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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
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Name : |
FANTASTIC METAL PRODUCTS CO. LTD. |
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Registered Office : |
c/o Hong Kong
Accountant Co. Unit 917, 9/F., Tower A, New Mandarin Plaza, 14 Science Museum Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.08.2013 |
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Com. Reg. No.: |
61927194 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
No Available |
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No. of Employees |
No Available |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New company |
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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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
FANTASTIC
METAL PRODUCTS CO.
LTD.
ADDRESS:
Registered
Office:-
c/o Hong Kong
Accountant Co.
Unit 917, 9/F.,
Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong
Kong.
Associated
Companies:-
Hunan Jiastar
Mining Co. Ltd., China.
Hunan Jiayi
Antimony Co. Ltd.
23/F., Business
Building 2, Xiangyuzhongyang, 253, Wuyi Road, 410011 Changsha City, Hunan
Province, China.
[Tel: 86-731-89708328, Fax: 86-731-89708328]
61927194
1956306
22nd August, 2013.
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 22-08-2013)
|
Name |
|
No.
of shares |
|
YU Si Jun |
|
10,000 ===== |
(As
per registry dated 22-08-2013)
|
Name (Nationality) |
Address |
|
YU Si Jun |
Group 46, Lengxin Neighborhood, Lengshuijiang
Subdistrict, Lengshuijiang City, Hunan, China. |
(As
per registry dated 22-08-2013)
|
Name |
Address |
Co.
No. |
|
Fu
Wah Int’l Business (HK) Ltd. |
Unit 04, 7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon, Hong
Kong. |
1205540 |
Fantastic
Metal Products Co., Ltd. was incorporated on 22nd August, 2013 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
917, 9/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui,
Kowloon, Hong Kong” 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 10,000 ordinary
shares of HK$1.00 each which are wholly-owned by Mr. Yu Si Jun 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. Currently he is residing in Lengshuijiang
City, Hunan Province, China.
To
our knowledge, the subject has had an associated company known as Hunan Jiayi
Antimony Co. Ltd. [Jiayi] which is a China-registered company. Jiayi is trading in antimony products such as
refined antimony and antimony trioxide.
Yu Si Jun is also the contact person of Jiayi.
According
to the subject, its factory located in Lengshuijiang City, Hunan Province,
China. The factory, established in 1988,
has been engaged in antimony products producing for about 25 years. The factory has about 600 employees.
The
annual production capacity of the factory is about 6,000 MT refined antimony
and 18,000 MT trioxide. Besides
marketing in China, its products are exported to many countries such as South
Korea, the United States, India, Europe, Taiwan, India, Pakistan, Russia, etc.
The
China factory also imports antimony ore, then is produced into antimony powder.
The
overall business of China factory is active and satisfactory.
It
is also likely that the Jiayi deals with foreign parties under the name of the
subject and let foreign firms correspond with the subject’s registered address
in Hong Kong. The China firm also
exports commodities to foreign markets under the name of the subject and its
registered address in Hong Kong.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is just over eight months.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
|
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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 |
|
|
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.