MIRA INFORM REPORT
|
Report No. : |
339954 |
|
Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
YUE PAK COMPANY LIMITED |
|
|
|
|
Registered Office : |
16F, Nathan Centre 580G Nathan Road, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
23.12.1981 |
|
|
|
|
Com. Reg. No.: |
107009 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading of metals and
chemicals. |
|
|
|
|
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): |
Yue Pak Company
Limited |
|
Supplied Name: |
Yue Pak Co Ltd |
|
Trading Address: |
Rm 1601-03, Nathan
Centre 580G Nathan Road, Kowloon, Hong Kong |
|
Supplied
Address: |
Rm 1601-03,
Nathan Centre 580G Nathan Road, Kowloon, Hongkong |
Note: The exact
name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
|
|
Telephone Number: |
+852-2780-1257 |
|
Fax Number: |
+852-2780-7399 |
|
E-mail: |
|
|
Date of Registration: |
1981-12-23 |
|
Registered Number: |
107009 |
|
Business Registration No.: |
7602849 |
|
Paid-up Capital: |
HKD 500,000 (USD 64,500) = 50,000 Shares@ HKD 10 (As of 2015.09, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Company |
|
SITC Code: |
59899--Other Chemical Products And Preparations |
|
Principal Activities: |
Trading of metals and chemicals. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-12-23 |
Notes: Subject declined to
disclose the number of staff, and from other source we cannot obtain the
information, either.
History
Subject was incorporated on 1981-12-23 with the registered number 107009
as Private Limited Company in Hong Kong.
Change of Name:
|
Date |
Change |
|
1982-7-16 |
Yue Pak Company Limited |
|
|
|
|
1981-12-23 |
Lucky Plan Enterprises Limited |
Corporate
Structure
Subject did not
register any subsidiaries or branches; from other source we could not obtain
the relevant information, either.
Shareholders
|
Subscription
Shares |
Proportion of
Investment (%) |
|
|
Yue Pak Groups Limited |
49,999 |
99.998% |
|
Yu Keung |
1 |
0.002% |
|
Total |
50,000 |
100% |
Major Shareholder
Information:
|
1 |
|
|
Name: |
Yue Pak Groups Limited |
|
Former Name: |
Yue Pak Trading Company Limited |
|
Address: |
16th Floor, Nathan Centre, 580 Nathan Rd., Kowloon, Hong
Kong |
|
Date of Registration: |
1986-6-18 |
|
Registered Number: |
170664 |
|
Business Registration No.: |
10402993 |
|
Legal Form: |
Private Limited Company |
|
2 |
|
|
Name: |
Yu Keung |
|
Address: |
Flat C, 12F, Tower 18, Laguna Grande, Laguna Verde, 8 Laguna Verde
Avenue, Kowloon, Hong Kong |
Management
Information
Core
Management
Detailed
Information of Directors:
|
1 |
|
|
Name: |
Yu Keung |
|
Address: |
Flat C, 12F, Tower 18, Laguna Grande, Laguna Verde, 8 Laguna Verde
Avenue, Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
B897330(5) |
|
2 |
|
|
Name: |
Law Yuk Ling |
|
Address: |
Flat 19B, Block 5, King’s Park Villa 1 King’s Park Rise, Kowloon, Hong
Kong |
|
Position: |
Director |
|
ID Number: |
E518207(0) |
|
3 |
|
|
Name: |
Chiu Soo Mai, Sournan |
|
Address: |
16th Floor, Nathan Centre, 580 Nathan Rd., Kowloon, Hong
Kong |
|
Position: |
Secretary |
|
Number: |
G518152(5) |
Operation
Information
Offices
& Factories
|
|
Office |
|
Address: |
Rm 1601-03, Nathan Centre 580G Nathan Road,
Kowloon, Hong Kong |
Premises
Information
Office address:
|
Address: |
Office No.1601 On 16th Floor Nathan Centre Nos.580G-580K Nathan Road
Kowloon, Hong Kong |
|
Owners: |
Yue Jing Company Limited |
|
Memorial Number: |
UB4686873 |
|
Date of Instrument: |
1990-12-31 |
|
Date of Registration: |
1991-1-23 |
|
Consideration Value: |
HKD 4,038,450.00 (PT.) |
History
of Premises Owners’
|
1 |
|
|
Memorial No.: |
11081802270051 |
|
Date of Instrument: |
2011-8-2 |
|
Date of Registration: |
2011-8-18 |
|
Nature: |
Mortgage |
|
In Favor of: |
Industrial And Commercial Bank Of China (Asia) Limited |
|
Consideration: |
To Secure All Existing And Future General Banking Facilities To The
Extent Of An Unlimited Amount (PT.) |
|
2 |
|
|
Memorial No.: |
UB4709527 |
|
Date of Instrument: |
1991-1-23 |
|
Date of Registration: |
1991-2-11 |
|
Nature: |
Confirmatory Nomination Of M/N 2358108 |
|
3 |
|
|
Memorial No.: |
UB4686872 |
|
Date of Instrument: |
1990-12-31 |
|
Date of Registration: |
1991-1-23 |
|
Nature: |
Agreement For Sub-Sale And Purchase By Yue Pak Commodities Limited |
|
In Favor of: |
Yue Jing Company Limited |
|
Consideration: |
HKD 4,038,450.00 (PT.) |
Note: PT. means part of.
Production
Information
l Subject is engaged in trading of metals and chemicals, etc.
Purchase
Information
l It is introduced that subject’s products are mainly purchased from the
Mainland of China.
Sales
Information
l Subject is engaged in sale of metals and chemicals, etc.
l It is introduced that subject’s major sales regions cover Europe, North
and South America, Asia, Australia and Africa, etc.
l Subject’s major customers are manufacturers of metal products and
chemical products, etc.
The detail information of subject’s products is as follows:
|
Category |
Products |
|
Metal |
Antimony Metal, Antimony Sulphide Lumps/Powder, Antimony Trioxide,
Arsenic Metal, Bismuth Metal, Cadmium, Ferro Alloys, Germanium Metal, Indium Ingot,
Lead Ingot, Magnesium Metal, Silicon Metal, Tungsten, Vanadium Pentoxide,
Zinc Ingot, etc. |
|
Chemical |
Ammonium Chloride, Antimony Trioxide, Barium Carbonate, Barium
Chloride, Barium Hydroxide, Barium Nitrate, Beta Naphthol, Bon Acid, Lithopone,
Manganese Carbonate, Manganese Chloride, Manganese Sulphate, Phosphoric Acid,
Polyvinyl Alcohol, Potassium Permanganate, Zinc Carbonate, Zinc Oxide, etc. |
Settlements
Purchase
Domestic Purchase
|
Products |
Metals and chemicals, etc. |
|
Payment Terms |
T/T, Cash, etc. |
Import
Subject has little import.
Sales
Domestic Markets
|
Product |
Metals and chemicals, etc. |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Metals and chemicals, etc. |
|
Selling Terms |
L/C, T/T, etc. |
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: |
Yue Pak Company Limited (“the Chargor”) |
|
Instrument of Creating Mortgage: |
Rental Assignment |
|
Date of Creating Mortgage: |
2011-8-2 |
|
Amount Secured: |
All Monies |
|
Name of Mortgagee: |
CITIBANK, N.A. (“the Lender”) |
|
Address of Mortgagee: |
50th Floor, Citibank Tower, Citibank Plaza, 3 Garden Rd.,
Central, Hong Kong |
|
Description of Property Mortgaged: |
The Chargor as beneficial owner hereby assigns to the Lender absolute
all the Chargor’s right, title, interest and benefit in and to the Rentals.
ALL THOSE 14 equal undivided 3,038th parts or shares of and in ALL THOSE
pieces or parcels of ground registered in the Land Registry as KOWLOON INLAND
LOT N0.7047，KOWLOON INLAND
LOT N0.7048, KOWLOON [NLAND LOT N0.7049 and KOWLOON INLAND LOT NO.7050 And of
and in the messages erections and buildings thereon now known as “NATHAN
CENTRE (彌敦中心)” (“the Building”)TOGETHER with the sole and exclusive right and
privilege to hold use occupy and enjoy ALL THOSE OFFICE UNITS NOS, 1205 and
1206 on the TWELFTH FLOOR of the Building (“the Property”) |
|
2 |
|
|
Company Name: |
Yue Pak Company Limited (“the Chargor”) |
|
Instrument of Creating Mortgage: |
Legal Charge/Mortgage |
|
Date of Creating Mortgage: |
2011-8-2 |
|
Amount Secured: |
All Monies |
|
Name of Mortgagee: |
CITIBANK, N.A. (“the Lender”) |
|
Address of Mortgagee: |
50th Floor, Citibank Tower, Citibank Plaza, 3 Garden Rd.,
Central, Hong Kong |
|
Description of Property Mortgaged: |
ALL THOSE 14 equal undivided 3,038th parts or shares of and in ALL
THOSE pieces or parcels of ground registered in the Land Registry as KOWLOON
INLAND LOT NO.7047，KOWLOON INLAND
LOT N0.7048, KOWLOON INLAND LOT N0.7049 and KOWLOON INLAND LOT N0.7050 And of
and in the messuages erections and buildings thereon now known as “NATHAN
CENTRE (彌敦中心)” (“the Building”) TOGETHER with the sole and exclusive right and
privilege to hold use occupy and enjoy ALL THOSE OFFICE UNITS NOS. 1205 and
1206 on the TWELFTH FLOOR of the Building. |
|
3 |
|
|
Company Name: |
Yue Pak Company Limited (the “Company”) |
|
Instrument of Creating Mortgage: |
Deposit Deed |
|
Date of Creating Mortgage: |
2009-10-30 |
|
Amount Secured: |
All moneys now or at any time in the future owing by the Company (the
"Principal(s)”) (whether alone or jointly with any other person(s)) to
Citibank, N.A. or any Affiliate) under any banking, derivative, foreign
exchange, trade, margin, guarantee or other facility or facilities or any
account and all other liabilities (whether actual or contingent, present or
future, as principal or surety or in some other capacity) (collectively, the
“Facilities”), including, any and all the obligations of the Company and the
Principal(s) under any Facilities pre-existing prior to the date of execution
of this Deed (the "Obligations"). |
|
Name of Mortgagee: |
Citibank, N.A. |
|
Address of Mortgagee: |
21/F, Tower 1 & 2f The Gateway, Harbour City, Tsimshatsui Kowloon, Hong
Kong |
|
Description of Property Mortgaged: |
By way of a first fixed charge and as a continuing security for the
Obligations, the Company charges and assigns absolutely all its rights, title
to and interest in the Accounts and all Deposits from time to time in the
Accounts and/or comprising the Accounts maintained with Citibank, N.A., Hong
Kong Branch and/or Citibank (Hong Kong) Limited. |
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. Zhao |
|
Department: |
Sales Department |
Industry
Information
59899--Other Chemical Products and Preparations
Unit: HKD/000
|
|
2015.06 |
2015.01~2015.06 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
-- |
2,041 |
-- |
8,589 |
|
|
Belgium |
-- |
1,057 |
-- |
7,642 |
|
Britain |
-- |
2,850 |
-- |
14,425 |
|
USA |
-- |
22,603 |
-- |
157,690 |
|
Korea |
-- |
36,917 |
-- |
212,331 |
|
Japan |
-- |
90,474 |
-- |
528,718 |
|
Taiwan |
-- |
43,055 |
-- |
320,696 |
|
The Mainland of China |
-- |
53,626 |
-- |
340,259 |
|
Exports |
||||
|
Singapore |
-- |
66 |
-- |
359 |
|
Malaysia |
-- |
100 |
-- |
106 |
|
Korea |
-- |
345 |
-- |
1,341 |
|
India |
-- |
66 |
-- |
112 |
|
Vietnam |
-- |
5 |
-- |
57 |
|
Macau |
-- |
29 |
-- |
127 |
|
Taiwan |
-- |
385 |
-- |
1,939 |
|
The Mainland of China |
-- |
8,406 |
-- |
40,707 |
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 |
|
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 |
|
2015.01 |
348,886 |
4,468 |
307,403 |
311,871 |
+2.8 |
-37,015 |
|
2015.02 |
264,220 |
2,919 |
225,418 |
228,337 |
+7.2 |
-35,884 |
|
2015.03 |
342,319 |
4,013 |
292,100 |
296,113 |
-1.8 |
-46,206 |
|
2015.04 |
331,108 |
4,202 |
287,742 |
291,944 |
+2.2 |
-39,164 |
|
2015.05 |
331,940 |
4,258 |
287,571 |
291,830 |
-4.6 |
-40,110 |
|
2015.06 |
345,302 |
4,158 |
295,361 |
299,518 |
-3.1 |
-45,783 |
*Total exports figures
have been rounded to the nearest final digit after summing up the constituent
trade figures.
Attachment
Address: Rm 1601-03, Nathan Centre 580G Nathan Road, Kowloon, Hong Kong
Nathan Centre 580G
Nathan Road, Kowloon, Hong Kong
Rm 1601-03, Nathan
Centre 580G Nathan Road, Kowloon, Hong Kong
Rm 1601-03, Nathan
Centre 580G Nathan Road, Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.58 |
|
UK Pound |
1 |
Rs.102.29 |
|
Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.