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Report Date : |
13.12.2013 |
IDENTIFICATION DETAILS
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Name : |
CHEUNG HING CORPORATION LTD. |
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Registered Office : |
4/F., Wai Hing Building, 146 Prince Edward Road West, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.04.1999. |
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Com. Reg. No.: |
30059702 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of wood, timber. |
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No. of Employees : |
3 |
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 : |
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 – 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
CHEUNG HING
CORPORATION LTD.
ADDRESS: 4/F., Wai Hing Building, 146
Prince Edward Road West, Kowloon, Hong Kong.
PHONE: 852-2381 2547, 2380 7112
FAX: 852-2397 1790
E-MAIL: chtimber@netvigator.com
Managing Director: Mr. Cheng Pui
Chung
Incorporated on: 30th
April, 1999.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
4/F., Wai Hing Building, 146 Prince Edward Road West, Kowloon,
Hong Kong.
Associated Company or Organization:-
Cheung Hing & Co., Hong Kong.
Cheung Hing Resources Co. Ltd., Hong Kong.
Cheung Hing Timber Co. Ltd., Hong Kong. [Dissolved]
Thai Sawat Import & Export Co. Ltd., Thailand.
Thai Timber Merchant Association, Thailand.
30059702
0673982
Managing Director: Mr. Cheng Pui
Chung
Shipping Clerk & Contact Person:
Ms. Cherie Chow
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 30-04-2013)
|
Name |
|
No. of shares |
|
TEH Choo Ngang |
|
3,200,000 |
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CHENG Pui Chung |
|
1,900,000 |
|
CHENG Pui Chee (Alias Apipatana
Chetta) |
|
3,000,000 |
|
Apipatana Marut |
|
1,900,000 |
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|
––––––––– |
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Total: |
10,000,000 ======== |
(As per registry dated 30-04-2013)
|
Name (Nationality) |
Address |
|
CHENG Pui Chung |
4/F., 146 Prince Edward Road, Kowloon, Hong Kong. |
|
CHENG Pui Chee |
4/F., 146 Prince Edward Road, Kowloon, Hong Kong. |
|
TEH Choo Ngang |
10C, 16/F., Lai Wan Road, Kowloon, Hong Kong. |
CHENG Pui Chung (As per registry
dated 30-04-2013)
The subject was incorporated on 30th April, 1999 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of wood,
timber.
Employees: 3.
Commodities Imported: Myanmar, Vietnam, Pauper New Guinea, Thailand, Southeast Asia,
etc.
Markets: Hong Kong, China, Japan, South
Korea, Taiwan, other Asian countries, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Mortgage or Charge (since2007): (See attachment)
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:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Dah Sing Bank Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
KBC Bank N.V., Hong Kong Branch, Hong Kong.
Oversea-Chinese Banking Corporation Ltd.,
Hong Kong Branch, Hong Kong.
Standing:
Small.
Having issued 10 million ordinary shares of HK$1.00 each, Cheung Hing
Corporation Ltd. is jointly owned by Mr. Teh Choo Ngang, holding 32% interests;
Mr. Cheng Pui Chung, holding 19%; Ms. Cheng Pui Chee, 30%; Mr. Apipatana Marut,
19%. The former three are also the
directors of the subject.
The subject’s registered address is in a private building located at
4/F., Wai Hing Building, 146 Prince Edward Road West, Kowloon, Hong Kong. This is the residence of Cheng Pui Chung and
Cheng Pui Chee.
The subject is trading in the following commodities:-
Santalum Album Wood, Hoover, Cherry Veneer, Rough Wood, Crude Wood, Sawn
Wood, Finger-Joint Panel, other Wood Materials, etc.
Products are imported from Myanmar, Vietnam, Pauper New Guinea,
Thailand, etc. Prime markets are Hong
Kong, China, Japan, South Korea, Taiwan, the other Asian countries, etc.
The subject had an associated company Cheung Hing & Co. located at
its operating address. Now, the
registered address of this firm has moved to the operating address of a
commercial service provider.
The subject also has had an associated company in Thailand known as Thai
Sawat Import & Export Co. Ltd. [Sawat].
Sawat is also a timber and wood trader.
This firm is jointly operated by Cheng Pui Chee (alias Apipatana Chetta)
and Apipatana Marut. The latter is a
Thai. He is a director of Thai Timber
Merchant Association of Thailand.
Ms. Cheng Pui Chee (alias Apipatana Chetta) and Apipatana Marut seem to
be a couple.
The business of the subject is rather active. Regular suppliers and customers have been
maintained. History in Hong Kong is over
fourteen years.
On the whole, consider the subject good for normal business engagements.
(Since 2007)
|
Date |
Particulars |
Amount |
|
17-01-2007 |
Instrument: Charge of Cash and Security Agreement Property: All moneys in any currency now or at any time hereafter standing to
the credit of the Depositor’s current, savings or deposit accounts whether in
local or foreign currency deposit account No. 539338 which shall include any
renewals thereof whether by way of extension, replacement or substitution
(whether bearing the same or different account numbers together with interest
accrued or to be accrued thereon & all additions thereto as continuing
security for the payment and discharge of the Secured Obligations Mortgagee: Oversea-Chinese Banking Corporation
Ltd., Hong Kong Branch. |
All moneys & liability |
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19-03-2007 |
Instrument: Security over Deposit in respect of
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account No.
861060027545 & all deposits form time to time therein which expression
includes all and every deposit & any currency into which such sums may
from time to time be converted Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All monies & liabilities |
|
03-12-2008 |
Instrument: General Collateral Agreement Property: 1. The Customer assigns
to the Bank the Assigned Assets. 2. The Customer charges
the Deposit to the Bank 3. The Customer charges
the Securities & Pledged Goods to the Bank Mortgagee: Dah Sing Bank Ltd., Hong Kong. |
General banking facilities
granted to the company |
|
20-04-2009 |
Instrument: Charge Over Deposit/Securities
(2-Parties) Property: Charged Assets Deposit & Securities, Account No. 385-185822-085,
include any assets accepted by the Bank form time to time in addition to or
in substitution of any existing charged Assets in accordance with the
provisions of this charge Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency by the company to Hang Seng
Bank Ltd. at any time, actually or contingently, in any capacity, alone or
jointly with any other person |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.62 |
|
|
1 |
Rs.100.84 |
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Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
NNA |
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.