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Report Date : |
29.07.2013 |
IDENTIFICATION DETAILS
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Name : |
MING LUN INTERNATIONAL DEVELOPMENT LTD. |
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Registered Office : |
C/o HKRTP Ltd. MQDM2004, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.04.2007. |
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Com. Reg. No.: |
37815741 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Chemicals, Building Materials, Rubber Products, Garments, Garment Accessories, Knitted Products, Electric Appliances, Metal and Hardware |
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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
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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
MING LUN
INTERNATIONAL DEVELOPMENT LTD.
ADDRESS: c/o HKRTP Ltd.
MQDM2004, Room 1007, 10/F., Ho King Centre,
2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.
PHONE: 852-2687 5558
FAX: 852-2687 5563
Managing Director: Mr. Lan Aimin
Incorporated on: 4th
April, 2007.
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 China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o HKRTP Ltd.
MQDM2004, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street,
Mongkok, Kowloon, Hong Kong.
Associated Company:-
Qingdao Yonghong Chemical Co. Ltd.
2 No. 1 Building, Xin’an Small District, 266200 Jimo, Qingdao City,
Shandong Province, China.
[Tel: 86-532-8853 4828]
37815741
1121237
Managing Director: Mr. Lan Aimin
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 04-04-2013)
|
Name |
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No. of shares |
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WANG Xiaojian |
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6,000 |
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LAN Aimin |
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4,000 |
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––––– |
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Total: |
10,000 ===== |
(As per registry dated 04-04-2013)
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Name (Nationality) |
Address |
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WANG Xiaojian |
Room 42, Unit 4, Building 10, Part Jia of No. 313 Wenhua Road,
Jimo, Qingdao, Shandong, China. |
(As per registry dated 04-04-2013)
|
Name |
Address |
Co. No. |
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HKRTP Ltd. |
Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Hong
Kong. |
0663489 |
The subject was incorporated on 4th April, 2007 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: Chemicals,
Building Materials, Rubber Products, Garments, Garment Accessories, Knitted
Products, Electric Appliances, Metal and Hardware.
Employees: Nil.
Commodities Imported: China, etc.
Markets: China, Southeast Asia, Europe, North
America, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, 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: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing:
Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Ming Lun
International Development Ltd. is jointly owned by Mr. Wang Xiaojian, holding
60% interests; Mr. Lan Aimin, holding 40%.
Both are China merchant and currently residing in Jimo, Qingdao City,
Shandong Province, China. The former is
also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 1007, 10/F., Ho King Centre, 2‑16 Fa Yuen
Street, Mongkok, Hong Kong.” known as “HKRTP Ltd.” which is handling its
correspondences and documents. HKRTP
Ltd. is also the corporate secretary of the subject. MDQM2004 is the file number of the subject in
HKRTP.
The subject has no employees in Hong Kong. It has had an associated company in Jimo,
Qingdao City, Shandong Province, China known as Qingdao Yonghong Chemical Co.
Ltd. [Yonghong]. In name, Yonghong is a
chemical trading company, however, it carries a variety of products in
China. It is trading in the following
commodities:-
·
Building Materials;
·
Chemicals and Chemical Raw Materials;
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Electric Appliances;
·
Footwear;
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Garment Accessories & Fabrics;
·
Garments;
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Instruments and Metres;
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Knitted Products;
·
Machinery & Equipment;
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Metal and Hardware;
·
Packaging Materials; &
·
Rubber Products, etc.
Prime markets are China, Japan, the other Asian countries, Europe, North
America, etc. Business is normal.
The registered capital of Yonghong was RMB500,000 Yuan. The legal representative is Lan Aimin who is
the main shareholder of the subject.
It is also likely that Yonghong 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 six 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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.58.91 |
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|
1 |
Rs.90.68 |
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Euro |
1 |
Rs.78.22 |
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 |
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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.