MIRA INFORM REPORT

 

 

Report Date :

23.01.2013

 

IDENTIFICATION DETAILS

 

Name :

TAI SHING TRANSPORTATION CO.

 

 

Registered Office :

Unit A, 20/F., Man Foong Industrial Building, 7 Cheung Lee Street, Chaiwan

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

21.03.2002

 

 

Com. Reg. No.:

32460361-000-03

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Transportation

 

 

No. of Employees :

3

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

Payment Behaviour :

No Complaints

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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

 

 

Company name

 

TAI SHING TRANSPORTATION CO.

 

 

ADDRESS

 

Unit A, 20/F., Man Foong Industrial Building, 7 Cheung Lee Street, Chaiwan, Hong Kong.

 

PHONE:            9471 7001

 

FAX:                 2187 5565

 

 

MANAGEMENT

 

Manager:                      Mr. Tse Kam Wah

 

 

SUMMARY

 

Establishment:                          21st March, 2002.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:       Transportation.

 

Employees:                  3.

 

Main Dealing Banker:     Hang Seng Bank Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

Company name

 

TAI SHING TRANSPORTATION CO.

 

 

ADDRESS

 

Head Office:-

Unit A, 20/F., Man Foong Industrial Building, 7 Cheung Lee Street, Chaiwan, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

32460361-000-03

 

 

MANAGEMENT

 

Manager:  Mr. Tse Kam Wah

 

 

SOLE PROPRIETOR

 

Name:  Mr. TSE Kam Wah

Residential Address:     Room 1017, 17/F., Cheuk Wah House, Hing Wah Estate, Chai Wan, Hong Kong.

 

 

HISTORY

 

The subject was established on 21st March, 2002 as a Sole Proprietorship concern owned by Mr. Tse Kam Wah under the Hong Kong Business Registration Regulations.

 

At the very beginning, the subject was located at Room A, 10/F., Havard Commercial Building, 105-111 Thomson Road, Wanchai, Hong Kong, moved to G/F., 94 Sai Wan Ho Street, Shaukiwan, Hong Kong in March 2004; to Room B2, 1/F., Kam Man Fung Factory Building, 6 Hong Man Street, Chaiwan, Hong Kong in August 2006 and further to the present address in March 2009.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities & Lines:          Transportation.

 

Employees:                  3.

 

Commodities Imported: Various sources.

 

Business Territories:      Hong Kong, China, etc.

 

Terms/Sales/Services:  CAD, COD, or as per contracted.

 

Terms/Buying:               As per contracted.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

           

Profit or Loss:               Making a very small profit every year.

 

Condition:                     Keeping in a normal manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Standing:                      Small.

 

 

GENERAL

 

Tai Shing Transportation Co. is a sole proprietorship set up and owned by Mr. Tse Kam Wah who is a Hong Kong merchant.  He is also manager of the subject.

The subject shares the office with another firm Mill & Dale Press Ltd. [MDP] which is a Hong Kong-registered firm.  However, they have different telephone number and fax number.  MDP is a book publishing company incorporated on 11th July, 1978.

 

Business commenced in March 2002, the subject is engaged in the following business scope:-

  • Customs Clearing
  • Logistics Services
  • Trading Agent
  • Transportation & Warehousing

Tse Kam Wah can be reached at his mobile phone number at 9471 7001,  However, most of the time, his phone line is usually connected to a secretarial channel.  Tse Kam Wah has been engaged in the line of business for over ten years.  It usually transport aquatic products for its clients.  Business is normal.  It is able to make a small profit every year.

 

The subject operates from a rented office.

On the whole, consider it good for normal credit requirements in small credit amounts.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.51

UK Pound

1

Rs.84.85

Euro

1

Rs.71.43

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.