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Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
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Name : |
WING HING SPICES GRINDING FACTORY LTD. |
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Registered Office : |
Flat A, 2/F., Shing Po Building, 16-20 Ko Shing Street, Sai Ying Pun |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.02.2006 |
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Com. Reg. No.: |
36427292 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Manufacturer of All kinds of spices, food
additives. |
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No. of Employees : |
11. (Including factory) |
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 |
WING HING SPICES
GRINDING FACTORY LTD.
Flat A, 2/F., Shing Po Building, 16-20 Ko Shing Street, Sai Ying Pun,
Hong Kong.
PHONE: 852-2548 4247,
2548 4259, 2408 7872, 2408 9817
FAX: 852-2548 7186, 2408 9127
E-MAIL: spices@netvigator.com
kkhwh@netvigator.com
Managing Director: Mr. Fok Po Chung
Incorporated on: 3rd February, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 11. (Including factory)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WING HING SPICES
GRINDING FACTORY LTD.
Registered Office
& Factory:-
Flat C-D, 9/F., Wah Hing Industrial Building, 2-6 Ma Kok Street,
Tsuen Wan, New Territories, Hong Kong.
Head Office:-
Flat A, 2/F., Shing Po Building, 16-20 Ko Shing Street, Sai Ying Pun,
Hong Kong.
Associated
Companies:-
Kung Hing Hong Wing Hing, Hong Kong.
Kung Kee Hong Wing Hing Ltd., Hong Kong.
Wing Hing Spices Grinding Factory, Hong Kong.
36427292
1022835
Managing Director: Mr. Fok Po Chung
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
(As per registry dated 03-02-2013)
|
Name |
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No. of shares |
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FOK Po Chung |
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8 |
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TSANG Cheung Chung |
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1 |
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FOK Ho Yan, Ivy |
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1 |
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–– |
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Total: |
10 == |
(As per registry dated 03-02-2013)
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Name (Nationality) |
Address |
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FOK Po Chung |
Flat B, 18/F., 44 Nassau Street, Mei Foo Sun Chuen, Kowloon, Hong
Kong. |
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TSANG Cheung Chung |
Flat E, 18/F., Block 7, Melody Garden, Tuen Mun, New Territories,
Hong Kong. |
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FOK Ho Yan, Ivy |
Flat B, 18/F., 44 Nassau Street, Mei Foo Sun Chuen, Kowloon, Hong
Kong. |
FOK Ho Yan, Ivy (As per registry
dated 03-02-2013)
The subject was incorporated on 3rd February, 2006 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 Manufacturer.
Lines: All kinds of spices, food additives.
Employees: 11.
(Including factory)
Commodities/Materials: Imported
from China, Europe, India, etc.
Markets: Hong Kong, other Asian countries,
Europe, North America, etc.
Terms/Sales: CAD or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
Mortgage or Charge:-
Date of Security Over Deposits with the
Bank: 11-08-2011
Amount: To
secure all monies in respect of banking facilities
Property: Initially
CNY400,000 or equivalent and all monies whether now or hereafter standing to
the credit of the Company’s deposit with the Bank under deposit number
411-781180-838 and whatever currency it may subsequently be denominated in, any
renewal of such deposit & the interest thereon together with any further
moneys in any deposit account with the Bank at any of its offices.
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
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 contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
Having issued 10 ordinary shares of HK$1.00 each, Wing Hing Spices
Grinding Factory Ltd. is jointly owned by Mr. Fok Po Chung, holding 80%
interests; Mr. Tsang Cheung Chung, holding 10%; and Ms. Fok Ho Yan, Ivy holding
10%. Being Hong Kong merchants, they are
also directors of the subject.
The predecessor of the subject Wing Hing Spices & Grinding Co. was
founded in 1960.
The subject is a spice, gourmet, food additive manufacturer and
trader. The followings are some of its
products:
Spice Pack, Saffron Spice, Iranian Saffron, Ocimum Basilicum, Canned
Cinnamon, etc.
It is specialized in carrying out 100% grinding processes in Hong Kong
with modernized production lines and has been recognized in producing a wide
variety of herbs and spices with unique flavour. It is also specialized in grinding and
mixtures of Chinese herbs. Its products
are very popular in local and overseas markets.
According to the subject, the subject has had an associated company Wing
Hing Spices Grinding Factory [WHSGF] which was set up in 1960. Now, the factory of the subject is located at
Flat C-D, 9/F., Wah Hing Industrial Building, 2-6 Ma Kok Street, Tsuen Wan,
New Territories, Hong Kong.
This is also the registered address of the subject.
The raw materials of the subject are imported from China, Europe, India,
etc. Products are marketed in Hong Kong,
exported to the other Asian countries, Europe, North America, etc. Business is rather active.
In 2003, the subject got a food manufacturing licence from Food And
Environmental Hygiene Department of the Government of the Hong Kong SAR, and
this has proved the subject is able to manufacture gourmet and food additives.
The subject’s second production line has got a licence from the Chinese
Medicine Council of Hong Kong.
In February 2012, the subject’s outstanding amounted to HK$135,124.70,
however, it has not outstanding in 2013.
The business of the subject is profitable. The history of WHSGF in Hong Kong is
over 51 years.
On the whole, in view of the background and history of the subject,
consider it 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.63.90 |
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|
1 |
Rs.100.47 |
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Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.