|
Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MING WAH CO. |
|
|
|
|
Registered Office : |
Unit B, 4/F., Hop Ming Factory Building, 6-10 On Yip Street, Chai Wan |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
15.09.1980 |
|
|
|
|
Com. Reg. No.: |
06821606-000-09 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Pharmaceutical Trader of All kinds of medicines, health & medical
care products, pharmaceuticals |
|
|
|
|
No. of Employees : |
14 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
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 |
MING WAH CO.
Unit B, 4/F., Hop Ming Factory Building, 6-10 On Yip Street, Chai Wan,
Hong Kong.
PHONE: 852-2562 6129,
2526 6120
FAX: 852-2565
6093
E-MAIL: info@mingwah.com.hk
Managing Director: Mr. Ng Ming Che
Establishment: 15th September, 1980.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Pharmaceutical
Trader.
Employees: 14.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
MING WAH CO.
Head Office:-
Unit B, 4/F., Hop Ming Factory Building, 6-10 On Yip Street, Chai Wan,
Hong Kong.
Associated
Companies:-
Chan Kwong Kee (Philippines) Corp., Philippines.
Ming Wah (Philippines) Chinese Medicines Co., Philippines.
Ming Wah (Philippines) Enterprises Co. Ltd., Philippines.
06821606-000-09
Managing Director: Mr. Ng Ming
Che
Name: Mr. NG Ming Che
Residential Address: Room F,
11/F., Wharf Mansion, North Point, Hong Kong.
Name: Ms. NG Kam Chi
Residential Address: Block F,
10/F., Wharf Mansion, 82 Wharf Road, Hong Kong.
The subject was established on 15th September, 1980 as a partnership
concern owned by Mr. Ng Ming Che and Ms. Ng Kam Chi under the Hong Kong
Business Registration Regulations.
At the very beginning, the subject was located at G/F., 32 Kam Ping
Street, North Point, Hong Kong. It moved
to the present address in April 1999.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Pharmaceutical Trader.
Lines: All kinds of medicines, health & medical
care products, pharmaceuticals
Employees: 14.
Commodities Imported: China,
other Asian countries, etc.
Markets: Hong Kong, Philippines, Japan, other
Asian countries, Europe, North America, etc.
Terms/Sales: As per
contracted.
Terms/Buying: Various terms.
The Hong Kong General Chamber of Commerce, Hong Kong.
Capital: Not disclosed.
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.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Good.
Ming Wah Co. was established in September 1980. It is jointly owned and operated by Mr. Ng
Ming Che and Ms. Ng Kam Chi. They are a
couple.
The subject is trading in the following products:-
·
Chinese health products
·
Chinese medical wines
·
Chinese medicines and pharmaceuticals
Chiefly sourced from China, its pharmaceuticals and health care products
are marketed in Hong Kong, exported to the Philippines, the other Asian
countries, etc. Business is active.
In 1999, the subject set up Ming Wah (Philippines) Chinese Medicines Co.
in Manila, the Philippines. Ng Ming Che
set up associated companies in the Philippines as his father and mother have
migrated to the countries since 1967.
Besides engaged in Chinese medicines trading, Ng Ming Che is also
engaged in silver products and watches trading.
In the Philippines, Ng Ming Che’s Chan Kwong Kee (Philippines) Corp.
[Chan Kwong Kee] which is retailing this type of products. Currently, Chan Kwong Kee is operating more
than 130 chain stores retailing silver ornaments, jewellery and related
products. The silver products are
sourced from Hong Kong, Italy and local suppliers. Concerning watches trading, Ng Ming Che has set
up over sixty retailing shops in the Philippines retailing watches. It also has had its own watch manufacturing
factory.
The subject is a significant Chinese medicine trader operated by the Ng
family in the Asian Pacific region.
As the history of the subject is over 32 years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.