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Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
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Name : |
REGAL CHINA INDUSTRIAL LTD. |
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Registered Office : |
C/o Sincere Secretaries Ltd. 13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.08.2002 |
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Com. Reg. No.: |
32948533 |
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Legal Form : |
Private Limited Company. |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND MANUFACTURER OF ELECTRONIC PRODUCTS,
MOBILE PHONES, ELECTRIC APPLIANCES, ELECTRICAL ACCESSORIES. |
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No. of Employees : |
No Employee in Hong Kong (It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence
address only. Subject operates from some other country and does not have a
base in Hong Kong. Such companies are registered in Hong Kong just to tax
benefit purpose and due to the strict privacy laws prevailing in the country.
In such cases, the companies are not required to have any employees in Hong
Kong nor do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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
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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
REGAL CHINA
INDUSTRIAL LTD.
ADDRESS: c/o Sincere Secretaries Ltd.
13/F., Chun Wo
Commercial Centre, 23-29 Wing Wo Street, Central, Hong Kong.
PHONE: 852-2545 6525
FAX: 852-2854 0460
Managing Director: Ms. Chan Yuk
Sheung, Annie
Incorporated on: 9th
August, 2002.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Importer, Exporter and Manufacturer.
Employees:
Nil.
Main Dealing Banker: Wing Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Sincere Secretaries Ltd.
13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong
Kong.
Business Names:-
Chung Tat Industrial Co., Hong Kong.
East Dragon Enterprises Co., Hong Kong.
Fong Kee Hong Co., Hong Kong.
Forme Mobile Technology Co., Hong Kong.
Great Fortune International Co., Hong Kong.
Hing Lung Manufacturing Co., Hong Kong.
King Tai Industrial Group, Hong Kong.
Pak Lei Tat Co., Hong Kong.
Tim Fook Trading Co., Hong Kong.
Wah Fung International Co., Hong Kong.
Yuck Yat Hong, Hong Kong.
32948533
0809648
Managing Director: Ms. Chan Yuk
Sheung, Annie
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 09-08-2012)
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Name |
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No. of shares |
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CHAN Yuk Sheung, Annie |
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1 |
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Windway Management Ltd., Hong Kong. |
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1 |
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– |
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Total: |
2 = |
(As per registry dated 09-08-2012)
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Name (Nationality) |
Address |
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NGAI Man Sze, Edmond |
Room H, 20/F., Block 1, Maywood Court, Tin Shui Wai, New Territories,
Hong Kong. |
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CHAN Yuk Sheung, Annie |
9/F., Block A, 286 Queen’s Road West, Hong Kong. |
(As per registry dated 09-08-2012)
|
Name |
Address |
Co. No. |
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Sincere Secretaries Ltd. |
13/F., Chun Wo Commercial Centre, 23‑29 Wing Wo Street,
Central, Hong Kong. |
0109535 |
The subject was incorporated on 9th August, 2002 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 Manufacturer.
Lines: Electronic products,
mobile phones, electric appliances, electrical accessories, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: India, Japan, other Asian countries,
Europe, etc.
Terms/Sales:
As per contracted.
Terms/Buying: As
per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
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 required.
Commercial Morality: Satisfactory.
Banker:
Wing Lung
Bank Ltd., Hong Kong.
Standing:
Small.
Having issued just two ordinary shares of HK$1.00 each, Regal China
Industrial Ltd. is equally owned by Chan Yuk Sheung, Annie who is a
Hong Kong businesswoman, and Windway Management Ltd. [Windway] which is a
Hong Kong-registered firm.
The directors of the subject are Ngai Man Sze, Edmond and Chan Yuk
Sheung, Annie. Both are Hong Kong ID
Card holders and have got the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “13/F., Chun Wo Commercial Centre, 23-29 Wing Wo
Street, Central, Hong Kong” known as “Sincere Secretaries Ltd.” [Sincere] which
is handling its correspondences and documents.
Sincere is an associated company of Peter Y. H. Lam & Co. which is
an accountant firm located at the same address.
Windway is also located at the same address.
The subject has no employees in Hong Kong. The subject is operating the following
firms:-
·
Chung Tat Industrial Co., Hong Kong.;
·
East Dragon Enterprises Co., Hong Kong.;
·
Fong Kee Hong Co., Hong Kong.;
·
Forme Mobile Technology Co., Hong Kong.;
·
Great Fortune International Co., Hong Kong.;
·
Hing Lung Manufacturing Co., Hong Kong.;
·
King Tai Industrial Group, Hong Kong.;
·
Pak Lei Tat Co., Hong Kong.;
·
Tim Fook Trading Co., Hong Kong.;
·
Wah Fung International Co., Hong Kong.; &
·
Yuck Yat Hong, Hong Kong.
All these firms are in the office of Sincere, however, their real
operating address may be in China. The
above-mentioned firms are engaged in diversified economy. They are trading in the following main
products:-
Electronic products, mobile phones, electric appliances, electrical
accessories, other light industrial products, etc.
Most of the commodities are sourced from China. Prime markets are Japan, India, other Asian
countries, Europe, etc. The subject’s
business is handled by the two directors of the subject.
The subject’s business in Hong Kong is not 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 on L/C basis.
NOTE:
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.56.64 |
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|
1 |
Rs.86.68 |
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Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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.