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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
GRANDICK
TRADING LTD. |
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Registered Office : |
Room 2903, 29/F., New Tech Plaza, 34 Tai Yau Street, San Po Kong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.01.1998 |
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Com. Reg. No.: |
21498204 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Wholesaler, Exporter and Re-exporter of all
kinds of herbal medicines, spices, ginseng, and animal by-products |
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|
|
No. of Employees |
6 |
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 |
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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 |
|
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 |
GRANDICK
TRADING LTD.
ADDRESS:
Room 2903, 29/F.,
New Tech Plaza, 34 Tai Yau Street, San Po Kong, Kowloon, Hong Kong.
PHONE: 852-2540 0018
FAX: 852-2540 0641
E-MAIL: info@grandick.com
Managing
Director: Mr. Yu Kwok Ho, Desmond
Incorporated on: 7th January, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Importer, Wholesaler, Exporter and Re-exporter.
Employees: 6.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
GRANDICK
TRADING LTD.
ADDRESS:
Registered
Head Office:-
Room 2903, 29/F.,
New Tech Plaza, 34 Tai Yau Street, San Po Kong, Kowloon, Hong Kong.
China
Factory:-
Heshan Wing Shan
Chinese Herb Beverage Processing Factory Co. Ltd.
1980-1984 Yanqian
Road, Shaping Town, Heshan City, Guangdong Province, China.
[Tel: 86-750-8823
217, Fax: 86-750-8823 017]
Associated
Company:-
Wing Shan Native
Product International Ltd., Hong Kong.
[Dissolved]
21498204
0634135
Managing
Director: Mr. Yu Kwok Ho, Desmond
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$100.00
(As
per registry dated 07-01-2014)
|
Name |
|
No.
of shares |
|
YU
Kwok Ho |
|
99 |
|
YU Siu Shan, Ronnie |
|
1 |
|
|
|
–––– |
|
|
Total: |
100 === |
(As
per registry dated 07-01-2014)
|
Name (Nationality) |
Address |
|
YU Kwok Ho |
Room 2903, 29/F., New Tech Plaza, 34 Tai
Yau Street, San Po Kong, Kowloon, Hong Kong. |
|
YU Siu Shan,
Ronnie |
Room 2903, 29/F., New Tech Plaza, 34 Tai
Yau Street, San Po Kong, Kowloon, Hong Kong. |
YU Siu Shan,
Ronnie (As per registry dated 07-01-2014)
The
subject was incorporated on 7th January, 1998 as a private limited liability company
under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Rich Rainbow Ltd., name changed to
the present style on 6th February, 1998.
Formerly
the subject was located at 18/F., 1 Des Voeux Road West, Sheung Wan, Hong
Kong, moved to the present address in January 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Wholesaler, Exporter and Re-exporter.
Lines: All kinds of herbal medicines, spices, ginseng, and animal by-products.
Employees: 6.
Commodities Imported: Imported from India, China, Japan, Vietnam, South Korea, etc.
Markets: Japan, Southeast Asia, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, D/P and T/T.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active state.
Mortgage or Charge:-
Date of Charge on Cash Deposit to secure Liabilities of the Depositor: 08-01-2013
Amount: All sums of money and liabilities as at the date of the Charge or in the future owing to the Bank
Property: (1).By way of first fixed charge and agreement to charge:
The Deposit and all right, title and interest of the Company
(2).By way of set-off:
Any sum standing to the credit of any one or more of the accounts of the Company with the Bank
Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank (Hong Kong) Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Normal.
Grandick
Trading Ltd. is a private limited company incorporated in January 1998. Formerly it was wholly-owned by Vistula
Development Ltd. which was a BVI‑registered firm.
The
subject now in fact is a family business which is 99% owned by Mr. Yu Kwok Ho
and 1% by Mr. Ronnie Yu Siu Shan.
According
to the subject, its predecessor was known as Longson Trading Co. Ltd. which was
founded in 1970.
The
subject has been specialized in importing and exporting herbal medicines as
well as other processed products. Its
products include the followings:-
Ginseng,
bulk herbal extracts, dietary herbs, ginseng extracts, health foodstuffs, herb
seeds, herb extracts, herbal medicine products, herbal teas, leaves, seeds
(spice), senna leaves, spice crop seeds, spices, other spices, teas, deer
antler, ox gall, etc.
Having
about forty years experience in this field, the subject’s founder has built
good relationships with its customers which includes importers and
manufacturers and suppliers from countries like India, Japan, Korea, China, and
Vietnam.
The
subject carries the following products:-
·
Animal by-products (Imported from
Australia, Africa, South America);
·
Ginseng (Bought from Jilin);
·
Herbs (Bought from Guangxi,
Sichuan, Hubei, Liaoning, Jilin, Heilongjiang); &
·
Spices (Bought from Shandong,
Shaanxi).
The
subject’s suppliers from countries like Japan, South Korea, Vietnam, India,
etc.
The
subject has got a factory in Heshan City, Guangdong Province, China known as
Heshan Wing Shan Chinese Herb Beverage Processing Factory Co. Ltd. which is
engaged in processing all kinds of raw materials. The area of the factory covers 6,000
sq.m. Products are exported to worldwide
countries. The legal representative of
the factory is Mr. Ye Faxiang who is a Chinese.
Besides
the Heshan factory, the subject has had another factory in Zhuhai Special
Economic Zone, China. This factory is
engaged in processing health foodstuffs and herbal extracts. Its equipment and apparatus have been
imported from Japan.
The
subject has had close business ties with Nigeria. It has maintained a number of regular
suppliers and customers throughout the world.
Overall business is satisfactory.
The
history of the subject in Hong Kong is over 16 years.
On
the whole, in view of the background and history of the subject, consider it
good for normal business engagements.
Property
information of the company:-
|
Property
Location |
Owner |
Date of Purchase |
Purchased |
|
18/F., 1 Des Voeux Road West, Hong Kong. |
Grandick Trading Ltd. |
n.a. |
n.a. |
(No mortgage record registered against the property)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.07 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
|
<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.