|
|
|
MIRA INFORM REPORT
|
Report No. : |
515163 |
|
Report Date : |
26.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
TSAP SHING INTERNATIONAL MARINE PRODUCTS LIMITED |
|
|
|
|
Registered Office : |
Unit A-B, 8/F., Shing Lee Yuen Building, 68-71 Bonham Strand Street
West, Sheung Wan |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
01.02.2002 |
|
|
|
|
Com. Reg. No.: |
32366080 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Dried Marine Products, Canned Seafood, Frozen Seafood, Nuts Snack Food. |
|
|
|
|
No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
US$150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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.
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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
|
Source
: CIA |
note
Credit Border
Line: Good for credit of
US$150,000 or less.
Company
name & address
TSAP SHING
INTERNATIONAL MARINE PRODUCTS LIMITED
ADDRESS: Unit A-B, 8/F., Shing Lee Yuen Building,
68-71 Bonham Strand Street West, Sheung Wan, Hong Kong.
PHONE: 852-2807 3306
FAX: 852-2851 7917
E-MAIL: tsapshing@yahoo.com.hk
MANAGEMENT
Managing Director: Mr. O Chi Pang
SUMMARY
Incorporated on: 1st February, 2002.
Organization: Private Limited Company.
Issued Share Capital: HK$100,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company
name
TSAP SHING
INTERNATIONAL MARINE PRODUCTS LIMITED
ADDRESS
Registered Head
Office:-
Unit A-B, 8/F., Shing Lee Yuen Building, 68-71 Bonham Strand Street
West, Sheung Wan, Hong Kong.
Associated
Company:-
Dongxing Yicheng Food Development Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
32366080
COMPANY
FILE NUMBER
0785130
MANAGEMENT
Managing Director: Mr. O Chi Pang
ISSUED
SHARE CAPITAL
HK$100,000.00
SHAREHOLDERS
(As per registry dated 01-02-2018)
|
Name |
|
No. of shares |
|
KE Zhixiong |
|
45,000 |
|
O Chi Pang |
|
45,000 |
|
O Shun Yuk |
|
10,000 |
|
|
|
–––––– |
|
|
Total: |
100,000 ====== |
DIRECTORS
(As per registry dated 01-02-2018)
|
Name (Nationality) |
Address |
|
O Chi Pang |
Flat B, 24/F., Block 11, Provident Centre, 41 Wharf Road, North Point,
Hong Kong. |
|
O Shun Yuk |
Flat B, 15/F., Siu Man Court, 7-9 Fort Street, North Point, Hong Kong. |
|
KE Zhixiong |
901 Maple Galeria, De Binondo Numancia Street, Binondo Manila,
Philippines. |
SECRETARY
(As per registry dated 01-02-2018)
|
Name |
Address |
Co. No. |
|
Pearlful Ltd. |
Room 1303, 13/F., Austin Tower, 22-26 Austin Avenue, Tsimshatsui, Kowloon,
Hong Kong. |
0320524 |
HISTORY
The subject was incorporated on 1st February, 2002 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.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of dried marine products, canned seafood, frozen seafood, nuts snack
food.
Employees: 6.
Commodities Imported: China, Japan,
India, Europe, other Asian countries, etc.
Markets: Hong
Kong, China, Europe, North America, other Asian countries, etc.
Terms/Sales: CAD or as per contracted.
Terms/Buying: L/C, T/T, O/A, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$100,000.00
Mortgage or Charge:-
Date of Mortgage: 12-02-2014
Amount: All
moneys in respect of general banking facilities and interest thereon
Property: 15/21,165th
parts or shares of and in Inland Lot No. 8465 (Flat B on 24/F. of Block
11,
Provident Centre,
41 Wharf Road, Hong Kong.)
Mortgagee: DBS
Bank (Hong Kong) Ltd., Hong Kong.
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:- Bank
of China (Hong Kong) Ltd., Hong Kong.
DBS Bank (Hong
Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 100,000 ordinary shares of HK$1.00 each, Tsap Shing
International Marine Products Limited is jointly owned by Mr. Ke Zhixiong,
holding 45% interests; Mr. O Chi Pang, holding 45%, and Ms. O Shun Yuk,
10%. All of them are also directors of
the subject.
The subject is trading in the following products:
All kinds of dried marine products,
Canned seafood,
Frozen seafood,
Nuts snack food, etc.
The subject has had an associated company in China known as Dongxing
Yicheng Food Development Co., Ltd. [DYFD] which is a China-based company.
The products of DYFD bear the following trademarks: YiCheng,
YiXing, Ocean Palace, etc.
DYFD is 99% owned by Mr. Ke Zhixiong, the balance 1% is owned by
Mr. Wu De-zong who is a China merchant.
DYFD was set up on 17th June, 2008.
It has a large refrigerated warehouse which is able to handled 15,000
tonnes of frozen foodstuffs. It has been
equipped with 22 advanced production lines.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities.
It is going to take part in “Food Expo 2018” which will be held in
Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 16th to 20th August, 2018. Its
booth No. is 1A-B22.
The business of the subject is handled by the directors of the
subject. History in Hong Kong is over 16
years and four months.
On the whole, consider the subject good for normal business engagements
in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.15 |
|
|
1 |
INR 90.27 |
|
Euro |
1 |
INR 79.35 |
|
HKD |
1 |
INR 8.69 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.