MIRA INFORM REPORT
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Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
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Name : |
HONGKONG YUKFUNG INDUSTRY LTD. |
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Registered Office : |
c/o Lianbang Int’l Business (HK) Ltd. Unit 704, 7/F., |
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Country : |
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Date of Incorporation : |
25.04.2012 |
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Com. Reg. No.: |
59714872 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available |
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No. of Employees : |
No employees in 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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
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
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 |
HONGKONG YUKFUNG
INDUSTRY LTD.
Registered
Office:-
c/o Lianbang Int’l Business (HK) Ltd.
Unit 704, 7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon, Hong Kong.
Associated
Company:-
Dongguan Xu Feng Shoes Machinery Factory
Houjie Town, 523960 Dongguan City, Guangdong Province, China.
[Tel: 86-769-8589 6920
Fax: 86-769-8591 4779
E-mail: xufeng99988@163.com]
59714872
1735960
25th April, 2012.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 25-04-2013)
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Name |
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No. of shares |
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LUO Xiao Ming |
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10,000 ===== |
(As per registry dated 25-04-2013)
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Name (Nationality) |
Address |
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LUO Xiao Ming |
Room 1101, Huijingyinzuojinghuage, Houjie, Dongguan, China. |
(As per registry dated 25-04-2013)
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Name |
Address |
Co. No. |
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Lianbang Int’l Business (HK) Ltd. |
Unit 704, 7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon, Hong
Kong. |
1247280 |
Hongkong Yukfung Industry Ltd. was incorporated on 25th April, 2012 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 704, 7/F., Bright Way Tower, 33 Mong Kok
Road, Kowloon, Hong Kong” known as “Lianbang Int’l Business (HK) 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 the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each which are wholly-owned by Mr. Luo
Xiao Ming who is a China merchant. He is
a China passport holder and does not have the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
The subject has had an associated company known as Dongguan Xu Feng
Shoes Machinery Factory [Xu Feng] which is in Houjie Town, Dongguan City,
Guangdong Province, China. Xu Feng is
trading in all kinds of machinery and equipment for shoes manufacturing. It is carrying the following commodities:
Roughing series, Machine for insole & outsole, Steaming series,
Hydraulic series(lasting, sole-pressing, heel nailing), Moulding series,
Cementing series, Punching, Riveting, Eyeleting series, Pounding series, UV
series, Scribing series, Folding series, Stamping, heating press series, Mould
marking machine, Slicing machine, Conveyor series, Material cutting machine
series, Used/Rebuilt Italian Shoe Machines, Used/Rebuild Taiwanese &
Chinese shoe machines, Other related machinery & equipment, etc.
Xu Feng has been engaged in manufacturing shoe-making machinery and
equipment for many years. It is also
engaged in R&D, manufacturing and marketing its products. Its shoe-making machinery is also able to
manufacture rubber products.
Xu Feng has been equipped with production lines imported from
Taiwan. Its products have been exported
to many countries of the world. It also
offers customers with after-sales services.
Xu Feng’s products are sold to the following factories:
Footwear factory, shoe material factory, bag factory, leather goods
factory, rubber conveyor belt factory, PVC conveyor belt factory, EVA foaming
factory, PVC foaming factory, rubber product factory, beach shoe forming
factory, vamps factory, sport shoe factory, etc.
The contact person of Xu Feng is a Ms. Yuan who is a Chinese. She can be reached at her China mobile phone
number 86-1353 2353 535.
Luo Xiao Ming is also the manager of Xu Feng.
The subject’s business in Hong Kong is not active. History in Hong Kong is about a year.
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.62.18 |
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1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
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Report Prepared
by : |
NNA |
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 |
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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.