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Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
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Name : |
GREAT
CHAMP INTERNATIONAL TRADING
LTD. |
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Registered Office : |
c/o Keda
Industrial (Hong Kong) Ltd., Room 2104, 21/F., |
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Country : |
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Date of Incorporation : |
03.06.2010 |
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Com. Reg. No.: |
52491388 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of machinery and equipment |
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No. of Employees : |
08. (Including
affiliates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
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 |
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 re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese 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; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports 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 has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source : CIA |
GREAT CHAMP INTERNATIONAL TRADING LTD.
C/o Keda Industrial (Hong Kong) Ltd.
Room 2104, 21/F., Austin Plaza, 83 Austin Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2417 1739, 2866 6933
FAX: 2866 6166
Representative: Mr. Jack Lai
Incorporated on: 3rd June, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 8. (Including affiliates)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Keda Industrial (Hong Kong) Ltd.
Room 2104, 21/F., Austin Plaza, 83 Austin Road, Tsimshatsui, Kowloon, Hong Kong.
Affiliated/Associated
Companies:-
Champ Will Development Ltd., Hong Kong. (Same address)
Foshan Keda Steel Machine Works, China.
Jiangyin Tianjiang Pharmaceutical Co. Ltd., China.
Keda Clean Energy (Ma’anshan) Co. Ltd., China.
Keda Industrial (Hong Kong) Ltd., Hong Kong. (Same address)
Keda Industrial (Ma’anshan) Ltd., China.
Keda Industrial Co. Ltd., China.
Keda Stone Machinery Co. Ltd., China.
52491388
1464502
Representative: Mr. Jack Lai
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry
dated 24-06-2012)
|
Name |
|
No. of share |
|
Nobel Asia Holdings Ltd. OMC Chambers, Wickhams Cay I, Road Town, Tortola, British Virgin Islands. |
|
1 = |
(As per registry
dated 03-06-2012)
|
Name |
Address |
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Nobel Asia Holdings Ltd. |
OMC Chambers, Wickhams Cay I, Road Town, Tortola, British Virgin Islands. |
(As per registry
dated 03-06-2012)
|
Name |
Address |
Co.
No. |
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H & R Block (HK) Ltd. |
Room 504, 5/F., Tung Wai Commercial Building, 109-111 Gloucester Road, Wanchai, Hong Kong. |
0113523 |
The subject was incorporated on 3rd June, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Initially the subject’s registered address was located at Room 1001-1004A, 10/F., Champion Building, 287-291 Des Voeux Road Central, Hong Kong, moved to the present address with effect from 15th June, 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of machinery and equipment.
Employees: 8. (Including affiliates)
Commodities Imported: China, Europe, etc.
Markets: China, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Group business is profitable.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 1 ordinary share of HK$1.00, Great Champ International Trading Ltd. was wholly-owned by GNL10 Ltd. which is a nominee firm. However, GNL10 Ltd. transferred the single share to Nobel Asia Holdings Ltd. [Nobel Asia] which is a BVI-registered firm on 24th June, 2011. Since then, Nobel Asia has become the holding company of the subject.
The subject does not have its own operating office. Its registered office is in a Hong Kong-registered firm located at Room 2104, 21/F., Austin Plaza, 83 Austin Road, Tsimshatsui, Hong Kong known as Keda Industrial (Hong Kong) Ltd. [Keda HK] which is handling its correspondences and documents. The subject and Keda HK have the same corporate secretary known as H & R Block (HK) Ltd. The director of the subject is also Nobel Asia.
The subject is an affiliated company of Keda HK. Keda HK is a wholly‑owned subsidiary of Keda Industrial Co. Ltd. [Keda] which is a listed firm in Shanghai bearing stock code 600499.
Keda has had a main factory in Foshan City, Guangdong Province, China known as Foshan Keda Steel Machine Works which was set up in December 1982.
Keda is principally engaged in the manufacture and sale of machinery products. Its machinery products include ceramics machinery, energy resource machinery, stone processing machinery and building material processing machinery. The ceramics machinery products include cloth processing machine, turn over machine, desiccator, drying apparatus, furnace, buffing machine, edge grinding machine, testing equipment, stacking apparatus. It also manufactures clean coal gasification machinery and others. Keda’s products are marketed in China and exported to overseas markets.
As of 31st December, 2011, Keda had a number of subsidiaries/associates, primarily engaged in the provision of stone machinery, new energy machinery and construction ceramics machinery, among others.
In June 2011, Keda acquired Henglitai Machinery Co. Ltd. which is a Foshan-based firm.
For the year ended 31st December, 2011, the principal operating revenue of Keda was RMB2,492.5 million Yuan (2010: RMB2,064.7 million Yuan); profit attributable to shareholders was RMB356.1 million Yuan for the year (2010: RMB241.0 million Yuan).
Currently, Keda has had distributors or agents in the following countries:-Taiwan, India, Vietnam, Thailand, Indonesia, Malaysia, North Korea, Iran, Turkey, Egypt, Russia, the United Arab Emirates, etc. The business of Keda is rather active and steady.
The managing director of Keda HK is Mr. Zeng Fei who is a China merchant.
The subject is trading in the products of Keda and responsible for sourcing raw materials for it.
The subject’s business in Hong Kong is still under development. History in Hong Kong is just over two years.
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.