|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ON HING HO CO. LTD. |
|
|
|
|
Registered Office : |
G/F., Wing Tuck Commercial Centre, 179-181 Wing Lok Street, Sheung Wan |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
23.10.1945 |
|
|
|
|
Com. Reg. No.: |
16447349 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer and Wholesaler of Dried abalone, dried biche-de-mer, dried conpoy, mushroom, dried squid, dried shrimp, peanut, dried chilli, dried red dates, dried black dates, red beans, fruit nuts/walnuts/peanuts, canned food, prepared and preserved meat, prepared fish, prepared crustaceans/molluscs, dried food and choice seafood, edible seeds. |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
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
ON HING
HO CO. LTD.
ADDRESS: G/F., Wing Tuck Commercial
Centre, 179-181 Wing Lok Street, Sheung Wan, Hong Kong.
PHONE: 852-2541 8508
FAX: 852-2541 2554
E-MAIL: onhingho@mail.hongkong.com
Managing Director: Mr. Sit Kin
Ming
Establishment: 23rd
October, 1945.
Incorporated on: 15th
December, 1992.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Dried Marine Product Wholesaler, Importer and Exporter
Annual Turnover: HK$150-200
million.
Employees:
20.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office & Shop:-
G/F., Wing Tuck Commercial Centre, 179-181 Wing Lok Street,
Sheung Wan, Hong Kong.
Associated Company:-
Teck Sang (Pte) Ltd., Singapore.
16447349
0394252
Managing Director: Mr. Sit Kin
Ming
Contact Person: Mr. Seit Kin Fun
Nominal Share Capital: HK$10,000,000.00 (Divided into 100,000 shares of
HK$100.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 15-12-2012)
|
Name |
|
No. of share |
|
SIT Kin Ming |
|
21,000 |
|
SIT Kin On |
|
18,000 |
|
SIT Wing Fai |
|
17,000 |
|
SEIT Kin Fun |
|
11,000 |
|
SEIT Kin Cheung |
|
9,000 |
|
SEIT Wing Yun |
|
4,000 |
|
SIT Oi Wan, Ivy |
|
4,000 |
|
SEIT Kin Sun, Arthur |
|
4,000 |
|
SEIT Kim Hong |
|
3,000 |
|
[to be
continued] |
||
|
|
||
|
[continued] |
||
|
XUE Ai Yang, Cheryl |
|
3,000 |
|
XUE Jian Yi |
|
3,000 |
|
Sit Oi Sheung |
|
3,000 |
|
|
|
––––––– |
|
|
Total: |
100,000 ====== |
(As per registry dated 15-12-2012)
|
Name (Nationality) |
Address |
|
SEIT Wing Yun |
Flat A, 3/F., Block 4, Yar Chee Villas, 1A Chi Fu Road,
Hong Kong. |
|
SIT Kin Ming |
10/F., Block A, Ventris Villa, 25-27 Ventris Road, Happy Valley,
Hong Kong. |
|
SIT Kin On |
Flat 5, 8/F., Block C, Ventris Villa, 19-23 Ventris Road, Happy
Valley, Hong Kong. |
|
SIT Wing Fai |
Flat A, 17/F., 18 Babington Path, Hong Kong. |
|
SEIT Kin Fun |
Flat A2, 4/F., Block A, Botanic Terrace, 3 Conduit Road, Mid-Levels,
Hong Kong. |
(As per registry dated 15-12-2012)
|
Name |
Address |
Co. No. |
|
Kenpark Secretarial Ltd. |
Unit 1802, 18/F., Cameron Commercial Centre, 458‑468 Hennessy
Road, Causeway Bay, Hong Hong. |
0165149 |
The company was originally established on 23rd October, 1945 as a sole
proprietorship concern of the late Shit Ping Yuen under the name of On Hing
Ho. Converted into a partnership concern
in August, 1967.
Re-organization into a private limited company under the Hong Kong
Companies Ordinance on 15th December, 1992.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Wholesaler.
Lines: Dried
abalone, dried biche-de-mer, dried conpoy, mushroom, dried squid, dried shrimp,
peanut, dried chilli, dried red dates, dried black dates, red beans, fruit
nuts/walnuts/peanuts, canned food, prepared and preserved meat, prepared fish,
prepared crustaceans/molluscs, dried food and choice seafood, edible seeds.
Employees: 20.
Commodities Imported: Mainly bought from Japan, Korea, Southeast Asia, China, South
America, etc.
Markets: Hong
Kong (main), Singapore, Korea, etc.
Annual Turnover: HK$150-200 million.
Terms/Sales: COD or 30-60 days
credit.
Terms/Buying: L/C
or as per contracted.
The Chinese General Chamber of Commerce,
Hong Kong.
Hong Kong Dried Seafood and Grocery
Merchants Association Ltd., Hong Kong.
Nominal Share Capital: HK$10,000,000.00 (Divided into 100,000 shares
of HK$100.00 each)
Issued Share Capital: HK$10,000,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Business is profitable.
Condition:
Keeping in an
active manner.
Facilities:
Making active
use of general banking facilities.
Payment:
So far so good.
Commercial Morality: Good.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
Wing Lung Bank Ltd., Hong Kong.
The Bank of Tokyo-Mitsubishi Ltd., Hong Kong
Branch.
Nanyang Commercial Bank Ltd., Hong Kong.
Banque Nationale de Paris, Hong Kong Branch.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
etc.
Standing: Very Good.
On Hing Ho Co. Ltd. was incorporated on 15th December, 1992 in order to
take over the business of On Hing Ho [OHH].
OHH was a well-established dried marine product wholesaler with long
history in Hong Kong. OHH was founded in
1945 by Mr. Shit Ping Yuen who passed away in October, 1969. Now, the subject is operated by his sons and
daughters. Business has enjoyed steady
turnover annually as it is one of the significant dried seafood suppliers in
Hong Kong.
The subject has twelve shareholders while three of them are in Canada,
the United States and Guangzhou, China respectively.
Commodities are mainly for local sales and re-exported to Singapore and
South Korea.
The subject is trading in the following commodities:-
Products are imported from Africa, Central & South America, the
Middle East, North America, Other Asian Countries, Southeast Asia, etc.
In 1973, the subject set up an associated company known as Teck Sang
(Pte) Ltd. [Teck Sang] in Singapore.
Teck Sang is engaged in wholesaling and retailing dried aquatic
products. Products carried include
Shark’s fin, dried cuttle fish, Squid, octopus, abalone, beche-de-mer, mussels,
oysters, scallops, shrimps, lobsters.
According to the subject, Teck Sang’s product have found ready market in
Singapore.
The followings are the main products carried by Teck Sang:-
Teck Sang has about 25 employees in Singapore.
The annual sales turnover of the subject ranges from HK$150 to 200
million. Making a profit every year.
The business of the subject is active and good. Regular suppliers and customers have been
maintained.
As the history of the subject is over twenty years and five months in
Hong Kong, on the whole, consider it good for normal business engagements.
Property information of
directors:-
|
Property Location |
Owner |
Date of Purchase |
Purchased |
|
10/F., Block A and Car Park No. 26 on 3rd Tier Ventris Terrace,
25-27 Ventris Road, Hong Kong. |
Seit Wing Hon & Foong Wai Khee |
02-08-1977 |
HK$ 410,000 |
|
195 Des Voeux Road West, Hong Kong. |
Seit Wing Hon 1/3, Seit Wing Yun 1/3 & Sit Wing Fai 1/3 |
14-04-1970 |
HK$ 164,000 |
|
Flat A, 17/F., Elegant Garden, 18 Babington Path, Hong Kong. |
Sit Wing Fai & Poon Kam Yee, Regina |
22-02-1986 |
HK$ 1,200,000 |
|
Flat A, 3/F., Block 14, Yar Chee Villas, 1A Chi Fu Road, Chi Fu Fa
Yuen, Hong Kong. |
Seit Wing Yun & Lam Ho Ching |
02-12-1980 |
HK$ 900,000 |
|
Flat A, 12/F., Block 2, Victoria Centre, 15 Watson Road,
Hong Kong. |
Seit Wing Lit & Tang Shi Mei |
30-07-1982 |
HK$ 960,000 |
|
Date |
Particulars |
Amount |
|
26-08-1993 |
Instrument: Charge on Deposit(s) Property: Fixed Deposit of HK$500,000 Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong. |
To secure the payment of all moneys, obligations and liabilities |
|
04-10-1993 |
Instrument: Charge on Cash Deposit(s) Property: a) A cash deposit of
HK$629,615 presently evidenced by deposit receipt No. FD00327 b) All moneys now or
hereafter standing to the Company’s credit with the Bank on any account Mortgagee: The Mitsubishi Bank Ltd.,
Hong Kong Branch. [Now known as
The Bank of Tokyo-Mitsubishi Ltd.] |
To secure obligations of the Company in respect of credit facilities
or other financial accommodation |
|
10-11-1993 |
Instrument: Deed of Charge on Deposits and Set-off Property: Deposit No. 01468658450511 for US$38,797 Mortgagee: The Yien Yieh Commercial Bank Ltd.,
Hong Kong Branch. |
Banking facilities |
|
09-03-1994 |
Instrument: Security Over Deposit Property: As beneficial owner, charges, by way of security, and releases to the
Bank all the right, title and interest of the Depositor in and to the Deposit
Amount US$51,282 No. 99-6-0148682 Mortgagee: Overseas Trust Bank Ltd.,
Hong Kong. |
To secure such facilities as the Bank may make or continue to make
available to the Depositor |
|
11-03-1996 |
Instrument: Charge on Cash Deposit(s) Property: a) Deposit for HK$703,456
presently evidenced by deposit receipt No. FD00327 b) All moneys now or
hereafter standing to the Company’s credit with the Bank on any account Mortgagee: The Mitsubishi Bank Ltd.,
Hong Kong Branch. [Now known as
The Bank of Tokyo-Mitsubishi Ltd.] |
To secure obligations of the Company in respect of credit facilities
or other financial accommodation |
|
19-10-2012 |
Instrument: Trade Finance Security Assignment Property: The Borrower as a beneficial owner and as security for the payment of
all Secured Liabilities. (b) charges and agrees to charge to the Bank by way of first fixed
charge all the present and future rights, title, interests and benefits of
the Borrower in and to the following assets: (i) the Goods together with
their proceeds; (ii) the Pledged Goods; (iii) the Deposit; and (iv) to the
extent and Security Assets is not effectively assigned and (c) pledges and agrees to pledge to the Bank the Pledged Goods and the
Trade Documents Mortgagee: United Overseas Bank Ltd. |
All obligations and liabilities |
|
19-10-2012 |
Instrument: Letter of Charge and Set-Off Property: The Company as beneficial owner hereby charges in favour of the Bank
by way of first fixed charge all the Company’s rights, title and interest
both present or future in and to the Deposits and Other Deposits. Mortgagee: United Overseas Bank Ltd. |
To secure banking facilities granted to On Hing Ho Co. Ltd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.78 |
|
|
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.23 |
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.