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Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
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Correct Name : |
KWOK
FUNG (SINO H.K.)
ENTERPRISE LTD. |
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Registered Office : |
Room 4024-39, 40/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.10.1992 |
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Com. Reg. No.: |
16152469 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Re-exporter of all kinds of paper |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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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 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 |
KWOK FUNG (SINO H.K.) ENTERPRISE LTD.
Room 4024-39, 40/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.
PHONE: 2542 1268
FAX: 2542 1626
Managing Director: Mr. Yeung Yuk Ching
Incorporated on: 1st October, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$50,000,000.00
Issued: HK$35,000,000.00
Business Category: Paper Trader.
Employees: 40.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 4024-39, 40/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.
Holding Company:-
Kwok Fung Holding Ltd., Hong Kong.
Associated
Companies:-
AB Jan Liebig Ltd., Sweden.
Costal Pulp & Paper LLC, USA.
Costal Pulp & Paper Ltd., Hong Kong.
Ekman & Co. (Korea) Ltd., Korea.
Ekman & Co. AB, Sweden.
Ekman & Co. China Ltd., China.
Ekman & Co. Inc., USA.
Ekman AG, Switzerland.
Ekman Asia Pte. Ltd., Singapore.
Ekman Converting SA, Morocco.
Ekman do Brasil Comercial Ltda., Brazil.
Ekman Iberica S.A., Spain.
Ekman Middle East (FZC), UAE.
Ekman Polska Sp. z.o.o., Poland.
Ekman Pty. Ltd., Australia.
Ekman Pulp & Paper Co. Ltd., Japan.
Ekman Pulp & Paper Ltd., Hong Kong.
Ekman Pulp & Paper Pvt. Ltd., India.
Ekman Recycling Inc., USA.
Ekman UK Ltd., UK.
Percy Von Schoulta & Co. AB, Sweden.
Rappresentanza Ekman SRL, Italy.
Secondary Pulp & Paper Inc., Canada.
Taipei Ekman & Co., Taiwan.
etc.
16152469
0382579
Managing Director: Mr. Yeung Yuk Ching
Director & Sales Contact: Mr. Ng. Chi Leung, Danny
Nominal Share Capital: HK$50,000,000.00 (Divided into 5,000,000 shares of HK$10.00 each)
Issued Share Capital: HK$35,000,000.00
(As per registry
dated 01-10-2012)
|
Name |
|
No. of shares |
|
Kwok
Fung Holding Ltd., Hong Kong. |
|
3,500,000 |
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Total: |
3,500,000 ======= |
(As per registry
dated 01-10-2012)
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Name (Nationality) |
Address |
|
YEUNG Yuk
Ching (Chinese) |
Flat B, 9/F., Amber Garden
70-72 Kennedy Road, Wanchai, Hong Kong. |
|
NG Chi Leung,
Danny (Chinese) |
Flat C, 28/F., Amber Garden,
70-72 Kennedy Road, Wanchai, Hong Kong. |
|
Jan Olof
SVENSSON |
8750 NW 36th Street, Suite
400, Miami FL 33178, USA. |
|
Per Hans
TIDEBRANT |
Ut Landa Gatan 10, Y/2 61
Giteborg, Sweden. |
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Annie
Elisabeth EDVARDSEN |
Baverstigen 3, 4Y8 3Y Floda,
Sweden. |
(As per registry
dated 01-10-2012)
|
Name |
Address |
Co.
No. |
|
TopSec Services Ltd. |
Unit 1602, 16/F., Malaysia Building, 50 Gloucester
Road, Wanchai, Hong Kong. |
0312349 |
The subject was incorporated on 1st October, 1992 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1702, 17/F., Workington Tower, 78 Bonham Strand East, Sheung Wan, Hong Kong, moved to Room 1309, 13/F., West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong in May, 2004. The subject moved to the present address in January 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Wholesaler and Re-exporter.
Lines: All kinds of paper.
Employees: 40.
Commodities Imported: Imported from Europe (Germany, Switzerland, Sweden, Finland, etc.), US, China, etc.
Markets: Hong Kong, Taiwan, Southeast Asia, etc.
Terms/Sales: Various terms.
Terms/Buying: L/C or as per contracted.
Nominal Share Capital: HK$50,000,000.00 (Divided into 5,000,000 shares of HK$10.00 each)
Issued Share Capital: HK$35,000,000.00
Alternation of
Capital:-
|
Initially |
paid up |
HK$ 10,000.00 |
|
31-12-2003 |
paid up |
HK$ 990,000.00 |
|
17-02-2005 |
paid up |
HK$ 34,000,000.00 |
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|
|
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Total: |
paid up |
HK$ 35,000,000.00 ============== |
Increase of Nominal
Capital:-
|
From |
HK$5,000,000.00 |
to |
HK$50,000,000.00 |
on |
28-01-2005 |
Profit or Loss: Business is profitable.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: Regularly met.
Commercial Morality: Satisfactory.
Bankers:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
· DBS Bank (Hong Kong) Ltd., Hong Kong.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Originally Kwok Fung (Sino H.K.) Enterprise Ltd. just issued 1,000 ordinary shares of HK$10.00 each. Increased to 100,000 shares by issuing 99,000 more shares on 31st December, 2003. Now, its issued share capital has been increased to HK$35 million.
The subject was jointly owned by Rich Loyal International Enterprise Ltd., holding 60% interest; Mr. Danny Ng Chi Leung, holding 20%, and Mr. Yeung Yuk Ching, also 20%. Now, it is a wholly-owned subsidiary of Kwok Fung Holding Ltd. [Kwok Fung] which is a Hong Kong-registered firm. Kwok Fung is a subsidiary of Ekman AB & Co. [Ekman] which is a Sweden-based firm. Ekman acquired Kwok Fung in 2011.
The subject is a paper trader.
The subject imports, wholesales and re-exports all kinds of paper, pulp and paper board. Commodities are imported from various sources such as the United States, Germany, Switzerland, Sweden, Finland, China, etc. Prime markets are Hong Kong, China, Taiwan, Southeast Asia, etc. Most of the subjects customers are printing factories in Hong Kong or enterprises which have got affiliated printing factories in China. Business has been active and satisfactory.
Ekman provides a complete range of services for the paper and pulp industries, covering market information and research, invoicing and documentation, logistics and warehouse administration, transportation and insurance, trade finance, credit risk coverage, payment administration, advance payments and financing, currency and interest rate hedging, and price risk hedging.
Ekman has 265 employees working at about 40 locations throughout the world. Operations are coordinated from its hubs in Gothenburg, Miami and Hong Kong. The Hong Kong hub is the subject.
Its own sales offices, in close cooperation with an international network of partners and representatives, ensure a strong presence throughout the world in all producing and consuming areas for the forest industry.
In FY 2011, the operating revenue of Ekman amounted to US$2,420 million (2010: US$2,100 million). In the year, Ekman sold 3,700 tonnes of paper and pulp.
Jan Svensson is the CEO of the Ekman Group while Hans Tidebrant is the senior vice president. Both are also director of the subject.
Mr. Ng and Mr. Yeung are veterans in the field of paper importing and marketing.
The subject is fully supported by Ekman.
As the subject has a history of over twenty years in Hong Kong, on the whole, consider it good for normal business engagements.
Court case
record:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
May
2005 |
H977 |
Kwok Fung (Sino H.K.)
Enterprise Ltd. |
Kwok Fung (Sino H.K.)
Enterprise Ltd. |
Reinstate registration of
company |
Not stated |
Property information of the company:-
Property Location: Unit No. 1308 on 13/F. of West Tower,
Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong.
Owner: Kwok Fung (Sino H.K.) Enterprise Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-04-2008 |
- |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
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UK Pound |
1 |
Rs.82.88 |
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Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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This score serves as a reference to assess SCs 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.