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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
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Name : |
HOP HING SPICE CO. LTD. |
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Registered Office : |
G/F., Wo Fu Building, 159 Queen’s Road West |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.12.2000 |
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Com. Reg. No.: |
31434535 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of spices. |
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No. of Employees : |
8. (Including subsidiary) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – 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 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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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 |
HOP HING SPICE CO.
LTD.
ADDRESS: G/F., Wo Fu Building, 159
Queen’s Road West, Hong Kong.
PHONE: 852-2548 2204, 2548 3500
FAX: 852-2180 6179, 2559 5661
Managing Director: Mr. Kwok Hon
Chung
Incorporated on: 1st December, 2000.
Organization: Private Limited Company.
Capital: Nominal: HK$6,000,000.00
Issued: HK$6,000,000.00
Business Category: Spice
Trader.
Employees: 8. (Including subsidiary)
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
HOP HING SPICE CO.
LTD.
Registered Head
Office:-
G/F., Wo Fu Building, 159 Queen’s Road West, Hong Kong.
Warehouse and
Plant:-
Tsing Yi Industrial Centre, 1-33 Cheung Dat Road, Tsing Yi,
New Territories, Hong Kong.
Subsidiaries:- (Same BR No.)
Hop Hing Trading Company, Hong Kong.
(Same address)
Tai Tung Enterprise Company
Flat A3, 12/F., Tsing Yi Industrial Centre, 1-33 Cheung Tat Road, Tsing
Yi, New Territories, Hong Kong.
[Tel: 852-2432 7192; Fax:
852-2432 7708]
[Established on 10th March, 2007 bearing BR No. 31434535-004-12]
31434535
0739643
Managing Director: Mr. Kwok Hon
Chung
Nominal Share Capital: HK$6,000,000.00
(Divided into 6,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
(As per registry dated 01-12-2013)
|
Name |
|
No. of shares |
|
KWOK Hon Chung |
|
3,000,000 |
|
WONG Siu Chun |
|
3,000,000 |
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|
|
–––––––– |
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Total: |
6,000,000 ======= |
(As per registry dated 01-12-2013)
|
Name (Nationality) |
Address |
|
KWOK Hon Chung |
Flat G, 12/F., Block 22, Park Island, 8 Pak Lai Road, Ma Wan, Tsing
Yi, New Territories, Hong Kong. |
|
WONG Siu Chun |
Flat G, 12/F., Block 22, Park Island, 8 Pak Lai Road, Ma Wan, Tsing Yi,
New Territories, Hong Kong. |
KWOK Hon Chung (As per registry
dated 01-12-2013)
The subject was incorporated on 1st December, 2000 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hop Hing Spice
Trading Co. Ltd., name changed to the present style on 27th January, 2010.
Formerly the subject was located at G/F., Hua Chang Commercial Building,
123E-F Queen’s Road West, Hong Kong, moved to the present address in January
2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of spices.
Employees: 8. (Including subsidiary)
Commodities Imported: Imported
from China, India, Southeast Asia, etc. and procured locally.
Markets: Hong
Kong, China, Asia, Western Europe, Canada and South America.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T
Nominal Share Capital: HK$6,000,000.00
(Divided into 6,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a steady manner.
Facilities: Making active use of general
banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Good.
Having issued 6 million ordinary shares of HK$1.00 each, Hop Hing Spice
Co. Ltd. is equally owned by Mr. Kwok Hon Chung and Ms. Wong Siu Chun, both are
Hong Kong merchants. Seemed to be a
couple, Kwok and Wong are also directors of the subject.
The subject has had a subsidiary company Hop Hing Trading Company
[Hop Hing] located at its operating address. It also has had another subsidiary Tai Tung
Enterprise Company [Tai Tung] located at a different address.
Hop Hing was established on 1st November, 1964. It is principally engaged in importing,
wholesaling, retailing and re-export of a variety of spices and
flavourings. Having established over 49
years in Hong Kong, Hop Hing is an old firm in the line of business. Products are mainly imported from China,
India and Southeast Asia. Prime markets
are Hong Kong, the other Asian countries and Western and Northern Europe. Regular suppliers and customers have been
maintained. Operation is steady and
active.
Hop Hing has registered with the Hong Kong SAR Government as an importer
of cereals and grains products, herbs and spices, fats and oils, condiments and
sauces.
Tai Tung is responsible for spice and flavouring processing with
production facilities in Tsing Yi, New Territories, Hong Kong. This is also a warehouse of the subject.
The subject, Hop Hing and Tai Tung are managed by Kwok Hon Chung
himself. All the firms are bearing the
same business registration number.
As the history of the subject is over thirteen years in Hong Kong,
on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.00 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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 |
|
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.