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Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
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Name : |
X-FIPER (HONG KONG) LTD. |
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Registered Office : |
Flat C, 13/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.09.2010 |
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Com. Reg. No.: |
53000883 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of New materials like aramid 1313
fibre, etc |
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No. of Employees : |
8 |
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 : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
X-FIPER (HONG
KONG) LTD.
Flat C, 13/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai, Hong Kong.
PHONE: 852-2866 8232
FAX: 852-2866 7289
E-MAIL: account@sro.hk
sales@xfiper.com
Managing Director: Ms. Zhong Hui Jennie
Incorporated on: 21st September, 2010.
Organization: Private Limited Company.
Capital: Nominal: US$700,000.00
Issued: US$700,000.00
Business Category: Importer,
Exporter and Manufacturer.
Company Employees: 8.
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
X-FIPER (HONG
KONG) LTD.
Registered Head
Office:-
Flat C, 13/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai,
Hong Kong.
Holding Company:-
SRO Aramid (Jiangsu) Co. Ltd., China.
Associated
Companies:-
SRO Group (China) Ltd., Hong Kong.
(same address)
Sunray Overseas Ltd., Hong Kong.
(same address)
53000883
1507822
Managing Director: Ms. Zhong Hui
Jennie
Nominal Share Capital: US$700,000.00
(Divided into 700,000 shares of US$1.00 each)
Issued Share Capital: US$700,000.00
(As per registry dated 21-09-2012)
|
Name |
|
No. of shares |
|
SRO Aramid (Jiangsu) Co. Ltd. Youyi Industrial Zone, Songling Town, Wujiang City, Jiangsu Province,
China. |
|
700,000 ====== |
(As per registry dated 21-09-2012)
|
Name (Nationality) |
Address |
|
ZHONG Hui Jennie |
Room 1903, 19/F., Tung Wai Commercial Building, 109‑111 Gloucester
Road, Wanchai, Hong Kong. |
|
CHUNG Yuen Chu |
Room 1903, 19/F., Tung Wai Commercial Building, 109‑111
Gloucester Road, Wanchai, Hong Kong. |
CHUNG Yuen Chu (As per registry
dated 21-09-2012)
The subject was incorporated on 21st September, 2010 as a private
limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1903, 19/F., Tung Wai
Commercial Building, 109-111 Gloucester Road, Wanchai, Hong Kong, moved to the
present address with effect from 6th April, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: New
materials like aramid 1313 fibre, etc.
Brand Names: SRO, X-Fiper.
Employees: 8. (Company)
500. (China)
Commodities
Imported: Imports raw materials from
European countries, some of the Asian countries and finished products from
China.
Markets: China,
Japan, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: US$700,000.00
(Divided into 700,000 shares of US$1.00 each)
Issued Share Capital: US$700,000.00
Profit or Loss: Kept a balance account in 2012.
Condition: Business
is under development.
Facilities: Trying
to make use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Having issued 700,000 ordinary shares of US$1.00 each, X-Fiper
(Hong Kong) Ltd. is wholly owned by SRO Aramid (Jiangsu) Co. Ltd. [SRO Aramid]
which is a China-based firm.
Belonging to the SRO Group, the subject is trading in X-Fiper aramid
fibre.
SRO Aramid is specialized in the research, development and manufacturing
of new materials (high performance materials using meta-aramid as main
ingredient). SRO Aramid also has
established production bases in Shanghai, Guangzhou and Hua’an of Jiangsu
Province. It has over 500 employees and
with a total asset amounted to RMB650 million Yuan. It is mainly engaged in manufacturing and
processing of aramid 1313 fibre and aramid paper insulation composite. SRO Aramid is one of the top special new
materials manufacturing enterprises in China.
Since its establishment in 2005, SRO Aramid has grown into a large-scale
enterprise with an annual sales turnover ranges from RMB100 to 120 million
Yuan.
SRO Group is a high technology professional company manufactures X-fiper
insulation paper and meta-aramid fibres along with its derivatives. It focuses on the creation and development of
new materials as well as the new application development of these new
materials. It has offices in Hong Kong,
Shanghai and Guangzhou while the productions, research and development bases,
sales and marketing capabilities spread around areas including Shanghai,
Guangzhou, Wuxi, and Suzhou.
SRO Group owns many patent related to new materials invention. The Group’s subsidiary company and its key
technical personnel won the 2nd Prize in the National Science & Technology
Progress Award from China National Education Board in 2008, second prize
Chinese Ministry of Education advance in technology in the same year, as well
as First Prize from China National Textile & Apparel Council (CNTAC) in
2009.
SRO Group is the second largest meta-aramid manufacturer in the world
(meta-aramid insulation paper included).
The Group is the first company in China which industrialized the
production of insulation paper, and it is also the second company in the world
which has the ability to industrialize the production of insulation paper. This has broken the 40 years of monopoly of
this product by its American competitor.
Its breakthrough research and development in the application of
honeycomb in astronautics, aviation, and express train etc has also fill the current
blank in the domestic market in these areas.
Products of the SRO Group include high temperature resistant and flame
retardant fibres and their derivatives.
These products include SRO™ brand flame retardant protective garments, fabrics,
yarn, X-FIPER™ meta-aramid papers for H-class insulation, X-FIPER™ high
temperature resistant fibres for hot-gas filtration, and other SRO™ high
temperature resistant products used in hot melt industries, audio damper
applications and other specialty uses such as laundry and printer felts.
X-Fiper™ fibre is meta-aramid fibre invented and manufactured by SRO
Group. It has flame resistant, self
extinguish nature along with non-melt drop characteristic. Its high performance in thermal stability and
low contraction performance along with the high resistance to breakage make it
the perfect fibre for its broad application use including high temperature hot
gas filtration, protective apparels, electrical insulation papers, and speaker
dampers.
The subject exports the Group’s products to Japan, the other Asian
countries, Europe, North America, etc.
Business is improving.
The subject is fully supported by SRO Aramid.
As the history of the subject is just over two years in Hong Kong,
on the whole, consider it good for normal business engagements in small credit
amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
|
1 |
Rs.86.81 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.