|
Report Date : |
24.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
KING COMMODITIES
(ASIA) CO. LTD. |
|
|
|
|
Registered Office : |
c/o World Trade Enterprises Consultancy Ltd. Room 2105, 21/F., JCD486, Trend Centre, 29-31 Cheung Lee Street, Chai Wan |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
11.03.2011 |
|
|
|
|
Com. Reg. No.: |
58068410 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in trading in Garlic Products such as Black Garlic, Peeled Garlic, Garlic Oil, Garlic Drink, Garlic Paste, Minced, Salted, Roasted, Allicin, Pure White Garlic, Normal White Garlic, Garlic In Cartons, Garlic In Sacks, Prepacked Garlic & Hardneck Garlic |
|
|
|
|
No of Employees : |
No Employees in
Hong Kong (It is to be noted that the company does not have its own operating
office in Hong Kong. The company uses the address of its secretariat as its
correspondence address only. Subject operates from some other country and
does not have a base in Hong Kong. Such companies are registered in Hong Kong
just to tax benefit purpose and due to the strict privacy laws prevailing in
the country. In such cases, the companies are not required to have any
employees in Hong Kong nor do have an office there.) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong
|
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
KING COMMODITIES
(ASIA) CO. LTD.
Registered
Office:-
c/o World Trade Enterprises Consultancy Ltd.
Room 2105, 21/F., JCD486, Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong.
[Tel: 852-2264 8532
Fax: 852-224 8570
E-mail: info@prettygarlic.com ]
Associated
Company:-
Yafod International Ltd.
2-2-1501, No.113, Jiangxi Road, 266071 Qingdao City, Shandong Province, China.
[Tel: 86-532-6656 3168, 86-1572 6255 021
Mobile: 86-1390 6397 051
Fax: 86-532-8578 7901
E-mail: sales@prettygarlic.com ]
58068410
1572092
11th March, 2011.
HK$10,000.00
(As per registry
dated 11-03-2014)
|
Name |
|
No.
of shares |
|
HUANG
Xiaolong |
|
8,000 |
|
GAO Lifeng |
|
2,000 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry
dated 11-03-2014)
|
Name (Nationality) |
Address |
|
HUANG Xiaolong |
Room 2105, 21/F., JCD486,
Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong. |
|
GAO Lifeng |
Room 2105, 21/F., JCD486,
Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong. |
(As per registry
dated 11-03-2014)
|
Name |
Address |
Co.
No. |
|
World Trade Enterprises Consultancy Ltd. |
Unit 1302, 13/F., Railway Plaza, 39 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. |
1156560 |
The subject was incorporated on 11th March, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 701, 7/F., Sino Centre, 582-592 Nathan Road, Kowloon, Hong Kong where was the operating address of a commercial service provider Hong Kong Wan Long Fu Registrations Ltd. The subject moved to the present address in late 2013 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
Having issued 10,000 ordinary shares, King Commodities (Asia) Co., Ltd. is jointly owned by Mr. Huang Xiaolong, holding 80% interest; and Mr. Gao Lifeng, holding 20%. Both are China ID holders and does not have the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 2105, 21/F., JCD486, Trend Centre, 29-31 Cheung Lee Street, Chaiwan, Hong Kong” known as “World Trade Enterprises Consultancy Ltd.” [World Trade] which is handling its correspondences and documents. World Trade is also the corporate secretary of the subject. It has more than one office in Hong Kong. JCD486 is the file number of the subject in World Trade.
The subject has no employees in Hong Kong.
The subject has had an associated company in China known as Yafod International Ltd. [Yafod] which is in Qingdao City, Shandong Province, China. The contact person and general manager of Yafod is also Gao Lifeng. Your given phone number 86-532-6656 3168 is a China line belongs to Yafod. The subject and Yafod are engaged in the same lines of businesses.
Yafod is trading in Garlic Products such as the followings:
Black Garlic, Peeled Garlic, Garlic Oil, Garlic Drink, Garlic Paste, Minced, Salted, Roasted, Allicin, Pure White Garlic, Normal White Garlic, Garlic In Cartons, Garlic In Sacks, Prepacked Garlic & Hardneck Garlic
Founded in 2000, Yafod is a professional garlic exporter in China. It has its own garlic production base in Shandong, China. It collects, processes, packs, stores and exports many thousand tons of Chinese garlic to the world. Over the years, it has got a worldwide reputation for its brand Pretty Garlic. In March 2010, a decade after its birth, Pretty Garlic is commented by the renowned Fortune Magazine as the “industry’s equivalent of Nike or Coca‑Cola”.
China produces 75% of the garlic in the world, according to the FAO. The famous garlic Yafod supplies include: normal white and pure white garlic of Shandong, Henan and Pizhou, high mountain organic purple garlic and single clove garlic of Yunnan. The sizes range from 4.5 cm to 6.5 cm.
Yafod packs its garlic into 10 kg white and colour printed cartons or in pre‑packed mesh bags. It can also pack them in 20 kg net sacks. It loads garlic either in 20’ FCL containers with one door open or in 40’ HQRF reefer containers with temperature and humidity control. It has its own 8,000 ton cold storage warehouse.
Yafod’s China offices are in Jinxiang of Shandong, Guangzhou of Guangdong, etc. Besides, Yafod has set up offices in Canada, India, London of the United Kingdom.
The subject’s business in Hong Kong is not active. History in Hong Kong is over three years.
Since the subject does not have its own operating office and has no employees in Hong Kong, on the whole, consider it good for business engagements on L/C basis.
NOTE :
It is to be noted that the company does not have its own operating
office in Hong Kong. The company uses the address of its secretariat as its
correspondence address only. Subject operates from some other country and does
not have a base in Hong Kong. Such companies are registered in Hong Kong just
to tax benefit purpose and due to the strict privacy laws prevailing in the
country. In such cases, the companies are not required to have any employees in
Hong Kong nor do have an office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
|
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.