|
Report Date : |
15.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ON HING
HO CO. LTD. |
|
|
|
|
Registered Office : |
G/F., Wing Tuck Commercial Centre, 179-181 Wing Lok Street, Sheung Wan |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
23.10.1945 |
|
|
|
|
Com. Reg. No.: |
16447349 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer and Wholesaler of Dried abalone, dried biche-de-mer, dried conpoy, mushroom, dried squid, dried shrimp, peanut, dried chilli, dried red dates, dried black dates, red beans, fruit nuts/walnuts/peanuts, canned food, prepared and preserved meat, prepared fish, prepared crustaceans/molluscs, dried food and choice seafood, edible seeds, etc. |
|
|
|
|
No. of Employees : |
20 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 |
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 |
ON HING HO CO. LTD.
G/F., Wing Tuck Commercial Centre, 179-181 Wing Lok Street, Sheung Wan, Hong Kong.
PHONE: 2541 8508
FAX: 2541 2554
E-MAIL: onhingho@mail.hongkong.com
Managing Director: Mr. Sit Kin Ming
Establishment: 23rd October, 1945.
Incorporated on: 5th December, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Dried Marine Product Wholesaler, Importer and Exporter
Annual Turnover: HK$150-200 million
Employees: 20.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office & Shop:-
G/F., Wing Tuck Commercial Centre, 179-181 Wing Lok Street, Sheung Wan, Hong Kong.
Associated
Company:-
Teck Sang (Pte) Ltd., Singapore.
16447349
0394252
Managing Director: Mr. Sit Kin Ming
Nominal Share Capital: HK$10,000,000.00 (Divided into 100,000 shares of HK$100.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry
dated 15-12-2011)
|
Name |
|
No. of share |
|
SIT Kin Ming |
|
21,000 |
|
SIT Kin On |
|
18,000 |
|
SIT Wing Fai |
|
17,000 |
|
SEIT Kin Fun |
|
11,000 |
|
SEIT Kin Cheung |
|
9,000 |
|
SEIT Wing Yun |
|
4,000 |
|
SIT Oi Wan, Ivy |
|
4,000 |
|
SEIT Kin Sun, Arthur |
|
4,000 |
|
SEIT Kim Hong |
|
3,000 |
|
XUE Ai Yang, Cheryl |
|
3,000 |
|
XUE Jian Yi |
|
3,000 |
|
Sit Oi Sheung |
|
3,000 |
|
|
|
––––––– |
|
|
Total: |
100,000 ====== |
(As per registry
dated 15-12-2011)
|
Name (Nationality) |
Address |
|
SEIT Wing Yun |
Flat A, 3/F., Yar Chee Villas, Block 4, 1A Chi Fu Road, Hong Kong. |
|
SIT Kin Ming |
10/F., Block A, Ventris Villa, 25-27 Ventris Road, Happy Valley, Hong Kong. |
|
SIT Kin On |
10A, Ventris Terrace, 25-27 Ventris Road, Happy Valley, Hong Kong. |
|
SIT Wing Fai |
Flat A, 17/F., 18 Babington Path, Hong Kong. |
|
SEIT Kin Fun |
Flat A2, 4/F., Block A, Botanic Terrace, 3 Conduit Road, Mid-Levels, Hong Kong. |
(As per registry
dated 15-12-2011)
|
Name |
Address |
Co.
No. |
|
Kenpark Secretarial Ltd. |
Unit 1802, 18/F., Cameron Commercial Centre, 458‑468 Hennessy Road, Causeway Bay, Hong Hong. |
0165149 |
The company was originally established on 23rd October, 1945 as a sole proprietorship concern of the late Shit Ping Yuen under the name of On Hing Ho. Converted into a partnership concern in August, 1967.
Re-organization into a private limited company under the Hong Kong Companies Ordinance on 15th December, 1992.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Wholesaler.
Lines: Dried abalone, dried biche-de-mer, dried conpoy, mushroom, dried squid, dried shrimp,
peanut, dried chilli, dried red dates, dried black dates, red beans, fruit nuts/walnuts/peanuts, canned food, prepared and preserved meat, prepared fish, prepared crustaceans/molluscs, dried food and choice seafood, edible seeds, etc.
Employees: 20.
Commodities Imported: Mainly bought from Japan, Korea, Southeast Asia, China, South America, etc.
Markets: Hong Kong (main), Singapore, Korea, etc.
Annual Turnover: HK$150-200 million
Terms/Sales: COD or 30-60 days credit.
Terms/Buying: L/C or as per contracted.
The Chinese General Chamber of Commerce, Hong Kong.
Nominal Share Capital: HK$10,000,000.00 (Divided into 100,000 shares of HK$100.00 each)
Issued Share Capital: HK$10,000,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Business is profitable.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
· Hang Seng Bank Ltd., Hong Kong.
· Wing Lung Bank Ltd., Hong Kong.
· The Bank of Tokyo-Mitsubishi Ltd., Hong Kong Branch.
· Nanyang Commercial Bank Ltd., Hong Kong.
· Banque Nationale de Paris, Hong Kong Branch.
· Bank of China (Hong Kong) Ltd., Hong Kong.
etc.
Standing: Very Good.
On Hing Ho Co. Ltd. was incorporated on 15th December, 1992 in order to take over the business of On Hing Ho [OHH]. OHH was a well-established dried marine product wholesaler with long history in Hong Kong. OHH was founded in 1945 by Mr. Shit Ping Yuen who passed away in October, 1969. Now, the subject is operated by his children. Business has enjoyed steady turnover annually.
Commodities handled are mainly for local sales and re-exported to Singapore and South Korea.
The subject is
trading in the following commodities:-
· Nut - Dried;
·
Seafood - Dried
(Fishmaws, Sharkfins, Sea Cucumber, Abalone, Scallops, Oyster);
· Fruit & Vegetable - Dried (Dates); &
· Peanut & Bean - Roasted/Preserved (Bean).
Products are imported from Africa, Central & South America, the Middle East, North America, Other Asian Countries, Southeast Asia, etc.
In 1973, the subject set up an associated company known as Teck Sang (Pte) Ltd. [Teck Sang] in Singapore. Teck Sang is engaged in wholesaling and retailing dried aquatic products. Products carried include Shark’s fin, dried cuttle fish, Squid, octopus, abalone, beche-de-mer, mussels, oysters, scallops, shrimps, lobsters, etc. According to the subject, Teck Sang’s product have found ready market in Singapore.
The followings are
the main products carried by Teck Sang:-
· Canned Sardines/Limpets/Pacific Clams/Abalone, etc.
· Chinese Dried Foodstuffs;
· Dried Hibiscus Flower; &
· Dried Red Chili, Garlic, Coriander, fennel, Cloves, Cassia, Dried Ginger, Star Aniseed, Cumin, Black and White Pepper, Nutmegs, Groundnut Kernels, Blanched Groundnut Kernels, Almonds, Pistachios, Cashew Kernels, Sunflower Seeds, Pumpkin Seeds, Sesame Seeds, Beans and Pulse, etc.
Teck Sang has about 25 employees in Singapore.
The annual sales turnover of the subject ranges from HK$150 to 200 million. Making a profit every year.
As the history of the subject is over nineteen years in Hong Kong, on the whole, consider it good for normal business engagements.
REMARKS:
Property
information of directors:-
|
Property Location |
Owner |
Date of Purchase |
Purchased |
|
10/F., Block A and Car Park No. 26 on 3rd Tier Ventris Terrace, 25-27 Ventris Road, Hong Kong. |
Seit Wing Hon & Foong Wai Khee |
02-08-1977 |
HK$ 410,000 |
|
195 Des Voeux Road West, Hong Kong. |
Seit Wing Hon 1/3, Seit Wing Yun 1/3 & Sit Wing Fai 1/3 |
14-04-1970 |
HK$ 164,000 |
|
Flat A, 17/F., Elegant Garden, 18 Babington Path, Hong Kong. |
Sit Wing Fai & Poon Kam Yee, Regina |
22-02-1986 |
HK$ 1,200,000 |
|
Flat A, 3/F., Block 14, Yar Chee Villas, 1A Chi Fu Road, Chi Fu Fa Yuen, Hong Kong. |
Seit Wing Yun & Lam Ho Ching |
02-12-1980 |
HK$ 900,000 |
|
Flat A, 12/F., Block 2, Victoria Centre, 15 Watson Road, Hong Kong. |
Seit Wing Lit & Tang Shi Mei |
30-07-1982 |
HK$ 960,000 |
|
Date |
Particulars |
Amount |
|
26-08-1993 |
Instrument: Charge on Deposit(s) Property: Fixed Deposit of HK$500,000 Mortgagee: Nanyang Commercial Bank Ltd., Hong Kong. |
To secure the payment of all moneys, obligations and liabilities |
|
04-10-1993 |
Instrument: Charge on Cash Deposit(s) Property: a) A cash deposit of HK$629,615 presently evidenced by deposit receipt No. FD00327 b) All moneys now or hereafter standing to the Company’s credit with the Bank on any account Mortgagee: The Mitsubishi Bank Ltd., Hong Kong Branch. [Now known as The Bank of Tokyo-Mitsubishi
Ltd.] |
To secure obligations of the Company in respect of credit facilities or other financial accommodation |
|
10-11-1993 |
Instrument: Deed of Charge on Deposits and Set-off Property: Deposit No. 01468658450511 for US$38,797 Mortgagee: The Yien Yieh Commercial Bank Ltd., Hong Kong Branch. |
Banking facilities |
|
09-03-1994 |
Instrument: Security Over Deposit Property: As beneficial owner, charges, by way of security, and releases to the Bank all the right, title and interest of the Depositor in and to the Deposit Amount US$51,282 No. 99-6-0148682 Mortgagee: Overseas Trust Bank Ltd., Hong Kong. |
To secure such facilities as the Bank may make or continue to make available to the Depositor |
|
11-03-1996 |
Instrument: Charge on Cash Deposit(s) Property: a) Deposit for HK$703,456 presently evidenced by deposit receipt No. FD00327 b) All moneys now or hereafter standing to the Company’s credit with the Bank on any account Mortgagee: The Mitsubishi Bank Ltd., Hong Kong Branch. [Now known as The Bank of Tokyo-Mitsubishi Ltd.] |
To secure obligations of the Company in respect of credit facilities or other financial accommodation |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.73 |
|
UK Pound |
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
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.