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Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CROWN WORLD INC. LTD. |
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Registered Office : |
Room 904, 9/F., Fook Yip Building, 53-57 Kwai Fung Crescent, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.03.2010 |
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Com. Reg. No.: |
52550780 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Provider of Logistic Service |
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No. of Employees : |
6. |
RATING & COMMENTS
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MIRAs 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 |
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Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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.
|
Source
: CIA |
CROWN WORLD INC.
LTD.
ADDRESS: Room 904, 9/F., Fook Yip
Building, 53-57 Kwai Fung Crescent, New Territories, Hong Kong.
(Formerly located at:
DD 119, Lot 1304,
Pak Sha Tsuen, Yuen Long, New Territories,Hong Kong.)
PHONE: 852-2479 3189, 2479 7189,
2479 9130, 2470 7189
Managing Director: Mr. Tang Wing
Ming
Incorporated on: 8th March, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$3.00
Business Category: Logistic
Service Provider.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
CROWN WORLD
INC. LTD.
Registered Head
Office & Warehouse:-
Room 904, 9/F., Fook Yip Building, 53-57 Kwai Fung Crescent,
New Territories, Hong Kong.
Holding Company:-
Sun Smart Group Ltd., Hong Kong. (Same address)
Business Name:-
Jung Shing Hong (Same BR No.)
DD 119, Lot 1304, Pak Sha Tsuen, Yuen Long, New Territories,
Hong Kong.
Affiliated
Companies:-
COE Group of Companies
China Oriental Express Co. Ltd., Hong Kong.
COE International Logistics (HK) Ltd., Hong Kong.
Dragon Well Transportation Ltd., Hong Kong.
52550780
1427431
Managing Director: Mr. Tang Wing
Ming
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$3.00
(As per registry dated 08-03-2014)
|
Name |
|
No. of shares |
|
Sun Smart Group Ltd., Hong Kong. |
|
3 = |
(As per registry dated 08-03-2014)
|
Name (Nationality) |
Address |
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TANG Wing Ming |
Lot House, No. 172, 1/F., Kat Hing Wai, Kam Tin, Yuen Long,
New Territories, Hong Kong. |
|
LEUNG Wing Fat |
Flat 11, 12/F., Yau Ning House, Tin Yau Court, Tin Shui Wai, Yuen
Long, New Territories, Hong Kong. |
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CHUNG Sau Han |
Room 904, 9/F., Fook Yip Building, 53-57 Kwai Fung Crescent, New
Territories, Hong Kong. |
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CHEUNG Ying Kit |
Flat F, 21/F., Tower 9, Central Peak Tower, Tin Yan Road, Tin Shui
Wai, New Territories, Hong Kong. |
(As per registry dated 08-03-2014)
|
Name |
Address |
Co. No. |
|
LEUNG Wing Fat |
Flat 11, 12/F., Yau Ning House, Tin Yau Court, Tin Shui Wai, Yuen
Long, New Territories, Hong Kong. |
0731960 |
The subject was incorporated on 8th March, 2010 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject was located at DD 119, Lot 1304, Pak Sha Tsuen,
Yuen Long, New Territories, Hong Kong, moved to the present address
in March 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities & Lines: Logistic
Service Provider.
Employees: 6.
Commodities Imported: All kinds of
commodities as entrusted by clients.
Business Territories: Hong
Kong, China, other Asian countries, Europe, North America, etc.
Terms/Services: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$3.00
Alternation of Issued Capital:-
|
08-03-2010 |
paid up |
HK$1.00 |
|
27-04-2011 |
paid up |
HK$2.00 |
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Total: |
paid up |
HK$3.00 ======== |
Profit or Loss: Made
a very small profit in 2013.
Condition: Business
is normal.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 3 ordinary shares of HK$1.00 each, Crown World Inc. Ltd.
formerly was equally owned by three Hong Kong merchants, namely, Mr. Chan
Hon Sum, Mr. Tang Wing Ming and Mr. Leung Wing Fat. Now, the subject is a wholly-owned subsidiary
of Sun Smart Group Ltd., a Hong Kong-registered company located at the
same address.
The subject moved to the present address in March 2012.
Incorporated in March 2010, the subject is a logistic service
provider. Its business name is Jung
Shing Hong.
Jung Shing Hong is still located at DD 119, Lot 1304, Pak Sha Tsuen,
Yuen Long, New Territories, Hong Kong where it is operating an open
yard.
The subject transports all kinds of commodities especially the following
commodities: grains, leather materials, leather products, etc.
The subject is an affiliated company of the COE Group of Companies
[COE]. The following firms are the main
members of the Group:-
China Oriental Express Co. Ltd.
COE International Logistics (HK) Ltd.
Dragon Well Transportation Ltd.
COE was established in 1994 as a courier company in Hong Kong. It has grown to be a well-known integrated
logistics company with over 8 branches in China. COE has been appointed as the direct deal
agent of the four integrators and has developed long-term co-operation with
airlines and shipping companies. With
years of development, COE now provides clients with a wide range of services,
including domestic express, cross border trucking between Hong Kong and
Mainland China, international express, import and export declaration,
international freight forwarding and logistics management.
COE has become an efficient international logistics enterprise with
fully equipped facilities, network coverage, and sound services. Business scope has been expended into
domestic freight, international freight, bounded trucking service
COE has got a rather good reputation in its field of business. Now, COE has set up China offices in
Guangzhou, Shenzhen SEZ, Dongguan, Huizhou, Xiamen, Shanghai, Zhongshan, etc.
The subject is engaged in the same lines of business as COE. The subject old registered address is also an
open yard where imported, exported commodities or containers are stored.
The history of the subject is just over four years. Business is normal.
On the whole, consider it good for normal business engagements in small
credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.47 |
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|
1 |
Rs.99.70 |
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Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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 |
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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
SCs 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.