long, New Territories, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all sums in respect of general banking facilities |
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01-06-2011 |
Instrument: Mortgage Property: 56/26,500th parts or shares of and in Kowloon Inland Lot No. 10586 [Unit 4 on 5/F. of Wing On Plaza (formerly known as Ocean Square), 62 Mody Road, Kowloon, Hong Kong.] Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all sums in respect of general banking facilities |
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27-06-2011 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of all Secured Liabilities:- a) assigns and agrees to assign absolutely to the Bank all the present and future rights, title, interests and benefits of the Borrower in and to the following assets: (i) the Export Credits; (ii) the Export Collection Bills; (iii) the Sales Contracts; (iv) the Export Invoice Receivables; (v) the Insurances; (vi) the Trade Documents; and (vii) all claims, remedies and proceeds in connection with any of the foregoing; b) charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interests and benefits of the Borrower in and to the following assets: (i) the Goods together with their proceeds; (ii) the Pledged Goods; (iii) the Deposit; and (iv) to the extent any Security Assets is not effectively assigned under sub-clause (a), such Security Asset; and c) pledges and agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are now or may in the future be in the possession of the Bank Mortgagee: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
All obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.90 |
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UK Pound |
1 |
Rs.74.31 |
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Euro |
1 |
Rs.65.41 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.