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Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
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Name : |
ALLWIN
ASIA LTD. |
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Registered Office : |
c/o Lowlands Corporate Services Ltd. Unit A, 19/F., One Capital Place, 18 Luard Road |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.12.2004 |
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Com. Reg. No.: |
35224118 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the following business scope:- Heat
Products Trading; Marketing
Research; & Public
Opinion Polling, |
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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 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
A2 |
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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 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.
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Source : CIA |
ALLWIN ASIA LTD.
(Formerly located
at:
c/o Yeong & Co., Solicitor Unit 2802, 28/F., 99 Hennessy Road, Wanchai, Hong Kong.)
Registered
Office:-
c/o Lowlands Corporate Services Ltd.
Unit A, 19/F., One Capital Place, 18 Luard Road, Hong Kong.
[Tel: 2865 0668; Fax: 2866 4810]
Holding Company:-
Fipro CVA, Belgium.
35224118
0941405
22nd December, 2004.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry
dated 22-12-2012)
|
Name |
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No.
of shares |
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LIN Siu
Chung |
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1 |
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Fipro CVA B.
Adriaensenlaan 68, B-2450 Meerhout, Belgium. |
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499,999 |
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––––––– |
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Total: |
500,000 ====== |
(As per registry
dated 22-12-2012)
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Name (Nationality) |
Address |
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Paul FLAS |
Krombrakenstraat 7, B-2460
Kasterlee, Belgium. |
|
LIN Siu Chung |
Unit A, 19/F., One Capital
Place, 18 Luard Road, Wanchai, Hong Kong. |
(As per registry dated
22-12-2012)
|
Name |
Address |
Co.
No. |
|
Lowlands Corporate Services Ltd. |
Unit A, 19/F., One Capital Place, 18 Luard Road, Wanchai,
Hong Kong. |
0359708 |
Allwin Asia Ltd. was incorporated on 22nd December, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Unit 2802, 28/F., 99 Hennessy Road, Wanchai, Hong Kong where was the operating address of a solicitor company known as Yeong & Co., Solicitor. The subject moved to the present address in April 2012 as it has changed its commercial service provider since then.
Your given phone and fax number are no longer applicable as they belong to Yeong & Co., Solicitor.
Apart from these, neither material change nor amendment has been ever traced and noted.
Allwin Asia Ltd. was incorporated in December 2004 as a private limited liability company.
The subject does not have its own operating office. Its registered office is in a secretarial firm located at Unit A, 19/F., One Capital Place, 18 Luard Road, Wanchai, Hong Kong known as Lowlands Corporate Services Ltd. 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 500,000 ordinary shares of HK$1.00 each of which 499,999 shares are owned by Fipro CVA which is a Belgium-based company. 1 share is owned by Mr. Lin Siu Chung. The directors of the subject are Mr. Lin Siu Chung and Paul Flas. The former is a Hong Kong businessman while the latter is a Belgium passport holder. Currently Flas is re18 Luard Road, Hong Kong.siding in Kasterlee, Belgium.
The subject is engaged in the same lines of business as Fipro CVA, more or less. Fipro CVA is engaged in the following business scope:
· Heat Products Trading;
Marketing Research;
&
Public Opinion Polling,
It is likely that Fipro CVA is operated by Paul Flas who is in Belgium most of the time.
The Belgium firm is doing business with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.
The subject’s business in Hong Kong is handled by Mr. Lin Siu Chung who is also the individual secretary of the subject.
The subject’s history in Hong Kong is over nine 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.62.33 |
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|
1 |
Rs.101.99 |
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Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
-- |
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.