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MIRA INFORM REPORT
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Report No. : |
490790 |
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Report Date : |
09.02.2018 |
IDENTIFICATION DETAILS
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Name : |
YUEHOI LIMITED |
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Registered Office : |
Flat E, 16/F., Block 6, Site 3, Willow Mansion, Whampoa Garden,
120 Baker Street, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.02.1992 |
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Com. Reg. No.: |
15045548 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Ceramic Tiles, Sanitary Ware, Mosaic Tiles. |
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No. of Employees : |
2 |
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 : |
Slow but correct |
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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
(Formerly Located At:
Unit 1304, 13/F., Goldfield Tower,
53-59 Wuhu Street, Hunghom,
Kolwoon, Hong Kong.)
Company
name & address
YUEHOI LIMITED
ADDRESS: Flat E, 16/F., Block 6, Site
3, Willow Mansion, Whampoa Garden, 120 Baker Street, Kowloon, Hong Kong.
PHONE: 852-2774 5569
FAX: 852-2774 5316
MANAGEMENT
Managing Director: Ms. Chiu Siu
Man
SUMMARY
Incorporated on: 11th February, 1992.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 2.
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
YUEHOI LIMITED
ADDRESS
Registered Head
Office:-
Flat E, 16/F., Block 6, Site 3, Willow Mansion, Whampoa Garden,
120 Baker Street, Kowloon, Hong Kong.
Associated
Companies:-
Foshan Tong On Trading Co. Ltd., China.
Foshan Yuhai Hongsheng Import & Export Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
15045548
COMPANY
FILE NUMBER
0343105
MANAGEMENT
Managing Director: Ms. Chiu Siu
Man
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry dated 11-02-2017)
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Name |
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No. of shares |
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CHIU Siu Man |
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9,999 |
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LAU Shun |
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1 |
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––––––– |
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Total: |
10,000 ======= |
DIRECTORS
(As per registry dated 11-02-2017)
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Name (Nationality) |
Address |
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LAU Shun |
Flat E, 16/F., Block 6, Site 3, Willow Mansion, Whampoa Garden, 120
Baker Street, Kowloon, Hong Kong. |
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CHIU Siu Man |
Flat E, 16/F., Block 6, Site 3, Willow Mansion, Whampoa Garden, 120
Baker Street, Kowloon, Hong Kong. |
SECRETARY
LAU Shun (As per registry dated 11-02-2017)
HISTORY
The subject was incorporated on 11th February, 1992 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at ‘Unit 1304, 13/F., Goldfield Tower,
53-59 Wuhu Street, Hunghom, Kolwoon, Hong Kong’, moved to the present address
with effect from 4th 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 ceramic tiles, sanitary ware, mosaic tiles.
Employees: 2.
Commodities Imported: China, etc.
Markets: Other Asian countries, Europe, US,
South America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, O/A, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Indebtedness: HK$798,500 (Total amount outstanding
on all mortgages and charges as per last Annual
Return dated
11-02-2017)
Mortgage or Charge:-
Date of Legal Charge: 25-04-1992
Amount: To
secure general banking facilities
Property: 4/280th parts or shares of
and in Hung Hom Inland Lot No. 340, Hung Hom Inland Lot No. 487, Hung Hom
Insland Lot No. 422 and Hung Hom Inland Lot No. 352 (Office Unit 04 on 13/F. of
Goldfield Tower, 53-59 Wuhu Street, Kowloon, Hong Kong.)
Mortgagee: Sin
Hua Bank Ltd., Hong Kong Branch.
[Merged into Bank of China (Hong Kong) Ltd.]
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: Slow but correct.
Commercial Morality: Satisfactory.
Bankers:- Bank
of China (Hong Kong) Ltd., Hong Kong.
Wing Lung Bank
Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Yuehoi Limited is
jointly owned by Ms. Chiu Siu Man, holding 9,999 shares, and Mr. Lau Shun,
holding just one share. The two
shareholders are also directors of the subject.
Formerly the single share was held by Mr. Chiu Kin Hang. Chiu Kin Hang transferred the share to Lau
Shun on 19th December, 2016.
The registered address of the subject is in a residential building
located at ‘Flat E, 16/F., Block 6, Site 3, Willow Mansion, Whampoa Garden,
120 Baker Street, Kowloon, Hong Kong’ where is the residence of the
shareholders.
The subject has had an associated company in China known as Foshan Yuhai
Hongsheng Import & Export Co. Ltd. [Yuhai Hongsheng], a China-based
company.
The subject and Yuhai Hongsheng are engaged in the same lines of
business.
Incorporated on 20th January, 2000, Yuhai Hongsheng is trading in the
following commodities:
Sanitary ware, ceramic tiles, mosaic tiles, porcelain tiles, glazed
tiles, exterior wall tiles, cabinets, stainless doors, PVC doors, interior
decoration materials, etc.
The subject has got another associated company known as Foshan Tong On
Trading Co. Ltd. [Tong On] which is also in Foshan City, Guangdong Province,
China.
The legal representative of Yuhai Hongsheng is also Ms. Chiu Siu Man.
The businesses of Yuhai Hongsheng and Tong On are also handled by Chiu
Siu Man.
The Contact Person of Yuhai Hongsheng is Ms. Alice Zou.
The China Companies are banking with Bank of Communication Ltd. Foshan
Branch, China while the subject has been banking with Wing Lung Bank Ltd.,
Hong Kong.
As the history of the subject is about 26 years in Hong Kong, on the
whole, consider it good for normal business engagements in small credit
amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.16 |
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1 |
INR 89.19 |
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Euro |
1 |
INR 78.75 |
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HKD |
1 |
INR 8.22 |
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 : |
TPT |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.