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Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE SHIP TECHNOLOGY (HK) LTD. |
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Registered Office : |
Suite A, 11/F., Ho |
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Country : |
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Date of Incorporation : |
01.03.2012 |
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Com. Reg. No.: |
59470498 |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Subject is trading mobile phones, electronic products, electronic
devices. |
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No. of Employees : |
No employees in [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
FORTUNE SHIP TECHNOLOGY (HK) LTD.
Registered Office:-
c/o Alpha Partners
Suite A, 11/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.
Holding Companies:-
Shenzhen Fortune Ship Technology Co. Ltd.
Room 401, A-B District, TCL King Electronics Company, No. 33 Nanhai Road, Nanshan District, 518067 Shenzhen, China.
[Tel: 86-755-21608600 or 86-755-21608678
Fax: 86-755-26027070
Email: cngdsznslyz@163.com]
Associated Company:-
Huizhou Fortune Ship Technology Co. Ltd., China.
59470498
1711624
1st March, 2012.
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 01-03-2013)
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Name |
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No. of shares |
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Shenzhen Fortune Ship Technology Co. Ltd. No. 401, A B District, TCL Ace Electronics Company, No. 33 Nanhai Road, Nanshan District, Shenzhen, China. |
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10,000 ===== |
(As per registry
dated 01-03-2013)
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Name (Nationality) |
Address |
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YAO Jiang Chao |
No. 2 Lejin Road West, Huicheng District, Huizhou City, Guangdong Province, China. |
(As per registry
dated 17-03-2013)
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Name |
Address |
Co. No. |
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Worldtrade Business Consulting (HK) Ltd. |
Flat A, 7/F., Kwun Ngan House, 751A Nathan Road, Mongkok, Kowloon, Hong Kong. |
1004807 |
(See attachment)
The subject was incorporated on 1st March, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Initially the subject’s registered address was located at c/o Conson Secretarial Ltd., Room 703, 7/F., Kowloon Building, 555 Nathan Road, Kowloon, Hong Kong, moved to the present address with effect from 17th March, 2012, as the subject has changed its commercial service provider.
Apart from these, neither material change nor amendment has been ever traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Fortune Ship Technology (HK) Ltd. is wholly owned by Shenzhen Fortune Ship Technology Co. Ltd. [SFST] which is a China-based firm.
The only director of the subject Mr. Yao Jiang Chao is a China merchant. He is a China ID Card 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 Suite A, 11/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong known as Alpha Partners which is handling its correspondences and documents. It has no employees in Hong Kong.
Your given phone number 86-755-8609 5550 and fax number 86-755-8609 5551 do not belong to SFST. They belong to a firm known as Shenzhen Tinno Mobile Technology Corp. [Tinno]. We do not know the relation between SFST and Tinno.
Yao Jiang Chao is the legal representative and operator of SFST.
SFST is trading in the following commodities: mobile phones, electronic products, electronic devices
Commodities are sourced from China, prime markets are China, Japan, other Asian countries, Europe, etc.
It has been committed to provide advanced wireless communication devices, services and total solutions to global users via its solid ID/MD, HW/SW design, PCBA manufacturing, Testing, QA and a complete set of mobile terminal solution since May, 2011.
The subject has registered with the Office of the Communications Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of RU00152962-RU.
In late 2011, SFST decided to build a factory in Huizhou City, Guangdong Province, China. Having a site area of about 30,000 sq.m., this firm is known as Huizhou Fortune Ship Technology Co. Ltd. [Huizhou Fortune Ship].
Huizhou Fortune Ship commenced business on 30th March, 2012. On 7th July, 2012, this firm got ISO9001:2008 certification.
According to the subject, the monthly export of Huizhou Fortune Ship is about 1.5 million handsets.
Fortune Ship has 8 production bases, a total of 80 SMT lines and 60 assembly lines. There are nearly 20,000 sq.m. and more than 1,500 workers in Huizhou Fortune Ship factory. The company has introduced many advanced technologies and facilities from overseas, such like FUJI (XP series, NXT series chip mounter), MPM UP2000 printer, JT, Reflow oven, EL-EM5700N automatic sub-board machine, X-RAY, thickness measurement, and so on.
Moreover, Huizhou factory will strengthen the products line, ensure quality continuously, and provide high quality after-sales service, to make it one of the most competitive companies in communication industry.
In order to penetrate the international market further, SFST has taken part in fairs and exhibitions held in China and the other foreign large cities. For instance it took part in “MOBILE WorldCongree Barcelona 2013” which was held in Barcelona, Spain. It will take part in the same fair in 2014.
It is likely that SFST deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. SFST also exports mobile phones 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, which is short, in Hong Kong is just over a year.
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.
|
Date |
Particulars |
Amount |
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27-12-2012 |
Instrument: Assignment of DC Proceeds Property: By way of assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing proceeds payable or to be paid to the Customer under the Documentary Credits, all the Customer’s right, title, benefit and interest in the said Documentary Credits, the benefit of all powers and remedies for enforcing the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or too be made by the bank to the customer against documents submitted under a documentary credit, all monies and liabilities in any currency owing by the customer to the bank at any time |
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.62.57 |
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1 |
Rs.100.62 |
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Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
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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.