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Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
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Name : |
SON-TECH TEXTILE MACHINERY (HK) LTD. |
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Registered Office : |
c/o Hong Kong Consultant Co. Room 1905, 19/F., Nan Fung Centre, 264-298 Castle Peak Road, Tsuen
Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.12.2005 |
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Com. Reg. No.: |
36280715 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is trading in all kinds of textile machinery and
equipment. |
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No. of Employees : |
No employees 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 employees 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
|
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 |
SON-TECH TEXTILE
MACHINERY (HK) LTD.
Registered
Office:-
c/o Hong Kong Consultant Co.
Room 1905, 19/F., Nan Fung Centre, 264-298 Castle Peak Road, Tsuen Wan,
New Territories, Hong Kong.
[Tel: 852-6325 1859, Fax:
852-2783 1690]
Associated
Companies:-
Foshan Vtech Valve Technology Co. Ltd., China.
J & H Dyeing Control Engineering Co. Ltd., China.
Son-Tech Precision Machinery Co. Ltd., China.
Texpro & Stentex Machinery Co. Ltd., China.
36280715
10th December, 2005.
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 10-12-2012)
|
Name |
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No. of shares |
|
ZHENG Yongzhong |
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10,000 ===== |
(As per registry dated 10-12-2012)
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Name (Nationality) |
Address |
|
ZHENG Yongzhong |
Room 2207, No. 61 Linhe Road East, Qiaolin Tianhe District, Guangzhou,
Guangdong, China. |
(As per registry dated 10-12-2012)
|
Name |
Address |
Co. No. |
|
Conson Secretarial Ltd. |
Room 703, 7/F., Kowloon Building, 555 Nathan Road, Kowloon, Hong
Kong. |
0726935 |
Son-Tech Textile Machinery (HK) Ltd. was incorporated on 10th December,
2005 as a Private Limited Liability Company under the Hong Kong Companies
Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 1905, 19/F., Nan Fung Centre, 264-298 Castle Peak
Road, Tsuen Wan, New Territories, Hong Kong” which is handling its
correspondences and documents.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each which are wholly-owned by Mr. Zheng
Yongzhong 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.
The subject is trading in all kinds of textile machinery and
equipment. Its main associated company
Son-Tech Precision Machinery Co. Ltd. [STPM] is a China-based firm.
The managing director of the subject Mr. Zheng Yongzhong is also the
director of STPM.
STPM was founded in 1997 and is located in Huabao South Road, Foshan
National High Technology Development District, Foshan City, Guangdong Province,
China. It is a professional manufacturer
engaged in developing, producing and selling dyeing machines. All the products bear the brand name of Son-tech.
STPM’s annual production capacity of dyeing machines is about 500
sets. STPM’s site covers an area of
80,000 sq.m. It has nearly 500 employees
in China and its sales network spreads all over the world.
In 2008, STPM got the British UKAS ISO90001:2008 international quality
management system certification.
STPM has provided products and service for more than 100 large textile
enterprises both in China and abroad. It
has set up service centres and professional technical teams in Africa, Europe
and Southeast Asian Countries like Bangladesh, India, Pakistan and Thailand.
STPM has developed good reputation in many provinces of China such as
Guangdong, Shandong, Jiangsu, Zhejiang, Fujian, and Hong Kong and some of the
foreign countries.
The subject is trading in STPM’s products.
The subject has had the following two main associates:
Texpro & Stentex Machinery Co., Ltd. [Texpro & Stentex]
Texpro & Stentex is a Sino-foreign joint venture. It was set up in 2010 and its total
investment was RMB100 million Yuan. The
foreign party is a Germany company – Krantz GmbH. Locating in Datang Garden, Central Technical
Industrial Zone, Sanshui District, Foshan City, Guangdong Province, China, the
factory of Texpro & Stentex covers an area of 60,000 sq.m. and is planned
to have more than 1,000 employees. With
the introduction of Germany TEXPRO’s knitting and finishing equipment, Texpro
& Stentex mainly is engaged in manufacturing and developing of stenter,
tensionless dryer and the other machines for textile industry.
Vtech Valve Technology Co., Ltd. [Vtech Valve]
Vtech Valve mainly is engaged in introducing Italian technology and
brands, acting as agent of “VTECH” automatic control valves, researching and
developing stainless steel pneumatic valves, electric valves and the precision
manufacturing of entire silicon sol. Its
annual production capacity is 1,500 tons of precision casting parts of all
kinds.
Currently, the subject has had the following customers:
The subject’s business in Hong Kong is not active. History in Hong Kong is about eight 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
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Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.