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Report No. : |
336440 |
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Report Date : |
18.08.2015 |
IDENTIFICATION DETAILS
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Name : |
KINGWELL (CHINA) LTD. |
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Registered Office : |
M/F., Tsun Mee Industrial Building, 8 Wang Yip Street East, Yuen Long, New Territories |
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Country : |
Hongkong |
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Date of Incorporation : |
30.04.1997 |
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Com. Reg. No.: |
20995653 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and
Distributor of Lubricants, Chemicals and Auxiliaries for the Leather Industry. |
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No. of Employees : |
14. (Including Associates) |
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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Hongkong |
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 |
HONGKONG - 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 |
KINGWELL (CHINA)
LTD.
ADDRESS: M/F., Tsun Mee Industrial
Building, 8 Wang Yip Street East, Yuen Long,
New Territories, Hong Kong.
PHONE: 852-2944
0155
FAX: 852-2944
0355
Managing Director:
Mr. Ling Siu Wah
Incorporated on: 30th April, 1997.
Organization: Private Limited Company.
Issued Share Capital:
HK$10,000.00
Business Category: Lubricant
and Chemical Trader.
Employees: 14. (Including associates)
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
M/F., Tsun Mee Industrial Building, 8 Wang Yip Street
East, Yuen Long, New Territories, Hong Kong.
China Factories:-
Guangzhou Zhaoxiong Tannery Co. Ltd., China.
Guangzhou Zhaoxiong Tannery, China.
Associated/Affiliated
Companies:-
*Grand Land Trading
Ltd., Hong Kong.
* Kingful Industrial
Ltd., Hong Kong.
*Leather Port
International Ltd., Hong Kong.
Sino Force (Asia)
Ltd., Hong Kong.
*Siu Kee (Hong Kong) Tannery
Ltd., Hong Kong.
*Siu May (Guangzhou)
Tannery, China.
*Siu May Tannery
(China) Ltd., Hong Kong.
Tsun Mee Investment
(HK) Ltd., Hong Kong.
(* Dissolved)
20995653
0605966
Managing Director:
Mr. Ling Siu Wah
HK$10,000.00
(As per registry dated 30-04-2015)
|
Name |
|
No. of shares |
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LING Siu Wah |
|
5,000 |
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WONG Kwan Chuen |
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2,500 |
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WONG Yui Chuen |
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2,500 |
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|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 30-04-2015)
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Name (Nationality) |
Address |
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LING Siu Wah |
Flat 2, 10/F., Block D, The Trend Plaza, Tuen Mun,
New Territories, Hong Kong. |
|
WONG Kit Yuet |
Flat B, 34/F., Block 2, Maywood Court, Kingswood
Villas, 9 Ting Lung Road, Tin Shui Wai, New Territories, Hong Kong. |
(As per registry dated 30-04-2015)
|
Name |
Address |
Co. No. |
|
Great Faith Secretarial Services Ltd. |
Room 2007, 20/F., Wellborne Commercial Centre, 8 Java
Road, North Point, Hong Kong. |
0490760 |
The subject was
incorporated on 30th April, 1997 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 Distributor.
Lines: Lubricants,
chemicals and auxiliaries for the leather industry.
Agent of:-
Atlas Refinery Inc.
142 Lockwood Street,
Newark, New Jersey, U.S.
[Tel:
973-589-2002, Fax: 973-589-7377]
Employees: 14. (Including associates)
Commodities Imported: Mainly
imported from US, Europe, etc.
Markets: Hong
Kong, Macau, China, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, D/P and T/T.
Issued Share Capital: HK$10,000.00
Mortgage or Charges:-
Date of Deed of
Charge on Cash Deposit: 31-03-2006
Amount: To secure credit facilities or
financial accommodation
Property: A cash deposit of US$205,5363.18
placed with The Bank of East Asia Ltd., Yuen Long Branch under Account
No.: 015‑142-30-08136-9 Deposit No.: 0001
The Charge is a
continuing security and is a first fixed charge on the Deposit.
Mortgagee: The Bank of East Asia Ltd.,
Hong Kong.
Profit or Loss: Business
is profitable.
Condition: Keeping
in an active state.
Facilities: Making
rather active use of general banking facilities.
Payment: Met as required.
Commercial Morality:
Satisfactory.
Bankers:-
Hang Seng Bank Ltd.,
Hong Kong.
The Bank of East Asia
Ltd., Hong Kong.
Standing: Good.
Kingwell (China) Ltd.
formerly was equally held by Mr. Ling Siu-Wah and Grand Land Trading Ltd., a
Hong Kong-registered firm. At the very beginning,
the subject had just issued 2 shares while each of the shareholders held just
one share of HK$1.00 each.
Now, the subject’s
ordinary shares have been increased to 10,000 which are 50% owned by Mr. Ling
Siu Wah, 25% owned by Mr. Wong Kwan Chuen and also 25% by Mr. Wong Yui
Chuen. The two Wongs belong to the same
family.
The subject is
dealing in lubricants, chemicals and auxiliaries for the leather industry. China is its prime market. The subject is also the Hong Kong agent of
Atlas Refinery Inc. [Atlas], a US-based leather chemical manufacturer. Atlas is the global leader in lubricants and
auxiliaries for the leather industry.
Atlas Refinery Inc., with its 114 years of experience in supplying
quality fat‑liquors, has got the ISO 9001 certification.
The subject also
distributes other chemicals imported from European countries. Most of its buyers are leather product
manufacturers and tanneries in China.
Business is profitable.
The subject has had
an associated company known as Siu Kee (Hong Kong) Tannery Ltd. [Siu Kee]
located at the same address.
In 1987, Siu Kee
further expanded its business into China and set up a factory in Guangzhou,
China known as Guangzhou Zhaoxiong Tannery which is a China-based firm.
The subject also has
a Sino-foreign co-operative venture in China known as Guangzhou Zhaoxiong
Tannery Co. Ltd. [Zhaoxiong] which is also a China-based firm. The legal representative of this firm is Wong
Kwan Chuen. Zhaoxiong is engaged in
processing raw leather.
The subject has had
another associated company known as and Siu Kee Leather Factory.
Siu Kee Leather
Factory was founded in the 1950s. In
1981, Siu Kee (Hong Kong) Tannery Ltd. was incorporated. Being one of the first to bring in Italian
technology and machineries, and the use of quality assured branded chemicals,
Siu Kee produces high quality leather suitable for manufacturing handbags,
watchstraps and other accessories.
The subject has
another associated company Tsun Mee Investment (HK) Ltd. [Tsun Mee], a Hong
Kong-registered company located at the same address. Tsun Mee is a property holding company and is
also engaged in importing and wholesaling raw leather.
The overall business
of the subject is good. It had a number
of associated companies in Hong Kong but most of them have been dissolved or
deregistered.
The history of the
subject in Hong Kong is over eighteen years and three months. On the whole, consider it good for normal
business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
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|
1 |
Rs.102.23 |
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Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.