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Report No. : |
341600 |
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Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
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Name : |
CHESFER PRECISION PLASTICS (CHINA) LTD. |
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Registered Office : |
Suite 901, 9/F., Seaview Centre, 139 Hoi Bun Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.03.1994 |
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Com. Reg. No.: |
19320180 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of All kinds of plastic precision parts and
plastic casings for hi-fi equipment, electrical products and computers,
automobiles, precision instruments, mobile phones, fax machines. |
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No. of Employee : |
8. (Hong Kong only) |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% 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.
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Source
: CIA |
CHESFER PRECISION PLASTICS (CHINA) LTD.
ADDRESS: Suite 901, 9/F.,
Seaview Centre, 139 Hoi Bun Road, Kwun Tong, Kowloon,
Hong Kong.
PHONE: 852-2389
8103, 2172 7223
FAX: 852-2389 9683
E-MAIL: chesfhk@chesfer.com marketing@chesfer.com.cn
MANAGEMENT:
Managing Director: Mr. Cheng
Leung Kwai
Incorporated on: 29th March, 1994.
Organization: Private Limited
Company.
Capital: HK$28,287,501.00
Business Category: Plastic
Precision Part/Plastic Casing Manufacturer.
Employees: 8. (Hong Kong only)
Main Dealing Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Head Office:-
Suite 1501, 15/F., Seaview Centre, 139 Hoi
Bun Road, Kwun Tong, Kowloon, Hong Kong.
China
Factories:-
Chesfer Precision Plastics (Shanghai) Co.
Ltd.
No. 165 Fu Te Nan Road, Waigaoqiao Free Trade Zone, Pudong, Shanghai 200131,
China.
No. 2005, Yang Gao Bei Road, Waigaoqiao Free
Trade Zone, Pudong, Shanghai 200131, China.
[Tel: 86-21-5048 1146; Fax: 86-21-5048 1150]
Chi Foo Electronics Ltd.
Building 8, Jin Xiao Tang Industrial District, Zhu Tang Village, Fenggang Town,
Dongguan City, Guangdong Province, China.
Chesfer Precision Plastics (Dongguan) Co.
Ltd.
Building 9, Jin Xiao Tang Industrial District, Zhu Tang Village, Fenggang Town,
Dongguan City, Guangdong Province, China.
[Tel: 86-769-8775 8421; Fax: 86-769-8775 6420]
Chesfer Precision Plastics (Suzhou) Co. Ltd.
Suli, Shi Hu Xi Road, Wuzhong District, Suzhou City, Jiangsu Province, China.
Holding
Company:-
Metchem Singapore Pte. Ltd.
5 Shenton Way #27-01, UIC Building,
Singapore 068808.
Associated
Companies:-
Chesfer Polyform Precision Sdn. Bhd.,
Malaysia.
Chesfer Precision Plastics (JB) Sdn. Bhd.,
Malaysia.
Chesfer Precision Plastics Pte. Ltd.,
Singapore.
Chesfer International Ltd., Hong Kong. (Same address)
19320180
0472254
Managing Director: Mr. Cheng
Leung Kwai
HK$28,287,501.00
(As per registry dated 29-03-2015)
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Name |
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No. of shares |
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CHENG Leung Kwai |
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1 |
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Metchem Singapore Pte. Ltd. 5 Shenton Way #27-01, UIC Building, Singapore 068808. |
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28,287,500 |
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––––––––– |
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Total: |
28,287,501 ======== |
(As per registry dated 29-03-2015)
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Name (Nationality) |
Address |
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Sachitt CHANDARIA |
10 Place du Bourg de Four, Geneva 1024, Switzerland. |
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CHENG Leung Kwai |
2/F., 211 Tin Sum Village, Tai Wai, Shatin, New Territories, Hong
Kong. |
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CHAN Hok Yu |
Room 2304, 23/F., Block M, Kam Tai Court, Ma On Shan, New Territories,
Hong Kong. |
(As per registry dated 29-03-2015)
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Name |
Address |
Co. No. |
|
Best Corporate Services Consulting Co. Ltd. |
Rooms 1002-1003, 10/F., Tai Yau Building, 181 Johnston Road, Wanchai,
Hong Kong. |
1312717 |
The subject was incorporated on 29th March, 1994 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Winex Properties Ltd.,
name changed to the present style on 7th November, 1995.
The registered office formerly was located at Room 905, 9/F., Silvercord
Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong, moved to ‘Suite
1501, 15/F., Seaview Centre, 139 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong’
in March 2000, and further to Suite 901 of the same building in October 2007.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer and
Exporter.
Lines: All kinds of plastic
precision parts and plastic casings for hi-fi equipment, electrical products
and computers, automobiles, precision instruments, mobile phones, fax machines
Employees: 8. (Hong Kong only)
Raw Materials: Mainly purchases plastic
materials from Germany, Japan, South Korea, Taiwan through local suppliers.
Markets: Hong Kong, China,
Europe, US, Japan, Singapore
Terms/Sales: L/C, CAD or as per contracted.
Terms/Buying: L/C,
T/T
Issued Share Capital: HK$28,287,501.00
Mortgage or
Charge:-
Date of Debenture: 24-03-1999
Amount: All amounts
Property: a) By way of first fixed charge, all book and other debts, accounts
receivable and securities for money
b) By
way of first fixed charge, all stocks, shares, bonds and securities, whether
marketable or otherwise, and all other interests of the Company
c) By
way of first floating charge, the undertaking and all the property, assets and
rights of the Company
Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Operation is
profitable.
Condition: Keeping in an
active and satisfactory manner.
Facilities: Making active use of
general banking facilities.
Payment: Regularly met.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Chesfer Precision Plastics (China) Ltd. was incorporated in 1994 as a
private limited company. Formerly it was
a subsidiary of Chesfer Precision Plastics Pte. Ltd. which is a Singapore-based
firm. Since 27th November, 1998,
the subject has become a wholly-owned subsidiary of Metchem Singapore Pte.
Ltd., also a Singapore-based firm.
In July 2002, the subject’s issued share capital was increased from
HK$16,275,000.00 to HK$21,700,000.00, and further to 28,287,501.00 in the
following years.
The managing director of the subject is Mr. Cheng Leung Kwai who is a
Hong Kong merchant.
Being one of the members of the Chesfer Group, the subject is engaged in
manufacturing and exporting various types of plastic precision parts and
plastic casings for hi-fi equipment, electrical products and computers,
automobiles, precision instruments, mobile phones, fax machines
Besides the subject, Chesfer Group has set up three factories in China,
namely, Chesfer Precision Plastics (Shanghai) Co. Ltd. [Chesfer Shanghai], Chi
Foo Electronics Ltd., Chesfer Precision Plastics (Suzhou) Co. Ltd. [Chesfer
Suzhou] and Chesfer Precision Plastics (Dongguan) Co. Ltd. [Chesfer Dongguan].
Of the three factories, Chesfer Shanghai is the most significant. Founded in 1997, Chesfer Shanghai is
specialized in injection moulding and provides related secondary processing and
assembly services. Its injection machine
ranges from 30 tons to 360 tons. Well
equipped with advanced machine and robotic automation, Chesfer Shanghai has
been ISO 9001 and QS 9000 approved.
Chesfer Dongguan is in Jin Xiao Tang Industrial District, Dongguan City,
Guangdong Province, China. This company
has about 300 employees and is engaged in manufacturing speakers bearing the
trademark Strata. This kind of products are widely used in LCD
TV, notebooks, computers, mobile phones and tablets, etc. Its R&D department is in the United
States.
Chesfer Suzhou was set up on 28th June, 2002. This company is engaged in manufacturing
precision plastic parts for different requirements for its customers. The contact person of Chesfer Suzhou is also
Mr. Cheng Leung Kwai.
Chesfer Group has other subsidiary companies in Malaysia.
The subject is responsible for supplying its associated factories in
China with plastic raw materials which are mainly sourced from DOW, DU PONT, or
MITSUBISHI through local suppliers or imported from other European
suppliers. Most of its products are
conducted on OEM terms. Some of the
products are exported to Japan and Singapore, the other Asian countries,
etc. The subject is the major authorised
manufacturer for “PHILIPS” hi-fi equipment.
Business is quite active.
The subject’s business is mainly handled by Mr. Cheng Leung Kwai. History in Hong Kong is over 21 years and
five months.
On the whole, consider the subject 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.65.75 |
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1 |
Rs.102.17 |
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Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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.