MIRA INFORM REPORT

 

 

Report Date :

22.08.2012

 

IDENTIFICATION DETAILS

 

Name :

CHIT  SHUN  MACHINERY  LTD.

 

 

Registered Office :

Room 1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

19.04.2004

 

 

Com. Reg. No.:

34514576

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer and Exporter of all kinds of die-casting machines, etc.

 

 

No. of Employees :

10 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name

 

CHIT  SHUN  MACHINERY  LTD.

 

 

Company ADDRESS

 

Room 2467-2469, 24/F., Hoi Tai Factory Estate, Kin Fat Street, Tuen Mun, New Territories, Hong Kong.

PHONE:            2465 7111

FAX:                 2465 1455

E-MAIL:            info@chit-shun.com.hk

sales@chit-shun.com.hk 

 

 

MANAGEMENT

 

Managing Director:        Mr. Yip Wai Hung

General Manager:          Mr. Lai Kwok Sing, Simon

 

 

SUMMARY

 

Incorporated on:            19th April, 2004.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:             HK$2.00

 

Business Category:       Machinery and Equipment Trader.

 

Employees:                  10.  (Hong Kong)

 

Main Dealing Banker:     DBS Bank (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

Company ADDRESS

 

Registered Office:-

Room 1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.

 

Head Office:-

Room 2467-2469, 24/F., Hoi Tai Factory Estate, Kin Fat Street, Tuen Mun, New Territories, Hong Kong.

 

China Factory:-

Dongguan Jie Jin Machinery Ltd.

No. 1 Industry District, Yangwu, Dalingshan, Dongguan City, Guangdong Province, China.

[Tel:      86-769-8563 2223

Fax:      86-769-8532 1831

E-mail:  service@chit-shun.com.hk ]

 

Associated Company:-

Dongguan Jie Long Machinery Factory, China.

 

 

BUSINESS REGISTRATION NUMBER

 

34514576

 

 

COMPANY FILE NUMBER

 

0895979

 

 

MANAGEMENT

 

Managing Director:        Mr. Yip Wai Hung

General Manager:          Mr. Lai Kwok Sing, Simon

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital:     HK$2.00

 

SHAREHOLDERS

(As per registry dated 19-04-2012)

 

Name

 

No. of shares

Vinda (Nominees) Ltd., Hong Kong.

 

1

YIP Wai Hung

 

1

 

 

–

 

Total:

2

=

 

 

DIRECTORS

(As per registry dated 19-04-2012)

 

Name

(Nationality)

 

Address

YIP Wai Hung

Room 2467-2469, 24/F., Hoi Tai Factory Estate, Kin Fat Street, Tuen Mun, New Territories, Hong Kong.

 

Vinda (Nominees) Ltd.

Room 1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.

 

SECRETARY 

(As per registry dated 19-04-2012)

 

Name

Address

Co. No.

VMC Secretaries Ltd.

Room 1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.

0750831

 

 

HISTORY

 

The subject was incorporated on 19th April, 2004 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:                      Importer and Exporter.

 

Lines:                           All kinds of die-casting machines, etc.

 

Brand Names:               “CAS Chit Shun”, “CSC Chit Shun”, and “CSS Chit Shun”.

 

Employees:                  10.  (Hong Kong)

 

Commodities Imported: Japan, Europe, North America, etc.

 

Markets:                        China, Taiwan, Macau, India, other Asian countries, Western Europe, etc.

 

Terms/Sales:                 L/C, T/T or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

MEMBERSHIP

 

·         The Hong Kong Metals Manufacturers Association, Hong Kong. [Membership No. 525]

·         The Hong Kong Mould & Die Technology Association Ltd., Hong Kong.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$2.00

 

Profit or Loss:               Making a small profit every year.

 

Condition:                     Keeping in a satisfactory manner.

 

Facilities:                      Making quite active use of general banking facilities.

 

Payment:                      Met trade commitments as contracted.

 

Commercial Morality:     Satisfactory.

 

Banker:                         DBS Bank (Hong Kong) Ltd., Hong Kong.

 

Standing:                      Good.

 

GENERAL

 

Having issued 2 ordinary shares of HK$1.00 each, Chit Shun Machinery Ltd. is equally owned by Mr. Yip Wai Hung and Vinda (Nominees) Ltd.  The latter is a Hong Kong-registered nominee firm while the former is a Hong Kong merchant.

The subject’s predecessor was founded in 1995.  Now, it is a leading manufacturer of die-casting machines.  With more than 10 years of experience and a wide range of products and services, the subject is an all‑in‑one provider of die-casting solutions. 

Its business scope includes the following items:-

·         Hot Chamber Die-Casting Machines (CSS39, CSS88, CSS138, CSS188, CSS280, CSS400 and CSS600 series);

·         Cold Chamber Die-Casting Machines;

·         CSA SERIES Injection Moulding Machines;

·         CSB SERIES Multi-Component Injection Moulding Machines;

·         Automatic Melt Alloy Feeding Systems;

·         Mould Trial Machines;

·         Automated Polishing Machines;

·         Central Melt Alloy Feeding Systems; &

·         Hydraulic Press and Other Accessory Equipment, Machine Parts and Accessories.

All the subject’s products bear the trade mark of “CAS Chit Shun”, “CSC Chit Shun”, and “CSS Chit Shun”.

In 2001, the subject was certified ISO 9001:2000 certification.  It is able to provide customers with 24-hour customer service.  It has been doing so since it was established.

As manufacturing technology has changed, the subject has continuously improved its products and manufacturing techniques to stay at the forefront of these changes.  In order to meet current ad future market demands, the subject has built a new 30,000 sq.m. factory in Dongguan City, Guangdong Province, China.  The factory, formally known as Dongguan Jie Jin Machinery Ltd., has been equipped with the latest machining and equipment as well as production lines.  Currently, the China factory is employing about 150 persons.

Currently, the subject’s die-casting machines have got a good reputation, with satisfied customers in the greater China area, Southeast Asia and India.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in China. 

For instance, it took part in the following two exhibitions in 2010 and 2011:

·         2011 International (Shenzhen) Metal Casting Show

·         3rd Dongguan International Exhibition on Foundry & Diecasting Industries 2010

The subject’s business is chiefly handled by Mr. Yip Wai Hung himself.  The General Manager is Mr. Simon Lai Kwok Sing.

The history of the subject in Hong Kong is over eight years and four months.

On the whole, consider it good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.54

UK Pound

1

Rs.87.39

Euro

1

Rs.68.72

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.