MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MELENCO HONG KONG LTD. |
|
|
|
|
Registered Office : |
Room 2103-2104, 21/F., Wing On Centre, 111 Connaught Road Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
17.03.2006 |
|
|
|
|
Com. Reg. No.: |
36565210 |
|
|
|
|
Legal Form : |
Private Limited company |
|
|
|
|
Line of Business : |
International Business Services Consultant |
|
|
|
|
No. of Employees : |
12 (Including Associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
Company Name and Address
MELENCO HONG
KONG LTD.
ADDRESS: Room 2103-2104,
21/F., Wing On Centre, 111 Connaught Road Central, Hong Kong.
PHONE: 3590 3321
FAX: 3006
1436
E-MAIL: contact@melenco.com
MANAGEMENT
Managing Director: Mr. Poon Kit Wah
SUMMARY
Incorporated on: 17th March, 2006.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$1.00
Business Category: International
Business Services Consultant.
Employees: 12. (Including associates)
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 2103-2104, 21/F., Wing On Centre, 111 Connaught Road Central, Hong
Kong.
Holding Company:-
Melenco Holding Ltd., Hong Kong.
(Same address)
Associated
Companies:-
Amicorp Hong Kong Ltd., Hong Kong.
(Same address)
Clearview Co. Ltd., Hong Kong.
Euto Capital Partners Ltd., Hong Kong.
Harmony International Ltd., Hong Kong.
Melenco Greater China Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
36565210
COMPANY FILE NUMBER
1031334
MANAGEMENT
Managing Director: Mr. Poon Kit
Wah
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
SHAREHOLDER
(As per registry
dated 17-03-2013)
|
Name |
|
No. of share |
|
Melenco Holding Ltd., Hong Kong. |
|
1 = |
DIRECTORS
(As per registry
dated 17-03-2013)
|
Name (Nationality) |
Address |
|
POON Kit Wah |
Flat 2, 20/F., Yee Lai House, Yee Nga Court, Tai Po, New Territories,
Hong Kong. |
|
LAI Chi Kin |
Room D, 16/F., Block 7, Castello, 69 Siu Lek Yuen Road, Shatin, New Territories,
Hong Kong. |
SECRETARY
(As per registry
dated 17-03-2013)
|
Name |
Address |
Co. No. |
|
Clearview Co. Ltd. |
Room 2103-2104, 21/F., Wing On Centre, 111 Connaught Road
Central, Hong Kong. |
0730198 |
HISTORY
The subject was incorporated on 17th March, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
Last time, the subject was located at Suite 1306, 13/F., ING Tower, 308
Des Voeux Road Central, Hong Kong, moved to the present address in March 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: International
Business Services Consultant.
Lines: Logistic services in international trade,
etc.
Employees: 12.
(Including associates)
Business Territories: Hong
Kong, China, other Asian countries, Europe, etc.
Terms/Services: As per contracted.
Terms Buying: As per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit & Loss: Business
is Profitable.
Condition: Keeping
in a normal manner.
Facilities: Adequate
for current wants.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Standing: Normal.
GENERAL
Melenco Hong Kong Ltd. was incorporated in Hong Kong in March,
2006. It is a member of the Amicorp
Group.
With its headquarters in Hong Kong and offices in Shanghai, Beijing,
Shenzhen Special Economic Zone, Guangzhou, Chengdu, and Taipei, the subject is
specialized in providing support services for the international trade of goods
with China and the other countries of the world.
The subject is one of the most important financial jurisdictions and
businesses. It represents an
international trading network with a broad knowledge of the China, Asian
countries and the local market.
The subject has set up over 50 subsidiaries in Asia, Europe, and the
Americas.
With a team consisting of over 650 professionals specialized in the
creation of structures tailored specifically for each trading operation, the
subject offers supporting services aimed at cost optimisation, quality control
following high international standards, and establishing a relationship and
direct link between its customers and product manufacturers.
The subject offers clients with the following services:-
Import from China
The subject offers supports in selection of suppliers, products. Offers customers with products inspection,
quality control, shipping and the other logistic services.
Export to China
The subject helps customers export their products to China. This includes marketing, advertising and
network developing.
Financial & Business Supporting
The subject offers clients with financial and investment supports for
helping them make decisions.
Currently, the subject has had associated companies in Spain, Mauritius,
Taiwan, Curacao, the Netherlands, etc. besides offices in China.
Amicorp Group is specialized in business and knowledge process
outsourcing (BPO/KPO), company and trust management services. Working with trusted business partners, the
Group provide private wealth and estate planning, real estate property
management, and corporate, asset and project finance structuring. It delivers responsive administrative,
fiduciary and corporate structuring services to a broad range of corporate and
high net worth clients.
The history of the subject is over seven years.
On the whole, consider it good for normal business engagements.
REMARKS
Brief personal profile of the managing director of the subject:-
Poon Kit Wah, CPA, FCCA, MBA
Poon is the managing director of the subject. Poon started his career in Hong Kong and
China in tax services with one of the Big Four international accounting firms
following his graduation from university.
He specialises in Hong Kong and China tax, and business regulatory
matters. He lived and worked in southern
China for a number of years, and has developed and maintains good relationships
with Chinese officials in various cities.
Poon has served as a Greater China tax advisor for the Hong Kong Trade
and Development Council, providing advice to Hong Kong Small to Medium
Enterprises [SMEs], and as an editorial member of the tax journal, China Tax
Intelligence.
Poon is a member of the Hong Kong Institute of Certified Public
Accountants and a fellow member of the Association of Certified Chartered Accountants.
He is also a director of Harmony International Ltd. which is located at
the same address.
Lai Chi Kin is a qualified accountant, FCCA, and holds a BA degree in economics
from Leicester University, the United Kingdom, and a master’s degree in financial
managerial controls from Southampton University, also the United Kingdom.
His eight years of experience in fund management with listed and private
equity companies includes working with various financial instruments such as
convertible securities, fixed income products, stocks, options, futures, and
structured products, as well as real estate.
Before joining Amicorp in February 2006, Lai was financial controller of
a Hong Kong company with operations in Hong Kong, China and Germany.
Lai is also a director of Harmony International Ltd.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.99 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.