|
Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE MATERIALS
INDUSTRY (HONGKONG) CO. LTD. |
|
|
|
|
Registered Office : |
c/o Larich Ltd.,
Suite 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
09.05.2007 |
|
|
|
|
Com. Reg. No.: |
37926409 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Stainless steel kitchenware, bar ware, cook ware, plastic house ware, glass products, gift items. |
|
|
|
|
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
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong |
|
Payment Behaviour : |
Unknown |
|
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
FUTURE
MATERIALS INDUSTRY (HONGKONG)
CO. LTD.
ADDRESS: c/o Larich Ltd.
Suite 1001-1002,
10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2724 1223
FAX: 2722 4373
Managing
Director: Ms. Zhou Li Jun
Incorporated on: 9th May, 2007.
Organization: Private Limited Company.
Capital: Nominal:US$100,000.00
Issued: US$1.00
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 Larich Ltd.
Suite 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Ningbo Future Import & Export Co. Ltd., China.
Ultimate Holding
Company:-
Zhejiang Future Investment Holdings Co. Ltd., China.
Associated
Companies:-
Future Group of
Companies
Liaoning Youge Biological Technology Co. Ltd., China.
Ningbo Chemical Industry Research & Design Institute Co. Ltd., China.
Ningbo Design Real Estate Co. Ltd., China.
Ningbo Hemei Investment Co. Ltd., China.
Ningbo Hemei Properties Co. Ltd., China.
Ningbo Smart Logistics Technology Co. Ltd., China.
Ningbo Yong River Printing Industrial Co. Ltd., China.
Snow Fu Electric Co. Ltd., China.
Zhejiang Future Investment Co. Ltd., China.
Zhejiang Future Petrochemical Co. Ltd., China.
Zhejiang JiaYe Investment Group Co. Ltd., China.
etc.
37926409
1130933
Managing
Director: Ms. Zhou Li Jun
Nominal Share
Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share
Capital: US$1.00
(As
per registry dated 09-05-2012)
|
Name |
|
No.
of share |
|
Ningbo Future Import & Export Co. Ltd. Jinying Trading
Building, Daxie, Ningbo, Zhejiang, China. |
|
1 = |
(As
per registry dated 09-05-2012)
|
Name (Nationality) |
Address |
|
ZHOU Li Jun |
No. 6, Lane 117, Yangmuqi Road, Jiangdong
District, Ningbo, Zhejiang, China. |
(As
per registry dated 09-05-2012)
|
Name |
Address |
Co.
No. |
|
Larich
Ltd. |
Suite 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui,
Kowloon, Hong Kong. |
0437591 |
The subject was incorporated on 9th May, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hongkong Future Steel Co., Ltd., name changed to the present style on 12th July, 2007.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Stainless steel kitchenware, bar ware, cook ware, plastic house ware, glass products, gift items.
Employees: Nil.
Commodities Imported: Europe, other Asian countries, etc.
Markets: Asian countries, Europe, North America, Australia, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share Capital: US$1.00
Mortgage or Charge:-
Date of Deed of Charge: 18-05-2010
Amount: All moneys and liabilities
Property: As security for the due payment and discharge of the Secured Amounts
Mortgagee: BNP Paribas, Singapore Branch.
20 Collyer Quay Tung Centre #01-01, 049319 Singapore
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: Unknown
Commercial Morality: Satisfactory
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
BNP Paribas Singapore Branch, Singapore.
Standing: Small.
Future Materials Industry (Hongkong) Co., Ltd. is a Ningbo Future Import & Export Co. Ltd. [NFIECL] which is a China-based firm.
The ultimate holding company of the subject is Zhejiang Future Investment Holdings Co., Ltd. [ZFIHCL].
The director of the subject Ms. Zhou Li Jun is a China merchant. She is a China ID holder and does not have the right to reside in Hong Kong permanently. She 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 “Suite 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong” known as “Larich Ltd.” which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject is trading in the same commodities handled by NFIECL. Ms. Zhou Li Jun is also the legal representative of NFIECL.
NFIECL is trading in metals, minerals, cotton and the related products. It is carrying the following commodities:-
Stainless steel kitchenware, bar ware, cook ware, plastic house ware, glass products, gift items, textile products, fabrics, garments, etc.
The main import and domestic business includes hot rolled coil and plate, medium plate, cold rolled coil and plate, galvanized rolled coil and plate, nickel ore, cotton and other industrial raw materials, while the major export business involves iron and steel, sanitary utensils, clothes, general commodities, etc.
At present, NFIECL has established business ties with many customers from countries and regions such as the United States, Japan, South Korea, India, Indonesia, the Philippines, Russia and the European Union.
NFIECL has set up branches in Shanghai, Hangzhou, Qingdao and France, besides the subject.
ZFIHCL is a comprehensive investment holding company which was established in November, 2003 with a registered capital of RMB 250 million Yuan and the operation of capital as its core business. Based in Zhejiang Province, ZFIHCL’s great advantage in location also guarantees its advantage in integrating the global resources. It has 11 core subsidiaries and more than 500 employees, focusing on trading & logistics and real estate development. With its operating performance growing steadily, ZFIHCL’s comprehensive strength ranks the first in Eastern China: No. 147 among “the Top 500 Enterprises in Service Industry in China”, No. 50 among “the Top 100 Zhejiang Enterprises”, No. 13 of Top 100 Comprehensive Enterprises in Ningbo and No. 6 of Top 100 Service Enterprises in Ningbo.
The subject’s business in Hong Kong is not active. History in Hong Kong is about 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
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 |
|
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.