|
Report No. : |
316882 |
|
Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SON-TECH TEXTILE MACHINERY (HK) LTD. |
|
|
|
|
Registered Office : |
C/o Hong Kong Consultant Co., Room 1905, 19/F., Nan Fung Centre, 264-298 Castle Peak Road, Tsuen Wan, New Territories |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
10.12.2005 |
|
|
|
|
Com. Reg. No.: |
36280715 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
The subject is trading in all kinds of textile
machinery and equipment. |
|
|
|
|
No. of Employees : |
No Employees in Hongkong 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. |
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 Hongkong |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy protests that
began in late September probably will have some adverse effects on economic
growth, particularly retail sales.
|
Source
: CIA |
SON-TECH TEXTILE
MACHINERY (HK) LTD.
Registered Office:-
C/o Hong Kong Consultant Co.
Room 1905, 19/F., Nan Fung Centre, 264-298 Castle Peak
Road, Tsuen Wan, New Territories, Hong Kong.
[Tel: 852-6325 1859, 2781 3060, Fax: 852-2783 1690]
Associated
Companies:-
Son-Tech Precision Machinery Co. Ltd.
Huabao Road, National High Technology Development
District, Foshan City, Guangdong Province, China.
[Tel: 86-757-83618856/83618868; Fax: 86-757-83618080]
Foshan Vtech Valve Technology Co. Ltd., China.
J & H Dyeing Control Engineering Co. Ltd., China.
Texpro & Stentex Machinery Co. Ltd., China.
36280715
1012955
10th December, 2005.
HK$10,000.00
(As per registry
dated 10-12-2014)
|
Name |
|
No. of shares |
|
ZHENG Yongzhong |
|
10,000 ===== |
(As per registry
dated 10-12-2014)
|
Name (Nationality) |
Address |
|
ZHENG Yongzhong |
Room 2207, No. 61 Linhe Road East, Qiaolin Tianhe District,
Guangzhou, Guangdong, China. |
(As per registry
dated 10-12-2014)
|
Name |
Address |
Co. No. |
|
Conson Secretarial Ltd. |
Room 703, 7/F., Kowloon Building, 555 Nathan Road,
Kowloon, Hong Kong. |
0726935 |
Son-Tech Textile Machinery
(HK) Ltd. was incorporated on 10th December, 2005 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 “Room 1905, 19/F.,
Nan Fung Centre, 264-298 Castle Peak Road, Tsuen Wan, New Territories, Hong
Kong” which is handling its correspondences and documents. Your given phone number 852-2781 3060 belongs
to the commercial service provider. This
phone number is specially assigned for 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. Zheng Yongzhong who is a China
merchant. He is a China ID holder and
does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject is
trading in all kinds of textile machinery and equipment. Its main associated company Son-Tech
Precision Machinery Co. Ltd. [STPM] is a China-based firm.
The managing director
of the subject Mr. Zheng Yongzhong is also the director of STPM.
STPM was founded in
1997 and is located in Huabao South Road, Foshan National High Technology
Development District, Foshan City, Guangdong Province, China. It is a professional manufacturer engaged in
developing, producing and selling dyeing machines. All the products bear the brand name of Son-tech.
STPM’s annual
production capacity of dyeing machines is about 350 sets. STPM’s site covers an area of 30,000
sq.m. It has nearly 300 employees in
China and its sales network spreads all over the world.
It is engaged in manufacturing and developing dyeing
machines for knitted fabric and bobbin dyeing machines.
Its China offices are in Guangzhou, Shaoxing, Changshu
and Shantou Special Economic Zone.
In 2008, STPM got the British UKAS ISO90001:2008
international quality management system certification.
STPM has provided products and service for more than 120
large textile enterprises both in China and abroad. It has set up service centres and
professional technical teams in Africa, Europe and Southeast Asian Countries
like Bangladesh, India, Pakistan and Thailand.
STPM has developed good reputation in many provinces of
China such as Guangdong, Shandong, Jiangsu, Zhejiang, Fujian, and Hong Kong and
some of the foreign countries.
The subject is trading in STPM’s products.
Currently, the subject has had the following customers:-
· Epyllion Group, Bangladesh;
· Fariha Knit Tex Ltd., Bangladesh;
· Highnoon Textiles Limited, Pakistan;
· Kam Wing International Textile Co. Ltd., Hong Kong;
· Lafayette Group, Colombia;
· Life Textiles（Pvt）Limited, Bangladesh;
· M/S SRI Thirumagal Process Ltd., India;
· Powernet Industries SDN BHD, Malaysia;
· Rung Sup Dyeing Co., Ltd., Thailand;
· Samprahomchai Ltd., Thailand;
· The Immaculate (Pvt) Ltd., Bangladesh; &
· Yasin Knittex Industries Ltd., Bangladesh.
The subject’s
business in Hong Kong is not active. History
in Hong Kong is over nine years and four 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.
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.62.37 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.