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Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
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Correct Name : |
UT FREIGHT FORWARDERS ( |
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Formerly Known as : |
Union Freight
Forwarders ( |
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Registered Office : |
Unit 16-18, 22nd Floor, Tower A, Regent Centre, |
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Country : |
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Date of Incorporation : |
30.03.1998 |
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Com. Reg. No.: |
640597 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
· engaged in Providing Ocean Freight Forwarding Service. Subject Services Cover Port to Port Transportation, Door to Door
Transportation, Groupage, Import and Export Handlings, Warehousing, Break
Bulk and Deconsolidate |
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No of Employees : |
About 10 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
--- |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Hong Kong |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
|
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 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.
|
Source : CIA |
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Company Name (in Chinese): |
世盟通運(香港)股份有限公司 |
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Company Name (in English): |
UT Freight Forwarders (Hong Kong) Limited |
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Supplied Name: |
UT Freight Forwarders LTD |
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Trading Address: |
Unit 16-18, 22nd Floor, Tower A, Regent Centre, No. 63 Wo
Yi Hop Road, Kwai Chung, New Territories, Hong Kong |
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Supplied Address: |
2216/2218 Regent Cenre Toer A 63 Wo Yihop Road Kwai Chung NT |
Note: The complete name and address are as above.
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Credit Opinion: |
We tried to contact subject through the phone +852-2773-0281, Mr. Sun answered it and introduced subject’s operation information and trading address as we supplied.
We will update on-site visit photos as soon as possible.
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Registered Name: |
|
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Registered Address: |
Unit 16-18, 22nd Floor, Tower A, Regent Centre, No. 63 Wo
Yi Hop Road, Kwai Chung, New Territories, Hong Kong |
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Telephone Number: |
+852-2773-0281 |
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Fax Number: |
+852-2766-0750 |
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Email: |
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Date of Registration: |
1998-3-30 |
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Registered Number: |
640597 |
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Business Registration No.: |
21616935 |
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Paid-up Capital: |
HKD 100 (USD 12.9) = 100 Shares@ HKD 1 (As of 2014.12, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
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Principal Activities: |
engaged in
Providing Ocean Freight Forwarding Service. |
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Staff: |
About 10 Employees |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2014-3-30 |
Subject was incorporated on 1998-3-30 with the registered
number 640597 as Private Limited Liability Company in
Change of Name:
|
Date |
Change |
|
1998-5-13 |
UT Freight Forwarders ( |
|
1998-3-30 |
Union Freight Forwarders ( |
Major Related
Companies:
|
1.
UT Freight Service Ltd.
( 2.
UT Freight Forwarders
Co. Ltd. ( 3.
UT Logistic Service Ltd.
( 4.
UT Freight Forwarders ( 5.
UT Freight Service ( 6.
UT Freight Service ( |
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Hwang Yung Tsun |
1 |
1% |
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UT Freight Service Limited |
99 |
99% |
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Total |
100 |
100% |
Major Shareholder
Information:
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1 |
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Name: |
Hwang Yung Tsun |
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Address: |
2/F., |
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2 |
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Name: |
UT Freight Service Limited |
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Address: |
2/F., |
Core Management
Detailed
Information of Directors:
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1 |
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Name: |
Hwang Yung Tsun |
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Address: |
2/F., No. 778 Pa-Teh Road, Sec. 4, Taipei,
Taiwan, R.O.C. |
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Position: |
Director |
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Passport Number: |
302126505 |
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Issuing Country: |
Republic of China |
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2 |
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Name: |
Hwang Chi Cheng |
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Address: |
2/F., No. 778 Pa-Teh Road, Sec. 4, Taipei,
Taiwan, R.O.C. |
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Position: |
Director |
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Passport Number: |
306243036 |
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Issuing Country: |
Republic of China |
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3 |
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Name: |
Hwang Chi Hui |
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Address: |
2/F., No. 778 Pa-Teh Road, Sec. 4, Taipei,
Taiwan, R.O.C. |
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Position: |
Director |
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Passport Number: |
308557793 |
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Issuing Country: |
Republic of China |
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4 |
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Name: |
Boardroom Corporate Secretaries (HK) Limited |
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Address: |
31/F., 148 Electric Road, North Point, Hong
Kong |
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Position: |
Corporate Secretary |
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Registered Number: |
1189239 |
Personnel
Structure
|
Total Employees |
|
|
Office |
|
Address: |
Room 2216-2218,
Regent Cenre, Tower A, No. 63 Wo Yi Hop Road, Kwai Chung, New Territories,
Hong Kong |
Operation
Information
l
Subject is engaged in providing
of ocean freight forwarding service.
l
It is introduced that
subject has the certification of NVOCC.
l
It is introduced that
subject’s major services cover port to port transportation, door to door
transportation, groupage, import and export handlings, warehousing,
warehousing, break bulk and deconsolidate.
l
Subject’s mainly routes
in advantaged are Japanese basic line, South East Asia, Europe and the
Mediterranean, etc.
l
Subject’s group has
service offices in Shanghai City, Beijing City, Qingdao City, Dalian City, Los
Angeles and New York, etc.
l
Subject’s service regions
cover almost all over the world.
It is introduced that the details of settlements are to be negotiated.
The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.
|
Name: |
Hua Nan Commercial Bank Limited |
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Account Number: |
PHKFD800329 |
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Date: |
2013-5-14 |
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Court Name: |
Small Claim Tribunal |
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Court No.: |
011128/13 |
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Claimant: |
United Arab Shipping Agency Company (Hong
Kong) Ltd |
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Defendant: |
UT Freight Forwarders (Hong Kong) Ltd |
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Reason: |
Service Charge |
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2 |
|
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Date: |
2010-1-25 |
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Court Name: |
|
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Court No.: |
268 |
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Claimant: |
Peng Siu Kin t/a Siu Fung Co c/o Room 1218, Ping Wong House, Ping Tin Estate, Lam Tin,
Kwun Tong, Kln c/o Tsang, Chan & Woo (a firm) |
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Defendant: |
UT Freight
Forwarders (H.K.) Ltd (D1) |
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Reason: |
Commercial |
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Amount (HKD): |
919,510.00 |
Mortgage Record
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Company Name: |
UT Freight Forwarders (Hong Kong) Limited |
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Instrument of Creating Mortgage: |
Security Over Deposits |
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Date of Creating Mortgage: |
1998-7-22 |
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Amount Secured: |
To secure banking facilities granted to UT Freight
Forwarders (Hong Kong) Limited |
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Name of Mortgagee: |
Hua Nan Commercial Bank Limited (Hong Kong
Branch) |
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Addresses of Mortgagee: |
Suite 5601-5603, 56/F., Central Plaza, 18
Harbour Road, Wanchai, Hong Kong. |
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Description of Property Mortgaged: |
Fixed Times Deposit of HKD 300,000 or its equivalent in other foreign
currencies plus subsequent accrued interest maintained with Hua Nan
Commercial Bank, Limited together with further moneys in any deposit account
with Hua Nan Commercial Bank, Limited any or its offices. Deposit No. PHKFD800329
in name of UT Freight Forwarders (Hong Kong) Limited |
Interview
Details
|
Name |
Mr. Sun |
|
Department: |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.07 |
|
UK Pound |
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
|
<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.