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Report No. : |
352972 |
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Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE SHIP TECHNOLOGY (HK) LTD. |
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Registered Office : |
c/o Worldtrade Business Consulting (HK) Ltd. Suite A, 11/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street,
Central |
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Country : |
Hong Kong. |
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Date of Incorporation : |
01.03.2012 |
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Com. Reg. No.: |
59470498 |
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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 – 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 |
FORTUNE SHIP TECHNOLOGY (HK) LTD.
Registered
Office:-
c/o Worldtrade Business Consulting (HK) Ltd.
Suite A, 11/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street,
Central, Hong Kong.
Holding
Companies:-
Shenzhen Fortune Ship Technology Co. Ltd.
Room 401, A-B District, TCL Ace Telectronics Company,
No. 33 Nanhai Road, Nanshan District, 518067 Shenzhen, China.
[Tel: 86-755-21608600 or
86-755-21608678
Fax: 86-755-26027070
E-mail: cngdsznslyz@163.com]
Associated
Companies:-
Green Mountain Technology (HK) Ltd., Hong Kong.
Huizhou Fortune Ship Technology Co. Ltd., China.
59470498
1711624
1st March, 2012.
HK$780,000.00
(As per registry dated 01-03-2015)
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Name |
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No. of shares |
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Shenzhen Fortune Ship Technology Co. Ltd. No. 401, A B District, TCL Ace Telectronics Company, No. 33
Nanhai Road, Nanshan District, Shenzhen, China. |
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780,000 ====== |
(As per registry dated 01-03-2015)
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Name (Nationality) |
Address |
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YAO Jiang Chao |
No. 2 Lejin Road West, Huicheng District, Huizhou City, Guangdong
Province, China. |
(As per registry dated 01-03-2015)
|
Name |
Address |
Co. No. |
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Worldtrade Business Consulting (HK) Ltd. |
Suite A, 11/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street,
Central, Hong Kong. |
1004807 |
Date of Assignment of DC Proceeds: 27-12-2012
Amount: All loans or
other advances made or too 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
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
Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
The subject was incorporated on 1st March, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Initially the subject’s registered address was located at c/o Conson
Secretarial Ltd., Room 703, 7/F., Kowloon Building, 555 Nathan Road, Kowloon,
Hong Kong, moved to the present address with effect from 17th March, 2012,
as the subject has changed its commercial service provider since then.
The subject increased its ordinary shares from 10,000 to 780,000 in
October 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued 780,000 ordinary shares of HK$1.00 each, Fortune Ship
Technology (HK) Ltd. is wholly owned by Shenzhen Fortune Ship Technology Co.
Ltd. [SFST] which is a China-based firm.
The only director of the subject Mr. Yao Jiang Chao is a China
merchant. He is a China ID Card holder and
does not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Suite A, 11/F., Ho Lee Commercial Building, 38-44
D’Aguilar Street, Central, Hong Kong” known as Worldtrade Business Consulting
(HK) Ltd. [Worldtrade] which is handling its correspondences and
documents. Worldtrade is also the
company secretary of the subject.
It has no employees in Hong Kong.
The subject has had an associated company known as Green Mountain
Technology (HK) Ltd. (Green Mountain), a Hong Kong-registered company also
located at the address of Worldtrade.
SFST was set up in June 2010. Yao
Jiang Chao is also the legal representative and operator of SFST.
Your given China phone number 86-755-2639 7379 is likely belong to SFST
but nobody answered our phone-calls.
SFST is trading in the following commodities: mobile phones, electronic
products, electronic devices, etc.
Commodities are sourced from China, prime markets are China, Japan, the
other Asian countries, Europe
It has been committed to provide advanced wireless communication
devices, services and total solutions to global users via its solid ID/MD,
HW/SW design, PCBA manufacturing, Testing, QA and a complete set of mobile
terminal solution since May, 2011.
The subject has registered with the Office of the Communications
Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of
China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of
RU00152962-RU.
Green Mountain also has got the same license in Hong Kong.
In late 2011, SFST decided to build a factory in Huizhou City, Guangdong
Province, China. Having a site area of about
30,000 sq.m., this firm is known as Huizhou Fortune Ship Technology Co. Ltd.
[Huizhou Fortune Ship].
Huizhou Fortune Ship commenced business on 30th March, 2012. On 7th July, 2012, this firm got
ISO9001:2008 certification.
According to the subject, the monthly export of Huizhou Fortune Ship is
about 1.5 million handsets.
Fortune Ship has 8 production bases, a total of 80 SMT lines and 60
assembly lines. There are nearly 20,000
sq.m. and more than 1,500 workers in Huizhou Fortune Ship factory. The company has introduced many advanced
technologies and facilities from overseas, such like FUJI (XP series, NXT
series chip mounter), MPM UP2000 printer, JT, Reflow oven, EL-EM5700N automatic
sub-board machine, X-RAY, thickness measurement, and so on.
Moreover, Huizhou factory will strengthen the products line, ensure
quality continuously, and provide high quality after-sales service, to make it
one of the most competitive companies in communication industry.
In order to penetrate the international market further, SFST has taken
part in fairs and exhibitions held in China and the other foreign large
cities. For instance it took part in
“MOBILE WorldCongree Barcelona 2015” which was held in Barcelona, Spain. It will take part in the same fair in 2016.
According to SFST, its annual sales turnover ranges from RMB1.2 to 1.5
billion Yuan. Overall business is
satisfactory.
The subject has been banking with The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
The subject’s business in Hong Kong is not active. History, which is short, in Hong Kong is just
over three years and nine 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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.29 |
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Euro |
1 |
Rs.72.89 |
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HKD |
1 |
Rs.8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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 |
-- |
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.