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Report No. : |
335374 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
JADWAY LTD. |
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Registered Office : |
25/F., Kerry Centre, 683 King’s Road, Quarry Bay |
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Country : |
Hong Kong
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Date of Incorporation : |
27.08.2004 |
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Com. Reg. No.: |
34904220 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Investment Holding and Property Development. |
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No. of Employees : |
50 |
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% 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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
|
Source
: CIA |
(Formerly located at: 9/F., Kin On Commercial Building, 49-51 Jervious Street, Hong Kong.)
JADWAY
LTD.
ADDRESS: 25/F., Kerry Centre, 683 King’s Road, Quarry Bay, Hong Kong.
PHONE: 852-2967 2200
FAX: 852-2524 1000
MANAGEMENT:
Managing Director: Mr. Wong Siu Kong
Incorporated on: 27th August, 2004.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Investment Holding and Property Development.
Group Turnover: HK$14,663.7 million (Year ended 31-12-2014)
Employees: 50.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
25/F., Kerry Centre, 683 King’s Road, Quarry Bay, Hong Kong.
Holding Company:-
Fancy Victory Ltd., British Virgin Islands.
Intermediate Holding Company:-
Kerry Properties Ltd., Bermuda.
Ultimate Holding Company:-
Kerry Group Ltd., Cook Islands.
Associated Companies:-
All First Investments Ltd., British Virgin Islands.
Alpine Project Management Ltd., Samoa.
Amble Aim Sdn. Bhd., Malaysia.
Apex Ally Ltd., Hong Kong.
Asia Insight Investments Ltd., Hong Kong.
Beijing Jia Ao Real Estate Development Co. Ltd., China.
Beijing Kerry Hotel Co. Ltd., China.
Beijing Kerry Huayuan Real Estate Development Co. Ltd., China.
Best Insight Ltd., Hong Kong.
Be-Tech Investments Ltd., British Virgin Islands.
Bethan Co. Ltd., Hong Kong.
Brisbane Trading Co. Ltd., Hong Kong.
Capital Faith (Hong Kong) Ltd., Hong Kong.
Capital Rise Investments Ltd., Hong Kong.
Cardiff Investments Ltd., Hong Kong.
Century Link (Hong Kong) Ltd., Hong Kong.
Chain Base Ltd., Hong Kong.
Changsha Guang Yue Real Estate Co. Ltd., China.
Cheerjoy Development Ltd., Hong Kong.
Classic Gold Holdings Ltd., Hong Kong.
Crystal Link Holdings Ltd., Hong Kong.
Dragon Fame Ltd., Hong Kong.
Enterprico Investment Ltd., Hong Kong.
F.D.I Commercial And Forwarding Services Co. Ltd., Vietnam.
Fast Forward Logistics Sdn. Bhd., Malaysia.
Feng Cheng Hui Cheng Chemical Logistics Co. Ltd., China.
Fine Century Holdings Ltd., Hong Kong.
Fine Winner Holdings Ltd., Hong Kong.
Fortune Mega Investments Ltd., Hong Kong.
Full Fortune Real Estate (Putian) Co. Ltd., China.
Gain Silver Finance Ltd., British Virgin Islands.
Golden Concord Properties Ltd., Hong Kong.
Grand Rise Investments Ltd., Hong Kong.
Haily Investments Ltd., Hong Kong.
Hengyun Real Estate (Tangshan) Co. Ltd., China.
Hohhot Chunhua KVW Water Treatment Co. Ltd., China.
Hohhot Chunhua VWK Water Operation Co. Ltd., China.
Hong Kong Shanghai Development Co. Ltd., Hong Kong.
Huilong Real Estate (Hangzhou) Co. Ltd., China.
Huiyao Real Estate (Hangzhou) Co. Ltd., China.
Interseed Co. Ltd., Hong Kong.
ISA Investments Ltd., British Virgin Islands.
Jacksons Landing Development Pty. Ltd., Australia.
Jacksons Landing Estate Management Pty Ltd., Australia.
Jet Fame (Hong Kong) Ltd., Hong Kong.
Jian’an Real Estate (Kunming) Co. Ltd., China.
Join Sky Investment Ltd., Hong Kong.
Joint Prospect Ltd., Hong Kong.
Kerry (Shenyang) Real Estate Development Co. Ltd., China.
Kerry Cao Jia Yan Properties (Shanghai) Co. Ltd., China.
Kerry Centre Real Estate (Shenzhen) Co. Ltd., China.
Kerry Communication Ltd., Hong Kong.
Kerry Corporate Services Ltd., Hong Kong.
Kerry CQ Water (Hohhot) Ltd., Hong Kong.
Kerry D.G. Warehouse (Kowloon Bay) Ltd., Hong Kong.
Kerry Development (Chengdu) Ltd., China.
Kerry Development (Manzhouli) Co. Ltd., China.
Kerry Development (Shanghai) Co. Ltd., China.
Kerry Development (Shenzhen) Co. Ltd., China.
Kerry Estate Management Ltd., British Virgin Islands.
Kerry Huafeng Property Development (Hangzhou) Co. Ltd., China.
Kerry Hung Kai Warehouse (Cheung Sha Wan) Ltd., Hong Kong.
Kerry Infrastructure Ltd., British Virgin Islands.
Kerry Logistics Network Ltd., British Virgin Islands/Bermuda.
Kerry Project Management (H.K.) Ltd., Hong Kong.
Kerry Project Management (Macau) Ltd., Macau.
Kerry Properties (China) Investment Co. Ltd., China.
Kerry Properties (China) Ltd., British Virgin Islands/Hong Kong.
Kerry Properties (H.K.) Ltd., Hong Kong.
Kerry Properties (Hong Kong) Ltd., British Virgin Islands/Hong Kong.
Kerry Properties (Macau) Ltd., Macau.
Kerry Properties (North China) Development Co. Ltd., China.
Kerry Properties (Shenzhen) Co. Ltd., China.
Kerry Properties (Sydney) Pty Ltd., Australia.
Kerry Properties Development Management (Shanghai) Co. Ltd., China.
Kerry Properties International Ltd., British Virgin Islands.
Kerry Properties Nominees Ltd., British Virgin Islands.
Kerry Properties Treasury Ltd., British Virgin Islands.
Kerry Property Management Services Ltd., Hong Kong.
Kerry Real Estate (Hangzhou) Co. Ltd., China.
Kerry Real Estate (Nanchang) Co. Ltd., China.
Kerry Real Estate Agency Ltd., Hong Kong.
Kerry Shanghai (Hongkou) Ltd., Samoa.
Kildare Ltd., Hong Kong.
KVW Investment Co. Ltd., Hong Kong.
Leading Well Ltd., Hong Kong.
Lucky Billion Development (Qinhuangdao) Co. Ltd., China.
Mable Road Co. Ltd., Hong Kong.
Magnifair Co. Ltd., Hong Kong.
Mani Holdings Ltd., Hong Kong.
Many Treasure Ltd., Hong Kong.
Maple Crest Development Ltd., British Virgin Islands.
Maxtime International Ltd., Hong Kong.
MegaBox Development Co. Ltd., Hong Kong.
MegaBox Management Services Ltd., Hong Kong.
Metro Cosmos Ltd., Hong Kong.
Mid-Levels Portfolio (Aighurth) Ltd., Cook Islands.
Mid-Levels Portfolio (Branksome) Ltd., Hong Kong.
Mid-Levels Portfolio (Gladdon) Ltd., Hong Kong.
Mid-Levels Portfolio (Tavistock) Ltd., Hong Kong.
Mid-Levels Portfolio (Valverde) Ltd., Hong Kong.
Million Palace Development (Chengdu) Co. Ltd., China.
Newick Ltd., Hong Kong.
Ningbo Ruifeng Real Estate Co. Ltd., China.
Orient Field Holdings Ltd., Hong Kong.
Panawin Ltd., Hong Kong.
Peak Universe Ltd., Hong Kong.
Pembrooke Development Investments Ltd., British Virgin Islands.
Pettico Ltd., Hong Kong.
Precise Skill Investments Ltd., Hong Kong.
Prismatic Ltd., Hong Kong.
Rayhay Co. Ltd., Hong Kong.
Right Century Investments Ltd., Hong Kong.
Rink Management Group Ltd., Hong Kong.
Risenland Development (Fuzhou) Co. Ltd., China.
Rodder Holdings Ltd., British Virgin Islands.
Ruihe Real Estate (Tangshan) Co. Ltd., China.
Senworld Investment Ltd., Hong Kong.
Shang Properties Inc., Philippines.
Shanghai Gang Hu Properties Co. Ltd., China.
Shanghai Ji Xiang Properties Co. Ltd., China.
Shanghai Kerry Real Estate Development Co. Ltd., China.
Shanghai Pudong Kerry City Properties Co. Ltd., China.
Shanghai Xin Ci Hou Properties Co. Ltd., China.
Shangri-La Hotel
(Nanjing) Co. Ltd., China.
[Formerly known as Ji Xiang Real Estate (Nanjing) Co. Ltd.]
Shangri-La Hotel (Shenyang) Co. Ltd., China.
Sheng Xiang Real Estate (Shenyang) Co. Ltd., China.
Shun On Properties Ltd., Hong Kong.
Sky Fair Development (Qinhuangdao) Co. Ltd., China.
Sky Vision Development Ltd., Hong Kong.
Sociedade de Investimento Imobiliario Tim Keng Van S.A., Macau.
Taskan Ltd., Hong Kong.
Tianjin Kerry Real Estate Development Co. Ltd., China.
Time Rank Ltd., Hong Kong.
Travel Aim Investment B.V., The Netherlands.
Trebanos Investment Co. Ltd., Hong Kong.
Ubagan Ltd., Hong Kong.
Union Top Properties Ltd., Hong Kong.
Upsmart Investments Ltd., Hong Kong.
Vickon Ltd., Hong Kong.
Victory Top Properties Ltd., Hong Kong.
Wealth Partner Global Ltd., Hong Kong.
Wealthline Properties Ltd., British Virgin Islands.
Wealthy Plaza Development (Chengdu) Ltd., China.
Wealthy State Investments Ltd., Hong Kong.
Well Fortune Real Estate (Putian) Co. Ltd., China.
Western Harbour Tunnel Co. Ltd., Hong Kong.
Widemax Ltd., Hong Kong.
Win Chanford Enterprises Ltd., Hong Kong.
Win House Industries Ltd., Hong Kong.
Wing Tsing Financial Services Ltd., British Virgin Islands.
Wirabay Ltd., British Virgin Islands.
Wise Grand Ltd., Hong Kong.
Wiseyear Holdings Ltd., British Virgin Islands.
Wolver Hollow Co. Ltd., Hong Kong.
Wu Wing International Co. Ltd., Hong Kong.
Xiang Heng Real Estate (Jinan) Co. Ltd., China.
Ying He Co. Ltd., China.
Yong Yu Real Estate (Nanjing) Co. Ltd., China.
Zhanfeng Real Estate (Yingkou) Co. Ltd., China.
Zhanye Real Estate (Yingkou) Co. Ltd., China.
Zhengzhou Yuheng Real Estate Co. Ltd., China.
Affiliated Companies:-
Peterson Group
Companies
Peterson (CNG) Equipment Ltd., Hong Kong.
Peterson Capital Holdings Ltd., Hong Kong.
Peterson China Property Ltd., Hong Kong.
Peterson Construction Materials Co. Ltd., Hong Kong.
Peterson Embroidery Co. Ltd., Hong Kong.
Peterson Finance Ltd., Hong Kong.
Peterson Group Management Ltd., Hong Kong.
Peterson Holdings Co. Ltd., Hong Kong.
Peterson Investments (China) Co. Ltd., Hong Kong.
Peterson Nominees Ltd., Hong Kong.
Peterson Properties Co. Ltd., Hong Kong.
Peterson Property (Holdings) Co. Ltd., Hong Kong.
Peterson Property Investments Co. Ltd., Hong Kong.
Peterson Real Estate Agency Ltd., Hong Kong.
Peterson Wine & Beverage Co. Ltd., Hong Kong.
Peterson(London) Co. Ltd., Hong Kong.
34904220
0919593
Managing Director: Mr. Wong Siu Kong
HK$10,000.00
(As per registry dated 27-08-2014)
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Name |
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No. of shares |
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Fancy Victory Ltd. P.O. Box 957 Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. |
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10,000 ===== |
(As per registry dated 27-08-2014)
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Name (Nationality) |
Address |
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HO Shut Kan |
Flat B, 15/F., Block 2, Braemar Hill Mansions, 17 Braemar Hill Road, North Point, Hong Kong. |
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CHU Ip Pui |
Flat A, 2/F., Block 2, Parc Versailles, 8 Mui Shu Hang Road, Tai Po, New Territories, Hong Kong. |
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Wilkie LEE |
Flat 1210, 12/F., Block J, Kornhill, Quarry Bay, Hong Kong. |
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YEUNG Sai Hong |
Apartment B, 9/F., Twin Brook, 43 Repulse Bay Road, Hong Kong. |
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YEUNG Siu Tung, Tony |
Unit B, 8/F., Block 1, Grand Garden, 61 South Bay Road, Hong Kong. |
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WONG Siu Kong |
Unit 601, 6/F., May Tower 1, 7 May Road, Central, Hong Kong. |
(As per registry dated 27-08-2014)
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Name |
Address |
Co.
No. |
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Kerry Corporate Services Ltd. |
25/F., Kerry Centre, 683 King’s Road, Quarry Bay, Hong Kong. |
0986306 |
The subject was incorporated on 27th August, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject moved to the present address in November 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities & Lines: Investment Holding and Property Development.
Employees: 50.
Commodities Imported: Not Applicable.
Business Territories: Hong Kong, China
Group Turnover: HK$21,226.0 million (Year ended 31-12-2010)
HK$20,660.4 million (Year ended 31-12-2011)
HK$34,513.0 million (Year ended 31-12-2012)
HK$33,158.0 million (Year ended 31-12-2013)
HK$14,663.7 million (Year ended 31-12-2014)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$10,000.00
Group Profit Attributable to Shareholders:-
HK$ 6,703.0 million (Year ended 31-12-2010)
HK$ 5,347.7 million (Year ended 31-12-2011)
HK$ 6,960.2 million (Year ended 31-12-2012)
HK$13,154.4 million (Year ended 31-12-2013)
HK$ 6,773.6 million (Year ended 31-12-2014)
Profit or Loss: Business is profitable.
Condition: Keeping in an active manner.
Facilities: Making rather 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: Very Good.
Jadway Ltd. is a wholly-owned subsidiary of Fancy Victory Ltd. which is a BVI-registered company.
The intermediate holding company of the subject Kerry Properties Ltd. [KPL/Group] is a Bermuda-registered company. KPL is a listed company in Hong Kong.
The subject is 71% owned by KPL.
According to KPL, the subject is engaged in property development and investment holding.
Any investment project which is 71% owned by KPL is carried out by the subject.
KPL is a world-class property company with significant investments throughout Asia. It is known for its property development activities in China and Hong Kong. In both markets, KPL focuses on investing in premium quality property developments in prime locations. It has developed a successful business model for doing this over many years and has considerable experience as a developer and manager of quality properties.
The subject belongs to the Hong Kong Property Division of KPL.
During the year ended 31st December 2014, the Hong Kong Property Division recorded a turnover of HK$8,007 million (2013: HK$8,130 million) and gross profit of HK$3,563 million (2013: HK$3,581 million).
The Division’s turnover for the year was mainly derived from recognized sales of The Summa, Three Ede Road, 8 LaSalle, The Altitude and Lions Rise. The pre-sale activity of Dragons Range also recorded good sales performance.
Demand for the Division’s investment properties continued to be robust, delivering stable recurrent rental income on resilient occupancy levels and rentals.
Results from the Division’s portfolio of prime residential, commercial and office properties benefited from generally solid economic conditions. During the year of 2014, turnover, comprising rental and other fees, generated from the Group’s completed investment properties in Hong Kong aggregated to HK$875 million (2013: HK$936 million), producing a gross profit of HK$663 million (2013: HK$745 million).
As at 31st December 2014, the Group’s completed investment property portfolio in Hong Kong had an aggregate gross floor area [GFA] of 2.78 million square feet (2013: 2.91 million square feet).
For the year ended 31st December 2013, the Group’s consolidated turnover was HK$14,663.7 million (2013: HK$33,158.0 million), decreased by 55.8%. Group profit attributable to shareholders was HK$ 6,773.6 million (2013: HK$13,154.4 million), decreased by 48.5%.
The total employees of the Group is about 24,000.
The subject is fully supported by the Group.
On the whole, in view of the parentage of the subject, consider it good for normal business engagements.
Brief personal profile of Managing Director:
Mr. WONG Siu Kong, Aged 63, is the Chairman of the Board of KPL, the chairman of the Nomination Committee of the Company and a member of the Remuneration Committee, the Finance Committee and the Executive Committee of the Company. Mr Wong joined the Kuok Group in 1991 with responsibilities for the Group’s developments in the PRC. He has been an Executive Director of the Company since 1996. Mr Wong was a Joint Managing Director of the Company from 1999 to 2003, the Deputy Chairman of the Board and the Managing Director of the Company from 2003 to 2008 and President & Chief Executive Officer of the Company from 2008 to 2013.
In August 2013, he was re-designated and elected as the Chairman of the Board of the Company. Mr Wong is also a director of Kerry Holdings Limited (the controlling shareholder of the Company) and a director of China World Trade Center Co., Ltd. (a listed company in Shanghai). Mr Wong graduated from the South China Normal University in the PRC.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.99.60 |
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Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
|
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 |
|
|
-- |
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.