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Report No. : |
335377 |
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Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
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Name : |
WINCHAIN LTD. |
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Registered Office : |
C/o WinGate Business Ltd., Room 2305A, 23/F., World-Wide House, |
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Country : |
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Date of Incorporation : |
26.05.1992 |
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Com. Reg. No.: |
15749419 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of Lighting Products. |
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No. of Employees : |
3 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
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 - 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization
of trade in services in Guangdong Province under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from March 2015, cover a negative
list and a most-favored treatment provision, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
WINCHAIN LTD.
ADDRESS: Room 1202-A, 12/F., Wah Yiu Industrial
Centre, 30-32 Au Pui Wan Street, Fotan, Shatin, New Territories, Hong Kong.
PHONE: 852-2709
0238
FAX: 852-2772
4398
E-MAIL: info@winchain-led.com
MANAGEMENT:
Managing Director: Mr. Chan Yuk Sang
Incorporated on: 26th May, 1992.
Organization: Private Limited
Company.
Issued Share Capital: HK$3.00
Business Category: Lighting
Product Trader.
Employees: 3.
Main Dealing Banker: The
Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
C/o WinGate Business Ltd.
Room 2305A, 23/F., World-Wide House, 19 Des Voeux Road Central, Hong
Kong.
Operating Office
and Showroom:-
Room 1202-A, 12/F., Wah Yiu Industrial Centre, 30-32 Au Pui Wan Street,
Fotan, Shatin, New Territories, Hong Kong.
15749419
0358747
Managing Director: Mr. Chan Yuk
Sang
(Hong Kong Mobile: 852-9439 3894)
HK$3.00
(As per registry dated 26-05-2015)
|
Name |
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No. of shares |
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CHAN Yuk Sang |
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1 |
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HO Heung Ying, Lilian |
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1 |
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CHAN Yuen Ming, Anthony |
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1 |
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– |
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Total: |
3 = |
(As per registry dated 26-05-2015)
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Name (Nationality) |
Address |
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CHAN Yuen Ming, Anthony |
Room 1610, 16/F., Fu Yat House, Fu Keung Court, Junction Road,
Kowloon, Hong Kong. |
|
CHAN Yuk Sang |
Room 1610, 16/F., Fu Yat House, Fu Keung Court, Junction Road,
Kowloon, Hong Kong. |
CHAN Yuk Sang (As per registry
dated 26-05-2015)
The subject was incorporated on 26th May, 1992 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
and Exporter.
Lines: All
kinds of lighting products.
Employees: 3.
Commodities Imported: China,
Europe.
Markets: Hong
Kong, Japan, other Asian countries, Europe.
Terms/Sales/Services: As per
contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$3.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hong Kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
Winchain Ltd. was incorporated in May 1992 as a private limited
liability company.
The subject’s registered office is in a commercial service firm located
at Room 2305A, 23/F., World-Wide House, 19 Des Voeux Road Central,
Hong Kong known as WinGate Business Ltd. which is handling its
correspondences and documents.
The subject’s operating office and showroom are located at Shatin,
New Territories, Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
just three ordinary shares of HK$1.00 each which are equally-owned by
Mr. Chan Yuk Sang, Ms. Ho Heung Ying, Lilian and Mr. Chan Yuen Ming,
Anthony. Being Hong Kong merchants, the
first and the third are also directors of the subject.
The contact person of the subject Mr. Chan Yuk Sang, Dominic can be
reached at his Hong Kong mobile phone number 852-9439 3894.
The subject is
trading in all kinds of lighting products.
·
LED bulb - MR16, GU10, E14, E27, G4, G9, candle and
ball type, PAR30 & PAR38 (dimmable & non-dimmable);
·
LED track light;
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LED ceiling / down light;
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LED flood light;
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LED high bay lamp;
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LED T8 & T5 tube;
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LED exit / emergency signs;
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High Power LED T8 Tubes;
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LED Street Lamps;
·
LED lighting panels for office & advertisement
display; &
·
Architectural Light for underwater & garden.
The subject’s associated factories are in China. Products are marketed in Hong Kong, exported
to Australia, Central & South America, North America, Europe, Japan, South
Korea, other Asian countries, etc.
Its associated factory is Dongguan, Guangdong Province, China, having a
team of some 120 workers occupying plant area of some 50,000 square feet.
It also has had another associated factory in Foshan Guangdong Province,
China, having a team of some 800 workers occupying plant area of 180,000 square
feet. The products of this factory are
halogen lamps and energy saving lamps which are chiefly exported to the EU.
The subject is also an agent for China and other foreign branded
products.
Over the past
years, the subject was engaged in the following projects:-
·
One, Two & Three Exchange Square- Chater House
·
York House
·
Jardine House
·
Gloucester Tower & Edinburgh Tower
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Cityplaze One, Three & Four
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Devon House
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Dorset House
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Lincoln House
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Oxford House
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Warwick House
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Somerset House
·
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities.
For instance, it is going to take part in “Hong Kong Houseware Fair
2016” which will be held in Hong Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 20th to 23rd April, 2016. Its booth No. is ED-TSO.
As the history of the subject is over 23 years and a month in Hong Kong,
on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.63.93 |
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|
1 |
Rs.99.82 |
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Euro |
1 |
Rs.70.05 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
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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.