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Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CHEUNG HING CORPORATION LTD. |
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Registered Office : |
4/F., Wai Hing Building, 146 Prince Edward Road West, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.04.1999 |
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Com. Reg. No.: |
30059702 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of wood, timber |
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No. of Employees : |
3 |
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 : |
Small company |
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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) |
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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 |
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 |
CHEUNG HING
CORPORATION LTD.
ADDRESS: 4/F., Wai Hing Building, 146
Prince Edward Road West, Kowloon, Hong Kong.
PHONE: 852-2381 2547, 2380 7112
FAX: 852-2397 1790
E-MAIL: chtimber@netvigator.com
Managing Director: Mr. Cheng Pui
Chung
Incorporated on: 30th April, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
CHEUNG HING
CORPORATION LTD.
Registered Head
Office:-
4/F., Wai Hing Building, 146 Prince Edward Road West, Kowloon,
Hong Kong.
Associated Company
or Organization:-
Cheung Hing & Co., Hong Kong.
Cheung Hing Resources Co. Ltd., Hong Kong.
Cheung Hing Timber Co. Ltd., Hong Kong.
[Dissolved]
Thai Sawat Import & Export Co. Ltd., Thailand.
Thai Timber Merchant Association, Thailand.
30059702
0673982
Managing Director: Mr. Cheng Pui
Chung
Shipping Clerk & Contact Person:
Ms. Cherie Chow
Nominal Share Capital: HK$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 30-04-2013)
|
Name |
|
No. of shares |
|
TEH Choo Ngang |
|
3,200,000 |
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CHENG Pui Chung |
|
1,900,000 |
|
CHENG Pui Chee (Alias Apipatana
Chetta) |
|
3,000,000 |
|
Apipatana Marut |
|
1,900,000 |
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|
|
––––––––– |
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Total: |
10,000,000 ======== |
(As per registry dated 30-04-2013)
|
Name (Nationality) |
Address |
|
CHENG Pui Chung |
4/F., 146 Prince Edward Road, Kowloon, Hong Kong. |
|
CHENG Pui Chee |
4/F., 146 Prince Edward Road, Kowloon, Hong Kong. |
|
TEH Choo Ngang |
10C, 16/F., Lai Wan Road, Kowloon, Hong Kong. |
CHENG Pui Chung (As per registry
dated 30-04-2013)
The subject was incorporated on 30th April, 1999 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 Wholesaler.
Lines: All
kinds of wood, timber
Employees: 3.
Commodities Imported: Myanmar,
Vietnam, Pauper New Guinea, Thailand, Southeast Asia
Markets: Hong
Kong, China, Japan, South Korea, Taiwan, other Asian countries
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Mortgage or Charge (since2007):
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a
satisfactory condition.
Facilities: Making rather
active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Dah Sing Bank Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
KBC Bank N.V., Hong Kong Branch, Hong Kong.
Oversea-Chinese Banking Corporation Ltd.,
Hong Kong Branch, Hong Kong.
Standing: Small.
Having issued 10 million ordinary shares of HK$1.00 each, Cheung Hing
Corporation Ltd. is jointly owned by Mr. Teh Choo Ngang, holding 32% interests;
Mr. Cheng Pui Chung, holding 19%; Ms. Cheng Pui Chee, 30%; Mr. Apipatana Marut,
19%. The former three are also the
directors of the subject.
The subject’s registered address is in a private building located at
4/F., Wai Hing Building, 146 Prince Edward Road West, Kowloon,
Hong Kong. This is the residence of
Cheng Pui Chung and Cheng Pui Chee.
The subject is trading in the following commodities:-
Santalum Album Wood, Hoover, Cherry Veneer, Rough Wood, Crude Wood, Sawn
Wood, Finger-Joint Panel, other Wood Materials, etc.
Products are imported from Myanmar, Vietnam, Pauper New Guinea,
Thailand, etc. Prime markets are Hong
Kong, China, Japan, South Korea, Taiwan, the other Asian countries, etc.
The subject had an associated company Cheung Hing & Co. located at
its operating address. Now, the
registered address of this firm has moved to the operating address of a
commercial service provider.
The subject also has had an associated company in Thailand known as Thai
Sawat Import & Export Co. Ltd. [Sawat].
Sawat is also a timber and wood trader.
This firm is jointly operated by Cheng Pui Chee (alias Apipatana Chetta)
and Apipatana Marut. The latter is a
Thai. He is a director of Thai Timber
Merchant Association of Thailand. Sawat
imports timber from the subject. Sawat
is one of the largest timber traders in Thailand.
Ms. Cheng Pui Chee (alias Apipatana Chetta) and Apipatana Marut seem to
be a couple. Cheng is a Chinese but has
got the nationality of Thailand.
The business of the subject is rather active. Regular suppliers and customers have been
maintained. History in Hong Kong is over
fourteen years.
The subject is fully supported by Sawat.
On the whole, consider the subject good for normal business engagements.
(Since 2007)
|
Date |
Particulars |
Amount |
|
17-01-2007 |
Instrument: Charge of Cash and Security Agreement Property: All moneys in any currency now or at any time hereafter standing to
the credit of the Depositor’s current, savings or deposit accounts whether in
local or foreign currency deposit account No. 539338 which shall include any
renewals thereof whether by way of extension, replacement or substitution
(whether bearing the same or different account numbers together with interest
accrued or to be accrued thereon & all additions thereto as continuing
security for the payment and discharge of the Secured Obligations Mortgagee: Oversea-Chinese Banking Corporation
Ltd., Hong Kong Branch. |
All moneys & liability |
|
19-03-2007 |
Instrument: Security over Deposit in respect of
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account No.
861060027545 & all deposits form time to time therein which expression
includes all and every deposit & any currency into which such sums may
from time to time be converted Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All monies & liabilities |
|
03-12-2008 |
Instrument: General Collateral Agreement Property: 1. The Customer assigns
to the Bank the Assigned Assets. 2. The Customer charges
the Deposit to the Bank 3. The Customer charges
the Securities & Pledged Goods to the Bank Mortgagee: Dah Sing Bank Ltd., Hong Kong. |
General banking facilities
granted to the company |
|
20-04-2009 |
Instrument: Charge Over Deposit/Securities
(2-Parties) Property: Charged Assets Deposit & Securities, Account No. 385-185822-085, include
any assets accepted by the Bank form time to time in addition to or in
substitution of any existing charged Assets in accordance with the provisions
of this charge Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency by the company to Hang Seng
Bank Ltd. at any time, actually or contingently, in any capacity, alone or
jointly with any other person |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.