|
Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEUNG NING CO. LTD. |
|
|
|
|
Registered Office : |
Room 504, 5/F., Wing On Plaza, 62 Mody Road, Tsimshatsui East, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
30.04.2003 |
|
|
|
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Com. Reg. No.: |
33604532-000 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
|
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS JEWELLERY PRODUCTS |
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|
|
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No. of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
CHEUNG NING CO.
LTD.
ADDRESS: Room 504, 5/F., Wing On
Plaza, 62 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-3590 5998
FAX: 852-3590 5997
Managing Director: Mr. Wang Ning
Incorporated on: 30th April, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$2,340,000.00
Issued: HK$2,340,000.00
Business Category: Diamond
Trader.
Employees: 8.
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
CHEUNG NING
CO. LTD.
Registered Head
Office:-
Room 504, 5/F., Wing On Plaza, 62 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong.
Business
Name:- (BR No. 33604532-001)
Asia Diamond Exchange Centre, Hong Kong.
Associated
Companies:-
Cheung Ning JB Co. Ltd., Hong Kong.
(Same address)
Cheung Ning Trading Co. Ltd., Hong Kong.
(Same address)
Shenzhen Cheung Ning Diamond Co. Ltd.
3/F., Cuijing Building, Tianbei 4th Road, Luohu District,
Shenzhen
Special Economic Zone, China.
[Tel: 86-755-2582 7008; Fax:
86-755-2582 7000]
Shenzhen Cheung Ning Jewellery Co. Ltd., China.
33604532-000
0846305
Managing Director: Mr. Wang Ning
Nominal Share Capital: HK$2,340,000.00
(Divided into 2,340,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,340,000.00
(As per registry dated 30-04-2013)
|
Name |
|
No. of shares |
|
WANG Ning (Previous name: WANG Lanning) |
|
2,340,000 ======= |
(As per registry dated 30-04-2013)
|
Name (Nationality) |
Address |
|
WANG Ning |
27 E5, Ming Yue Wanshida Garden, Tai Ning Road, Luohu District 518020,
Shenzhen, China. |
(As per registry dated 30-04-2013)
|
Name |
Address |
Co. No. |
|
Uni-1 Corporate Services Ltd. |
Room 1502, 15/F., The Chinese Building, 61-65 Des Voeux Road Central,
Hong Kong. |
0785985 |
The subject was incorporated on 30th April, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Cheung Fat
Trading (China) Ltd., name changed to the present style on 17th October, 2003.
Formerly the subject was located at Room 607, 6/F., Yu To Sang Building,
37 Queen’s Road Central, Hong Kong, moved to Room 705, 7/F. of the same
building with effect from 16th December, 2008.
It moved back to Room 607, 6/F. of the same building in October
2009. The subject moved to the present
address with effect from 8th October, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds jewellery products.
Employees: 8.
Commodities Imported: India,
Belgium, other European countries
Markets: Japan,
China, Southeast Asia, Europe, Middle East.
Terms/Sales: L/C, Advanced T/T
Terms/Buying: Various terms.
Nominal Share Capital: HK$2,340,000.00
(Divided into 2,340,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,340,000.00
Mortgage or Charge (since
November 2013): (See attachment)
Indebtedness: HK$12,701,878.07 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 30-04-2013)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Having issued 2,340,000 ordinary shares of HK$1.00 each, Cheung Ning Co.
Ltd. formerly was jointly owned by Mr. Frankie Chan Fat Kee, holding 51%
interests; and Mr. Wang Ning, holding 49%.
Now, Chan has transferred all his shares to Wang. At present, the subject is wholly-owned by
Wang who is also the only director of the subject. He is a China merchant who is also a Hong
Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject’s business name is Asia Diamond Exchange Centre, Hong Kong.
The subject is a diamond and jewellery trader. Most of its products bear the trademark “ADIAMOND”.
The subject has had an associated company Cheung Ning Trading Co. Ltd.
[CNTCL] located at the same address.
The subject’s main associated company is Shenzhen Cheung Ning Diamond
Co. Ltd. [Shenzhen Cheung Ning] which is a China-based firm. At present, Shenzhen Cheung Ning has set up
offices in India, Belgium, and large cities of China such as Tianjin, Dalian,
Wuhan, besides the subject in Hong Kong.
CNTCL is wholly-owned by Shenzhen Cheung Ning.
Shenzhen Cheung Ning is the supplier, importer and exporter of a wide
range of diamonds in a wide variety like rose cut diamonds, rose cut heart, princesses
square cut, water drop cut, rose cut round, rose cut pears, rose cut oval, rose
cut marquise, fancy cut and fancy colour diamonds, briollets beads, old mine
cut diamonds round brilliant cut diamonds, marquise, pears, oval, heart,
emeralad, etc. Shenzhen Cheung Ning is
using JGS system to sort its diamonds.
Worldwide customers can place their order online.
At present, Shenzhen Cheung Ning’s stocks worth over RMB500 million
Yuan.
Shenzhen Cheung Ning has been cooperating with J. B. & Brothers of India
to set up a joint venture known as Cheung Ning- J. B. & Brothers Group to
develop diamond wholesaling and retailing business. According to Shenzhen Cheung Ning, it has got
a number of rough diamond suppliers in India and Europe. Besides, the Group’s products are in
conformity with the international standards of NGTC, GIA, IGI, etc.
J. B. & Brothers is specialized in 0.30 cts to 10.00 cts polish
diamonds from IF to I2 clarity, D-N & all fancy colours, in all shapes like
round (brilliant), marquise, princess, pears, oval, emerald, square emerald,
radiant, square radiant, heart, triangle, trilliant, etc.
J. B. & Brothers have special makes like princess, square radiant,
radiant, square brilliant, rectangle brilliant, etc.
J. B. & Brothers is in Bandra Kurla Complex, Bandra East, Mumbai,
India. The cooperation of the two
companies are satisfactory in China.
Shenzhen Cheung Ning is a member of Shanghai Diamond Exchange
[SDE]. Wang Ning is also the General
Manager of Shenzhen Cheung Ning.
Shenzhen Cheung Ning has set up an office in Shanghai Diamond Exchange
located at A905, 1701 Century Boulevard, Pudong New Area, Shanghai, China.
The subject also has set up an office in Beijing, China. The Shanghai and Beijing companies are able
to find ready markets in Northern and Eastern China.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong, China and the other
foreign large cities.
J. B. & Brothers is one of the suppliers of the subject which is
fully supported by Shenzhen Cheung Ning.
The subject owns premises in Hong Kong.
The business of the subject is active.
History in Hong Kong is over ten years.
On the whole, consider the subject good for normal business engagements.
Property information of the company:-
1. Property Location: Flat D on 30/F. of Tower M8, Yoho
Midtown, 9 Yuen Long Street, Yuen Long, New Territories, Hong Kong.
Owner: Cheung Ning Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
26-04-2011 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Unit 4 on 5/F., Wing On Plaza, 62 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong.
Owner: Cheung Ning Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
01-06-2011 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
3. Property Location: Flat D, 30/F., Tower M8, Yoho Midtown,
9 Yuen Lung Street, Yuen Long, New Territories, Hong Kong.
Owner: Cheung Ning Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
26-11-2013 |
- |
Bank of China (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
4. Property Location: Unit No. 4, 5/F., Wing On Plaza, 62
Mody Road, Kowloon, Hong Kong.
Owner: Cheung Ning Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
26-11-2013 |
- |
Bank of China (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
(Since November 2013)
|
Date |
Particulars |
Amount |
|
26-11-2013 |
Instrument: Mortgage Property: All Those 1,608/3,172,953 part or share of and in Yuen Long Town Lot
No. 504 (Flat D, 30/F., Tower M8, Yoho Midtown, 9 Yuen Lung Street, Yuen
Long, New Territories, Hong Kong.) Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
26-11-2013 |
Instrument: Mortgage Property: All those 56/26,500 part or share of and in Kowloon Inland Lot No.
10586 (Unit No. 4, 5/F., Wing On Plaza, 62 Mody Road, Kowloon, Hong Kong.) Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
22-11-2013 |
Instrument: Security Deed (Proceeds) Property: a) all Proceeds, together
with the right to receive, to sue for recovery and give effectual discharge
for the Proceeds in the name of the Company and all claims in respect of any
breach of the Contract; and b) all moneys from time
to time standing to the credit of the Charged Account and the Company
irrevocably authorises the Bank to withdraw and apply any credit balance in
the Charged Account in reduction of the Secured Liabilities at any time Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
At any time all principal, interest, fees, charges, costs, expenses,
damages and other moneys which are now or at any time in the future may
become payable by the Company to the Bank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NNA |
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.