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Report No. : |
348580 |
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Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SYSTEM PRINTING
SERVICES CO. LTD. |
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Registered Office : |
Room 1005, 10/F., Phase 2, Chai Wan Industrial City, 70 Wing Tai Road,
Chai Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.03.1993 |
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Com. Reg. No.: |
17209922 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is printer of all kinds of labels |
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No. of Employee : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
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 |
SYSTEM
PRINTING SERVICES CO.
LTD.
Room 1005, 10/F.,
Phase 2, Chai Wan Industrial City, 70 Wing Tai Road, Chai Wan, Hong Kong.
PHONE: 852-2595 1266
FAX: 852-2595 1263
E-MAIL: sps@netvigator.com
Managing
Director: Mr. Shih Ming Dah
Incorporated
on: 18th
March, 1993.
Organization: Private
Limited Company.
Issued Share
Capital: HK$3.00
Business Category: Printer.
Annual
Turnover: HK10 – 30 million.
Employees: 20.
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Head Office:-
Room 1005, 10/F., Phase
2, Chai Wan Industrial City, 70 Wing Tai Road, Chai Wan, Hong Kong.
17209922
0410790
Managing
Director: Mr. Shih Ming Dah
Contact
Person: Mr. Wilson Sai-Sang Chong
HK$3.00
(As
per registry dated 18-03-2015)
|
Name |
|
No.
of shares |
|
CHONG
Sau Lan, Motta |
|
1 |
|
SHIH
Ming Dah |
|
1 |
|
Fareast Asset Management Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British
Virgin Islands. |
|
1 |
|
|
|
– |
|
|
Total: |
3 = |
(As
per registry dated 18-03-2015)
|
Name (Nationality) |
Address |
|
SHIH Ming Dah |
Suite 2105, 21/F., Wing On Centre, 111
Connaught Road, Central, Hong Kong. |
|
YAU Koon Hung |
Suite 2105, 21/F., Wing On Centre, 111
Connaught Road, Central, Hong Kong. |
(As
per registry dated 18-03-2015)
|
Name |
Address |
Co.
No. |
|
Acctax
Company Secretary Ltd. |
Suite 2105, 21/F., Wing On Centre,
111 Connaught Road, Central, Hong Kong. |
0493783 |
The
subject was incorporated on 18th March, 1993 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Contle International Ltd., name
changed to the present style on 13th January, 1994.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Printer.
Lines: All kinds of labels.
Employees: 20.
Commodities
Imported: Europe, Southeast Asia, etc.
Markets: Hong Kong, China, North
America, Western Europe, etc.
Annual Turnover: HK10 – 30 million.
Terms/Sales: L/C,
T/T, PayPal, etc.
Terms/Buying: Various
terms.
Issued Share
Capital: HK$3.00
Mortgage
or Charge:-
Date: 23-07-2014
Description of
Instrument: Charge Over Securities and
Deposits with the Bank (Limited Company) (Unlimited Amount)
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
rather active use of general banking facilities.
Payment: Met
trade commitments as required.
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having
issued just 3 ordinary shares of HK$1.00 each, System Printing Services Co.
Ltd. is equally owned by Ms. Chong Sau Lan, Motta, Mr. Shih Ming Dah and Fareast
Asset Management Ltd. The third is a
BVI-registered company.
The
subject is a label printer and manufacturer.
Established
in 1993, the subject manufactures different kinds of labels, stickers, tags,
tickets and other related print products for application in the retailing
business. Its yearly output of
laser-produced labels alone exceeds 100 million units, which are used
extensively around the world, including Europe and the United States, by
dealers of household products and toys.
The
subject has been equipped with a diversified range of facilities – such as
high-speed lasers, offset printing press and heat-sensitive printers – to meet
various production objectives.
The
subject’s products are marketed in Hong Kong, China and exported to Australasia,
Eastern Europe, North America, Scandinavia, Taiwan, Western Europe, etc.
The
followings are the main products of the subject:-
·
Hang Tag & Printed Label (one
side or two sides) For Garment (Paper hang tag/price tag, OEM),
·
Toy Sticker - Vinyl, Label - Plain
/ Printed,
·
Paper (Include barcode label,
OEM),
·
Bar Code / Label Printing,
·
Offset Printing Products, etc.
Most
of the products are manufactured in OEM forms.
The
subject’s business is chiefly handled by Mr. Wilson Sai-Sang Chong who is the
Assistant Sales Manager. History in Hong
Kong is over 22 years and seven months.
On
the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.35 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.