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Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
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Name : |
DACHING ENTERPRISES LTD. |
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Registered Office : |
Suite 2002-2004, 20/F., Two International Finance Centre, |
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Country : |
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Date of Incorporation : |
08.03.1985 |
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Com. Reg. No.: |
09554480 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Investment Holder Aluminium foil |
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No of Employees : |
20 (Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
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 |
DACHING
ENTERPRISES LTD.
ADDRESS: Suite 2002-2004,
20/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong.
PHONE: 852-2838 6693, 2236 7800,
2236 7891
FAX: 852-2572 2841
Chairman &
Managing Director: Mr. Chan Shing Sau
Incorporated
on: 8th March, 1985.
Organization: Private Limited Company.
Capital:
Nominal: HK$25,000,000.00
Issued: HK$20,000,000.00
Business Category: Importer, Exporter and Investment Holder.
Group
Employees: 20.
Main Dealing
Bankers: Nanyang Commercial Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Banking
Relation: Good.
DACHING
ENTERPRISES LTD.
ADDRESS:
Registered
Head Office:-
Suite 2002-2004,
20/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong.
China
Factory:-
Xiamen Xiashun
Aluminium Foil Co. Ltd.
Xinglong Road, Huli
Industrial District, Xiamen Special Economic Zone 361006, China.
[Tel:
86-592-6518388; Fax: 86-592-6023649]
Xiashun Holdings
Ltd., Bermuda/Hong Kong.
Daching
Development Ltd., Hong Kong.
Daching Holdings
Ltd., Hong Kong.
Daching Investment
(China) Ltd., Hong Kong.
Daching Ltd., Hong
Kong.
Daily Rich Ltd.,
Hong Kong. [Dissolved]
Heater Industrial
Ltd., Hong Kong.
See Chun Co. Ltd.,
Hong Kong.
See Kong Silk
Ltd., Hong Kong.
Tung Wah Garment
& Handbag Manufactory Co. Ltd., Hong Kong.
09554480
0148058
Chairman
& Managing Director: Mr. Chan Shing
Sau
Vice
Chairman: Ms. Wong Siu Wah, Sophia
Nominal Share
Capital: HK$25,000,000.00 (Divided into 25,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$20,000,000.00
(As per registry dated 08-03-2013)
|
Name |
|
No. of shares |
|
Xiashun Holdings Ltd. Clarendon House 2, Church Street, Hamilton
HM 11, Bermuda. |
|
20,000,000 ======== |
(As
per registry dated 08-03-2013)
|
Name (Nationality) |
Address |
|
CHAN Shing Sau |
40/F., Block B, The Mayfair, 1 May Road, Hong Kong. |
|
WONG Siu Wah |
40/F., Block B, The Mayfair, 1 May Road, Hong Kong. |
|
CHAN Sye Wai |
Suite 2002-2004, 20/F., Two International Finance Centre, 8 Finance
Street, Central, Hong Kong. |
WONG Siu Wah (As per registry dated 08-03-2013)
The subject was
incorporated on 8th March, 1985 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly the
subject was located at Suite 3201-3202, 32/F., Sino Plaza, 255 Gloucester Road,
Causeway Bay, Hong Kong, moved to the present address in January 2004.
Apart from these, neither material change nor
amendment has been ever traced and noted.
Activities: Importer, Exporter and Investment Holder.
Lines: Aluminium foil.
Group Employees:
20.
Materials/Commodities:
Imports raw materials from European countries, some of the Asian countries and
finished products from China.
Markets: China, Southeast Asia, Europe, North
America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$25,000,000.00 (Divided into 25,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$20,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
Nanyang Commercial Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
United Overseas Bank Ltd., Hong Kong Branch.
United Overseas Bank (China) Ltd., Xiamen Branch, China.
etc.
Standing: Very Good.
Daching Enterprises
Ltd. is a wholly-owned subsidiary of Xiashun Holdings Ltd. [Xiashun] which is a
Bermuda-incorporated firm.
The subject is the
trading arm of Xiashun. Currently,
Xiashun has had a factory known as Xiamen Xiashun Aluminium Foil Co. Ltd. which
is located at Xiamen Special Economic Zone, China.
Xiashun is the
largest manufacturer of light-gauge aluminium foil in the PRC as in terms of
sales, production volume and production capacity. It is a global leader in the industry in
production capacity. Its customers use
Xiashun’s high-quality light-gauge aluminium foil as a clean, safe and
convenient means for packaging a wide variety of consumer products from
beverages to cigarettes.
Xiashun is the
largest PRC exporter of light-gauge aluminium foil products and it believes it
is the only Asia-based global supplier of light-gauge aluminium foil for Tetra
Pak, a global leading manufacturer of aseptic laminated paperboard packaging
materials and the largest global supplier of flexible packaging products.
Xiashun’s other
major customers include one of the world’s leading manufacturers of aseptic
carton packaging for long-life foods, including juice, milk, soups and sauces,
as well as other international and domestic packaging services and solutions
providers.
Its aluminium foil
complied with the United States Food and Drug Administration requirements for
direct food contact packaging material according to a test report in April
2007. The total lead, cadmium, mercury and
hexavalent chromium content in its aluminium foil complied with the requirement
of European Council Directive 94/62/EC according to a test report in March
2007.
Xiashun’s
principal production facilities are located in Xiamen. Its advanced production facilities use
machinery and process technologies imported from Europe.
In 2004, Xiashun
was conferred the title of “China’s Top Ten Aluminium Foil Enterprise”. In 2006, Xiashun’s aluminium foil was named
“China Famous Brand – Fujian Famous Brand Product”. Besides, its aluminium foil has been
conferred the titles of “Fujian Outstanding New Product – Second Class Prize”,
“Xiamen Technology Improvement – First Class Prize” and “Xiamen Outstanding New
Product – First Class Prize”, etc.
Xiashun has had
the following three plants:
·
The 1st phase project was built in 1992 and put
into production in Huli Foil Plant with an annual production capacity of 6,000
tons. The 2nd Phase of Huli plant was
put into operation in 1997, expanding the annual production capacity to 20,000
tons.
·
Haicang Foil plant was built and put into
production in 2003 with the capacity increased to 50,000 tons. 2007 Haicang Foil Plant (3rd Phase) was built
and put into production in 2007, bringing the total production capacity up to
80,000 tons.
·
Haicang Sheet Plant was put into operation in 2010
with its annual capacity reaching 350,000 tons for litho stock and foil stock
which ushered in Xiashun’s start to produce foil stock by its own.
Xiashun’s products
are marketed in China. It has divided
China into five regions: Central, East, South, North and Southwest China. It also has established warehouses in Wuhan,
Wuxi and Kunming.
Mr. Chan Shing Sau
is the Chairman and Executive Director of Xiashun. His wife Ms. Sophia Wong Siu Wah is the Vice
Chairman and Executive Director of Xiashun.
The history of the
subject in Hong Kong is over 28 years.
On the whole,
consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
13-04-2010 |
Instrument: Letter
of Charge and Set-Off Property: The Company as
beneficial owner hereby charge the Deposits and assign transfer and set over
absolutely to Bank all the Company’s rights, title and interest in and to the
Other Deposits Mortgagee: United
Overseas Bank (China) Ltd., Xiamen Branch, China. |
To secure general banking facilities granted to Xiamen Xiashun
Aluminium Foil Co. Ltd., China |
|
13-04-2010 |
Instrument: Addendum
To Letter of Charge and Set-Off Property: The addendum, as
an integral part of the Letter of Charge, varies the letter of Charge in term
of the Deposits and other deposits as secured deposits being differentiated
and identified as being protected or not protected by or under the Scheme and
the guarantee and such variation shall come into effect from the data of the
Letter of Charge until the Expiry Date (31st December, 2010). From the date immediately following the
Expiry Date, the payment of compensation for the company’s deposits and other
deposits with respect to the protection limit pursuant to the protection
level following the principles of the Scheme shall remain applicable, as and
wherever appropriate Mortgagee: United
Overseas Bank (China) Ltd., Xiamen Branch, China. |
To secure general banking facilities granted to Xiamen Xiashun AI.
Foil Co., Ltd. |
|
19-01-2012 |
Instrument: Trade
Finance Security Assignment Property: The Borrower as
beneficial owner and as security for the payment of all secured liabilities:- (a) Assigns and agrees to assign
absolutely to the Bank all the present and future right, title, interests and
benefits of the Borrower in and to the following assets:- 1) The export credits; 2) The export collection bills; 3) The sales contracts; 4) The Export Invoice receivables; 5) The insurances; 6) The trade documents; and 7) All claims, remedies and proceeds in connection with any of the
foregoing (b) Charges and agrees to charge
to the Bank by way of first fixed charge all the present and future rights,
title, interests and benefits of the borrower in and to the following
assets:- 1) The goods together with their proceeds; 2) The Pledged Goods; and 3) To the extent any Security Assets is not effectively assigned under
sub-clause (a), such Security Asset; and (C) Pledges and agrees to pledge
to the Bank the Pledged Goods and the Trade Documents which are now or may in
the future be in the possession of the Bank Mortgagee: United
Overseas Bank Ltd., Singapore.| |
All obligations and liabilities of whatever nature of the Borrower
owed to the Bank at any time |
|
21-02-2012 |
Instrument: Charge
on Deposit Property: Deposit Balance
placed or to be with Nanyang Commercial Bank Ltd. under the account No.
043-472-92-13450-8 maintained in the name of the company Mortgagee: Nanyang
Commercial Bank Ltd., Hong Kong. |
To secure the payment of all moneys, obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.68 |
|
|
1 |
Rs. 102.96 |
|
Euro |
1 |
Rs. 84.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.