|
Report No. : |
337186 |
|
Report Date : |
18.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
YITONG ASIA PACIFIC CO. LTD. |
|
|
|
|
Registered Office : |
Room 2101, 21/F., China Merchants Tower, Shun Tak Centre, 168‑200 Connaught
Road, Central |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
30.12.2005 |
|
|
|
|
Com. Reg. No.: |
36347466 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Chemicals, Foam, Sponge. |
|
|
|
|
No. of Employees : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
YITONG ASIA
PACIFIC CO. LTD.
ADDRESS: Room 2101, 21/F.,
China Merchants Tower, Shun Tak Centre, 168‑200 Connaught Road,
Central, Hong Kong.
PHONE: 852-2581 2398
FAX: 852-2581 1286
E-MAIL: atgloryco@i-cable.com
MANAGEMENT:
Managing Director: Mr. Cheng Shu
Wing
Incorporated on: 30th December, 2005.
Organization: Private Limited Company.
Issued Share Capital: HK$2,500,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
YITONG ASIA PACIFIC
CO. LTD.
Registered Head
Office:-
Room 2101, 21/F., China Merchants Tower, Shun Tak Centre, 168‑200 Connaught
Road, Central, Hong Kong.
Associated Company: (Same
address)
Atlantic Glory (Overseas) Co. Ltd., Hong Kong.
36347466
10160224
Managing Director: Mr. Cheng Shu
Wing
HK$2,500,000.00
(As per registry dated 30-12-2014)
|
Name |
|
No. of shares |
|
CHENG Shu Wing |
|
2,500,000 ======= |
(As per registry dated 30-12-2014)
|
Name (Nationality) |
Address |
|
CHENG Shu Wing |
Flat A, 22/F., Block 2, Kornhill Garden, Quarry Bay, Hong Kong. |
(As per registry dated 30-12-2014)
|
Name |
Address |
Co. No. |
|
Wilson Business Administration Ltd. |
Room 1406 & 1412, 14/F., 655 Nathan Road, Mongkok, Kowloon, Hong
Kong. |
0143657 |
The subject was incorporated on 30th December, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Circle Plus Investment
Co. Ltd., name changed to the present style on 7th December, 2006.
Formerly the subject was located at Room 802-803, 8/F., Chao’s Building,
143‑145 Bonham Strand, Sheung Wan, Hong Kong, moved to the present
address in November 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Chemicals,
Foam, Sponge.
Employees: 6.
Commodities Imported: China, South
Korea, Japan, other Asian countries, Europe.
Markets: Hong
Kong, other Asian countries, Europe, South America.
Terms/Sales: COD, or as per contracted.
Terms/Buying: L/C, T/T.
Issued Share Capital: HK$2,500,000.00
Profit or Loss: Making
a small profit every year.
Condition: Business is normal.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hong Kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 2,500,000 ordinary shares of HK$1.00 each, Yitong Asia
Pacific Co. Ltd. is wholly owned by Mr. Cheng Shu Wing who is a Hong Kong
merchant. He is also the only director of
the subject.
The subject has had an associated company Atlantic Glory (Overseas) Co.
Ltd. [Atlantic Glory], also a Hong Kong-registered firm located at the same
address. Atlantic Glory is also operated
by Cheng Shu Wing.
The subject is
trading in the following commodities:-
Industrial Chemicals, Foam, Sponge, Snack Foodstuffs.
Commodities are imported from Europe, China, South Korea, Japan, the
other Asian countries. Its prime markets
are Pakistan, India, the other Asian countries, South America, etc.
In recent years, the subject has been exporting polyol, and polyether
polyol to Pakistan, Venezuela, Peru and the other South American
countries. Its main customers are the
following companies:
Most of the products are sourced from China.
In 2007 and 2008, Cheng Shu Wing got the permits by making tenders to
operate two snack food kiosks in Hong Kong seashores. The monthly rents were HK$8,080.00 and
11,000.00 respectively. Now, both of the
two permits have expired.
Atlantic Glory is trading in the following commodities: Watches, Clocks, Spectacles, Glasses, Gifts
& Premiums.
The business scope of the subject and Atlantic Glory is different. The business of these two companies are
normal.
The subject’s business is chiefly handled by Cheng himself. History in Hong Kong is over nine years
and seven months.
On the whole, consider the subject good for normal business engagements
in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
|
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.