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Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
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Name : |
WIN FAITH TRADING LTD. |
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Registered Office : |
C/o Orion House Secretarial Ltd. Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.07.2009 |
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Com. Reg. No.: |
51287310 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of machinery and equipment, steel, mineral, coal, petrochemicals, timber, farm and pasture products. |
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No. of Employees : |
No Employee in Hong Kong (It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence
address only. Subject operates from some other country and does not have a
base in Hong Kong. Such companies are registered in Hong Kong just to tax
benefit purpose and due to the strict privacy laws prevailing in the country.
In such cases, the companies are not required to have any employees in Hong
Kong nor do have an office there.) |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 levies excise
duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon
oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of
total system deposits in Hong Kong by the end of 2012, an increase of 59% from
the previous 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 34.9 million in 2012,
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 2012 mainland Chinese companies constituted about 46.6% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit
expansion and tight housing supply conditions caused Hong Kong property prices
to rise rapidly and inflation to rise 4.1% in 2012. 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
WIN FAITH
TRADING LTD.
Address: c/o Orion House
Secretarial Ltd.
Room 1401, 14/F.,
World Commerce Centre,
Harbour
City, 7-11 Canton Road,
Tsimshatsui,
Kowloon,
Hong Kong.
(Formerly located at:
c/o TAKA Corporate Consulting Ltd.
Room 1701, 17/F., Henan Building,
90 Jaffe Road, Wanchai, Hong Kong.)
PHONE: 852-2736 7372
FAX: 852-2736 8895
Managing Director: Mr. Zhang Zhi
Yu
Incorporated on: 23rd
July, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Machinery and Equipment Trader.
Employees:
Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre, Harbour City, 7‑11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong.
Immediate Holding Company:-
SUMEC International Technology Co. Ltd., China.
Intermediate Holding Company:-
SUMEC Group Corporation [SUMEC], China.
Ultimate Holding Company:-
China National Machinery Industry Corporation [SINOMACH], China.
Sister Companies:-
Shanghai SUMEC International Trade Co. Ltd., China.
SUMEC Automobile Trading Co. Ltd., China.
Tianjin SUMEC International Trade Co. Ltd., China.
Associated/Affiliated Companies:-
SUMEC Group of Companies
Jiangsu Changjiang Textile Trading Co. Ltd., China.
Jiangsu Modern Shipbuilding Technology Co. Ltd., China.
Jiangsu SUMEC Delong Automobile Parts Manufacture Co. Ltd., China.
Nanjing Everbright Garment Co. Ltd., China.
SUMEC Construction Machinery Co. Ltd., China.
SUMEC Engineering Equipment Co. Ltd., China.
SUMEC Era Garment Co. Ltd., China.
SUMEC Fortune Wood Co. Ltd., China.
SUMEC Garment Co. Ltd., China.
SUMEC General Equipment Trade & Consultation Co. Ltd., China.
SUMEC Home Textile Co. Ltd., China.
SUMEC Innovation Home Textile Co. Ltd., China.
SUMEC Instruments & Equipment Co. Ltd., China.
SUMEC J.J.O. Textile & Garment Co. Ltd., China.
SUMEC Jinyuan Wood Co. Ltd., China.
SUMEC Manufacturing Venture Co. Ltd., China.
SUMEC Orient Textile Co. Ltd., China.
SUMEC Technology Equipment Co. Ltd., China.
SUMEC Tianyuan Garment Co. Ltd., China.
SUMEC-LINHAI Power Machinery Co. Ltd., China.
UNITOOLS Machinery Manufacturing Co. Ltd., China.
Wuxi Mak Sunhill Conveyer Co. Ltd., China.
etc.
51287310
1354764
Managing Director: Mr. Zhang Zhi
Yu
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry dated 23-07-2013)
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Name |
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No. of shares |
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SUMEC International Technology Co. Ltd. 11/F., 198 Chang Jiang Road, Nanjing, Jiangsu Province, China. |
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100,000 ====== |
(As per registry dated 23-07-2013)
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Name (Nationality) |
Address |
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ZHANG Zhi Yu |
Room 503, Block 6, Huang Pu Garden, Xuan Wu District, Nanjing, Jiangsu
Province, China. |
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ZHAO Wei Lin |
Room 103, Block 2, Huang Pu Garden, Xuan Wu District, Nanjing, Jiangsu
Province, China. |
|
SHI Lei |
Room 106, No. 5 Hong Qiao, Gu Lou District, Nanjing, Jiangsu Province,
China. |
(As per registry dated 23-07-2013)
|
Name |
Address |
Co. No. |
|
Orion House Secretarial Ltd. |
Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong. |
1296458 |
The subject was incorporated on 23rd July, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 1701,
17/F., Henan Building, 90 Jaffe Road, Wanchai, Hong Kong, moved to the present
address in August 2011 as the subject has changed its secretarial firm since
then.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of machinery and equipment, steel, mineral, coal, petrochemicals, timber,
farm and pasture products.
Employees: Nil.
Commodities Imported: China, other Asian countries, Europe, etc.
Markets: China,
other Asian countries, Europe, North America, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P,
etc.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active 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 100,000 ordinary shares of HK$1.00 each, Win Faith Trading
Ltd. is a wholly owned subsidiary of SUMEC International Technology Co. Ltd.
[SUME-ITC] which is a China-based firm.
The ultimate holding company of the subject is China National Machinery
Industry Corporation [SINOMACH], also a China-based firm.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 1401, 14/F., World Commerce Centre, Harbour City,
7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong known as Orion House
Secretarial Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject.
The subject has no employees in Hong Kong.
The managing director of the subject Mr. Zhang Zhi Yu is a China
merchant.
SUMEC-ITC is a core member of SUMEC Group Corporation [SUMEC], which is
a subsidiary of SINOMACH. SINOMACH is
one of the Global Fortune 500 companies.
The main business scope of SUMEC-ITC covers the procurement consultation,
tendering and import of mechanical and electrical products, technological
equipment; the import and domestic trade of bulk production materials such as
steel, mineral, coal, petrochemicals, timber, farm and pasture products, etc.;
the export of building materials such as wood-based panels, steel, as well as
bathroom accessories.
In 2012, SUMEC-ITC achieved a total import and export volume of US$1.66
billion and domestic trade volume of RMB23.3 billion Yuan. With main business income exceeding RMB30.3
billion Yuan, SUMEC-ITC ranked No. 55 among China top 100 import
enterprises. After years of development,
SUMEC-ITC has become one of the most renowned modern service enterprises in
China.
The subject is trading in the same commodities as SUMEC-ITC, more or
less.
The legal representative of SUMEC-ITC is also Mr. Zhang Zhi Yu.
SUMEC, founded in 1978, is a key member of SINOMACH.
SUMEC’s core business consists of shipbuilding and project contracting
of complete equipment and engineering; the R&D, manufacturing and export of
machinery and electric products including power tools, garden tools, power
machinery, PV modules, etc., as well as textiles and garments; domestic trading
and international tendering and the import of technological equipment and production
materials.
In 2012, the total import and export volume of SUMEC amounted to
US$3,140 million, decreased by 30.5% as compared with US$4,520 million in 2011.
The subject is fully supported by SUMEC.
Its business in Hong Kong is not active.
Its history in Hong Kong is over four 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 L/C basis
or in small credit amounts.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.82 |
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|
1 |
Rs.92.96 |
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Euro |
1 |
Rs.80.73 |
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.