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Report No. : |
341873 |
|
Report Date : |
24.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAIMING ENTERPRISE HOLDING CO. LTD. |
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|
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Registered Office : |
Rooms 2002-4, 20/F., Rightful Centre, 11-12 Tak Hing Street, Jordan, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
09.05.1995 |
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|
|
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Com. Reg. No.: |
19059284 |
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|
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer & Exporter of all kinds of metal slides line or
drawer slides including Epoxy Coated Drawer Slide, Ball Bearing Slide and
accessories. |
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|
|
|
No. of Employees : |
12. (Hong Kong) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
Exist |
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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 12.5% 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 |
TAIMING
ENTERPRISE HOLDING CO. LTD.
ADDRESS: Rooms 2002-4, 20/F., Rightful
Centre, 11-12 Tak Hing Street, Jordan, Kowloon,
Hong Kong.
PHONE: 852-2735
7111
FAX: 852-2314
2670
E-MAIL: central@taiminghk.com
Managing Director: Mr.
Ng Tai Wai
Incorporated on: 9th May, 1995.
Organization: Private Limited Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Metal
Slides Line Manufacturer and Trader.
Annual Turnover: US$70 - 90 million.
Employees: 12. (Hong Kong)
Main Dealing Bankers: Shanghai
Commercial Bank Ltd., Hong Kong.
Nanyang
Commercial Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Rooms 2002-4, 20/F., Rightful Centre, 11-12 Tak Hing
Street, Jordan, Kowloon, Hong Kong.
China Factory:-
Foshan Shunde Taiming Metal Products Factory Ltd.
C13, Gangkou Road, Leliu Town, Shunde Borrough, Foshan
City, Guangdong Province, China.
[Phone: (757) 2555 5555;
Fax: (757) 2556 5909]
Associated
Companies:-
Foshan Shunde Taiming Group Co. Ltd., China.
Taiming International Holding Ltd., Hong Kong.
19059284
0513755
Managing Director: Mr.
Ng Tai Wai
HK$5,000,000.00
(As per registry dated 09-05-2015)
|
Name |
|
No. of shares |
|
NG Tai Wai |
|
5,000,000 ======= |
(As per registry dated 09-05-2015)
|
Name (Nationality) |
Address |
|
NG Tai Wai |
Flat A, 12/F., Tower 1, 1, Po Shan Road, Hong Kong. |
(As per registry dated 09-05-2015)
|
Name |
Address |
|
CHEN Yulan |
Flat A, 12/F., Tower 1, 1 Po Shan Road, Hong Kong. |
The subject was incorporated
on 9th May, 1995 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: Manufacturer
& Exporter.
Lines: All kinds of metal
slides line or drawer slides including Epoxy Coated Drawer Slide, Ball Bearing Slide and accessories.
Employees: 12. (In Hong Kong)
2,000. (In
China).
Commodities Imported: Mainly
bought metal and alloy materials from local suppliers.
Markets: Europe, China, Hong
Kong, Japan, Southeast Asia, Africa, Australia, Korea, Middle East, US, Central & South America, Taiwan, etc.
Annual Turnover: US$70
- 90 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T etc.
The Hong Kong General Chamber of Commerce,
Hong Kong.
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge (since 2005): (See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping
in a normal and steady manner.
Facilities: Making
active use of general banking facilities.
Payment: So far so good.
Commercial Morality:
Satisfactory.
Bankers:-
Shanghai Commercial
Bank Ltd., Hong Kong.
Nanyang Commercial
Bank Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Taiming Enterprise
Holding Co. Ltd. [TEHCL] was incorporated on 9th May, 1995 as a private limited
liability company. With a nominal and
issued share capital of HK$5 million, the company is wholly-owned by Mr. Ng Tai
Wai who is a Hong Kong merchant. He is
also the only director of the subject.
TEHCL is known as the
largest manufacturer and exporter of drawer slides in the Asia Pacific
region. Its manufacturing activities are
carried out in China with a manufacturing factory located at the Industrial
Development Zone of Leliu Town, in Foshan City of Guangdong Province.
The followings are
the main products of TEHCL:
Sliding Rail for Door
/ Drawer (Steel drawer slides, Roller Slide, Ball Bearing Slide, Concealed
Under-mounted Soft Closing Runner), etc.
The factory is
located in an industrial park covering an area of 240,000 square meters and has
more than 2,000 employees.
Its factory is able
to produces metal slides line with about 13 million sets of drawer slides which
are distributed worldwide monthly. The
plant has been was awarded the ISO9001 quality standard certificate, and its
products are in conformity with the standards of the US, ANSI/BIFMA/BHMA/KCMA,
and European standard LGA DIN 68889.
Part of its business are conducted on OEM basis.
Constant investments
in latest technology research, training and development in the furniture
fittings industry allow TEHCL to meet various demand and requirements of the
customers. Currently, its products are
marketed in Hong Kong, China and exported to Africa, Australasia, Central &
South America, Eastern Europe, Japan, South Korea, the Middle East, North America,
Scandinavia, Southeast Asia, Taiwan, Western Europe, etc.
TEHCL has set up
offices in large cities of China such as Beijing, Shanghai, Qingdao, Jiangsu,
Shenyang, Chengdu, and set up an associated companies in Japan known as
Shibutani Co. Ltd. and an overseas office in the United Kingdom.
The annual sales
turnover of TEHCL ranges from US$70 to 90 million. Its business is kept in a normal and steady
condition. Regular customers and
suppliers have been maintained. History
in Hong Kong is over 20 years and four months.
On the whole,
consider TEHCL good for normal business engagements.
Court
case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
05-12-1997 |
D24868 |
T & C Employment Consultants |
Taiming Enterprise Holding Co. Ltd. |
Services Rendered |
HK$45,630 |
|
15-09-2000 |
R3465 |
Wong Kin Ying |
Taiming Enterprise Holding Co. Ltd. |
Labour Dispute |
Not stated |
|
24-10-2000 |
R3465 |
Wong Kin Ying |
Taiming Enterprise Holding Co. Ltd. |
Labour Dispute |
Not stated |
|
15-12-2000 |
R3465 |
Wong Kin Ying |
Taiming Enterprise Holding Co. Ltd. |
Labour Dispute |
Not stated |
|
14-01-2002 |
R10035 |
Chan Lai Heung |
Taiming Enterprise Holding Co. Ltd. |
Labour Dispute |
Not stated |
|
26-02-2002 |
R10035 |
Chan Lai Heung |
Taiming Enterprise Holding Co. Ltd. |
Labour Dispute |
Not stated |
|
13-06-2003 |
S36340 |
Tam Kwok Leung, Stephen |
Taiming Enterprise Holding Co. Ltd. |
Breach of Contract |
Not stated |
|
08-09-2003 |
S36340 |
Tam Kwok Leung Stephen |
Taiming Enterprise Holding Co. Ltd. |
Breach of Contract |
Not stated |
|
04-11-2003 |
S36340 |
Tam Kwok Leung Stephen |
Taiming Enterprise Holding Co. Ltd. |
Breach of Contract |
Not stated |
|
28-06-2004 |
R3721 |
Cheung Chun Cheung, Clive |
Taiming Enterprise Holding Co. Ltd. |
Labour Dispute |
Not stated |
|
02-12-2004 |
R7183 |
Ng Po Chui |
Taiming Enterprise Holding Co. Ltd. |
Labour Dispute |
Not stated |
|
20-01-2009 |
R7158 |
Cheung Lai Chun, Rebecca and Yuen Kwai Ngor |
Taiming Enterprise Holding Co. Ltd. |
Labour Dispute |
Not stated |
|
25-02-2009 |
R7158 |
Cheung Lai Chun, Rebecca and Yuen Kwai Ngor |
Taiming Enterprise Holding Co. Ltd. |
Labour Dispute |
Not stated |
|
03-04-2009 |
R7158 |
Cheung Lai Chun, Rebecca and Yuen Kwai Ngor |
Taiming Enterprise Holding Co. Ltd. |
Labour Dispute |
Not stated |
(Since 2005)
|
Date |
Particulars |
Amount |
|
10-05-2005 |
Instrument: Deed of Charge on Account(s) and Set
Off Property: All monies and deposits now or hereafter in any
existing account(s) including account No (s). 345-33-02234-7 Mortgagee: Shanghai Commercial Bank Ltd.,
Hong Kong. |
To secure banking facilities |
|
04-08-2005 |
Instrument: Mortgage Property: 686/117,780th parts or shares of and in Kowloon Inland
Lot No. 9654 and The Remaining Portion of Kowloon Inland Lot No. 10490
(Office 1 on 20/F. of Rightful Centre, 12 Tak Hing Street, Kowloon, Hong
Kong.) Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong. |
To secure “all moneys” in respect of general banking
facilities |
|
17-11-2010 |
Instrument: Security Agreement over Bank Acclunt
(All moneys) Property: By way of a first fixed charge all of the Chargor’s rights
in respect of any amount standing to the credit of the Accounts from time to
time and the debt represented by it. Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present
and future obligations and liabilities |
|
17-11-2010 |
Instrument: Charge Over Securities – Sec 1 (08) Property: All the Company’s rights, title and interest : (a) all,
stocks, shares, bonds, debentures, certificates of deposit, promissory notes,
units in any trust, units or other interests in any collective investment
scheme and other securities and (b) all securities All rights in relation to any Securities All dividends, interest or other distributions paid or
to be paid on any of the Securities and the Rights and all allotments,
accretions, offers, rights, benefits and advantages Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
All moneys, obligations and liabilities |
|
03-05-2011 |
Instrument: Charge On Deposit Property: Deposit balance placed or to be placed with Nanyang
Commercial Bank Ltd. under the account No. 0434789212477-0 maintained in the
name of the Company. Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong. |
To secure the payment of all moneys, obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.97 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.