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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
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Name : |
HONG
KONG SONG YANG
INDUSTRIAL LTD. - |
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Registered Office : |
C/o Minimax Corporate & Management Services Ltd., Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.01.2003 |
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Com. Reg. No.: |
33343370 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of energy meters, electronic products, etc. |
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No. of Employees : |
Not available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 (31.03.2012) |
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.
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Source : CIA |
HONG KONG SONG YANG INDUSTRIAL LTD.
c/o Minimax Corporate & Management Services Ltd.
Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong.
PHONE: 2573 2686
FAX: 2574 2060
Managing Director: Mr. Zhang Yimin
Incorporated on: 29th January, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
c/o Minimax Corporate & Management Services Ltd.
Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong.
Associated
Companies:-
Hangzhou Songyang Electronic Technology Co. Ltd., China.
Hangzhou Songyang Electrical & Technology Corp. Ltd.
8/F., Sunshine Plaza, No. 186 Southern Hushu Road, 310014 Hangzhou City, Zhejiang Province, China.
[Tel: 86-571-8539 4178; Fax: 86-571-8530 1324]
33343370
0831739
Managing Director: Mr. Zhang Yimin
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry
dated 29-01-2013)
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Name |
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No. of shares |
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ZHANG Xiaojun |
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3,175,000 |
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ZHANG Yimin |
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1,825,000 |
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–––––––– |
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Total: |
5,000,000 ======= |
(As per registry
dated 29-01-2013)
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Name (Nationality) |
Address |
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ZHANG Yimin |
Room 301, Block A, No. 57 Building, Cuiyan Yiqu, Hangzhou, China. |
|
ZHANG Xiaojun |
Room 301, No. 125, Block 3, Cui Yuan Yi Qu Bei, Xi Hu District, Hang Zhou City, China. |
(As per registry
dated 29-01-2013)
|
Name |
Address |
Co.
No. |
|
Minimax Corporate & Management Services Ltd. |
Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong. |
0460445 |
The subject was incorporated on 29th January, 2003 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: Importer, Exporter and Wholesaler.
Lines: All kinds of energy meters, electronic products, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: China, Japan, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
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: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 5 million ordinary shares of HK$1.00 each, Hong Kong Song Yang Industrial Ltd. is jointly owned by Mr. Zhang Xiaojun, holding 63.5% interests, and Mr. Zhang Yimin, holding 36.5%. Both are China merchants. They are China passport holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong known as Minimax Corporate & Management Services Ltd. [Minimax] which is handling its correspondences and documents. Minimax is also the corporate secretary of the subject.
The subject has no employees in Hong
Kong. It has had two associated
companies in Hangzhou City, Zhejiang Province, China known as:-
· Hangzhou Songyang Electronic Technology Co. Ltd.
· Hangzhou Songyang Electrical & Technology Corp. Ltd.
The subject’s major products are energy meters (power meters or watthour meters), gas meters, water meters, energy meter test benches, energy meter field test instruments, centralized energy meter reading system and management system, lineate/wireless auto-measuring electricity system, etc.
The subject also trades in electronic instruments, irons, electrical plugs & sockets, etc.
The subject uses advanced electronic and microprocessor technology and the latest SMT technique to manufacture its products. It also has all kinds of complete and advanced measuring and testing equipments, strict and standard production technique. Its associated factories is able to produce 180,000 meters every year.
The subject’s associated factory has about 150 employees in China. Products are marketed in China, exported to Japan, the other Asian countries, Europe, North America, etc. Business is normal.
The subject’s business in Hong Kong is not active. History in Hong Kong is over ten years.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis or in very small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.53 |
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UK Pound |
1 |
Rs.83.59 |
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Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.