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Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
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Name : |
HOP SHING COMPANY |
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Registered Office : |
30 Begonia Path, Monterey Park, Palm Springs, Yuen Long, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.06.2003 |
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Com. Reg. No.: |
34642795-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of carpets |
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No. of Employees : |
01 |
RATING & COMMENTS
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MIRA’s 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 : |
Small company |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
HOP SHING COMPANY
ADDRESS: 30 Begonia Path, Monterey Park, Palm Springs, Yuen Long, New Territories, Hong Kong.
PHONE: 852-2670 5257
FAX: 852-2679 6545
E-MAIL: hopshingcompany@yahoo.cn
hopshingcompany@netvigator.com
Manager: Mr. Kung Wah Keung
Establishment: 1st June, 2003.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Manufacturer.
Employee: 1. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
30 Begonia Path, Monterey Park, Palm Springs, Yuen Long, New Territories, Hong Kong.
Associated
Companies:-
Hop Sing Rattan Co., Hong Kong. (Same address)
Foshan Kong Shing Carpet Ltd.
Da Long Industrial District, Li Guan Road, Lishui Town, Nanhai, Foshan City, Guangdong Province, China.
[Tel: 86-757-8591 8566, 8565 1562, 8565 1563
Fax: 86-757-8599 5838]
34642795-000-06
Manager: Mr. Kung Wah Keung (Mobile: 9220 7910)
Name: KUNG Wah Keung
Residential Address: 30 Begonia Path, Monterey Park, Palm Springs, Yuen Long, New Territories, Hong Kong.
The subject was established on 1st June, 2003 as a sole proprietorship concern owned by Mr. Kung Wah Keung under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Manufacturer.
Lines: All kinds of carpets
Employee: 1. (Including associate)
Commodities Imported: China.
Markets: Japan, other Asian countries, Europe, North America, Australia, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a very small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making fairly 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: Small.
Hop Shing Company is a sole proprietorship set up and owned by Mr. Kung Wah Keung who is a Hong Kong merchant. Kung is the manager of the subject.
The subject’s registered address is in a residential flat located at 30 Begonia Path, Monterey Park, Palm Springs, Yuen Long, New Territories, Hong Kong. This is the residence of Kung
.
The subject is a carpet trader. It has had an associated company in Foshan City, Guangdong Province, China known as Foshan Kong Shing Carpet Ltd. [Kong Shing]. It was set up on 21st August, 2009.
The factory area of Kong Shing is about 5,000 sq.m. and employing about 70 employees.
The subject is trading in the following products:
Coir Mats, SISAL Mats, Wool carpets, Woven carpets, Sisal & Wool carpets, Sea Grass carpets, SERENA carpets, RAINBOW carpets, CANDY carpets, HALY carpets, Acrylic Carpets, PP Carpets, Nylon Carpets, Pet Carpets, Cotton Binding, etc.
All the products bear the brand name Hop Shing.
According to the subject, its carpets are widely used in government organizations, hotels, offices, factories, automobiles, general residences, etc. Its products are marketed in China, Hong Kong, Macau and exported to the United States, Canada, Europe, Southeast Asia, the Middle East, Australia, etc. Business is rather active.
The annual sales turnover ranges from RMB30 to 50 million Yuan.
The subject’s business is chiefly handled by Kung Wah Keung who can be reached at his Hong Kong mobile phone number 852-9220 7910 or at his China mobile phone number 86-1392 8673 682.
The subject has had an affiliated retailing outlet in Yau Tong, Kowloon, Hong Kong.
As the history of the subject is over ten years in Hong Kong, on the whole, consider it good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.69 |
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|
1 |
Rs.101.08 |
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Euro |
1 |
Rs.84.07 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
-- |
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.