MIRA INFORM REPORT

 

 

Report No. :

332647

Report Date :

23.07.2015

 

IDENTIFICATION DETAILS

 

Name :

PINE PROFIT GROUP LIMITED

 

 

Registered Office :

Unit 1910, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

08.01.2010

 

 

Com. Reg. No.:

51661421

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of plastic raw materials and textile materials.

 

 

No. of Employee :

Not Available

 

 

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 :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

 

Contact Points

 

Company Name (in English):

Pine Profit Group Limited

Supplied Name:

Pine Profit Group Limited

Trading Address:

Unit 1910, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

Supplied Address:

Units 1901 19/F, Multifield Plaza, No 3 Prat Avenue Tsimshatsui KLn

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

Pine Profit Group Limited

Registered Address:

Unit 1910, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

Telephone Number:

+852-2301-1992

Fax Number:

+852-2301-1993

E-mail:

info@pineprofit.com

Date of Registration:

2010-1-8

Registered Number:

1409517

Business Registration No.:

51661421

Paid-up Capital:

HKD 1,000,000 (USD 129,000) = 1,000,000 Shares@ HKD 1

(As of 2015.07, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

SITC Code:

57313-- Other polyvinyl chloride, plasticized, in primary forms (kg)

Principal Activities:

Trading of plastic raw materials and textile materials, etc.

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

2015-1-8

Notes: Subject declined to disclose the number of staff, and from other source we cannot obtain the information, either.

 

 

History

 

Subject was incorporated on 2010-1-8 with the registered number 1409517 as Private Limited Liability Company in Hong Kong.

 

 

Corporate Structure

 

Office

Name:

China Office

Address:

No. 5 building 4C16, Shangsha  Innovation High-Tech Industrial Park, Binhe Road, Futian District, Shenzhen, China

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Hsu Tsung Ying

761,000

76.1%

Hsu Kei Kei

239,000

23.9%

Total

1,000,000

100%

 

Major Shareholder Information:

1

Name:

Hsu Tsung Ying

Address:

Unit 10, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

2

Name:

Hsu Kei Kei

Address:

Unit 10, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Hsu Kei Kei

Address:

Unit 10, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

Position:

Director

ID Number:

Y137252(A)

2

Name:

Hsu Tsung Ying

Address:

Unit 10, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

Position:

Director & Secretary

ID Number:

D592615(8)

3

Name:

Hsu Ching Yuen

Address:

Unit 10, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

Position:

Director

ID Number:

D566718(7)

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Unit 1910, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

 

Premises Information

 

Office address:

Address:

Unit 1910, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

Owners:

Olly Hwa (Hong Kong) Limited

Memorial Number:

UB8307603

Date of Instrument:

2001-1-15

Date of Registration:

2001-2-14

Consideration Value:

HKD 7,200,000.00 (PT.)

Note: PT. means part of.

 

Production Information

 

Subject is engaged in trading of plastic raw materials and textile materials, etc. without any production activities.

 

Purchase Information

 

The products of the subject are purchased both at home and abroad.

 

Sales Information

 

Subject is engaged in sale of plastic raw materials and textile materials

The major products include plastic raw materials, chemical fiber and textile materials (including polyester chips, nylon types, acrylic fibers, POY yarn, FDY yarn, DTY yarn) and frozen foods

Subject’s major sales regions are domestic market, Japan, Korea, India, Thailand, Southeast Asia

The major customers of the subject include manufacturers of cloth and garment, plastic product producers and wholesalers of frozen food

 

 

Settlements

 

Purchase

 

Domestic Purchase

Products

Plastic raw materials and textile materials

Payment Terms

T/T, Cash

 

Import

Products

Plastic raw materials and textile materials

Payment Terms

L/C, T/T

 

Sales

 

Domestic Markets

Product

Plastic raw materials and textile materials

Selling Terms

T/T, Cash

 

Export

Product

Plastic raw materials and textile materials

Selling Terms

L/C, T/T

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

 

Public

 

Mortgage Record

 

1

Company Name:

Pine Profit Group Limited

Instrument Creating:

Assignment of Rentals

Date of Creating Mortgage:

2013-1-31

Name of Mortgagee:

China Construction Bank (Asia) Corporation Limited

Address of Mortgagee:

Ground Floor, 6 Des Voeux Rd. Central, Central Dist., Hong Kong

2

Company Name:

Pine Profit Group Limited

Date of Creating Mortgage:

2013-1-31

Instrument Creating:

Mortgage

Name of Mortgagee:

China Construction Bank (Asia) Corporation Limited

Address of Mortgagee:

Ground Floor, 6 Des Voeux Rd. Central, Central Dist., Hong Kong

 

 

Lawsuits

 

Up to now, no present or latent litigation of the subject has been found.

High Court Action:

Clear

High Court Baukufty Bankruptcy Proceedings:

Clear

High Court Commercial Action:

Clear

High Court Construction & Arbitration Proceedings:

Clear

High Court Companies Winding-Up:

Clear

 

 

Special Note

 

Interview Details

Name

Ms. Chen

Department:

Sales Department

 

 

Industry Information

 

57313-- Other polyvinyl chloride, plasticized, in primary forms (kg)

Unit: HKD/000

 

2014.12

2014.01~2014.12

 

Quantity

Value

Quantity

Value

Imports

The Mainland of China

779,903

10,496

11,377,037

154,372

Spain

137

22

34,790

526

France

1,908

79

542,717

5,345

UK

111,654

2,388

2,402,530

47,302

Indonesia

65,032

1,033

646,502

646,502

India

400

16

400

16

Japan

2,222,008

18,480

26,094,424

245,231

Exports

The Mainland of China

1,765,427

35,196

21,369,533

376,002

France

1,159

80

3,799

352

Indonesia

9,300

1,003

1,269,632

21,427

India

737

82

32,100

1,185

Japan

166

2

41,907

41,907

 

External Trade Information:

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2014

4,219,046

55,283

3,617,468

3,672,751

+3.2

-546,295

2013.11

370,104

4,587

320,935

325,522

+5.8

-44,581

2013.12

365,228

4,596

306,281

310,877

0.0

-54,351

2014.01

323,436

4,299

299,157

303,456

-0.4

-19,979

2014.02

266,587

3,276

209,638

212,914

-1.3

-53,673

2014.03

351,889

5,120

296,403

301,523

+3.4

-50,365

2014.04

340,972

4,867

280,816

285,682

-1.6

-55,290

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

2014.07

368,293

5,120

321,040

326,160

+6.8

-42,132

2014.08

358,750

5,289

321,937

327,225

+6.4

-31,525

2014.09

382,355

4,153

327,833

331,986

+4.5

-50,369

2014.10

381,569

4,392

327,335

331,727

+2.7

-49,842

2014.11

378,946

4,701

322,082

326,783

+0.4

-52,163

2014.12

372,007

4,050

308,705

312,755

+0.6

-59,253

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

Attachment

 

Address: Unit 1910, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

 

Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

 

IMG_1

 

 

19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

IMG_3

 

Unit 1910, 19F, Multifield Plaza, No. 3 Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

IMG_5

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.53

UK Pound

1

Rs.99.19

Euro

1

Rs.69.60

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.