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Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
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Name : |
TOP STEP DEVELOPMENT LTD. |
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Registered Office : |
C/o Everbest Secretarial Ltd. Room 1705-1706, 17/F., President Commercial Centre, 608 Nathan Road, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.03.2000. |
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Com. Reg. No.: |
30786854 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is a feedstuff trader. It is engaged in importing feedstuffs from Southeast Asian countries and re-exporting to China. |
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No. of Employees : |
Not Available |
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 : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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
TOP
STEP DEVELOPMENT LTD.
ADDRESS:
Registered Office:-
c/o Everbest
Secretarial Ltd.
Room 1705-1706,
17/F., President Commercial Centre, 608 Nathan Road, Mongkok, Kowloon, Hong
Kong.
[Tel: 2332
5808; Fax: 2388 1034]
30786854
0708470
17th March, 2000.
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$7,000.00
(As per registry
dated 17-03-2012)
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Name |
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No. of shares |
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CHAN Wing Leung |
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6,999 |
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CHAN Choi Fai |
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1 |
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––––– |
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Total: |
7,000 ==== |
(As per registry
dated 17-03-2012)
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Name (Nationality) |
Address |
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CHAN Wing Leung |
G/F., 1 Fung Kit Heung,
Yuen Long, New Territories, Hong Kong. |
(As per registry
dated 17-03-2012)
|
Name |
Address |
Co. No. |
|
Everbest
Secretarial Ltd. |
Room 1705-1706,
17/F., President Commercial Centre, 608 Nathan Road, Mongkok, Kowloon, Hong
Kong. |
0160492 |
Top Step Development
Ltd. was incorporated on 17th March, 2000 as a private limited liability
company under the Hong Kong Companies Ordinance.
The subject does not
have its own operating office. Its registered
office is in a commercial service firm located at Room 1705-1706, 17/F.,
President Commercial Centre, 608 Nathan Road, Mongkok, Kowloon, Hong Kong known
as Everbest Secretarial Ltd. [Everbest] which is handling its correspondences
and documents. Everbest is also the
corporate secretary of the subject. This
firm in fact an associate of Jack C. Y. Yim & Co. which is an accountant
firm. Jack C. Y. Yim & Co. is also
located at the above‑mentioned address.
Your given phone
number 2332 5808 and fax number 2388 1034 belong to Everbest.
The subject has no
employees in Hong Kong.
According to the
Companies Registry of Hong Kong, the subject has issued 7,000 ordinary shares
of HK$1.00 each of which 6,999 shares are owned by Mr. Chan Wing Leung while the
other single share is owned by Mr. Chan Choi Fai. The two Chans are Hong Kong businessmen. Mr. Chan Wing Leung is also the director of
the subject.
Your given mobile
phone number 852-6766 2012 belongs to Chan Wing Leung. We can reach him at this number. He also has confirmed that the
above-mentioned address belongs to Jack C. Y. Yim & Co. which is an
accountant firm. The is the
corresponding address of the subject.
Its e-mail address is skyhighfeed@yahoo.com.hk.
Mr. Tan Xiangping
was the old director of the subject. Tan
was a China merchant holding a China ID and currently residing in Xiangtan
City, Hunan Province, China.
The subject is a
feedstuff trader. It is engaged in
importing feedstuffs from Southeast Asian countries and re-exporting to China. At present, it is still looking for “peanut
meal (cake)” suppliers for animals. The
demand is 200 metric tonnes per month.
It is also looking for wheat barn which will be marketed in China. Monthly consumption is about 5 to 600 tons.
The subject is
trading in the following commodities for feedstuff industry: groundnut hull
meal, yellow maize corn, white maize corn, apple pomace pellet, rice bran,
wheat bran, soybean meal, etc.
In recent years, the
subject has been carrying Paddy Rice, Konjac Rice, Rolled Oats, Instant Oats,
etc.
Payment term usually
in D/P at sight through The Bank of East Asia Ltd. which is a
Hong Kong-based bank.
It is likely that
most of the commodities are marketed in or sourced from Xiangtan City, Hunan
Province, China where Tan Xiangping has had business concerns in the City. The subject’s major markets are Africa,
Australia, Scandinavia, North America, Central & South America, Europe,
Taiwan, Southeast Asia, other Asian countries, etc.
In Hong Kong, the
subject’s business is chiefly handled by Chan Wing Leung.
According to Chan
Wing Leung, the subject currently is importing corn from India.
On the whole, since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis or in small credit
amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
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|
1 |
Rs.83.77 |
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Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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-- |
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.