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Report Date : |
07.08.2014 |
IDENTIFICATION DETAILS
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Name : |
HONEYWAY INTERNATIONAL LTD. |
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Registered Office : |
c/o FS Account Ltd., Flat A1, 9/F., |
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Country : |
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Date of Incorporation : |
11.03.2009 |
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Com. Reg. No.: |
50382955 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employees : |
No Employees in NOTE: It is to be noted that
the company does not have its own operating office in |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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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 has no tariffs on imported goods, and it levies excise duties on
only four commodities, whether imported or produced locally: 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, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
NOTE:
(Formerly located at
c/o Hongkong Chinaflyhk Secretary Service Ltd.
Room 1202, 12/F., Tung Chun Commercial Centre,
438-444 Shanghai Street, Kowloon,
Hong Kong.)
HONEYWAY
INTERNATIONAL LTD.
REGISTERED
OFFICE:-
c/o FS Account Ltd.
Flat A1, 9/F., Silvercorp International Tower, 707-713 Nathan Road,
Mongkok, Kowloon, Hong Kong.
Associated company
in China:-
Jinhua Debang Technology Co. Ltd. / Jinhua Xinmao Machinery Factory
Zhenbei Industrial Area, Xiaoshun Town, 321035 Jinhua City, Zhejiang
Province, China.
[Tel: 86-579-8295 3596
Fax: 86-579-8295 3296
E-mail: txbeam@gmail.com
Mobile: 86-1385 8939 578]
50382955
1315030
11th March, 2009
HK$10,000.00
(As per registry dated 11-03-2014)
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Name |
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No. of shares |
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XU Yuzhen |
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10,000 ===== |
(As per registry dated 11-03-2014)
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Name (Nationality) |
Address |
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XU Yuzhen |
Room 725, Lindun Building, No. 100, North Hengfeng Road, Shanghai,
China. |
(As per registry dated 11-03-2014)
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Name |
Address |
Co. No. |
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FS Account Ltd. |
Flat A, 9/F., Silvercorp International Tower, 707-713 Nathan Road,
Mongkok, Kowloon, Hong Kong. |
1268512 |
The subject was incorporated on 11th March, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 1202,
12/F., Tung Chun Commercial Centre, 438-444 Shanghai Street, Kowloon,
Hong Kong where was the operating address of a commercial service provider
known as Hongkong Chinaflyhk Secretary Service Ltd. The subject moved to the present address in
March 2013 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued 10,000 ordinary shares, Honeyway International Ltd. is
wholly owned by Ms. Xu Yuzhen who is a China businesswoman. 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 “Flat A, 9/F., Silvercorp International Tower, 707-713
Nathan Road, Mongkok, Kowloon, Hong Kong” known as “FS Account Ltd.” which is
handling its correspondences and documents.
This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to your given China mobile phone number 86-1385 8939 578, we
can reach Ms. Xu Yuzhen who is currently in Jinhua City, Zhejiang Province,
China. She is the sales manager of
Jinhua Debang Technology Co. Ltd. [Debang]/Jinhua Xinmao Machinery Factory.
Debang Technology is a leading name in the Textile Industry. It is offering products and professional
services to the textile customers all over the world.
The subject is
trading in the products of Debang such as the followings:
·
Core Needle;
·
Dispart Needle;
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Finishing Machine;
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Guide Needle;
·
Products Warp Knitting Beam;
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Sinker Needle;
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Slitting Machine;
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Spare Parts;
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Thermo Brushing Machine;
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Warp Knitting Machine;
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Warping Machine; &
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Yarn.
Most of the products bear the brand name Yongjiu.
Debang’s factory known as Jinhua Xinmao Machinery Factory has been in
this line since 1998. The factory area
covers 15,000 sq.m.
It has grown to a large manufacturer of warp knitting beams in
China. Daily production capacity is 200
pieces. 40% of the beams are exported to
more than 10 countries like India, Turkey, South Korea, Russia, Indonesia,
Brazil.
The beams are made of high-strength aluminium alloy, processed by CNC
lathes, automatic welding, surface polishing, dynamic balance checking and
hard-anodising, etc. The beams are
characterized by high strength, super precision on dimension, smooth surface,
and excellent compatibility with all widely used warp knitting machines, such
as Karl Mayer, LIBA.
According to Ms. Ms. Xu Yuzhen, India is one of the main markets of the
products of her factory. Now, Debang has
set up sales offices in Jiangsu Province, Fujian Province, Zhejiang Province
and Guangdong Province. Business is
rather active.
The subject does not have a bank account in Hong Kong. Debang Technology has been banking with
Shanghai Pudong Development Bank Co. Ltd.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.34 |
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1 |
Rs.103.44 |
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Euro |
1 |
Rs.81.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
-- |
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.