|
Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEW
SPEED INVESTMENT LTD. |
|
|
|
|
Registered Office : |
c/o Sunway Top Consultancy Ltd. Flat 01B, 10/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
22.04.2008 |
|
|
|
|
Com. Reg. No.: |
39284796 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of iron & steel materials. |
|
|
|
|
No. of Employees : |
no employees
in (It is to
be noted that the company does not have its own operating office in |
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 : |
--- |
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 |
NEW SPEED INVESTMENT LTD.
c/o Sunway Top Consultancy Ltd.
Flat 01B, 10/F., Carnival Commercial Building, 18 Java Road, North Point, Hong Kong.
PHONE: Not available
FAX: Not available
Managing Director: Mr. Zheng Yucun
Incorporated on: 22nd April, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Bank of Communication Co., Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Sunway Top Consultancy Ltd.
Flat 01B, 10/F., Carnival Commercial Building, 18 Java Road, North Point, Hong Kong.
Affiliated
Companies:-
Tangshan Hongzhong Materials Co. Ltd.
241, Kaiyue Road, Kaiping District, Tangshan City, Hebei Province, China.
[Tel: 86-315-3371763 Fax: 86-315-3371762]
Tangshan Jiechengda Materials Co. Ltd., China.
39284796
1230159
Managing Director: Mr. Zheng Yucun
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 22-04-2013)
|
Name |
|
No.
of shares |
|
ZHENG Yucun |
|
10,000 ===== |
(As per registry
dated 22-04-2013)
|
Name (Nationality) |
Address |
|
ZHENG Yucun |
Hongwei Building, Guzhi
District, Tangshan, Hebei, China. |
(As per registry
dated 22-04-2013)
|
Name |
Address |
Co.
No. |
|
Sunway Top Consultancy Ltd. |
Flat 01B, 10/F., Carnival Commercial Building, 18 Java Road,
North Point, Hong Kong. |
1370258 |
The subject was incorporated on 22nd April, 2008 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 iron & steel materials, etc.
Employees: Nil.
Commodities Imported: China, India, Russia, etc.
Markets: Japan, other Asian countries, Europe, etc.
Terms/Sales: 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$10,000.00
Mortgage or Charge: (See attachment)
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: Unknown
Commercial Morality: Satisfactory.
Banker: Bank of Communication Co., Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, New Speed Investment Ltd. is wholly owned by Mr. Zheng Yucun who is a China merchant.
He is a China ID holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject. Currently he is residing in Tangshan City, Hebei Province, China.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Flat 01B, 10/F., Carnival Commercial Building, 18 Java Road, North Point, Hong Kong” known as “Sunway Top Consultancy Ltd.” which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It is an iron and steel material trader. It has had the following two affiliated companies in China:-
· Tangshan Hongzhong Materials Co. Ltd. [Hongzhong];
Tangshan Jiechengda Materials Co. Ltd. [Jiechengda].
Located at Kaiping District, Tangshan City, Hebei Province, China, Hongzhong is trading in the following products:-
American standard steel angles, H-bars, Japan standard steel angles, European standard steel angles, European standard H bars and beams, etc.
Hongzhong sells over 50,000 tonnes of iron and steel products monthly.
Jiechengda is also an iron and steel material trader. Zheng Yucun is one of the contact persons of Jiechengda.
Hongzhong is the main supplier of Jiechengda. Iron & steel products are exported to Japan, the other Asian countries, Germany, the other European countries, the United States, etc. Overall business is normal.
It is likely that Jiechengda deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The China firm 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. History in Hong Kong is over five 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.
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.
|
Date |
Particulars |
Amount |
|
07-11-2011 |
Instrument: Deed of Indemnity, Charge Over Deposits and Set-Off Property: By way of Fixed Charge to the Bank all the Company’s estate, right, title, claim, benefit and interest to and in the Deposit (Account No. 02753220109597 & 02753293163124) and all interest from time to time payable thereon and together with all title deeds and documents relating thereto Mortgagee: Bank of Communications Co. Ltd., Hong Kong Branch. |
All actions, suits, proceedings, claims, demands,
losses, damages, costs, fees, expenses and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
UK Pound |
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
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.