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Report No. : |
334005 |
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Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
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Name : |
CYCLE INDUSTRY LTD. |
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Registered Office : |
C/o FS Account Ltd. Room A1, 9/F., |
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Country : |
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Date of Incorporation : |
13.12.2013 |
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Com. Reg. No.: |
62494821 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in exporting and producing metal products. |
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No. of Employees : |
No Employee in NOTE: It is to be noted that the
company does not have its own operating office in |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
CYCLE INDUSTRY LTD.
Registered
Office:-
C/o FS Account Ltd.
Room A1, 9/F., Silvercorp International Tower, 707-713 Nathan Road,
Mongkok, Kowloon, Hong Kong.
Associated
Company:-
Cycle Industry Ltd. [CIL]
Jinshan Industrial Zone, Qibin District, Hebi City, Henan Province,
China.
[Tel: 86-392-3308 781; Fax: 86-392-3308 782]
62494821
2012304
13th December, 2013.
HK$10,000.00
(As per registry dated 13-12-2014)
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Name |
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No. of shares |
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ZHANG Shekai |
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10,000 ===== |
(As per registry dated 13-12-2014)
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Name (Nationality) |
Address |
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ZHANG Shekai |
Room 1-1503, TJ2068, Henghua Building, 501 Dagu South Road, Hexi
District, Tianjin, China. |
(As per registry dated 13-12-2014)
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Name |
Address |
Co. No. |
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FS Account Ltd. |
Room A, 9/F., Silvercorp International Tower, 707-713 Nathan Road,
Mongkok, Kowloon, Hong Kong. |
1268512 |
Cycle Industry Ltd. was incorporated on 13th December, 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 ‘Room A1, 9/F., Silvercorp International Tower, 707-713
Nathan Road, Mongkok, Kowloon, Hong Kong’ known as ‘FS Account Ltd.’ [FS] which
is handling its correspondences and documents.
FS is also the corporate secretary of the subject. The ‘1’ in ‘A-1’ is the file number of the
subject in the accounting company. Your
given phone and fax number 852-3077 1200 and 852-2110 0996 respectively belongs
to FS.
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 Ms. Zhang
Shekai 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.
According to your given China mobile phone number 86-186-25753281, we
can reach Ms. Zhang Shekai who is the contact person of the subject’s China
company. The China company bears the
same name as the subject [CIL].
CIL is specialized in exporting and producing metal products. It has set up its export department and
product producing factory.
The factory was established in the 2000’s and is produced magnesium
metal, calcium metal and aluminium metal products. It has 5 production lines for metal powder
and metal granules, 2 extruding machine (100-T and 500-T) for metal wire and
metal granules.
The factory is located in Hebi City, Henan Province. Its products are sold to steel-making
factories, welding material factories and so on. Besides, products are also exported to India,
South Korea, America, etc.
According to CIL, it also has developed long-term cooperating
business-ties with ship-booking agents in Tianjin and Shanghai.
The contact person of CIL is also Ms. Zhang Shekai.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over a year and
seven 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
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Indian Rupees |
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US Dollar |
1 |
Rs.64.00 |
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1 |
Rs.99.84 |
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Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
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.