MIRA INFORM REPORT

 

 

Report Date :

01.03.2013

 

IDENTIFICATION DETAILS

 

Name :

KWONG  TUNG  HING  (YEU  KEE)

 

 

Registered Office :

G/F, Lot No. 1696B, Hang Mei Tsuen, Ping Ha Road, Ping Shan, Yuen Long, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

01.06.1990.

 

 

Com. Reg. No.:

13741354-000-06

 

 

Legal Form :

Partnership

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of jute bags, etc.

 

 

No. of Employees :

2

 

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 – 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

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'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

Company name and address

 

KWONG  TUNG  HING  (YEU  KEE)

 

ADDRESS:       G/F, Lot No. 1696B, Hang Mei Tsuen, Ping Ha Road, Ping Shan, Yuen Long, New Territories, Hong Kong.

 

PHONE:            2447 1082

 

 

MANAGEMENT

 

Manager:  Mr. Chow Leung Hung, Lewis

 

 

SUMMARY

 

Establishment:                          1st June, 1990.

 

Organization:                 Partnership

 

Capital:                         Not disclosed.

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   2.

 

Main Dealing Banker:     Bank of China (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

ADDRESS

 

Head Office:-

G/F, Lot No. 1696B, Hang Mei Tsuen, Ping Ha Road, Ping Shan, Yuen Long, New Territories, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

13741354-000-06

 

 

MANAGEMENT

 

Manager:  Mr. Chow Leung Hung, Lewis

 

 

PARTNER

 

Name:  Mr. CHOW Leung Hung, Lewis

Residential Address:      Flat H, 4/F., Melody Garden, Block 3, Tuen Mun, New Territories, Hong Kong.

 

Name:  Mr. YUEN Chuen Kai

Residential Address:      Flat F, 16/F., Yik Fat Building, 11-15 Fung Yau Street. North, Yuen Long, New Territories, Hong Kong.

 

 

HISTORY

 

The subject was established on 1st June, 1990 as a partnership concern owned by Mr. Chow Leung Hung, Lewis and Mr. Yuen Chuen Kai under the Hong Kong Business Registration Regulations.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of jute bags, etc.

 

Employees:                   2.

 

Commodities Imported:   China, etc.

 

Markets:                       Hong Kong, other Asian countries, etc.

 

Terms/Sales:                 CAD or as per contracted.

 

Terms/Buying:               As per contracted.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Making a very small profit every year.

 

Condition:                      Keeping in a normal manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                          Bank of China (Hong Kong) Ltd., Hong Kong.

 

Standing:                       Small.

 

 

GENERAL

 

Kwong Tung Hing (Yeu Kee) is a partnership jointly owned by Mr. Chow Leung Hung, Lewis and Mr. Yuen Chuen Kai, both are Hong Kong merchants.  Chow is the manager of the subject.

Business commenced in June 1990, the subject has never changed its registered and operating address.

The subject is located at Hang Mei Tsuen, Ping Ha Road, Ping Shan, Yuen Long, New Territories, Hong Kong where is a remote district form the busy part of Hong Kong.

The subject is a jute bag trader.  It also trades in the following products:

Burlaps, Canvas Bags, Cotton Bags, etc.

Most of its products are sourced from China.  Buyers came from different industries in Hong Kong.  The subject also receives OEM orders.

It also exports some of its commodities to the other Asian countries.  Business is normal and profitable, however, its profit margin was low in the past years.

The subject’s business is chiefly handled by Chow Leung Hung, Lewis and his partner Yuen Chuen Kai.  History in Hong Kong is over 22 years.

On the whole, consider the subject good for normal business engagements in small credit amounts.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.77

UK Pound

1

Rs.81.57

Euro

1

Rs.70.68

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.