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Report No. : |
352305 |
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Report Date : |
05.12.2015 |
IDENTIFICATION DETAILS
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Name : |
MFY HOLDING CO. LTD. |
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Registered Office : |
C/o C&R Business Consulting Ltd. 11/F., Front Block, Hang Lok Building, 130 Wing Lok Street, Sheung Wan |
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Country : |
Hong Kong
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Date of Incorporation : |
10.09.2007 |
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Com. Reg. No.: |
38377190 |
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Legal Form : |
private limited liability company |
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Line of Business : |
The subject is
trading in the following commodities: Welded pipes, Water Tubes, Decoration Pipes, Drinking Water Pipes,
Stainless Products, Electric Heated Pipes, Water Drainage Pipes. |
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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
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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.
|
Source
: CIA |
[Formerly located
at:
c/o Youth International Travel Agency Co., Ltd.
Room 37, 2/F., Tak Wun Shopping Arcade,
12-16 Pak Kung Street, Hunghom,
Kowloon, Hong Kong.]
MFY HOLDING CO.
LTD.
Registered
Office:-
C/o C&R Business Consulting Ltd.
11/F., Front Block, Hang Lok Building, 130 Wing Lok Street,
Sheung Wan, Hong Kong.
Associated
Companies:-
Excellent International Investment Holdings Ltd., Hong Kong.
Foshan Hui-huang Stainless Steel Co. Ltd., China.
Foshan Jinhai-huihuang Stainless Steel Co. Ltd., China.
38377190
1165726
10th September, 2007.
HK$10,000.00
(As per registry dated 10-09-2015)
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Name |
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No. of shares |
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LAI Ming Zhen |
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10,000 ===== |
(As per registry dated 10-09-2015)
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Name (Nationality) |
Address |
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LAI Ming Zhen |
Chancheng Zone, Foshan City, Guangdong Province, China. |
(As per registry dated 10-09-2015)
|
Name |
Address |
Co. No. |
|
C&R Business Consulting Ltd. |
11/F., Front Block, Hang Lok Building, 130 Wing Lok Street,
Sheung Wan, Hong Kong. |
1029102 |
The subject was incorporated on 10th September, 2007 as a private
limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Wow Long
Industry Co. Ltd., name changed to Foshan Golden Stainless Steel Co. Ltd. on
5th November, 2007, changed to Wow Long Industry Co. Ltd. again on
27th February, 2008 and further to the present style on 21st March, 2014.
Formerly the subject’s registered address was located at 11/F., Front
Block, Hang Lok Building, 130 Wing Lok Street, Sheung Wan, Hong Kong where was
the operating address of a commercial service provider C&R Business
Consulting Ltd. [C&R]. The subject
moved to ‘Room 37, 2/F., Tak Wun Shopping Arcade, 12-16 Pak Kung Street,
Hunghom, Kowloon, Hong Kong’ in early 2014 and moved back to the office of
C&R in 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, MFY Holding Co.
Ltd. is wholly owned by Mr. Lai Ming Zhen 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 does not have its own operating office. Its registered office is in a consultant
company located at “11/F., Front Block, Hang Lok Building, 130 Wing Lok
Street, Sheung Wan, Hong Kong” known as “C&R Business Consulting Ltd.”
[C&R] which is handling its correspondences and documents. C&R is also the company secretary of the
subject.
The subject has no employees in Hong Kong.
The subject is trading in the following commodities: Welded pipes, Water
Tubes, Decoration Pipes, Drinking Water Pipes, Stainless Products, Electric
Heated Pipes, Water Drainage Pipes.
It has had an associated company known as Foshan Hui-Huang Stainless
Steel Co. Ltd. [Hui-Huang] which is in Foshan City, Guangdong Province, China.
Hui-Huang is one of the earliest companies which has got ISO9001 (2000)
certification. It is engaged in
manufacturing all kinds of stainless steel products. Its products have won the title of “China
Well-known Quality Product” and have been approved for engineering construction
by China Building Decoration Association Building Hardware Commission under the
Ministry of Construction, the PRC. All
the products conform to the standard requirements of CJ/T 151-2001 “Thin wall
stainless steel water pipe”, GB12771 “Stainless steel welded pipe for liquid
conveying” and GB/T 18705-2002 “Stainless steel welded pipe for decoration”.
Hui-Huang has got 9 patents for is inventions. It is a director of China Pipes & Pipe
Specialist Commission under the Ministry of Construction and also a director of
Pipe Specialist Commission under China Science & Technology Centre of the
PRC.
All the equipment and tools of Hui-Huang are imported from the United
States, Taiwan and the other countries and regions. By importing stainless steel as raw material,
its products are made in a scientific way and the products have been tested
with chemical analysis, mechanical and technological performance, corrosion and
water pressure test as well as eddy flaw detection and other tests.
The main products include stainless steel plate, strip and decoration
pipe, thin wall stainless steel direct drinking water pipe, thin wall stainless
steel water supply pipe and stainless steel liquid conveying pipe, which are
characterized by high corrosion resistance, impact-proof capacity, novel
structure, bright appearance, safety and reliability and durability. As the products are energy saving and
environment friendly.
The products have been sold to more than 20 provinces, municipalities
and autonomous regions of China and exported to the United States and Southeast
Asia.
The subject’s another supplier is Foshan Jinhai-huihuang Stainless Steel
Co. Ltd. which is also a Foshan-based company.
This company is chiefly engaged in manufacturing all kinds of welded
stainless pipes.
The business of the subject is fully supported by Hui-Huang. History in Hong Kong is over eight years
and two months.
The subject’s business in Hong Kong is not active.
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.66.84 |
|
|
1 |
Rs.101.04 |
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Euro |
1 |
Rs.73.05 |
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HKD |
1 |
Rs.8.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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KIN |
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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.