|
Report Date : |
29.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
WING
HING SPICES GRINDING
FACTORY LTD. |
|
|
|
|
Registered Office : |
Flat C-D, 9/F., Wah Hing Industrial Building, 2-6 Ma Kok Street, Tsuen Wan, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
03.02.2006 |
|
|
|
|
Com. Reg. No.: |
36427292 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Manufacturer of all kinds of spices, food additives, etc. |
|
|
|
|
No. of Employees : |
10. (Including factory) |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
WING HING SPICES GRINDING FACTORY LTD.
Flat A, 2/F., Shing Po Building, 16-20 Ko Shing Street, Sai Ying Pun, Hong Kong.
PHONE: 2548 4247, 2548 4259
FAX: 2548 7186
E-MAIL: spices@netvigator.com
Managing Director: Mr. Fok Po Chung
Incorporated on: 3rd February, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10.00
Business Category: Importer, Exporter and Manufacturer.
Employees: 10. (Including factory)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office
& Factory:-
Flat C-D, 9/F., Wah Hing Industrial Building, 2-6 Ma Kok Street, Tsuen Wan, New Territories, Hong Kong.
Head Office:-
Flat A, 2/F., Shing Po Building, 16-20 Ko Shing Street, Sai Ying Pun, Hong Kong.
Associated
Companies:
Kung Hing Hong Wing Hing, Hong Kong.
Kung Kee Hong Wing Hing Ltd., Hong Kong.
Wing Hing Spices Grinding Factory, Hong Kong.
36427292
1022835
Managing Director: Mr. Fok Po Chung
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
(As per registry dated
03-02-2012)
|
Name |
|
No. of shares |
|
FOK Po Chung |
|
9 |
|
TSANG Cheung Chung |
|
1 |
|
|
|
–– |
|
|
Total: |
10 == |
(As per registry
dated 20-02-2012)
|
Name (Nationality) |
Address |
|
FOK Po Chung |
Flat B, 18/F., 44 Nassau Street, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
|
TSANG Cheung Chung |
Flat B, 18/F., 44 Nassau Street, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
|
FOK Ho Yan, Ivy |
Flat B, 18/F., 44 Nassau Street, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
FOK Ho Yan, Ivy (As per registry dated 20-02-2012)
The subject was incorporated on 3rd February, 2006 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.
Activities: Importer, Exporter and Manufacturer.
Lines: All kinds of spices, food additives, etc.
Employees: 10. (Including factory)
Commodities/Materials: Imported from China, Europe, India, etc.
Markets: Hong Kong, other Asian countries, Europe, North America, etc.
Terms/Sales: CAD or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
Indebtedness: HK$135,124.70
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 03-02-2012)
Mortgage or
Charge:-
Date of Security Over Deposits with the Bank: 11-08-2011
Amount: To secure all monies in respect of banking facilities
Property: Initially CNY400,000 or equivalent and all monies whether now or hereafter standing to the credit
of the Company’s deposit with the Bank under deposit number 411-781180-838 and whatever currency it may subsequently be denominated in, any renewal of such deposit & the interest thereon together with any further moneys in any deposit account with the Bank at any of its offices.
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 10 ordinary shares of HK$1.00 each, Wing Hing Spices Grinding Factory Ltd. is jointly owned by Mr. Fok Po Chung, holding 90% interests; Mr. Tsang Cheung Chung, holding 10%. Being Hong Kong merchants, they are also directors of the subject.
The predecessor of the subject was Wing Hing Spices & Grinding Co. which was founded in 1960.
The subject is a spice, gourmet, food additive manufacturer and trader. It is specialized in carrying out 100% grinding processes in Hong Kong with modernized production lines and has been recognized in producing a wide variety of herbs and spices with unique flavour. It is also specialized in grinding and mixtures of Chinese herbs. Its products are very popular in local and overseas markets.
According to the subject, the subject has had an associated company Wing Hing Spices Grinding Factory [WHSGF] which was set up in 1960. Now, the factory of the subject is located at Flat C-D, 9/F., Wah Hing Industrial Building, 2-6 Ma Kok Street, Tsuen Wan, New Territories, Hong Kong.
The raw materials of the subject are imported from China, Europe, India, etc. Products are marketed in Hong Kong, exported to the other Asian countries, Europe, North America, etc. Business is rather active.
In 2003, the subject got a food manufacturing licence from Food And Environmental Hygiene Department of the Government of the Hong Kong SAR.
The subject’s second production line has got a licence from the Chinese Medicine Council of Hong Kong.
The business of the subject is profitable. The history of WHSGF in Hong Kong is over 51 years.
On the whole, in view of the background and history of the subject, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
UK Pound |
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.