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Report No. : |
325472 |
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Report Date : |
05.06.2015 |
IDENTIFICATION DETAILS
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Name : |
CHIT SHUN MACHINERY LTD. |
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Registered Office : |
Room 2467-2469, 24/F., Hoi Tai Factory Estate, Kin Fat Street, Tuen Mun, New Territories |
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Country : |
Hongkong |
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Date of Incorporation : |
19.04.2004 |
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Com. Reg. No.: |
34514576 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of Die-Casting Machines. |
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No. of Employees : |
8. (Hong Kong) |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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% 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.
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Source
: CIA |
CHIT SHUN MACHINERY
LTD.
ADDRESS: Room
2467-2469, 24/F., Hoi Tai Factory Estate, Kin Fat Street, Tuen Mun, New Territories, Hong Kong.
PHONE: 852-2465 7111
FAX: 852-2465 1455
E-MAIL: info@chit-shun.com.hk
Managing Director:
Mr. Yip Wai Hung
Incorporated on: 19th April, 2004.
Organization: Private Limited Company.
Issued Share Capital: HK$2.00
Business Category: Machinery
and Equipment Trader.
Employees: 8. (Hong Kong)
Main Dealing Banker: DBS
Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Room 1617-1618, 16/F., Star House, 3 Salisbury Road,
Tsimshatsui, Kowloon, Hong Kong.
Head Office:-
Room 2467-2469, 24/F., Hoi Tai Factory Estate, Kin Fat
Street, Tuen Mun, New Territories, Hong Kong.
China Factory:-
Dongguan Jie Jin Machinery Ltd.
No. 1 Industry District, Yangwu, Dalingshan, Dongguan
City, Guangdong Province, China.
[Tel: 86-769-8563
2223
Fax: 86-769-8563
5088
E-mail: service@chit-shun.com.hk]
Associated Company:-
Dongguan Jie Long Machinery Factory, China.
34514576
0895979
Managing Director:
Mr. Yip Wai Hung
General Manager: Mr. Lai Kwok Sing, Simon
HK$2.00
(As per registry dated 19-04-2015)
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Name |
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No. of shares |
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Vinda (Nominees) Ltd., Hong Kong. |
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1 |
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YIP Wai Hung |
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1 |
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– |
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Total: |
2 = |
(As per registry dated 19-04-2015)
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Name (Nationality) |
Address |
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YIP Wai Hung |
Room 2467-2469, 24/F., Hoi Tai Factory Estate, Kin Fat
Street, Tuen Mun, New Territories, Hong Kong. |
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Vinda (Nominees) Ltd. |
Room 1617-1618, 16/F., Star House, 3 Salisbury Road,
Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 19-04-2015)
|
Name |
Address |
Co. No. |
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VMC Secretaries Ltd. |
Room 1617-1618, 16/F., Star House, 3 Salisbury Road,
Tsimshatsui, Kowloon, Hong Kong. |
0750831 |
The subject was incorporated on 19th April, 2004 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 Exporter.
Lines: All
kinds of die-casting machines.
Brand Names: “CAS
Chit Shun”, “CSC Chit Shun”, and “CSS Chit Shun”.
Employees: 8. (Hong Kong)
Commodities Imported: Japan,
Europe, North America, etc.
Markets: China,
Taiwan, Macau, India, other Asian countries, Western Europe, etc.
Terms/Sales: L/C, T/T or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP: The Hong
Kong Metals Manufacturers Association, Hong Kong.
[Membership No. 525]
The Hong Kong Mould & Die Technology Association
Ltd., Hong Kong.
Hong Kong Die-Casting and Foundry Association, Hong Kong.
Issued Share Capital: HK$2.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: DBS Bank (Hong Kong)
Ltd., Hong Kong.
Standing: Good.
Having issued just 2 ordinary
shares of HK$1.00 each, Chit Shun Machinery Ltd. is equally owned by Mr. Yip
Wai Hung and Vinda (Nominees) Ltd. The
latter is a Hong Kong-registered nominee firm while the former is a
Hong Kong merchant.
The subject’s
registered address is in the office of a commercial service provider VMC
Secretaries Ltd. which is also its company secretary.
The subject’s
predecessor was founded in 1995. Now, it
is a leading manufacturer of die-casting machines. With more than 10 years of experience and a
wide range of products and services, the subject is an all‑in‑one
provider of die-casting solutions. Its
business scope includes the following items:-
· Hot Chamber Die-Casting Machines (CSS39, CSS88, CSS138, CSS188, CSS280, CSS400 and CSS600 series);
· Cold Chamber Die-Casting Machines;
· CSA SERIES Injection Moulding Machines;
· CSB SERIES Multi-Component Injection Moulding Machines;
· Automatic Melt Alloy Feeding Systems;
· Mould Trial Machines;
· Automated Polishing Machines;
· Central Melt Alloy Feeding Systems; &
· Hydraulic Press and Other Accessory Equipment, Machine Parts and Accessories.
All the subject’s
products bear the trade mark of “CAS Chit
Shun”, “CSC Chit Shun”, and “CSS Chit Shun”.
In 2001, the subject
was certified ISO 9001:2000 certification.
It is able to provide customers with 24-hour customer service. It has been doing so since it was
established.
As manufacturing
technology has changed, the subject has continuously improved its products and
manufacturing techniques to stay at the forefront of these changes. In order to meet the future market demands,
the subject has built a new 30,000 sq.m. factory in Dongguan City, Guangdong
Province, China. The factory, formally
known as Dongguan Jie Jin Machinery Ltd., has been equipped with the latest
machining and equipment as well as production lines. Currently, the China factory is employing
about 150 persons.
Currently, the
subject’s die-casting machines have got a good reputation, with satisfied customers
in the greater China area, Southeast Asia and India. In recent years, its products have been
exported to Europe.
In order to penetrate
the international market further, the subject has taken part in fairs and
exhibitions held in China. For instance,
it has been taking part in the following two exhibitions in China:-
· International (Shenzhen) Metal Casting Show.
· Dongguan International Exhibition on Foundry & Die-casting Industries.
The subject’s
business is chiefly handled by Mr. Yip Wai Hung himself. The General Manager is Mr. Simon Lai Kwok
Sing. He is a Hongkongnese.
Since the history of
the subject in Hong Kong is over eleven years and a month, on the whole,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.18 |
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1 |
Rs.98.30 |
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Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.