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Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
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Name : |
WOO SUNG
CHIP SCALE LTD. |
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Registered Office : |
Room 22 & 23, 9/F., Block C, Goldfield Industrial Centre, 1 Sui Wo Road, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.05.2001 |
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Com. Reg. No.: |
31829328 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of moulds, shield-insulators & TV top covers |
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No of Employees : |
12 |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
WOO SUNG CHIP SCALE LTD.
Room 22 & 23, 9/F., Block C, Goldfield Industrial Centre, 1 Sui Wo Road, Shatin, New Territories, Hong Kong.
PHONE: 852-2687 4618
FAX: 852-2687 4615
E-MAIL: lapshing8@netvigator.com
Managing Director: Mr. Chan Moon Tong
Incorporated on: 30th May, 2001.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Manufacturer.
Employees: 12.
Main Dealing Banker: China Construction Bank (Asia) Corporation Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 22 & 23, 9/F., Block C, Goldfield Industrial Centre, 1 Sui Wo Road, Shatin, New Territories, Hong Kong.
Associated
Companies:-
Dongguan Woosung Chip Scale Mould Ltd., China.
Kunshan Woo Sung Mold Co. Ltd., China.
Lap Shing Industries Ltd., Hong Kong. (Same address)
Lap Shing Manufactory Ltd., Hong Kong. (Same address)
Tianjin Woo Sung Mold Co. Ltd., China.
Woo Sung Poland Sp.z.o.o., Poland.
Woosung Metal Manufactory Co. Ltd., China.
31829328
0758326
Managing Director: Mr. Chan Moon Tong
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 30-05-2013)
|
Name |
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No.
of shares |
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CHAN Moon Tong |
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10,000 ===== |
(As per registry
dated 30-05-2013)
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Name (Nationality) |
Address |
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CHAN Moon Tong |
Flat A, 6/F., Block 6,
Constellation Cove, 1 Hung Lam Drive, Taipo Kau, New Territories, Hong Kong. |
(As per registry
dated 30-05-2013)
|
Name |
Address |
Co.
No. |
|
FTW Secretaries Ltd. |
Room 1001-1003, 10/F., Manulife Provident Funds Place, 348
Nathan Road, Kowloon, Hong Kong. |
0924937 |
The subject was incorporated on 30th May, 2001 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 moulds, shield-insulators & TV top covers
Employees: 12.
Commodities Imported: Imports raw materials from European countries, some of the Asian countries and finished
products from China.
Markets: Japan, South Korea, US, Europe, Southeast Asia, South America, Russia, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or
Charge:-
Date of Mortgage: 27-07-2010
Amount: All monies
Property: 22/5,050 part or share of and in Sha Tin Town Lot No.112, (Workshiop 22-23, 19/F., (with
Lavatories), Goldfield Industrial Centre, 27-29 Shan Mei Street, Sintin, New Territories, Hong Kong.)
Mortgagee: China Construction Bank (Asia) Corporation 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 required.
Commercial Morality: Satisfactory.
Banker: China Construction Bank (Asia) Corporation Ltd., Hong Kong.
Standing: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Woo Sung Chip Scale Ltd. is wholly owned by Chan Moon Tong who is a China merchant. He is also the only director of the subject.
The subject is a mould manufacturer and exporter. Its factories are in Dongguan City of Guangdong Province and Kunshan City of Jiangsu Province, China. Informally known as Dongguan Woosung and Kunshan Woosung, these two companies are engaged in all kinds of mounds for the Group. Dongguan Woosung is the largest factory of the Group. The factory, formally known as Dongguan Woosung Chip Scale Mould Ltd., covers a site of about 90,000 sq.m. and its construction area is over 60,000 sq.m.
Besides Dongguan Woosung and Kunshan Woosung, the other manufacturing facilities are in Tianjin, China and Poland.
All the products are manufactured in OEM or ODM terms.
Its products are marketed in China, exported to Japan, South Korea, Vietnam, India, Vietnam, Malaysia, Iran Turkey, Russia, Poland, Hungary, Mexico, Brazil, etc.
The following
companies are the main customers of the subject:
Samsung, LG, Humax, Daewoo, Panasonic, SHARP, Canon, VESTEL & Great Wall.
In recent years, the
subject has had the following US customers:
· Samsung Electronica Da Amazonia
· Samsung International Inc.
· T. K Design Factory Inc.
· Jabil Circuit Of Texas
The business of the
subject are rather active. The subject
has had the following two companies located at the same address:
· Lap Shing Manufactory Ltd.;
· Lap Shing Industries Ltd.
The subject’s business is chiefly handled by Chan Moon Tong who is a rather significant character in the field of business.
As the history of the subject is over twelve years in Hong Kong, on the whole, consider it good for normal business engagements.
REMARKS:
Property information
of the company:-
Property Location: Workshiop 22-23, 9/F., (with Lavatories), Goldfield Industrial Centre, 27-29 Shan Mei
Street, Sintin, New Territories, Hong Kong.
Owner: Woo Sung Chip Scale Ltd.
Date of Purchase: n.a
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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27-07-2010 |
- |
China Construction Bank (Asia) Corporation Ltd.,
Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.12 |
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|
1 |
Rs.102.71 |
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Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
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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.