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Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHEONGFULI (HONG KONG) CO.
LTD. |
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Formerly Known as: |
Super Boom Co. Ltd. |
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Registered Office : |
Room A, 9/F., Max Share Centre, 367-373 King’s Road, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.05.1988 |
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Com. Reg. No.: |
12982876 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Bags and plastic
products; arts and crafts; mechanical and electronic products, etc. |
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No. of Employees : |
10. (the Company) 8,492. (the Group) |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 |
|
Insignificant |
A1 |
|
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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 |
CHEONGFULI (HONG KONG) CO. LTD.
Room A, 9/F., Max Share Centre, 367-373 King’s Road, North Point, Hong Kong.
PHONE: 2571 2223
FAX: 2887 8943
E-MAIL: cheongfuli@tdctrace.com
Managing Director: Mr. Huang Wenzhou
Incorporated on: 31st May, 1988.
Organization: Private Limited Company.
Capital: Nominal: HK$227,839,400.00
Issued: HK$227,839,400.00
Business Category: Importer, Exporter and Wholesaler.
Company Sales: RMB5,351.0 million Yuan (Year ended 31-12-2012)
Group Sales: RMB91,167.0 million Yuan (Year ended 31-12-2012)
Employees: 10. (the Company)
8,492. (the Group)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Room A, 9/F., Max Share Centre, 367-373 King’s Road, North Point, Hong Kong.
Holding Company:-
Xiamen C & D Inc., China.
Ultimate Holding
Company:-
Xiamen C&D Corporation Ltd., China.
Affiliated/Associated
Companies:-
· Beijing C&D Co. Ltd., China.
C&D
(Canada) Import & Export Inc., Canada.
C&D
(USA) Inc., USA.
C&D
Logistics Group Co. Ltd., China.
C&D
Prosper (Hong Kong) Shipping Co. Ltd., Hong Kong.
Changsha
C&D Real Estate Co. Ltd., China.
Cheongfuli
(Hong Kong) Co. Ltd., Hong Kong.
China
Eagle Securities Co. Ltd., China.
Fujian
De’er Medical Industrial Co. Ltd., China.
Fujian
Zhaofeng Real Estate Co. Ltd., China.
Fuzhou
C&D Co. Ltd., China.
Guangzhou
C&D Trading Co. Ltd., China.
Hanifat
Co. Ltd., Hong Kong.
Hong
Kong Heng Chi International Co. Ltd., Hong Kong.
Hong
Kong Paper Sources Co. Ltd., Hong Kong.
Lianfa
Group Co. Ltd., China.
Quanzhou
C&D Co. Ltd., China.
Quanzhou
YeoHwa Hotel Co. Ltd., China.
Shanghai
C&D Co. Ltd., China.
Shanghai
C&D International Freight Forwarding Co. Ltd., China.
Sichuan
Yongfeng Paper Industry Inc., China.
Sino
East Development Ltd., Hong Kong.
Tianjin
C&D Co. Ltd., China.
Wuyi
Mountain YeoHwa Resort Co. Ltd., China.
Xiamen
Airlines Co. Ltd., China.
Xiamen
B&G Co. Ltd., China.
Xiamen
C&D Agricultural Product Co. Ltd., China.
Xiamen
C&D Art Ceramics Co. Ltd., China.
Xiamen
C&D Automobile Co. Ltd., China.
Xiamen
C&D Chemicals Co. Ltd., China.
Xiamen
C&D Commodities Co. Ltd., China.
Xiamen
C&D Communication Co. Ltd., China.
Xiamen
C&D Electronics Co. Ltd., China.
Xiamen
C&D Energy Co. Ltd., China.
Xiamen
C&D Import & Export Co. Ltd., China.
Xiamen
C&D Int’l Travel Service Co. Ltd., China.
Xiamen
C&D Light Industry Ltd., China.
Xiamen
C&D Liquor Industry Co. Ltd., China.
Xiamen
C&D Material Co. Ltd., China.
Xiamen
C&D Metal Co. Ltd., China.
Xiamen
C&D Minerals Co. Ltd., China.
Xiamen
C&D Packing Co. Ltd., China.
[Also known as Xiamen C&D Paper & Pulp Co. Ltd.]
Xiamen
C&D Paper & Pulp Co. Ltd., China.
Xiamen
C&D Pharmaceutical Co. Ltd., China.
Xiamen
C&D Pinchuan Real Estate Consulting Co. Ltd., China.
Xiamen
C&D Property Management Co. Ltd., China.
Xiamen
C&D Real Estate Co. Ltd., China.
Xiamen
C&D Shengmao Co. Ltd., China.
Xiamen
C&D Tourism & Hotels Co. Ltd., China.
Xiamen
Candour Co. Ltd., China.
Xiamen
City Hotel Co. Ltd., China.
Xiamen
Da Zhong Tong Shang Automobile Sales & Service Co. Ltd., China.
Xiamen
Dazhen Magnetic Record Co. Ltd., China.
Xiamen
Faratronic Co. Ltd., China.
Xiamen
Goldorigin Financial Leasing Co. Ltd., China.
Xiamen
Hongfa Electroacoustic Co. Ltd., China.
Xiamen
Hualian Electronics Co. Ltd., China.
Xiamen
Information Port Construction & Development Co. Ltd., China.
Xiamen
International Bank, China.
Xiamen
International Conference & Exhibition Co. Ltd., China.
Xiamen
International Seaside Hotel Co. Ltd., China.
Xiamen
International Trust & Investment Co. Ltd., China.
Xiamen
Jiacheng Real Estate Co. Ltd., China.
Xiamen
JianFa Sealing Materials Co. Ltd., China.
Xiamen
Jianpeng Agricultural of Production Ltd., China.
Xiamen
Jiarun Real Estate Co. Ltd., China.
Xiamen
King Home Import & Export Co. Ltd., China.
Xiamen
Kingland Co. Ltd., China.
Xiamen
Kingland Import & Export Co. Ltd., China.
Xiamen
Lianfa (Group) Forever Co. Ltd., China.
Xiamen
Lianxincheng Co. Ltd., China.
Xiamen
Mandarin Hotel Co. Ltd., China.
Xiamen
Mandarin Taxi Service Co. Ltd., China.
Xiamen
Modern Dock Co. Ltd., China.
Xiamen
Overseas Chinese Electronic Co. Ltd., China.
Xiamen
Seaview Resort Co. Ltd., China.
Xiamen
Shipbuilding Industry Co. Ltd., China.
Xiamen
United Development (Group) Co. Ltd., China.
Xiamen
Wuyi Mountain C&D International Travel Service Co. Ltd., China.
Xiamen
Wuyi Mountain Mandarin Hotel Co. Ltd., China.
Xiamen
Xinchi Automobile Co. Ltd., China.
Xiamen
Xingsha Pharmaceutical Co. Ltd., China.
Xiamen
Zijin Tongguan Mining Investment Development Co. Ltd., China.
XOCECO
Holding Co. Ltd., China.
Yuehua
International (H.K.) Co. Ltd., Hong Kong.
etc.
12982876
0217308
Managing Director: Mr. Huang Wenzhou
Nominal Share Capital: HK$227,839,400.00 (Divided into 2,278,394 shares of HK$100.00 each)
Issued Share Capital: HK$227,839,400.00
(As per registry
dated 31-05-2012)
|
Name |
|
No.
of shares |
|
Xiamen C & D Inc. 7/F., Seaside Building, 52, Lu Jiang Dao, Xiamen, China. |
|
2,278,394 ======= |
(As per registry
dated 31-05-2012)
|
Name (Nationality) |
Address |
|
HUANG Wenzhou |
Room 702, Block 3, No. 136,
Xiaoxue Road, Xiamen, China. |
|
ZHANG Yongfeng |
Room 302, Block 3, No. 136,
Xiaoxue Road, Xiamen, China. |
|
LAI Yanda |
7/F., Seaside Building, Xiamen
361001, China. |
|
WU Xiao Min |
5-7/F., Seaside Building,
Xiamen, China. |
(As per registry
dated 31-05-2012)
|
Name |
Address |
Co.
No. |
|
General Secretarial Services Ltd. |
20/F., Capital Centre, 5-19, Jardine’s Bazaar, Causeway
Bay, Hong Kong. |
0029941 |
The subject was incorporated on 31st May, 1988 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Super Boom Co. Ltd., name changed to the present style on 7th November, 1989.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Bags and plastic products; arts and crafts; mechanical and electronic products, etc.
Employees: 10. (the Company)
8,492. (the Group)
Commodities Imported: Imports raw materials from European countries, some of the Asian countries and finished
products from China.
Markets: Asian countries, Europe, North America, etc.
Company Sales: RMB5,351.0 million Yuan (Year ended 31-12-2012)
Group Sales: RMB40,551.0 million Yuan (Year ended 31-12-2009)
RMB66,095.5 million Yuan (Year ended 31-12-2010)
RMB80,254.1 million Yuan (Year ended 31-12-2011)
RMB91,167.0 million Yuan (Year ended 31-12-2012)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$227,839,400.00 (Divided into 2,278,394 shares of HK$100.00 each)
Issued Share Capital: HK$227,839,400.00
Total Assets: RMB648.0 million Yuan (Year ended 31-12-2012)
Net Assets: RMB387.0 million Yuan (Year ended 31-12-2012)
Mortgage or Charge: (See attachmenet)
Company Net Profit: RMB51.0 million Yuan (Year ended 31-12-2012)
Group profit
attributable to shareholders:
· RMB1,063.7 million Yuan (Year ended 31-12-2009)
RMB1,754.5
million Yuan (Year ended 31-12-2010)
RMB2,250.2
million Yuan (Year ended 31-12-2011)
RMB2,156.0
million Yuan (Year ended 31-12-2012)
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.
Bankers:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Very Good.
Cheongfuli (Hong Kong) Co. Ltd. is a wholly-owned subsidiary of Xiamen C & D Inc. [C&D Inc.], China.
Established in June 1998, Xiamen C&D Inc. is 46.3% owned by Xiamen C&D Corp. Ltd. [C&D].
The subject is trading in the same kinds of commodities as C&D. C&D is trading in bags and plastic products; arts and crafts; mechanical and electronic products, paper and paper products, etc.
C&D is a state-owned conglomerate enterprise which was established in December 1980. After more than two decades of continuous innovation and improving, C&D has now developed into a large-scale investment enterprise group with a registered capital of RMB3.2 billion Yuan, a total asset of over RMB30 billion Yuan, and an annual income of over RMB40 billion Yuan. Its main business scope covers Trading and Logistics Services, Real Estate Development & Property Management, Tourist and Hotel Services, Conference & Exhibition, Securities & Fiduciary Contribution, Electronic Products & Pharmacy, etc.
In 2009, C&D ranked the 174th of the “Top 500 Chinese enterprises”, the 59th of the “Top 500 Chinese service enterprises”, the 3rd of logistics, warehousing, transportation and distribution services, and has been ranking the first of the “Top 100 enterprises in Fujian Province” consecutively for several years.
C&D Inc. was listed at Shanghai Stock Exchange on 16th June, 1998 bearing the stock name C&D Stock and stock code 600153.
C&D Inc. is a modern service enterprise cantering on supply chain operation. Its main business covers supply chain operation, real estate development, property leasing, industrial investments, etc. Main products include paper and pulp materials, mineral products, iron & steel and metal products, products of energy and chemicals, farm produce and by-products, cereals, oils and foodstuffs, construction materials, mechanical & electronic equipment, automobiles, ships, textile products, etc.
C&D Inc.’s
major businesses are as the following:-
· Conference & Exhibition: operated by its subsidiary Xiamen International Conference & Exhibition Co. Ltd. Sales are the allowances from the government, regular conference and exhibition rentals and self‑operating income. This firm offers a comprehensive range of services, including exhibition venue leasing, exhibition organization, exhibition services, exhibition projects and advertisement information services.;
Import
& Export and Domestic Trade: one of its core businesses and operated by
subject’s directly subordinated Trade Department; &
Real
Estate Development: operated by its subsidiary Lianfa Group which is mainly
engaged in real estate development, industrial property leasing and property
management.
C&D Inc. possesses the usufruct of circulation service trademarks “C&D” and “CODECO”.
C&D Inc.’s commodities are imported from Japan, Europe, the United State, etc. and also purchased in China.
C&D Inc. has established business relationship with more than 70 countries and regions of the world, and has established its branches in Beijing, Tianjin, Shanghai, Guangzhou, Fuzhou, Quanzhou, Hong Kong, Canada, etc.
In 2012, its sales amounted to RMB91,167.0 million Yuan (2011: RMB80,254.1 million Yuan), Group profit attributable to shareholders was RMB2,156.0 million Yuan (2011: RMB2,250.2 million Yuan). Business was good in the past years.
C&D Inc. has been honoured as the “AAA” grade enterprise by the Xiamen Financial Consultant Evaluation Company. In 2010, C&D Inc. ranked the 60th in “China Top 500 Listed Companies” and ranked the first in “Top 300 Tertiary‑Industry Enterprises (Import & Export Industry) of Fijian”. Besides, C&D Inc. has been conferred the titles of “2010 China’s Top 100 Investment‑Worthy Public Companies” and “2010 China’s Top 100 Most Competitive Public Companies”.
According to the subject, its sales for the year ended 31st December, 2012 amounted to RMB5,351.0 million Yuan, net profit was RMB51.0 million Yuan in the year. Profit margin was low in the year.
However, the subject predicts its sales in 2013 would be amount to RMB95 billion Yuan.
The subject is fully supported by C&D Inc.
On the whole, consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
15-02-2011 |
Instrument: Trade Finance Security Assignment
(the “Assignment) Property: For the payment of all Secured Liabilities: (a) assigns and agrees to assign absolutely to the Bank all the present and future rights, title, interests and benefits of the Borrower in and to the following assets: (i) the Export Credits; (ii) the Export Collection Bills; (iii) the Sales Contracts; (iv) the Export Invoice Receivables; (v) the Insurances; (vi) the Trade Documents; and (vii) all claims, remedies and proceeds in connection with any of the foregoing; (b) charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interests and benefits of the Borrower in and to the following assets: (i) the Goods together with their proceeds; (ii) the Pledged Goods; (iii) the Deposit; and (iv) to the extent any Security Assets (c) pledges and agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are now or may in the future be in the possession of the Bank Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations and
liabilities |
|
01-03-2011 |
Instrument: Security Over Deposit in respect of Obligations of the
Depositor Property: By way of first fixed charge to the Chargee the account no. 702530010813 Mortgagee: Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
All monies and liabilities |
|
21-09-2011 |
Instrument: Trade Finance Security Assignment
(All Moneys) (Own Obligations) (“the Security Assignment) Property: 1. By way of fixed charge all the Chargor’s right, title, interest and benefit from time to time in and to any amount standing to the credit of the Charged Account 2. By way of assignment, all the Chargor’s right, title, interest and benefit form time to time in and to the Assigned Assets Mortgagee: Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
To secure the payment
and satisfaction of all present and future obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.94 |
|
UK Pound |
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
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.