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Report No. : |
318274 |
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Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN MC GROUP
(HK) CORP. LTD. |
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Registered Office : |
c/o ATA Corporate Formation & Management Ltd. Unit 2508A, 25/F., Bank of America Tower, 12 Harcourt Road, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.05.2012 |
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Com. Reg. No.: |
59779139 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available [Note: We tried to confirm
/ obtain the detailed activity but the same is not available from any
sources] |
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No. of Employee : |
No employees in Hong Kong 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
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 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.
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Source
: CIA |
XIAMEN MC GROUP (HK) CORP. LTD.
Registered Office:-
c/o ATA Corporate
Formation & Management Ltd.
Unit 2508A, 25/F.,
Bank of America Tower, 12 Harcourt Road, Central, Hong Kong.
Correspondence Address:-
c/o ATA Corporate
Formation & Management Ltd.
Unit 1001, 10/F., Fourseas
Building, 208-212 Nathan Road, Kowloon, Hong Kong.
Associated Company:-
Xiamen MC Group
Corp. Ltd. [XMCGC]
A301/307, 55
Wanghai Road, Software Park, Xiamen Special Economic Zone, China.
[Phone: (+86) 592-2621325, 2621326; Fax:
(+86) 592-2621328]
Fujian Jinlun Fibre
Shareholding Co. Ltd., China.
Xiamen Ming Cheng
Corp. Ltd., China.
59779139
1742363
9th May, 2012.
HK$8,000,000.00
(As per registry
dated 20-08-2014)
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Name |
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No. of shares |
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NIU Xueqin |
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8,000,000 ======= |
(As per registry
dated 09-05-2014)
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Name (Nationality) |
Address |
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NIU Xueqin |
Room 703, No. 355,
Lianqian Road West, Siming District, Xiamen, Fujian, China, |
(As per registry
dated 09-05-2014)
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Name |
Address |
Co. No. |
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ATA Corporate
Formation & Management Ltd. |
Unit 1001, 10/F.,
Fourseas Building, |
0768611 |
The subject was
incorporated on 9th May, 2012 as a private limited liability company under the
Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of MC (HK) Group Corp. Ltd., name changed
to Xiamen MC Group Corp. Ltd. on 11th April, 2013 and further changed to the
present style on 11th September, 2013.
Apart from these,
neither material change nor amendment has been ever traced and noted.
MORTGAGE OR CHARGE: (See
attachment)
Xiamen MC Group
(HK) Corp. Ltd. was incorporated on 9th May, 2012 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 1001, 10/F.,
Fourseas Building, 208-212 Nathan Road, Kowloon, Hong Kong’ known as ‘ATA
Corporate Formation & Management Ltd.’ which is handling its
correspondences and documents. This
secretarial company 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 8 million ordinary
shares of HK$1.00 each of which are wholly-owned by Ms. Niu Xueqin who is
a China businesswoman.
She is a China ID
holder and does not have the right to reside in Hong Kong permanently. She is also the only director of the
subject. Her registered address is in
Xiamen Special Economic Zone, China.
The subject has had
an associated company in Xiamen Special Economic Zone, China known as Xiamen MC
Group Corp. Ltd. [XMCGC]. Your given
phone number is a China line belongs to XMCGC.
The legal
representative of XMCGC is also Ms. Niu Xueqin.
XMCGC is engaged in manufacturing synthetic yarns and fibres. It is mainly engaged in manufacturing 20s –
60s pure polyester spun yarns. Its
products are marketed in China, exported to the other Asian countries, Europe
and North America, etc.
XMCGC covers an
area of 123.5 mu and has been equipped with 320,000 spindles. The total investment was about RMB280 million
Yuan. It is engaged in manufacturing the
following products: FDY, DTY, Viscose Cotton Yarn, Viscose Yarn, Polyester
Viscose Yarn, Polyester Cotton Yarn, Polyester Spun Yarn, etc.
All its products
bear the trade mark MC.
XMCGC has had an
associated company Xiamen Ming Cheng Corp. Ltd. [Ming Cheng], a
China-registered company located at the same address.
Now, the annual
sales turnover ranges from RMB300 to 350 million Yuan. Business is active and profitable.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is about three 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.
|
Date |
Particulars |
Amount |
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20-06-2012 |
Instrument: Deed
of Indemnity, Charge Over Deposit and Set-Off Property: By way of fixed charge
to the Bank all the Company’s estate, right, title, claim, benefit and
interest to and in the Deposit (the balance at the date of the Chargor or at
any time thereafter standing to the credit of Account No.: 02754393111353)
and all interest from time to time payable thereon together with all title
deeds and documents relating thereto. Mortgagee: Bank
of Communications Co. Ltd., Hong Kong Branch. |
All actions,
suits, proceedings, claims, demands, losses, damages, costs, fees, expenses and/or
liabilities of whatsoever nature which the Bank may suffer incur or sustain,
whether actual or contingent, by reason, arising out or on account of the
Bank agreeing at the request of the Company to grant or continue to grant to
the Company general banking facilities |
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29-10-2013 |
Instrument: Assignment
of Proceeds Property: By way of
assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing
proceeds payable or to be paid to the Customer under the Documentary Credits,
all the Customer’s right, title, benefit and interest in the said Documentary
Credits, the benefit of all powers and remedies for enforcing the Documentary
Credits and any payment made pursuant to the contract for sale of goods in connection
with which the Documentary Credit is issued. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or
other advances made or to be made by the Bank to the Customer against
documents submitted under a Documentary Credit, all monies and liabilities in
any currency owing by the Customer to the Bank at any time, whether
separately or jointly, actually or contingently, present or future, interest
on all loans and advances and such monies and all expenses of the Bank if
perfecting or enforcing the Assignment |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.19 |
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|
1 |
Rs.94.94 |
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Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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 |
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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.