MIRA INFORM REPORT
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Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE SHIP TECHNOLOGY (HK) LIMITED |
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Registered Office : |
Room No. A11/F, Ho Lee Commercial Bldg., 38-44 D'aguilar Street
Central Hk |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.03.2012 |
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Com. Reg. No.: |
1711624 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject does not have business entity in
Hong Kong. [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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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 |
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Status : |
Offshore Company |
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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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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 |
Contact Points
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Company Name (in Chinese): |
財富之舟科技(香港)有限公司 |
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Company Name (in English): |
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Supplied Name: |
FORTUNE SHIP TECHNOLOGY (HK) LTD. |
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Supplied Address: |
Room No. A11/F, Ho Lee Commercial Bldg., 38-44 D'aguilar Street
Central Hk |
Note: The exact name is as above and the supplied address belongs to a
corporate secretary company called Alpha Partners Certified Public Accountants.
Special Note
We cannot find subject’s any operation
information or valid contact information in Hong Kong through public files
according to supplied name.
We made an on-site visit to the supplied
address and found a corporate secretary company “Alpha Partners Certified Public
Accountants” located at the address. A relevant staff Ms. Chen introduced that her company is engaged in providing registered
and accounting service. But she declined to disclose any information about
subject.
From public file, we cannot find any other
valid contact information or operation information about subject in Hong Kong.
As subject’s registered address is that of a corporate secretary (Alpha Partners
Certified Public Accountants), based on
subject’s registered files and our investigation, we consider subject as an
offshore company.
We found subject’s registered files from local
registry, supplying as following for reference.
Company Identification Details
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Registered Name: |
|
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Registered Address: |
Suite A, 11/F.,
Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong |
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Date of Registration: |
2012-3-1 |
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Registered Number: |
1711624 |
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Business Registration No.: |
59470498 |
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Paid-up Capital: |
HKD 780,000
(USD 100,620) = 780,000 Shares@ HKD 1 (As of 2014.12, 1 HKD = 0.1290 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2014-3-1 |
History
Subject was incorporated on 2012-3-1 with the
registered number 1711624 as Private Limited Liability Company in Hong Kong.
Change of Capital:
Particulars of the increase are as follows:
|
Date of Resolution |
Paid-up Capital |
Amount of Additional Paid-up Capital |
New Amount of Total Paid-up Capital |
|
2014-8-9 |
HKD 10,000 |
HKD 770,000 |
HKD 780,000 |
The additional Capital is divided as follows:
|
Class of Shares |
Number of Shares |
Nominal Value per Share |
|
Ordinary |
780,000 |
HKD 1 |
Corporate Structure
Subject did not register any subsidiaries or branches;
from other source we cannot obtain the relevant information, either.
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Shenzhen Fortune Ship Technology Co.,
Limited |
780,000 |
100% |
|
Total |
780,000 |
100% |
Major Shareholder Information:
|
Name: |
Shenzhen Fortune Ship Technology Co.,
Limited |
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Address: |
No.401, A B District, TCL Ace Telectronics
Company No.33 Nanhai Road, Nanshan District, Shenzhen City, Guangdong
Province, China |
Management Information
Core Management
Detailed Information of Directors:
|
1 |
|
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Name: |
Yao Jiangchao |
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Address: |
No.2, Lejin Road West, Huicheng District,
Huizhou City, Guangdong Province, China |
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Position: |
Director |
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ID Number: |
132322198110100574 |
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2 |
|
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Name: |
Worldtrade Business Consulting (HK) Limited |
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Address: |
Flat A, 7/F., Kwun Ngan House, 751A Nathan
Road, Mongkok, Kowloon, Hong Kong |
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Position: |
Corporate Secretary |
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Registered Number: |
1004807 |
Operation Information
Subject does not have business entity in Hong
Kong.
Financial Information
The subject has no
obligation to supply its financial statement to the third party according to
the relevant policy in Hong Kong and the only source from which we can obtain
the information is the subject itself.
Subject does not have business entity in Hong
Kong, thus we cannot obtain the relevant information.
Public
Mortgage Record
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Company Name: |
Fortune Ship Technology (HK) Limited (“The
Customer”) |
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Instrument of Creating Mortgage: |
Assignment of DC Proceeds |
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Date of Creating Mortgage: |
2012-12-27 |
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Amount Secured: |
All loans or other advances made or to 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, whether separately or jointly, actually or
contingently, present or future, interest on all loans and advances and such
monies and all expenses of the Bank in perfecting or enforcing the
Assignment. |
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Name of Mortgagee: |
The Hongkong and Shanghai Banking
Corporation Limited |
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Address of Mortgagee: |
No.1 Queen’s Road Central, Hong Kong |
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Description of Property Mortgaged: |
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
(as described in the Assignment of DC Proceeds), 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 and any payment
made pursuant to the contract for sale of goods in connection with which the
Documentary Credit is issued (together the “Assigned Proceeds”. |
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
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High Court Action: |
Clear |
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High Court Baukufty Bankruptcy Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
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High Court Construction & Arbitration
Proceedings: |
Clear |
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High Court Companies Winding-Up: |
Clear |
Industry Information
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
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2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
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2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
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2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
Attachment
Ho Lee Commercial Building, 38-44 D’Aguilar
Street, Central, Hong Kong
%20LIMITED%20-%20296871%2005-Dec-2014_files/image010.jpg)
11/F., Ho Lee Commercial Building, 38-44
D’Aguilar Street, Central, Hong Kong
%20LIMITED%20-%20296871%2005-Dec-2014_files/image011.jpg)
Suite A, 11/F., Ho Lee Commercial Building,
38-44 D’Aguilar Street, Central, Hong Kong
%20LIMITED%20-%20296871%2005-Dec-2014_files/image012.jpg)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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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 |
|
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.