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Report Date : |
26.07.2014 |
IDENTIFICATION DETAILS
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Name : |
SHUN YING TRADING CO. |
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Registered Office : |
Room A10, 8/F., |
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Country : |
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Date of Incorporation : |
18.10.2011 |
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Com. Reg. No.: |
54153368-000-10 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, Exporter and Logistic Service Provider of Chemicals, Plastics, Packaging Materials |
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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 – March 31, 2014
|
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 |
SHUN YING
TRADING CO.
ADDRESS: Room A10, 8/F., Hung Fuk Factory
Building, 60 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-9726 0909
FAX: Not available.
Manager: Mr. Ling Man Ping
Establishment: 18th October, 2011.
Organization: Partnership.
Capital: Not disclosed
Business Category: Importer,
Exporter and Logistic Service Provider.
Employees: 3
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation:
SHUN YING
TRADING CO.
Head Office:-
Room A10, 8/F., Hung Fuk Factory Building, 60 Hung To Road,
Kwun Tong, Kowloon, Hong Kong.
Associated Company:-
Same Empire Ltd., Hong Kong.
(Dissolved by deregistration)
54153368-000-10
Manager: Mr. Ling Man Ping
Name: Mr. LEUNG Si Ngai
Residential Address: Room 704,
Block 17, Dexing City, Jihua Road, Buji Town, Longgang District, Shenzhen
Special Economic Zone, China.
Name: Mr. LING Man Ping
Residential Address: Flat 309,
3/F., Tak Fu House, Hau Tak Estate, Junk Bay, Hong Kong.
The subject was established on 18th October, 2011 as a partnership concern
jointly owned by Mr. Leung Si Ngai and Mr. Ling Man Ping under the
Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Logistic Service Provider.
Lines: Chemicals,
Plastics, Packaging Materials, etc.
Employees: 3
Commodities Imported: India,
Europe, etc.
Markets: Hong
Kong, China, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
Capital: Not
disclosed
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Bankers:
Bank of China
(Hong Kong) Ltd., Hong Kong.
Construction Bank
of China Hong Kong Ltd., Hong Kong
Standing: Small.
Shun Ying Trading Co. is a partnership jointly owned by Mr. Leung Si
Ngai and Mr. Ling Man Ping, both are Hong Kong merchants. However, Leung Si Ngai is residing in Buji
Town, Longgang District, Shenzhen Special Economic Zone, China.
The manager of the subject is Ling Man Ping.
Business commenced in October 2011, the subject is trading in the
following products:
Chemicals, Plastics, Packaging Materials, etc.
The subject also offers clients with all kinds of logistics service.
We can reach a female employee of the subject at your given Hong Kong
mobile phone number 852-9726 0909.
However, the phone number 852‑2672 09819 is not correct as it
has 9 digits.
The subject’s chemicals are chiefly imported from India. Prime markets are Hong Kong and China.
To our knowledge, Leung Si Ngai and the other two shareholders set up a
company known as Same Empire Ltd. in Hong Kong on 9th January, 1992. Same Empire traded in chemicals. Most of the commodities were imported from
India and Germany. Prime markets were
Hong Kong and China. However, Same
Empire was dissolved by deregistration on 6th August, 2010.
Currently the subject has three employees in Hong Kong. History is just over two years.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 60.14 |
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|
1 |
Rs. 102.21 |
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Euro |
1 |
Rs. 81.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
-- |
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.