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Report Date : |
07.10.2013 |
IDENTIFICATION DETAILS
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Name : |
MIDPAC
(FAR EAST) LTD. |
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Formerly Known As : |
Midpac Investment
LtD |
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Registered Office : |
Unit 45, 5/F., Block F, Wah Lok Industrial Centre, Phase II, 31-41 Shan Mei Street, Fotan, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.08.1987 |
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Com. Reg. No.: |
11431379 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Designing and manufacturing of complete production lines for Polyolefin (POF) heat shrink films. · Manufacturing of complete production lines for Polyolefin (POF) heat shrink films. |
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No. of Employees : |
03 |
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
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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.
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Source : CIA |
MIDPAC (FAR EAST) LTD.
Unit 45, 5/F., Block F, Wah Lok Industrial Centre, Phase II, 31-41 Shan Mei Street, Fotan, Shatin, New Territories, Hong Kong.
PHONE: 852-2607 3686
FAX: 852-2607 3095
E-MAIL: info@midpac.com.hk
Managing Director: Mr. Yeung Hoi Chow, Dick
Incorporated on: 18th August, 1987.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: PVC Film & related machinery Trader.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 45, 5/F., Block F, Wah Lok Industrial Centre, Phase II, 31-41 Shan Mei Street, Fotan, Shatin, New Territories, Hong Kong.
China Factory: Shunde District, Foshan City, Guangdong Province, China.
Associated
Company:-
T.M.B. Holdings Ltd., Switzerland.
11431379
0196386
Managing Director: Mr. Yeung Hoi Chow, Dick
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry
dated 18-08-2013)
|
Name |
Occupation |
No.
of shares |
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YEUNG Hoi
Chow |
Merchant |
1,999,999 |
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CHAN Mun Shan |
Merchant |
1 |
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–––––––– |
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Total: |
2,000,000 ======= |
(As per registry
dated 18-08-2013)
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Name (Nationality) |
Address |
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CHAN Mun Shan |
Room 1705, 17/F., Block F, Tak
Bo Garden, Kowloon Bay, Kowloon, Hong Kong. |
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YEUNG Hoi Chow |
Room 2403, 24/F., Block U,
Telford Garden, Kowloon Bay, Kowloon, Hong Kong. |
(As per registry
dated 18-08-2013)
|
Name |
Address |
Co.
No. |
|
Lashco Secretaries Ltd. |
Room 405, 4/F., Ting Ming Building, 40‑42 Des
Voeux Road Central, Hong Kong. |
0033739 |
The subject was incorporated on 18th August, 1987 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Midpac Investment Ltd., name changed to the present style on 26th July, 1988.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: PVC Film & related machinery Trader.
Lines: All kinds of PVC films, related machinery & equipment.
Employees: 3.
Commodities Imported: China, etc.
Markets: Asian countries, Switzerland, other European countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C or as per contracted.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
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: Normal.
Having issued 2 million ordinary shares of HK$1.00 each, Midpac (Far East) Ltd. is almost wholly owned by Mr. Yeung Hoi Chow. The minor shareholder is Ms. Chan Mun Shan. Both of whom are Hong Kong merchants. The former is also Managing Director of the subject.
The subject was formed in August 1987. It is manufacturing and marketing shrink films.
The subject’s capital came from a Swiss corporation named as T.M.B. Holdings Ltd. and a Hong Kong resident. The subject is initially specialized in the production of PVC shrink film products. With its films production experience gradually building up, the subject set up its factory in Shunde District, Foshan City, Guangdong Province, China in 1992.
Now, the subject’s major activities now are:-
1. Designing and manufacturing of complete production lines for Polyolefin (POF) heat shrink films.
2. Manufacturing of complete production lines for Polyolefin (POF) heat shrink films.
The subject is chiefly engaged in producing high quality shrink films. Its latest product, the Polyolefin (POF) which is a 3-layered shrink film, can cater different customers needs with wide range of specifications and applications. The products are widely used in boxed products including toys, magazines, cups and glasses for drinking, cup noodles, frozen goods, cosmetic bottles. They are also used in different kinds of loose and irregularly shaped products which includes bread, vegetables, fruit, electrical goods, toys, stationery.
The products are marketed in Hong Kong, exported to the other Asian countries, Switzerland, the other European countries, etc.
In Hong Kong, the subject is chiefly engaged in marketing and shipping the products.
The subject’s business is handled by the two Hong Kong shareholders. History in Hong Kong is over 26 years. Business is normal. Regular suppliers and foreign customers have been maintained.
Consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.41 |
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|
1 |
Rs.99.29 |
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Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.