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Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
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Name : |
KING COMMODITIES INTERNATIONAL LTD. |
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Registered Office : |
Room 701, 7/F., Sino Centre, 582-592 Nathan Road, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.05.2002 |
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Com. Reg. No.: |
32669864 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Garlic, seasoning products, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
No Operation 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 (31.03.2012) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
|
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.
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Source : CIA |
ATIONAL LTD.
c/o Hong Kong Wan
Long Fu Registrations Ltd.
Room 701, 7/F.,
Sino Centre, 582-592 Nathan Road, Mongkok, Kowloon, Hong Kong.
PHONE: 2264 8532
FAX: 2264 8570
Managing Director: Mr. Gao Li Feng
Incorporated on: 27th May, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
KING
COMMODITIES INTERNATIONAL LTD.
Registered
Office:-
c/o Hong Kong Wan
Long Fu Registrations Ltd.
Room 701, 7/F.,
Sino Centre, 582-592 Nathan Road, Mongkok, Kowloon, Hong Kong.
Associated
Companies:-
Yafod
International Ltd.
2-2-1501, No. 113,
Jiangxi Road, Qingdao, Shandong Province, China.
Yafod
International Ltd., Hong Kong.
32669864
0799411
Managing
Director: Mr. Gao Li Feng
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As per registry dated 27-05-2011)
|
Name |
Occupation |
No.
of shares |
|
WANG
Xiao Long |
Merchant |
7,000 |
|
GAO Li Feng |
Merchant |
3,000 |
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|
|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 27-05-2011)
|
Name (Nationality) |
Address |
|
GAO Li Feng |
Door 601, No 67, Shi Bei District, Qingdao
City, Shantung, China. |
|
WANG Xiao Long |
88-5G, Mei Lin Yi Village, Shenzhen,
China. |
(As per registry dated 27-05-2011)
|
Name |
Address |
Co.
No. |
|
Hong
Kong Wan Long Fu Registrations Ltd. |
Room 701, 7/F., Sino Centre, 582-592 Nathan Road, Mongkok, Kowloon,
Hong Kong. |
0593745 |
The
subject was incorporated on 27th May, 2002 as a private limited liability company
under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of King Garlic (HK) Ltd., name
changed to the present style on 28th January, 2004.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Garlic, seasoning products, etc.
Employees: Nil.
Commodities Imported: China, etc.
Markets: India, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having
issued 10,000 ordinary shares of HK$1.00 each, King Commodities International
Ltd. was jointly owned by Mr. Wang Xiao Long, holding 70% interests; and Mr.
Hitesh Chanduha I Sata, holding 30%. The
former is a China merchant while the latter is an India merchant. Now, Hitesh Chanduha I Sata has transferred
all his shares to Mr. Gao Li Feng who is also a China merchant.
The
directors of the subject are Mr. Gao Li Feng and Mr. Wang Xiao Long. Currently, Gao is residing in Qingdao City,
Shandong Province, China. He is a China
ID holder.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at Room
701, 7/F., Sino Centre, 582‑592 Nathan Road, Mongkok, Kowloon, Hong
Kong known as Hong Kong Wan Long Fu Registrations Ltd. [HKWLF] which is
handling its correspondences and documents.
This firm is also the corporate secretary of the subject. Your given phone and fax number 2264 8532 and
2264 8570 respectively belong to HKWLF.
The
subject has no employees in Hong Kong.
However, the subject has had a representative in Hong Kong known as Mr.
Wang Zhixu.
To
our knowledge, the subject is a garlic trader.
It has got two affiliated companies, namely, Yafod International Ltd.
[China Yafod], China, and Yafod International Ltd. [HK Yafod], Hong Kong. The former was established in 2000 while the
latter, in 2007.
Founded
in 2000, China Yafod is a major professional garlic exporter in China. It has its own garlic production base in
Shandong Province, China. It collects,
processes, packs, stores and exports Chinese garlic to worldwide
countries. Over the years, China Yafod
has got a worldwide reputation for its brand “Pretty Garlic”. In March 2010, a decade after its birth,
Pretty Garlic is commented by the renowned Fortune Magazine as the “industry’s
equivalent to Nike or Coca-Cola”.
China
produces 75% of the garlic in the world, according to the FAO. The famous garlic China Yafod supplied
include normal white and pure white garlic of Shandong, Henan and Pizhou, high
mountain organic purple garlic and single clove garlic of Yunnan. The sizes range from 4.5 cm to 6.5 cm. China Yafod packs its garlic into 10 kg white
and colour printed cartons or in pre-packed mesh bags. It can also pack them in 20 kg net
sacks. It loads garlic either in 20’ FCL
containers with one door open or in 40’ HQRF reefer containers with temperature
and humidity control. China Yafod has
its own 8,000 ton cold storage warehouse in China.
China
Yafod’s garlic products include the followings:-
Various
kinds of dehydrated garlic powder, garlic oil, garlic drink, garlic flakes,
garlic paste, fresh and frozen peeled garlic, garlic granules, salted garlic,
roasted garlic, minced garlic, decorated garlic braids, etc.
China
Yafod also exports a variety of other local agricultural products such as
ginger, chilli, spice, peanuts, chestnuts, apples, ginger, pomelos, pears,
onions, beans, tomato paste, etc.
The
General Manager of China Yafod Mr. Gao Li Feng is also the Managing Director of
the subject. Mr. Gao Li Feng can be
reached at his mobile phone number 86-13906397051.
China
Yafod has had an office in Shenzhen Special Economic Zone, China. Apart from the China offices, it also has set
up offices in Canada, Iran, Colombia, Poland, the United Kingdom, India.
The
India representative Hitesh Chanduha I Sata was also the old minor shareholder
of the subject.
It
is likely that China Yafod deals with foreign parties under the name of the
subject and let foreign firms correspond with the subject’s registered address
in Hong Kong. China Yafod also exports
commodities to foreign markets under the name of the subject and its registered
address in Hong Kong.
The
subject’s business in Hong Kong is not very active. History in Hong Kong is over ten years.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements in small credit amounts or on
L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.09 |
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Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
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 |
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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.