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Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
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Name : |
UNION PROFIT INDUSTRIES LTD. |
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Registered Office : |
C/o Y & L Secretarial Ltd. Unit 18, 6/F., One Midtown, 11 Hoi Shing Road, Tsuen Wan,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.03.2003 |
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Com. Reg. No.: |
34070805 |
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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 Employee 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 |
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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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
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 |
UNION PROFIT INDUSTRIES LTD.
Registered
Office:-
C/o Y & L Secretarial Ltd.
Unit 18, 6/F., One Midtown, 11 Hoi Shing Road, Tsuen Wan,
New Territories, Hong Kong.
[Tel: 852-2770 7682; Fax:
852-2385 9133]
Associated Company:-
Baker’s Kingdom Int’l Inc.
2F-3, 27-1, Lane 169, Kang Ning Street, Shih Zhi Town, Taipei Country,
Taiwan.
[Tel: 886-2-2695 4158
Fax: 886-2-2695 4168
E-mail: export@bakerskingdom.com]
34070805
0838485
14th March, 2003.
HK$10,000.00
(As per registry dated 14-03-2014)
|
Name |
|
No. of shares |
|
SHEN Wei Hsien |
|
5,000 |
|
CHENG Ru Yueh |
|
5,000 |
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|
–––––– |
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|
Total: |
10,000 ===== |
(As per registry dated 14-03-2014)
|
Name (Nationality) |
Address |
|
CHENG Ru Yueh |
2F-3, 27-1, Lane 169, Kang Ning Street, Shih Zhi Town, Taipei Country,
Taiwan. |
|
SHEN Wei Hsien |
2F-3, 27-1, Lane 169, Kang Ning Street, Shih Zhi Town, Taipei Country,
Taiwan. |
(As per registry dated 14-03-2014)
|
Name |
Address |
Co. No. |
|
Y & L Secretarial Ltd. |
Unit 18, 6/.F, One Midtown, 11 Hoi Shing Road, Tsuen Wan, New Territories,
Hong Kong. |
0744764 |
Union Profit Industries Ltd. was incorporated on 14th March, 2003 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 Unit 18, 6/.F, One Midtown, 11 Hoi Shing Road, Tsuen
Wan, New Territories, Hong Kong known as Y & L Secretarial Ltd. which is
handling its correspondences and documents.
This secretarial company is also the corporate secretary of the subject.
Your given phone and fax number 852-2710 7710 and 852-2710 7706 are no
longer in service. These numbers
belonged to a Taiwan company in Hong Kong known as Rollmark Ltd. However, Rollmark has ceased business for a
long time.
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 equally-owned by Mr. Shen
Wei Hsien and Ms. Cheng Ru Yueh, both of whom are Taiwan merchants. They are Taiwan passport holders and do not
have the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject has had an associated company Baker’s Kingdom Int’l Inc.
[Baker’s Kingdom] in Taiwan.
Baker’s Kingdom has been in the Bakery professional field more than
30 years. It offers customers with
total solutions from ingredients, to single machines as well as whole
production lines.
Its head office is located in Taipei, Taiwan and it has 22 offices all
over China. Its major products are
Maamoul oven, Pita oven, Tunnel oven, Cup cake production line, Chiffon cake
line, Pancake line as well as single machine such as Cookie depositor, Batter
depositor, Cake cutter, Horizontal cake slicer, Horizontal mixer, Dough divider
and rounder, Tart pressing machine, etc.
Most of its products bear the trade mark Baker’s Kingdom.
Most of the products are marketed in China, Taiwan, and the other Asian
countries.
The contact person of Baker’s Kingdom in Taiwan is also Mr. Shen Wei
Hsien who is one of the shareholders of the subject.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eleven years and
eight months.
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.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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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 |
|
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.