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Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
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Name : |
EGO TINS LTD. |
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Registered Office : |
Unit 1618-1620, 16/F., Block A, Hi-Tech Industrial Centre,
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Country : |
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Date of Incorporation : |
22.03.2000. |
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Com. Reg. No.: |
30819316 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of tin products, gifts and premium |
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No. of Employees : |
12 |
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) |
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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
EGO TINS
LTD.
ADDRESS: Unit 1618-1620, 16/F., Block A, Hi-Tech
Industrial Centre, 5-21 Pak Tin Par Street, Tsuen Wan, New Territories, Hong
Kong.
PHONE: 852-2413 2000
FAX: 852-2413 2111
E-MAIL: ego@egotins.com
Managing Director: Mr. Chan King
Sau
Incorporated on: 22nd
March, 2000.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
12.
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong
Kong.
Banking Relation: Good.
Registered Head Office:-
Unit 1618-1620, 16/F., Block A, Hi-Tech Industrial Centre, 5-21 Pak Tin
Par Street, Tsuen Wan, New Territories, Hong Kong.
Associated Company:- (Same
address)
Ego Pacific Ltd., Hong Kong.
[Tel.: 852-2413 2000, Fax:
852-2413 2111
E-mail: egohk@egopacific.com]
30819316
0709471
Managing Director: Mr. Chan King
Sau
Contact Person: Ms. Hannah Leung
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 22-03-2013)
|
Name |
|
No. of shares |
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CHAN King Sau |
|
1 |
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SUN Cheung Chung |
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1 |
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– |
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Total: |
2 = |
(As per registry dated 22-03-2013)
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Name (Nationality) |
Address |
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SUN Cheung Chung |
Flat A, 11/F., Block 10, Laguna City, Kwun Tong, Kowloon, Hong Kong. |
|
SUN Pui Fong |
Flat A, 11/F., Block 10, Laguna City, Kwun Tong, Kowloon, Hong Kong. |
|
CHAN King Sau |
Room C, 19/F., Block 6, Phase 3, Belvedere Garden, Tsuen Wan, New
Territories, Hong Kong. |
(As per registry dated 22-03-2013)
|
Name |
Address |
Co. No. |
|
SML Accounting & Tax Consultants Co. Ltd. |
5/F., Greatmany Centre, 111 Queen’s Road East, Wanchai, Hong Kong. |
0994753 |
The subject was incorporated on 22nd March, 2000 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: All
kinds of tin products, gifts and premium
Brand Name:
Ego Tins,
Cilicone.
Employees: 12.
Commodities Imported: Imports raw
materials from European countries, some of the Asian countries and finished
products from China.
Markets: Asian
countries, Europe, North America, Australia, etc.
Terms/Sales:
L/C, Advanced 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$2.00
Mortgage or Charge:-
Date of
Mortgage: 29-11-2004
Amount: To secure all monies in respect of
general banking facilities and interest thereon
Property: 5/33,080 parts or shares of shares in
Tsuen Wan Town Lot No. 361 (Flat C on 12/F., Block 2, Discovery Park, No. 398
Castle Peak Road, Tsuen Wan, New Territories)
Mortgagee: Belgian Bank, Hong Kong Branch.
[Business was taken over by Industrial & Commercial Bank of China (Asia)
Ltd.]
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:
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing:
Normal.
Ego Tins Ltd. is equally-owned by two Hong Kong merchants, namely, Chan
King Sau and Mr. Sun Cheung Chung. The
subject has just issued 2 ordinary shares of HK$1.00 each while each of the
shareholders holds a single share.
Including Ms. Sun Pui Fong, the two shareholders are directors of the
subject.
The subject is a tin product manufacturer based in Hong Kong. It was established in 2000 with its
manufacturing site located at Shijie Town, Dongguan City, Guangdong Province,
China.
The subject is specialized in the design, development and manufacturing
of custom-made tins products. This
includes electronic products, tin boxes and silicon houseware.
The subject’s China factory has been equipped with technically advanced
machinery and equipment and high quality tins plates and printing inks that
allow it to manufacture all kinds of tins products with considerably good
quality. Its products are in conformity
with the following international specifications such as, ASTM, CPSIA, FDA,
LFGB, EN71, REACH.
The factory is employing about 400 workers which are subjected to
seasonally change. The factory site
covers an area of 10,000 square meters.
Most of the subject’s products bear the brand name of Ego Tins.
The subject also has created its own brand name “Cilicone” which
specializes in premium-quality silicone kitchenware.
The followings are the main products of the subject:-
·
Calculators;
·
Computer Peripherals;
·
Electronic Gadgets;
·
iPod Speakers;
·
LCD Clocks;
·
LED Clocks;
·
Plastic Watches;
·
Silicone Products;
·
Tin Boxes; &
·
USB Flash Drives.
Products are exported to Asian countries, Europe, North America,
Australia, etc. Business is rather
active.
The subject has had an associated company Ego Pacific Ltd. [EPL] which
is also located at the same address. EPL
and the subject are engaged in the same lines of business, more or less.
In order to penetrate the international market further, EPL has taken
part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, it took part in
“Hong Kong Gifts & Premium Fair 2014” which had been held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong ong during the period of
27th to 30th April, 2014. Its booth No.
is 5F‑17.
As the history of the subject is over thirteen years in Hong Kong,
on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
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|
1 |
Rs.91.82 |
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Euro |
1 |
Rs.78.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.