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Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
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Name : |
TRANSPEED TRADING LTD. |
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Registered Office : |
Room 201, 2/F., Mega Trade Centre, 1 Mei Wan Street, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.07.2009 |
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Com. Reg. No.: |
50887036 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Fabrics, other textile products, etc. |
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No. of Employees : |
3. (Including
associate) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
Source
: CIA
TRANSPEED TRADING
LTD.
ADDRESS: Room 201, 2/F., Mega Trade Centre, 1 Mei
Wan Street, Tsuen Wan, New Territories, Hong Kong.
PHONE: 2413 8887, 2682 0671
FAX: 2413 8878
Managing Director: Mr. Cheng Tai
Shing
Incorporated on: 6th
July, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 3. (Including
associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 201, 2/F., Mega Trade Centre, 1 Mei Wan Street, Tsuen Wan,
New Territories, Hong Kong.
Associated Company:-
Transpeed International Ltd., Hong Kong.
(Same address)
50887036
1350636
Managing Director: Mr. Cheng Tai
Shing
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 06-07-2012)
|
Name |
|
No. of shares |
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CHENG Tai Shing |
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5,000 |
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LAM Po Mei, May |
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5,000 |
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|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 06-07-2012)
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Name (Nationality) |
Address |
|
CHENG Tai Shing |
Flat A, 17/F., Block 3, Vision City, 1 Yeung Uk Road, Tsuen Wan, New
Territories, Hong Kong. |
|
LAM Po Mei, May |
Flat A, 17/F., Block 3, Vision City, 1 Yeung Uk Road, Tsuen Wan, New
Territories, Hong Kong. |
CHENG Tai Shing (As per registry
dated 06-07-2012)
The subject was incorporated on 6th July, 2009 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: Fabrics,
other textile products, etc.
Employees: 3. (Including associate)
Commodities Imported: India, Europe, other Asian countries, etc.
Markets: China,
other Asian countries, Europe, etc.
Terms/Sales:
L/C, T/T, etc.
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
Mortgage or Charge:- (See
attachment)
Profit or Loss: Kept a balance account in 2011.
Condition: Business
is improving.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Transpeed Trading
Ltd. is equally owned by a couple, Mr. Cheng Tai Shing and Ms. Lam Po Mei,
May. Being Hong Kong merchants, Cheng
and Lam are also director of the subject.
The subject has had an associated company Transpeed International Ltd.
[TIL], also a Hong Kong-registered firm located at the same operating address.
Incorporated on 22nd July, 2009 and also owned by the couple, TIL is
engaged in the same lines of business as the subject.
The subject is a textile product and fabric trader. Commodities are imported from China, other
Asian countries and European countries.
Prime markets are Asian countries.
The subject also trades in textile products sourced from China and
exports to Europe, the other Asian countries, Australia, etc.
The subject has had several business partners in Southern China. Business is improving.
The subject’s business is chiefly administered by the couple. History in Hong Kong is just over three
years.
According to the subject, it has had “confidence” in its future.
On the whole, consider it good for normal business engagements on L/C
basis or in small credit amounts for the time being.
|
Date |
Particulars |
Amount |
|
13-07-2011 |
Instrument: Assignment of DC Proceeds Property: By way of assignment or agreement to assign in each case as beneficial
owner. All monies in any currency
representing proceeds payable or to be paid to the Customer under the
Documentary Credits, all the Customer’s right, title and interest in the said
Documentary Credits and the benefit of all powers and remedies for enforcing
the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the
Customer against documents submitted under a Documentary Credit, all monies
and liabilities in any currency owing by the Customer to the Bank at any
time, whether separately or jointly, actually or contingently, present or
future, interest on all loans and advances and such monies and all expenses
of the Bank in perfecting or enforcing the Assignment |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.