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Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
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Name : |
YITONG ASIA PACIFIC CO. LTD. |
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Registered Office : |
Room 2101, 21/F., China Merchants Tower, Shun Tak Centre, 168‑200 Connaught
Road, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.12.2005 |
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Com. Reg. No.: |
36347466 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Gift, Watches, Glasses, Spectacles,
Chemicals, Foam, Sponge. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
YITONG ASIA
PACIFIC CO. LTD.
Room 2101, 21/F., China Merchants Tower, Shun Tak Centre, 168‑200 Connaught
Road, Central, Hong Kong.
PHONE: 852-2581 2398
FAX: 852-2581 1286
E-MAIL: atgloryco@i-cable.com
Managing Director: Mr. Cheng Shu
Wing
Incorporated on: 30th December, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$2,500,000.00
Issued: HK$2,500,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
YITONG ASIA
PACIFIC CO. LTD.
Registered Head
Office:-
Room 2101, 21/F., China Merchants Tower, Shun Tak Centre, 168‑200 Connaught
Road, Central, Hong Kong.
Associated
Company: (same address)
Atlantic Glory (Overseas) Co. Ltd., Hong Kong.
36347466
10160224
Managing Director: Mr. Cheng Shu
Wing
Nominal Share Capital: HK$2,500,000.00
(Divided into 2,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,500,000.00
(As per registry dated 30-12-2012)
|
Name |
|
No. of shares |
|
CHENG Shu Wing |
|
2,500,000 ======= |
(As per registry dated 30-12-2012)
|
Name (Nationality) |
Address |
|
CHENG Shu Wing |
Flat A, 22/F., Block 2, Kornhill Garden, Quarry Bay, Hong Kong. |
(As per registry dated 30-12-2012)
|
Name |
Address |
Co. No. |
|
Wilson Business Administration Ltd. |
Room 1406 & 1412, 14/F., 655 Nathan Road, Mongkok, Kowloon, Hong
Kong. |
0143657 |
The subject was incorporated on 30th December, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Circle Plus
Investment Co. Ltd., name changed to the present style on 7th December, 2006.
Formerly the subject was located at Room 802-3, Chao’s Building, 143‑145 Bonham
Strand, Sheung Wan, Hong Kong, moved to the present address in November 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Gift,
Watches, Glasses, Spectacles, Chemicals, Foam, Sponge.
Employees: 6.
Commodities Imported: China,
South Korea, Japan, other Asian countries, Europe, etc.
Markets: Hong
Kong, other Asian countries, Europe, etc.
Terms/Sales: COD, or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$2,500,000.00
(Divided into 2,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,500,000.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 2,500,000 ordinary shares of HK$1.00 each, Yitong Asia
Pacific Co. Ltd. is wholly owned by Mr. Cheng Shu Wing who is a Hong Kong
merchant. He is also the only director
of the subject.
The subject has had an associated company Atlantic Glory (Overseas) Co.
Ltd. [Atlantic Glory], also a Hong Kong-registered firm located at the same
address. Atlantic Glory is also operated
by Cheng Shu Wing.
The subject and Atlantic Glory are engaged in the same lines of business,
more or less.
The subject is trading in the following commodities:-
Gifts and Premiums, Watches, Glasses, Spectacles, Industrial Chemicals,
Foam, Sponge, Snack Foodstuffs, etc.
Commodities are imported from Europe, South Korea, Japan, the other
Asian countries. Its prime markets are
Hong Kong, China, the other Asian countries, etc.
In 2007 and 2008, Cheng Shu Wing got the permits by making tenders to
operate two snack food kiosks in Hong Kong seashores. The monthly rents were HK$8,080.00 and
11,000.00 respectively. Now, both of the
two permits have expired.
The subject’s business is chiefly handled by Cheng himself. History in Hong Kong is over seven
years.
On the whole, consider the subject good for normal business engagements
in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
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 |
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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 |
|
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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.