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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
AQUATECH (HK) WATER TREATMENT LTD. |
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Registered Office : |
c/o Juno Secretarial Services Ltd. Unit 6, 16/F., |
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Country : |
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Date of Incorporation : |
10.11.2008 |
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Com. Reg. No.: |
50006917 |
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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 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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
AQUATECH (HK)
WATER TREATMENT LTD.
Registered
Office:-
c/o Juno Secretarial Services Ltd. Unit 6, 16/F., Enterprise Square
Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
Aquatech Systems Asia Private Ltd., India.
Associated
Companies:-
Aquatech (Guangzhou) Water Treatment Co. Ltd., China.
Aquatech Eastern FZE, UAE.
Aquatech International Corporation, US.
50006917
1285939
10th November, 2008.
Nominal Share Capital: US$500,000.00
(Divided into 500,000 shares of US$1.00 each)
Issued Share Capital: US$443,000.00
(As per registry dated 10-11-2013)
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Name |
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No. of shares |
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Aquatech Systems Asia Private Ltd. Survey No. 244/2, Rajiv Gandhi Infotech Park, Hinjewadi, Pune-411057,
India. |
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443,000 ====== |
(As per registry dated 10-11-2013)
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Name (Nationality) |
Address |
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Devesh SHARMA |
55 Appaloosa Lane, Washington, PA 15301, US. |
(As per registry dated 10-11-2013)
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Name |
Address |
Co. No. |
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Juno Secretarial Services Ltd. |
Unit 6, 16/F., Enterprise Square Three, 39 Wang Chiu Road,
Kowloon Bay, Kowloon, Hong Kong. |
0184143 |
Aquatech (HK) Water Treatment Ltd. was incorporated on 10th November,
2008 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 6, 16/F., Enterprises Square Three, 39 Wang
Chiu Road, Kowloon Bay, Kowloon, Hong Kong” known as “Juno Secretarial Services
Ltd.” [Juno] which is handling its correspondences and documents. Juno 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
443,000 ordinary shares of US$1.00 each which are owned by Aquatech Systems
Asia Private Ltd. [Aquatech] which is an India-based company.
Aquatech has associated companies in the United States, the United Arab
Emirates and China.
Aquatech is engaged in providing clients with solutions and providing
the best customer experience in meeting water and environmental needs through
its innovative technology solutions, products and services.
It provides solutions on water reused, water purification, etc. Aquatech’s customers include world leaders in
a variety of sectors, from power generation to oil & gas (upstream),
petrochemical and refining, and industry.
Its work also includes major municipal and infrastructure projects
around the world.
Its customers are engaged in the following industries:
Power-Generation, Oil & Gas -- Upstream, Petrochemical/Refinery,
Mining, Municipal Infrastructure, Engineering & Construction, Chemical,
Microelectronics, Pharmaceutical, Automotive, Pulp & Paper, Steel, Food
& Beverage, etc.
Now, Aquatech has completed more than 1,000 installations in 60
countries. Since its foundation in
Pittsburgh in 1981, Aquatech has grown to more than 600 employees and has
established offices in large cities of the world.
Aquatech’s global offices are in the United States. The US company is known as Aquatech
International Corporation [AIC].
Aquatech has had an associated company known as Aquatech Eastern FZE in
the United Arab Emirates. This company
manufactures industrial water and wastewater treatment systems in the Middle
East. It is based in Sharjah, United
Arab Emirates. Aquatech Eastern FZE
operates as a subsidiary of AIC.
Aquatech is owned and operated by Sharma family of India.
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.80 |
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|
1 |
Rs.102.42 |
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Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
-- |
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.