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Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
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Name : |
X-FIPER (HONG KONG) LTD. |
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Registered Office : |
Flat C, 13/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.09.2010 |
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Com. Reg. No.: |
53000883 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of New materials like aramid 1313
fibre |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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
|
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.
|
Source
: CIA |
X-FIPER (HONG
KONG) LTD.
ADDRESS: Flat C, 13/F., Chinaweal
Centre, 414-424 Jaffe Road, Wanchai, Hong Kong.
PHONE: 852-2866 8232, 2865 0920
FAX: 852-2866 7289
E-MAIL: account@sro.hk
sales@xfiper.com
Managing Director: Ms. Zhong Hui
Jennie
Incorporated on: 21st September, 2010.
Organization: Private Limited Company.
Capital: Nominal: US$700,000.00
Issued: US$700,000.00
Business Category: Importer,
Exporter and Manufacturer.
Company Employees: 7.
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
X-FIPER (HONG
KONG) LTD.
Registered Head
Office:-
Flat C, 13/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai,
Hong Kong.
Shanghai Sales
Office:-
Room 304, Warner Business Center, 1733 Lianhua Road, Shanghai, China.
[Tel: 86 21 6406 0760 Fax: 86
21 6406 0750]
Holding Company:-
SRO Aramid (Jiangsu) Co. Ltd., China.
Associated
Companies:-
SRO Group (China) Ltd., Hong Kong.
(same address)
Sunray Overseas Ltd., Hong Kong.
(same address)
53000883
1507822
Managing Director: Ms. Zhong Hui
Jennie
Nominal Share Capital: US$700,000.00
(Divided into 700,000 shares of US$1.00 each)
Issued Share Capital: US$700,000.00
(As per registry dated 21-09-2013)
|
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No. of shares |
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SRO Aramid (Jiangsu) Co. Ltd. Youyi Industrial Zone, Songling Town, Wujiang City, Jiangsu Province,
China. |
|
700,000 ====== |
(As per registry dated 21-09-2013)
|
Name (Nationality) |
Address |
|
ZHONG Hui Jennie |
Flat C, 13/F., Chinaweal Centre, 414-424 Jeffe Road, Wanchai, Hong
Kong. |
|
CHUNG Yuen Chu |
Flat C, 13/F., Chinaweal Centre, 414-424 Jeffe Road, Wanchai, Hong
Kong. |
CHUNG Yuen Chu (As per registry
dated 21-09-2013)
The subject was incorporated on 21st September, 2010 as a private
limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1903, 19/F., Tung Wai
Commercial Building, 109-111 Gloucester Road, Wanchai, Hong Kong, moved to the
present address with effect from 6th April, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: New
materials like aramid 1313 fibre
Brand Names: SRO,
X-Fiper.
Employees: 7.
(Company)
500. (China)
Commodities
Imported: Imports raw materials from
European countries, some of the Asian countries and finished products from
China.
Markets: China,
Japan, other Asian countries, Europe, North America
Terms/Sales: L/C or
as per contracted.
Terms/Buying: L/C, T/T, D/P
Nominal Share Capital: US$700,000.00
(Divided into 700,000 shares of US$1.00 each)
Issued Share Capital: US$700,000.00
Profit or Loss: Made a small profit in 2013.
Condition: Business
is improving.
Facilities: Adequate
for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Normal.
Having issued 700,000 ordinary shares of US$1.00 each, X-Fiper
(Hong Kong) Ltd. is wholly owned by SRO Aramid (Jiangsu) Co. Ltd. [SRO
Aramid] which is a China-based firm. The
directors of the subject are Ms. Zhong Hui Jennie and Mr. Chung Yuen
Chu. Both are Hong Kong ID holders and
belonging to the same family.
Formerly SRO was known as SRO (Suzhou) Safety Protective Material Co.
Ltd., name changed to the present style on 22nd May, 2012.
Belonging to the SRO Group, the subject is trading in X-Fiper aramid
fibre.
SRO Aramid is specialized in the research, development and manufacturing
of new materials (high performance materials using meta-aramid as main
ingredient). SRO Aramid also has
established production bases in Shanghai, Guangzhou and Hua’an of Jiangsu
Province. It has over 500 employees and
with a total asset amounted to RMB650 million Yuan. It is mainly engaged in manufacturing and
processing of aramid 1313 fibre and aramid paper insulation composite. SRO Aramid is one of the top special new
materials manufacturing enterprises in China.
Since its establishment in 2005, SRO Aramid has grown into a large-scale
enterprise with an annual sales turnover ranges from RMB100 to 120 million
Yuan. Overall business is good.
SRO Group is a high technology professional company manufactures X-fiper
insulation paper and meta-aramid fibres along with its derivatives. It focuses on the creation and development of
new materials as well as the new application development of these new
materials. It has offices in Hong Kong,
Shanghai and Guangzhou while the productions, research and development bases,
sales and marketing capabilities spread around areas including Shanghai,
Guangzhou, Wuxi, and Suzhou.
SRO Group owns many patent related to new materials invention. The Group’s subsidiary company and its key
technical personnel won the 2nd Prize in the National Science & Technology
Progress Award from China National Education Board in 2008, second prize
Chinese Ministry of Education advance in technology in the same year, as well
as First Prize from China National Textile & Apparel Council (CNTAC) in
2009.
SRO Group is the second largest meta-aramid manufacturer in the world
(meta-aramid insulation paper included).
The Group is the first company in China which industrialized the
production of insulation paper, and it is also the second company in the world
which has the ability to industrialize the production of insulation paper. This has broken the 40 years of monopoly of
this product by its American competitor.
Its breakthrough research and development in the application of
honeycomb in astronautics, aviation, and express train etc has also fill the
current blank in the domestic market in these areas.
Products of the SRO Group include high temperature resistant and flame
retardant fibres and their derivatives.
These products include SRO™ brand flame retardant protective garments,
fabrics, yarn, X-FIPER™ meta-aramid papers for H-class insulation, X-FIPER™
high temperature resistant fibres for hot-gas filtration, and other SRO™ high
temperature resistant products used in hot melt industries, audio damper
applications and other specialty uses such as laundry and printer felts.
X-Fiper™ fibre is meta-aramid fibre invented and manufactured by SRO
Group. It has flame resistant, self
extinguish nature along with non-melt drop characteristic. Its high performance in thermal stability and
low contraction performance along with the high resistance to breakage make it
the perfect fibre for its broad application use including high temperature hot
gas filtration, protective apparels, electrical insulation papers, and speaker
dampers.
The subject exports the Group’s products to Japan, the other Asian
countries, Europe, North America, etc.
Business is improving.
The subject has set up an office in Shanghai, China.
The subject is fully supported by SRO Aramid. History in Hong Kong is just over three
years.
On the whole, consider it good for normal business engagements in small
credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared by
: |
NNA |
RATING EXPLANATIONS
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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 |
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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 |
|
-- |
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.