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Report No. : |
302939 |
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Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
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Name : |
KWOK FUNG (SINO H.K.) ENTERPRISE LTD. |
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Registered Office : |
Room 4024-39, 40/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.10.1992 |
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Com. Reg. No.: |
16152469 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Re-exporter of all kinds of paper |
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No. of Employees : |
38 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 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 |
KWOK FUNG
(SINO H.K.) ENTERPRISE
LTD.
ADDRESS: Room 4024-39, 40/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2542 1268
FAX: 852-2542 1626
Managing Director: Mr. Yeung Yuk Ching
Incorporated on: 1st October, 1992.
Organization: Private Limited Company.
Issued Share Capital: HK$35,000,000.00
Business Category: Paper Trader.
Employees: 38.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 4024-39, 40/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.
Holding Company:-
Kwok Fung Holding Ltd., Hong Kong.
Associated
Companies:-
AB Jan Liebig Ltd., Sweden.
Costal Pulp & Paper LLC, USA.
Costal Pulp & Paper Ltd., Hong Kong.
Ekman & Co. (Korea) Ltd., Korea.
Ekman & Co. AB, Sweden.
Ekman & Co. China Ltd., China.
Ekman & Co. Inc., USA.
Ekman AG, Switzerland.
Ekman Asia Pte. Ltd., Singapore.
Ekman Converting SA, Morocco.
Ekman do Brasil Comercial Ltda., Brazil.
Ekman Iberica S.A., Spain.
Ekman Middle East (FZC), UAE.
Ekman Polska Sp. z.o.o., Poland.
Ekman Pty. Ltd., Australia.
Ekman Pulp & Paper Co. Ltd., Japan.
Ekman Pulp & Paper Ltd., Hong Kong.
Ekman Pulp & Paper Pvt. Ltd., India.
Ekman Recycling Inc., USA.
Ekman UK Ltd., UK.
Percy Von Schoulta & Co. AB, Sweden.
Rappresentanza Ekman SRL, Italy.
Secondary Pulp & Paper Inc., Canada.
Taipei Ekman & Co., Taiwan.
etc.
16152469
0382579
Managing Director: Mr. Yeung Yuk Ching
Director & Sales Contact: Mr. Ng. Chi Leung, Danny
ISSUED SHARE
CAPITAL: HK$35,000,000.00
SHAREHOLDER: (As per registry dated 01-10-2014)
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Name |
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No. of shares |
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Kwok Fung Holding Ltd., Hong Kong. |
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3,500,000 ======= |
DIRECTORS: (As per registry dated 01-10-2014)
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Name (Nationality) |
Address |
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YEUNG Yuk Ching (Chinese) |
Flat B, 9/F., Amber Garden 70-72 Kennedy Road, Wanchai, Hong Kong. |
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NG Chi Leung, Danny (Chinese) |
Flat C, 28/F., Amber Garden, 70-72 Kennedy Road, Wanchai, Hong Kong. |
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Jan Olof SVENSSON |
8750 NW 36th Street, Suite 400, Miami FL 33178, USA. |
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Per Hans TIDEBRANT |
Ut Landa Gatan 10, SE-412 61, Gothenburg, Sweden. |
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Annie Elisabeth EDVARDSEN |
Baverstigen 3, 4Y8 3Y Floda, Sweden. |
SECRETARY: (As per registry dated 01-10-2014)
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Name |
Address |
Co. No. |
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Macfarlance Ltd. |
Unit 1701, 17/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong. |
0562735 |
The subject was incorporated on 1st October, 1992 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1702, 17/F., Workington Tower, 78 Bonham Strand East, Sheung Wan, Hong Kong, moved to Room 1309, 13/F., West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong in May, 2004. The subject moved to the present address in January 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Wholesaler and Re-exporter.
Lines: All kinds of paper.
Employees: 38.
Commodities Imported: Imported from Europe (Germany, Switzerland, Sweden, Finland, etc.), US, China, etc.
Markets: Hong Kong, Taiwan, Southeast Asia, etc.
Group Operating Revenue: US$2,310 million (2012)
US$2,510 million (2013)
Group Volume Traded: 4,400 tonnes (2012)
4,800 tonnes (2013)
Terms/Sales: Various terms.
Terms/Buying: L/C or as per contracted.
Issued Share Capital: HK$35,000,000.00
Profit or Loss: Business is profitable.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: Regularly met.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very good.
Originally Kwok Fung (Sino H.K.) Enterprise Ltd. just issued 1,000 ordinary shares of HK$10.00 each. Increased to 100,000 shares by issuing 99,000 more shares on 31st December, 2003. Now, its issued share capital has been increased to HK$35 million.
Formerly the subject was jointly owned by Rich Loyal International Enterprise Ltd., holding 60% interest; Mr. Danny Ng Chi Leung, holding 20%, and Mr. Yeung Yuk Ching, also 20%. Now, it is a wholly-owned subsidiary of Kwok Fung Holding Ltd. [Kwok Fung] which is a Hong Kong-registered firm. Kwok Fung is a subsidiary of Ekman AB & Co. [Ekman] which is a Sweden-based firm. Ekman acquired Kwok Fung in 2011.
The business of the subject is chiefly handled by Yeung Yuk Ching and Danny Ng Chi Leung, both of whom are Hong Kong merchants.
The subject is a paper trader.
The subject imports, wholesales and re-exports all kinds of paper, pulp and paper board. Commodities are imported from various sources such as the United States, Germany, Switzerland, Sweden, Finland, China, etc. Prime markets are Hong Kong, China, Taiwan, Southeast Asia, etc. Most of the subject’s customers are printing factories in Hong Kong or enterprises which have got affiliated printing factories in China. Business has been active and satisfactory.
Ekman provides a complete range of services for the paper and pulp industries, covering market information and research, invoicing and documentation, logistics and warehouse administration, transportation and insurance, trade finance, credit risk coverage, payment administration, advance payments and financing, currency and interest rate hedging, and price risk hedging.
Ekman has 270 employees working at about 40 locations throughout the world. Operations are coordinated from its hubs in Gothenburg, Miami and Hong Kong. The Hong Kong hub is the subject.
Its own sales offices, in close cooperation with an international network of partners and representatives, ensure a strong presence throughout the world in all producing and consuming areas for the forest industry.
In FY 2013, the operating revenue of Ekman amounted to US$2,510 million (2012: US$2,310 million). In the year, Ekman sold 4,800 tonnes of paper and pulp (2012: 4,400 tonnes).
The business of the Ekman Group keeps on improving.
Jan Svensson is the CEO of the Ekman Group while Hans Tidebrant is the senior vice president. Both are also director of the subject.
The directors of the subject Ng and Yeung are veterans in the field of paper importing and marketing.
The subject has its own premises in Hong Kong.
The subject is fully supported by Ekman.
As the subject has a history of over twenty-two years and three months in Hong Kong, on the whole, consider it good for normal business engagements.
Court case record:-
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Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
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May 2005 |
H977 |
Kwok Fung (Sino H.K.) Enterprise Ltd. |
Kwok Fung (Sino H.K.) Enterprise Ltd. |
Reinstate registration of company |
Not stated |
Property information of the company:-
Property Location: Unit No. 1308 on 13/F. of West Tower,
Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong.
Owner: Kwok Fung (Sino H.K.) Enterprise Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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30-04-2008 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.76 |
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1 |
Rs.94.02 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
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.