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Report Date : |
12.11.2014 |
IDENTIFICATION DETAILS
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Name : |
WING HING SPICES GRINDING FACTORY LTD. |
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Registered Office : |
Flat C-D, 9/F., |
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Country : |
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Date of Incorporation : |
03.02.2006 |
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Com. Reg. No.: |
36427292 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of spices, food
additives |
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No of Employees : |
11 (Including factory) |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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.
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Source
: CIA |
WING HING
SPICES GRINDING FACTORY
LTD.
ADDRESS: Flat A, 2/F.,
Shing Po Building, 16-20 Ko Shing Street, Sai Ying Pun, Hong Kong.
PHONE: 852-2548
4247, 2548 4259, 2408 7872,
2408 9817
FAX: 852-2548
7186, 2408 9127
E-MAIL: spices@netvigator.com
kkhwh@netvigator.com
Managing Director: Mr. Fok Po Chung
Incorporated on: 3rd February, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 11. (Including factory)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office & Factory:-
Flat C-D, 9/F., Wah Hing Industrial Building, 2-6 Ma Kok Street,
Tsuen Wan, New Territories, Hong Kong.
Head Office:-
Flat A, 2/F., Shing Po Building, 16-20 Ko Shing Street, Sai Ying Pun,
Hong Kong.
Associated Companies:-
Kung Hing Hong Wing Hing, Hong Kong.
Kung Kee Hong Wing Hing Ltd., Hong Kong.
Wing Hing Spices Grinding Factory, Hong Kong.
36427292
1022835
Managing Director: Mr. Fok Po Chung
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
(As per registry dated 03-02-2014)
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Name |
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No. of shares |
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FOK Po Chung |
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8 |
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TSANG Cheung Chung |
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1 |
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FOK Ho Yan, Ivy |
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1 |
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–– |
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Total: |
10 == |
(As per registry dated 03-02-2014)
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Name (Nationality) |
Address |
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FOK Po Chung |
Flat B, 18/F., 44 Nassau Street, Mei Foo Sun Chuen, Kowloon, Hong
Kong. |
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TSANG Cheung Chung |
Flat E, 18/F., Block 7, Melody Garden, Tuen Mun, New Territories,
Hong Kong. |
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FOK Ho Yan, Ivy |
Flat B, 18/F., 44 Nassau Street, Mei Foo Sun Chuen, Kowloon, Hong
Kong. |
FOK Ho Yan, Ivy (As per registry
dated 03-02-2014)
The subject was incorporated on 3rd February, 2006 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: All
kinds of spices, food additives
Employees: 11. (Including factory)
Commodities/Materials: Imported
from China, Europe, India, etc.
Markets: Hong
Kong, other Asian countries, Europe, North America, etc.
Terms/Sales: CAD or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
Mortgage or Charge:-
Date of Security Over Deposits with the Bank: 11-08-2011
Amount: To secure all monies
in respect of banking facilities
Property: Initially
CNY400,000 or equivalent and all monies whether now or hereafter standing to
the credit of the Company’s deposit with the Bank under deposit number
411-781180-838 and whatever currency it may subsequently be denominated in, any
renewal of such deposit & the interest thereon together with any further
moneys in any deposit account with the Bank at any of its offices.
Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
Having issued 10 ordinary shares of HK$1.00 each, Wing Hing Spices
Grinding Factory Ltd. is jointly owned by Mr. Fok Po Chung, holding 80%
interests; Mr. Tsang Cheung Chung, holding 10%; and Ms. Fok Ho Yan, Ivy holding
10%. Being Hong Kong merchants, they are
also directors of the subject.
The predecessor of the subject Wing Hing Spices & Grinding Co. was
founded in 1960.
The subject is a spice, gourmet, food additive manufacturer and
trader. The followings are some of its
products:
Spice Pack, Saffron Spice, Iranian Saffron, Ocimum Basilicum, Canned
Cinnamon.
It is specialized in carrying out 100% grinding processes in Hong Kong
with modernized production lines and has been recognized in producing a wide
variety of herbs and spices with “unique flavour. It is also specialized in grinding and
mixtures of Chinese herbs. According to
the subject, its products are very popular in local and overseas markets.
Besides, the subject has had an associated company Wing Hing Spices
Grinding Factory [WHSGF] which was set up in 1960. Now, this factory is located at Flat C-D,
9/F., Wah Hing Industrial Building, 2-6 Ma Kok Street, Tsuen Wan, New Territories,
Hong Kong. This is also the registered
address of the subject.
The raw materials of the subject are imported from China, Europe, India,
Southeast Asia, etc. Products are
marketed in Hong Kong, exported to the other Asian countries, Europe, North
America, etc. Business is active.
In 2003, the subject got a food manufacturing licence from Food And
Environmental Hygiene Department of the Government of the Hong Kong SAR, and
this has proved that the subject is able to manufacture gourmet and food
additives.
The subject’s second production line has got a licence from the Chinese
Medicine Council of Hong Kong.
In February 2012, the subject’s outstanding amounted to HK$135,124.70,
however, it has no outstanding in 2013.
The business of the subject is profitable. The history of WHSGF in Hong Kong is
over 53 years.
In the years ahead, the subject is trying to penetrate the China market
further.
On the whole, in view of the background and history of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.55 |
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1 |
Rs.97.53 |
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Euro |
1 |
Rs.76.48 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
SMN |
RATING EXPLANATIONS
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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 |
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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
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.