|
Report No. : |
337773 |
|
Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE MATERIALS INDUSTRY (HONGKONG) CO. LTD. |
|
|
|
|
Registered Office : |
C/o Larich Ltd., Suite 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
09.05.2007 |
|
|
|
|
Com. Reg. No.: |
37926409 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Not Available [Note: We tried to confirm/
obtain the detailed activity but the same is not available from any sources] |
|
|
|
|
No. of Employees : |
No Employee 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
|
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 Hong Kong |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
FUTURE MATERIALS
INDUSTRY (HONGKONG) CO. LTD.
Registered
Office:-
C/o Larich Ltd.
Suite 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui,
Kowloon, Hong Kong.
Shanghai Office:-
Xinning Road, Changning District, Shanghai, China.
[Tel: 86-21-6125 0507, Fax:
86-21-6125 0508]
Holding Company:-
Ningbo Future Energy Co. Ltd.
Room 405-3, Haiguang Building, Daxie Development Zone, Ningbo City,
Zhejiang Province, China.
Ultimate Holding
Company:-
Zhejiang Future Investment Holdings Co. Ltd., China.
Associated
Companies:-
Future Group of Companies
Koco Group Ltd., Hong Kong.
Liaoning Youge Biological Technology Co. Ltd., China.
Neuvo Electric Co. Ltd., China.
Ningbo Chemical Industry Research & Design Institute Co. Ltd.,
China.
Ningbo Cimei Import & Export Co. Ltd., China.
Ningbo Design Real Estate Co. Ltd., China.
Ningbo Hemei Properties Co. Ltd., China.
Ningbo Smart Logistics Software Garden Development Co. Ltd., China.
Ningbo Smart Logistics Technology Co. Ltd., China.
Ningbo Yong River Printing Industrial Co. Ltd., China.
Zhejiang Future Petrochemical Co. Ltd., China.
Zhejiang Hemei Investment Co. Ltd., China.
Zhejiang JiaYe Investment Group Co. Ltd., China.
37926409
1130933
9th May, 2007.
US$1.00
(As per registry dated 09-05-2014)
|
Name |
|
No. of share |
|
Ningbo Future Energy Co. Ltd. Room 405-3, Haiguang Building, Daxie Development Zone, Ningbo City,
Zhejiang Province, China. |
|
1 = |
(As per registry dated 09-05-2014)
|
Name (Nationality) |
Address |
|
ZHOU Li Jun |
No. 6, Lane 117, Yangmuqi Road, Jiangdong District, Ningbo, Zhejiang,
China. |
(As per registry dated 09-05-2014)
|
Name |
Address |
Co. No. |
|
Larich Ltd. |
Suite 1001-1002, 10/F., Albion Plaza, 2‑6 Granville Road,
Tsimshatsui, Kowloon, Hong Kong. |
0437591 |
The subject was incorporated on 9th May, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hongkong Future
Steel Co., Ltd., name changed to the present style on 12th July, 2007.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Bank of China (Hong Kong) Ltd., Hong Kong.
BNP Paribas Singapore Branch, Singapore.
Formerly Future Materials Industry (Hongkong) Co. Ltd. was a
wholly-owned subsidiary of Ningbo Future Import & Export Co. Ltd. [NFIECL]
which was a China-based firm. On 12th
November, 2012, NFIECL transferred its single share to Ningbo Future Energy Co.
Ltd. [NFECL] which is the present holding company.
The ultimate holding company of the subject is Zhejiang Future
Investment Holdings Co. Ltd. [ZFIHCL].
The director of the subject Ms. Zhou Li Jun is a China merchant. 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.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Suite 1001-1002, 10/F., Albion Plaza, 2‑6
Granville Road, Tsimshatsui, Kowloon, Hong Kong” known as “Larich Ltd.” which
is handling its correspondences and documents.
This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
It is trading in the same commodities as handled by NFECL.
The subject has set up an office in Shanghai, China. The Shanghai company can be reached at its
phone number 86-21-6125 5057. Its fax
number is 86-21-6125 5058.
NFECL is trading in metals, minerals, cotton and related products. It is carrying the following commodities:
Iron & Steel, Stainless steel kitchenware, bar ware, cookware, plastic
house ware, glass products, gift items, textile products, fabrics, garments.
The main products traded in China includes hot rolled coil and plate,
medium plate, cold rolled coil and plate, galvanized rolled coil and plate,
nickel ore, cotton and the other industrial raw materials, while the major
exported products include iron and steel, sanitary utensils, clothes, general
commodities.
At present, NFECL has established business ties with many customers from
countries and regions such as the United States, Japan, South Korea, India,
Indonesia, the Philippines, Russia and the European Union.
In order to penetrate the local and international markets further, NFECL
has set up branches in Shanghai, Hangzhou, Qingdao and even France, besides the
subject in Hong Kong.
NFECL has been an exhibitor of China Import & Export Fair which is
held in Guangzhou, Guangdong Province, China biannually.
ZFIHCL is a comprehensive investment holding company which was
established in November, 2003 with a registered capital of RMB250 million Yuan
in China. It is engaged in financing and
investments making.
Based in Ningbo City, Zhejiang Province, ZFIHCL has 11 subsidiaries and
more than 500 employees, focusing on trading, logistic services and real estate
development.
ZFIHCL ranks the first in Eastern China.
It also has ranked No. 147 among “the Top 500 Enterprises in Service
Industry in China”, ranked No. 50 among “the Top 100 Zhejiang
Enterprises”, ranked No. 13 of Top 100 Comprehensive Enterprises in Ningbo and
No. 6 of Top 100 Service Enterprises in Ningbo.
The annual sales of ZFIHCL amounted to RMB25 to 27 billion Yuan, profit
after tax ranges from RMB500 to 800 million Yuan. Tax paid to the government amounted to RMB350
to 400 million Yuan. Overall business is
good.
The subject is fully supported by its parent company.
The subject’s business in Hong Kong is not active. History in Hong Kong is over seven years and
ten 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.65.83 |
|
|
1 |
Rs.103.39 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.