|
Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
DONGSHENG INDUSTRIAL
LTD. |
|
|
|
|
Registered Office : |
c/o Companies Registrations & Secretary Ltd. Room 1501 (248), 15/F., SPA Centre, 53-55 Lockhart Road, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
04.10.2011 |
|
|
|
|
Com. Reg. No.: |
59043960 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Engaged in trading used textile machines and Sulzer spare
parts worldwide |
|
|
|
|
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
|
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 |
|
Status : |
No Operating Office in Hong Kong
|
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
DONGSHENG INDUSTRIAL LTD.
Registered
Office:-
c/o Companies Registrations & Secretary Ltd.
Room 1501 (248), 15/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong.
Associated
Company:-
Foshan Dongsheng Industrial Ltd.
Room 1702, Building No. 6, Majestic Garden, Suiyan Road, Yanbu, Nanhai, 528247 Foshan City, Guangdong Province, China.
[Tel: 86-20-8143 3799, 86-1392 6061 586
Fax: 86-20-8143 3799 ]
Affiliated Company:-
Shanghai Lymatex Import & Export Co. Ltd., China.
[Tel: 86-21-6520 5580, Fax: 86-21-6520 5580]
59043960
1669225
4th October, 2011.
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 04-10-2013)
|
Name |
|
No. of shares |
|
WANG Zhengtong |
|
10,000 ===== |
(As per registry
dated 04-10-2013)
|
Name (Nationality) |
Address |
|
Wang Zhengtong |
No. 11, Group 5, Xinglong
Village, Dagang Town, Yandu District, Yan Cheng, Jiangsu Province, China. |
(As per registry
dated 04-10-2013)
|
Name |
Address |
Co.
No. |
|
Gangxin Enterprise Management Consultation Ltd. |
Room 1701, 17/F., Henan Building, 90 Jaffe Road,
Wanchai, Hong Kong. |
1297113 |
Having issued 10,000 ordinary shares of HK$1.00 each, Dongsheng Industrial Ltd. is wholly owned by Mr. Wang Zhengtong 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 does not have its own operating office. Its registered office is in a commercial service firm located at “Room 1501 (248), 15/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong” known as “Companies Registrations & Secretary Ltd.” which is handling its correspondences and documents. 248 is the file number of the subject in the secretarial company.
The subject has no employee in Hong Kong. It has had an associated company Foshan Dongsheng Industrial Ltd. [Foshan Dongsheng] which is in Foshan City, Guangdong Province, China.
The subject and Foshan Dongsheng are engaged in the same lines of business. Foshan Dongsheng is specialized in trading in used textile machines and Sulzer spare parts worldwide.
All its machines are bought by its professional mechanical engineers directly from liquidated factories worldwide such as factories in the United States, Europe, China, Japan, etc.
According to
Foshan Dongsheng, it buys and sells the following machinery and equipment:-
· Buying Categories;
· Selling Categories;
· Textile Agent for Textiles & Leather Products; &
· Textile and Weaving Machinery & Equipment, Parts, etc.
Your given mobile phone number 86-1392 6061 586 belongs to Mr. Wang Jierui who is the contact person of Foshan Dongsheng. He can be reached at this phone number.
Your given phone number 86-20-8143 3799 belongs to Foshan Dongsheng.
Foshan Dongsheng is an agent of Germany-made textile machines bearing the trade mark Schlafhorst.
Foshan Dongsheng has had an affiliated company Shanghai Lymatex Import & Export Co. Ltd. [Lymatex] which is a China-based firm.
Lymatex is a branch sales office of an American company based in Shanghai, China. It is trading in all kinds of used textile machines and China made weaving machines.
Lymatex and Foshan Dongsheng also trades in yarns imported from India. Business is normal. The contact person of Lymatex is also Mr. Wang Jierui, Jerry.
Most of the commodities are marketed in China and exported to Southeast Asia.
According to Foshan Dongsheng, it has been in the business of supplying used weaving looms to South Asia and South America like India, Pakistan, Bangladesh for nearly 5 years.
So far, Foshan Dongsheng has sold more than 2,000 sets of all kinds of used looms like Sulzer Projectile P7100 and PU, Somet Thema-11, Excel and Super Excel, Vamatex P1001es, Vamatex Leonardo, Dornier GTV and Picanol Gamma, OMNI, etc.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over two years.
Since the subject does not have its own operating office and has no employee 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.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
|
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.