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MIRA
INFORM REPORT
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Report No. : |
489126 |
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Report Date : |
03.02.2018 |
IDENTIFICATION DETAILS
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Name : |
GIANT CHANNEL WORLDWIDE LIMITED |
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Registered Office : |
Workshop A & B,
Cockloft, Wo Fung Industrial Building, 2 Yip Wo Street, On Lok Tsuen,
Fanling, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.05.2008 |
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Com. Reg. No.: |
39321580 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of seafood, aquatic
products, second-hand automobiles |
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No. of Employees : |
8 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source : CIA |
note
Subject is formerly located
at:
Flat A, 8/F., Golden
Dragon Garden,
77 Kung Lok Road,
Kwun Tong,
Kowloon, Hong Kong.
Company name and address
GIANT CHANNEL
WORLDWIDE LIMITED
ADDRESS: Workshop A & B, Cockloft,
Wo Fung Industrial Building, 2 Yip Wo Street, On Lok Tsuen, Fanling, New
Territories, Hong Kong.
PHONE: 852-2951
0323
FAX: 852-2770
1111
MANAGEMENT
Managing
Director: Mr. Yuen Chan Ngai, Wilson
SUMMARY
Incorporated on: 15th
May, 2008.
Organization: Private
Limited Company.
Issued Share Capital: HK$1.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: US$3
– 5 million.
Employees: 8.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Workshop A & B,
Cockloft, Wo Fung Industrial Building, 2 Yip Wo Street, On Lok Tsuen, Fanling,
New Territories, Hong Kong.
Associated
Companies:-
City Gate Trading
Co., Hong Kong.
Lok Tin Seafood Ltd.,
Hong Kong.
BUSINESS REGISTRATION NUMBER
39321580
COMPANY FILE NUMBER
1237073
MANAGEMENT
Managing
Director: Mr. Yuen Chan Ngai, Wilson
ISSUED SHARE CAPITAL
HK$1.00
SHAREHOLDER
(As per registry
dated 15-05-2017)
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Name |
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No. of share |
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YUEN Chan Ngai,
Wilson |
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1 = |
DIRECTOR
(As per registry
dated 15-05-2017)
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Name (Nationality) |
Address |
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YUEN Chan Ngai
Wilson |
Flat A, 8/F.,
Golden Dragon Garden, 77 Kung Lok Road, Kwun Tong, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 15-05-2017)
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Name |
Address |
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TAM Kung Kei |
Room 1603, 16/F.,
Block 2, Heng Fa Chuen, Chai Wan. Hong Kong. |
HISTORY
The subject was
incorporated on 15th May, 2008 as a private limited liability company under the
Hong Kong Companies Ordinance.
Formerly the subject
was located at ‘Flat A, 8/F., Golden Dragon Garden, 77 Kung Lok Road, Kwun
Tong, Kowloon, Hong Kong’, moved to the present address with effect from 5th
December, 2017.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of seafood, aquatic products, second-hand automobiles.
Employees: 8.
Commodities Imported: Japan, other Asian countries, Europe,
Australia, etc.
Markets: Southeast
Asia, Africa, Eastern Asia, etc.
Annual Turnover: US$3 – 5 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various
terms.
FINANCIAL INFORMATION
Issued Share Capital:
HK$1.00
Mortgage or
Charge: (See
attachment)
Profit or Loss: Made
small profits in past years.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
rather active use of general banking facilities.
Payment: No
complaints.
Commercial
Morality: Satisfactory.
Bankers:-
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued just
one ordinary share of HK$1.00, Giant Channel Worldwide Limited is wholly owned
by Mr. Yuen Chan Ngai, Wilson who is a Hong Kong merchant. He is also the only director of the subject.
The subject is
chiefly trading in seafood such as the following: lobster, tuna, abalone,
oyster.
The customers of the
subject are in Hong Kong, China, Taiwan, Singapore, Malaysia, etc. It also exports its products to North
America, South America, Eastern Europe, Africa, Oceania, the Middle East,
Eastern Asia, Western Europe, etc.
In Hong Kong, some of
its customers are restaurants, hotels, canteens, etc.
To our knowledge, the
subject is also a second-hand automobile trader.
The subject has got
the following two associated companies in Hong Kong:
1.
City Gate Trading Co.
2.
Lok Tin Seafood Ltd.
Both companies are
also operated by Mr. Yuen Chan Ngai.
The business of the
subject is chiefly handled by Mr. Yuen Chan Ngai, Wilson himself. History in Hong Kong is over nine years and
eight months.
The annual sales
turnover of the subject ranges from US$3 to 5 million. Business steady.
On the whole,
consider it good for normal credit requirements.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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27-02-2012 |
Instrument: Charge On Cash Deposit to Secure
Liabilities of the Depositor Property: (1) By way of first fixed charge and
agreement to charge: The Deposit and all
right, title and interest of the Company whatsoever, present and future,
thereto and therein, together with any certificates of deposit or other
instruments or securities evidencing title, or otherwise relating, thereto
and any account to which the same is credited. (2) By way of set-off: Any sum standing to
the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money
and liabilities |
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16-03-2012 |
Instrument: Charge On Refund of First Registration
Tax to Secure Liabilities of the Chargor Property: The Chargor, as
beneficial owner, hereby charges: (a) by way of first fixed charge, and
agrees to charge, to the Bank as a continuing security for the payment and
discharge of the Liabilities, the Refund and all credit balance from time to
time in the Account and all right, title and interest of the Chargor
whatsoever, present and future, thereto and therein, together with any
certificates of deposit or other instruments or securities evidencing title,
or otherwise relating, thereto, and (b) by way of floatinig charge, the
property, assets and rights described in sub-paragraph (a) above, if, and in
so far as, the security created thereupon shall, for any reason, be declared
to the invalid, unenforceable or ineffective as first fixed charge under any
applicable law for any reason. Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money
and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.08 |
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1 |
INR 91.34 |
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Euro |
1 |
INR 80.03 |
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HKD |
1 |
INR 8.20 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.