|
Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
D&R
INDUSTRIES CO. LTD. |
|
|
|
|
Registered Office : |
c/o Gorgeous Wealth Ltd. Room 1801, 18/F., Public Bank Centre, 120 Des Voeux Road, Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
8.01.2007 |
|
|
|
|
Com. Reg. No.: |
37517527 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Manufacturer, Importer and Exporter of all kinds of food processing and food packaging equipment |
|
|
|
|
No. of Employees : |
no employees 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
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong
|
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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) |
|
Hong Kong |
A2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
D&R INDUSTRIES CO. LTD.
c/o Gorgeous Wealth Ltd.
Room 1801, 18/F., Public Bank Centre, 120 Des Voeux Road, Central, Hong Kong.
PHONE: 852-2191 2999
FAX: 852-2694 8597
E-MAIL: danielge20@gmail.com
Managing Director: Mr. Ge Hongyu, Daniel
Incorporated on: 8th January, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Manufacturer, Importer and Exporter.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Fairly satisfactory.
Registered
Office:-
c/o Gorgeous Wealth Ltd.
Room 1801, 18/F., Public Bank Centre, 120 Des Voeux Road, Central, Hong Kong.
Associated
Companies:-
D&R Sweet Industrial Machine Ltd., China & Israel.
Ningbo D&R Industries Co. Ltd.
Room 1009, 10/F., Jinrong Building, 138 Jiangdong North Road, 315040 Ningbo City, Zhejiang Province, China.
[Tel: 86-574-8737 8279; Fax: 86-574-8725 2323]
Factory Address:-
Room 10-71, 55 Dongdu Road, Haishu District, 315000 Ningbo City, Zhejiang Province, China.
37517527
1100498
Managing Director: Mr. Ge Hongyu, Daniel
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 08-01-2013)
|
Name |
|
No.
of shares |
|
GE Hongyu |
|
10,000 ===== |
(As per registry dated
08-01-2013)
|
Name (Nationality) |
Address |
|
GE Hongyu |
Room 1009, 10/F., Jinrong
Building, 138 Jiangdong North Road, Ningbo City, Zhejiang Province, China. |
(As per registry
dated 08-01-2013)
|
Name |
Address |
Co.
No. |
|
Gorgeous Wealth Ltd. |
Room 1801, 18/F., Public Bank Centre, 120 Des Voeux Road
Central, Hong Kong. |
0793737 |
The subject was incorporated on 8th January, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Room 2103, 21/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong, moved to the present address in January 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer, Importer and Exporter.
Lines: All kinds of food processing and food packaging equipment.
Employees: Nil.
Commodities Imported: Israel, other European countries, etc.
Markets: China, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
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: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, D&R Industries Co. Ltd. is wholly owned by Mr. Ge Hongyu who is a China merchant. He is also the only director of the subject. He is a China ID holder and does not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 1801, 18/F., Public Bank Centre, 120 Des Voeux Road Central, Hong Kong” known as “Gorgeous Wealth 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 subject has had an associated company known as Ningbo D&R Industries Co. Ltd. [Ningbo D&R] which is also operated by Ge Hongyu. Its phone number 86-574-8737 8279 and fax number 86‑574‑8725 2323 belong to this firm.
The subject and Ningbo D&R are engaged in the same lines of business, more or less.
Ningbo D&R is trading in the following commodities: candy machinery, soft candy processing line, hard candy processing plant, starch mogul line, chocolate production line, candy packing machine, flashlights and torches, lollipop production line, automatic feed packaging line and packaging machines.
Ningbo D&R also offers clients with turnkey projects. It provides designing, manufacturing and assembling of small to medium food and beverage production lines according to the specifications of its clients.
Ningbo D&R has set up branch offices in Turkey and Israel. The former is responsible for the Middle East market while the latter for the Europe and the US market. The business of Ningbo D&R is also administered by Mr. Daniel Ge.
Ningbo D&R is employing about 75 persons. Annual sales turnover ranges from US$2.5 to 5.0 million. Business is normal.
It is likely that Ningbo D&R deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Ningbo D&R also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active.
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.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.