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Report Date : |
05.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FULLMATE TECHNOLOGIES LTD. |
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Registered Office : |
C/o T & Y Consultants Ltd. Room 2101, 21/F., Hong Kong Trade Centre, |
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Country : |
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Date of Incorporation : |
18.05.2011 |
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Com. Reg. No.: |
58373273 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Steel Project Contractor. |
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No. of Employees : |
Not Available |
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RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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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'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, it again faces a
possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system
deposits in Hong Kong by the end of 2011, an increase of over 59% since the
beginning of the year. 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 exports 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 28 million in 2011,
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 2011 mainland Chinese companies constituted about 43% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply
conditions caused Hong Kong property prices to rise rapidly in 2010 and
inflation to rise 5.3% in 2011. 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.
Source
: CIA
FULLMATE TECHNOLOGIES
LTD.
ADDRESS: c/o T & Y Consultants
Ltd.
Room 2101, 21/F.,
Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong Kong.
PHONE: 2520 5644
FAX: 3104 3103
General Manager: Mr. Lee Tim Woo
Incorporated on: 18th
May, 2011.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Steel Project Contractor.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o T & Y Consultants Ltd.
Room 2101, 21/F., Hong Kong Trade Centre, 161-167 Des Voeux Road
Central, Hong Kong.
Holding Companies:-
Acota Services Ltd., British Virgin Islands.
Sparkling Gold Ventures Inc., Samoa.
Associated Company:-
Anchorman Ltd., British Virgin Islands.
58373273
1602473
General Manager: Mr. Lee Tim Woo
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 31-01-2012)
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Name |
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No. of shares |
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Acota Services Ltd. OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin
Islands. |
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1 |
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Sparkling Gold Ventures Inc. Portcullis Trustnet Chambers, P.O. Box 1225, Apia, Samoa. |
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1 |
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– |
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Total: |
2 = |
(As per registry dated 31-01-2012)
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Name |
Address |
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Anchorman Ltd. |
2/F., Vanterpool Plaza, Wickhams Cay 1, Road Town, Tortola, British
Virgin Islands. |
(As per registry dated 31-01-2012)
|
Name |
Address |
Co. No. |
|
T & Y Consultants Ltd. |
Room 2101, 21/F., Hong Kong Trade Centre, 161‑167 Des Voeux Road
Central, Hong Kong. |
0782398 |
The subject was incorporated on 18th May, 2011 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: Steel
Project Contractor.
Lines: All
kinds of steel products, etc.
Employees: Nil.
Commodities Imported: India, China, etc.
Markets: Asian
countries, etc.
Terms/Sales/Services: As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Is
making use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Fullmate Technologies Ltd. is equally owned by Acota Services Ltd., a
BVI‑registered firm, and Sparkling Gold Ventures Inc., a Samoa-registered
firm.
The subject has just issued 2 ordinary shares of HK$1.00 each while each
of the holding companies holds a single share.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 2101, 21/F., Hong Kong Trade Centre, 161-167 Des
Voeux Road Central, Hong Kong known as T & Y Consultants Ltd. which is
handling its correspondences and documents.
This firm is also the corporate secretary of the subject. It is an associate of Hui & Chan CPA, an
accountant firm which is also located at the above-mentioned address.
The subject has no employees in Hong Kong. Its director is a BVI-registered firm
Anchorman Ltd. It is likely that its
head office is in Indonesia.
The subject is a consultant specialized in steel industry. It is engaged in the following business
scope:-
·
Human Resources, Materials Supplying Service;
·
Project & Engineering Service; &
·
International Trading.
The subject is a fast emerging Engineering Consulting Organization,
where precision and detailed planning, backed up with deep business insights,
and wide experience pave the way to the future of engineering enterprises.
The subject has evolved into a major global player in providing
innovative engineering solutions through setting of higher standards in the
field of Engineering, Construction Planning and Project. It has distinguished itself with planning and
execution of futuristic projects in Steel, Power and Cement sectors, throughout
the world.
Concerning international trading, the subject carries the following
commodities:-
·
Machineries for steel industries and wood
industries;
·
Raw material for steel industries and other
industries;
·
Finished products from steel and other industries;
·
Spares and consumables for all industries; &
·
Chemicals, detergent, calcium carbonate and other
materials as per customer requirements.
Over the past years, the subject has had the following clients and has
been engaged in the following projects:-
·
Libyan Iron and Steel Company
·
ARCOSTEEL, Egypt
·
G-Steel Public Company Ltd, Thailand
·
Thai Special Steel Industry, Thailand
·
SAIL, India
·
Hanwol Steel, Indonesia
·
Maya Global, Indonesia
·
Menara Bumi Sejahtera, Indonesia
·
Surabaya Steel Investama, Indonesia
The key personnel of the subject Mr. Lee Tim Woo is also the Managing Director
of the subject.
Mr. Lee Tin Woo is a qualified Mechanical Engineer, have wide experience
of working with reputed Engineering companies primarily with steel
projects. He carries 24 years hands on
experience of working with Steel, Power, Engineering and related
industries. He is regarded and known to
be Master in Steel Melting Shop (SMS) & Steel Re-Rolling Mills. Over the years, he has also become an iron
and steel expert who incorporates cost-effective and environmentally friendly
innovations into new plant designs as well as total modernization of aging
plants.
He has truly mastered in the art of negotiating and selecting
appropriate capacity of quality plant/equipments at the lowest cost, as per the
requirement of the clients.
The other key personnel are Mr. Prasanth Kumar and Mr. K. J. D. Roy.
Mr. Prasanth Kumar’s office is located at Jl. Pinus Hijau I no. 3 Meadow
Green, Lippo Cikarang, Bekasi, 17550 Indonesia.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over a year and
seven months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.66 |
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1 |
Rs.86.37 |
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Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.