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Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
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Name : |
PROKUEN TRADING CO. LTD. |
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Registered Office : |
Room 2908, 29/F., 113 Argyle Street, Mongkok, Kowloon, Hong Kong |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.09.1996 |
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Com. Reg. No.: |
20223224 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Cereals and oils, chemicals,
spices, native produce, dried & preserved food, |
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No. of Employees : |
4 |
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
PROKUEN TRADING CO. LTD.
Room 2908, 29/F., 113 Argyle Street, Mongkok, Kowloon, Hong Kong.
PHONE: 852-2305 2122
FAX: 852-2305 2181
E-MAIL: prokuen@netvigator.com
info@prokuen.com.hk
Managing Director: Mr. Tang Yiu
Hing, Frederick
Incorporated on: 12th
September, 1996.
Organization: Private
Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$200,000.00
Business Category: Importer, Wholesaler and Re-exporter.
Employees:
4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
PROKUEN TRADING CO LTD.
Registered Head
Office:-
Room 2908, 29/F., 113 Argyle Street, Mongkok, Kowloon, Hong Kong.
20223224
0565245
Managing Director: Mr. Tang Yiu
Hing, Frederick
Director & Contact Person:
Ms. Kwan Chau Cheuk
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of
HK$1.00 each)
Issued Share Capital: HK$200,000.00
(As per registry dated 12-09-2012)
|
Name |
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No. of shares |
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KWAN Chau Cheuk |
|
100,000 |
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TANG Yiu Hing, Frederick |
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100,000 |
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––––––– |
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Total: |
200,000 ====== |
(As per registry dated 12-09-2012)
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Name (Nationality) |
Address |
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TANG Yiu Hing, Frederick |
Flat A, 3/F., Block 3, Constellation Cove, 1 Hung Lam Drive, Tai Po,
New Territories, Hong Kong. |
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KWAN Chau Cheuk |
Flat A, 3/F., Block 3, Constellation Cove, 1 Hung Lam Drive, Tai Po,
New Territories, Hong Kong. |
KWAN Chau Cheuk (As per registry
dated 12-09-2012)
The subject was incorporated on 12th September, 1996 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,
Wholesaler and Re-exporter.
Lines: Cereals
and oils, chemicals, spices, native produce, dried & preserved food, etc.
Employees: 4.
Commodities Imported: Imported from China, India, Southeast Asia, Europe, etc.
Markets: Hong
Kong, China, Japan, other Asian countries, Europe, North America, etc.
Terms/Sales:
As per contracted.
Terms/Buying: L/C,
D/P, T/T, etc.
Nominal Share Capital: HK$500,000.00 (Divided into
500,000 shares of HK$1.00 each)
Issued Share Capital: HK$200,000.00
Profit or Loss: Made small profits in the past years.
Condition: Business
is normal and satisfactory.
Facilities: Making
rather active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Having issued 200,000 ordinary shares of HK$1.00 each, Prokuen Trading
Co. Ltd. is a private limited company equally owned by a couple,
Mr. Frederick Tang Yiu Hing and Ms. Kwan Chau Cheuk. They are also directors of the subject.
Incorporated in September 1996, the subject is trading in the following
commodities:-
Cereals and Oils
·
Groundnut Kernels
·
Blanched Groundnut Kernels
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Groundnut In Shell
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Yellow/White Sesame Seed
·
Hulled Sesame Seed
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Black Sesame Seed
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Hulled Buckwheat
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Kidney Beans
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Green Mung Beans (Polished, Unpolished Type)
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Red Beans
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Red Bamboo Beans
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Black Beans
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Broad Beans
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Black Eye Beans
Chemicals
·
Tung Oil (F.F.A: 4% Max, Moisture and Impurities:
0.3% Max)
·
Citric Acid Bp88/Bp93 (Monohydrate, Anhydrous)
·
Sodium Bicarbonate
·
Ammonium Bicarbonate
·
White Oil
·
Pine Oil (50%, 65% Min)
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Paraffin Wax
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Potash Alum (98% Min)
·
Sodium Sulphate (Anhydrous)
·
Vanillin
·
Synthetic Camphor Powder
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Musk Ambrette
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Sodium Tripolyphosphate (90% Min)
·
Gum Rosin
Spices
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White Pepper
·
Black Pepper (Polished, Unpolished)
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Cassia Lignea (Whole, Broken, Sikiang Origin)
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Cassia Leaf Powder (FAQ Grade)
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Cassia Stem
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Dry Ginger (Whole, Sliced)
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Star Aniseed
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Galangal Roots (FAQ Grade)
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Turmeric Finger (FAQ Grade)
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Fennel Seed
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Cumin Seed
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Dry Chillies (Stemless, With Stem)
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Corriander Seed (Romania/Bulgaria Origin)
Native Produce
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Pumpkinseed
·
Snow White, Shine Skin (FAQ Grade, A Grade, AA
Grade)
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Shelled Pumpkinseed Kernel (A Grade, AA Grade)
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Black Water Melon Seed
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Melon Seed (Fried)
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Sunflower Seed
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Cashew Kernels (W210, W240, W320)
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Pinenut Kernels (FAQ Grade, A Grade, AA Grade)
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Walnut Kernels
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Fresh Garlic
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Bone Glue (Pearls/Granular)
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Gelatine (Edible Grade, Technical Grade)
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Canned Mushroom (Whole, Sliced, Pieces and Stems)
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Dried Vegetables
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Pepper
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Garlic Flakes, Garlic Powder, Garlic Granulate (1st
Grade, 2nd Grade)
·
Onion Sliced/Chop (1st Grade, 2nd Grade)
Commodities are mainly imported from Eastern Europe, India, Southeast
Asia, China, etc. Hong Kong is its prime
market. Some of the commodities are also
re-exported to China, Japan, Western Europe, the Middle East, Southeast Asia,
North America, etc. Business has been
active. Regular suppliers and customers
have been maintained. History in Hong
Kong is about seventeen years.
The subject’s business is chiefly administered by the two
shareholders. It has been a significant
native produce trader in Hong Kong.
According to the subject, it is trying to source more suppliers in China
and Southeast Asia.
On the whole, in view of the history of the subject, consider it good
for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
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|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
SHG |
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.