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Report No. : |
354967 |
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Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
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Name : |
WIN FAITH TRADING LTD. |
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Registered Office : |
C/o Orion House Secretarial Ltd. Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.07.2009 |
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Com. Reg. No.: |
51287310 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of All kinds of machinery and equipment, iron and steel, mineral, coal, petrochemicals, timber, farm and pasture products, wool, cotton, wood products, sanitary ware |
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No of Employees : |
Not Available 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% 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 |
WIN FAITH
TRADING LTD.
ADDRESS: c/o Orion House Secretarial
Ltd.
Room 1401, 14/F., World Commerce Centre,
Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2736 7372
FAX: 852-2736 8895
Managing Director: Mr. Zhang Zhi
Yu
Incorporated on: 23rd July, 2009.
Organization: Private Limited
Company.
Issued Share Capital: US$5,013,000.00
Business Category: Machinery
and Equipment Trader.
Employees: Nil.
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
WIN FAITH
TRADING LTD.
Registered Office:-
c/o Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre, Harbour City, 7‑11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong.
Immediate Holding Company:-
SUMEC International Technology Co. Ltd., China.
Intermediate Holding Company:-
SUMEC Group Corporation [SUMEC], China.
Ultimate Holding Company:-
China National Machinery Industry Corporation [SINOMACH], China.
Sister Companies:-
Shanghai SUMEC International Trade Co. Ltd., China.
SUMEC Automobile Trading Co. Ltd., China.
Tianjin SUMEC International Trade Co. Ltd., China.
Associated/Affiliated Companies:-
SUMEC Group of Companies
Beijing SUMEC Northern International Trade Co. Ltd., China.
Huikang Wood Co. Ltd., China.
Jiangsu Changjiang Textile Trading Co. Ltd., China.
Jiangsu Modern Shipbuilding Technology Co. Ltd., China.
Jiangsu SUMEC Delong Automobile Parts Manufacture Co. Ltd., China.
Nanjing Everbright Garment Co. Ltd., China.
SUMEC Construction Machinery Co. Ltd., China.
SUMEC Engineering Equipment Co. Ltd., China.
SUMEC Era Garment Co. Ltd., China.
SUMEC Fortune Wood Co. Ltd., China.
SUMEC Garment Co. Ltd., China.
SUMEC General Equipment Trade & Consultation Co. Ltd., China.
SUMEC Home Textile Co. Ltd., China.
SUMEC Innovation Home Textile Co. Ltd., China.
SUMEC Instruments & Equipment Co. Ltd., China.
SUMEC J.J.O. Textile & Garment Co. Ltd., China.
SUMEC Jinyuan Wood Co. Ltd., China.
SUMEC Manufacturing Venture Co. Ltd., China.
SUMEC Orient Textile Co. Ltd., China.
SUMEC Technology Equipment Co. Ltd., China.
SUMEC Tianyuan Garment Co. Ltd., China.
SUMEC-LINHAI Power Machinery Co. Ltd., China.
UNITOOLS Machinery Manufacturing Co. Ltd., China.
Wuxi Mak Sunhill Conveyer Co. Ltd., China.
.
51287310
1354764
Managing Director: Mr. Zhang Zhi
Yu
US$5,013,000.00
(As per registry dated
23-07-2014)
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Name |
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No. of shares |
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SUMEC International Technology Co. Ltd. 11/F., No. 198 Chang Jiang Road, Nanjing, Jiangsu Province, China. |
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5,100,000 ======= |
(As per registry
dated 23-07-2014)
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Name (Nationality) |
Address |
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ZHANG Zhi Yu |
Room 503, Block 6, Huang Pu Garden, Xuan Wu District, Nanjing, Jiangsu
Province, China. |
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ZHAO Wei Lin |
Room 103, Block 2, Huang Pu Garden, Xuan Wu District, Nanjing, Jiangsu
Province, China. |
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SHI Lei |
Room 106, No. 5 Hong Qiao, Gu Lou District, Nanjing, Jiangsu Province,
China. |
(As per registry
dated 23-07-2014)
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Name |
Address |
Co. No. |
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Orion House Secretarial Ltd. |
Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong. |
1296458 |
The subject was incorporated on 23rd July, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 1701,
17/F., Henan Building, 90 Jaffe Road, Wanchai, Hong Kong, moved to the present
address in August 2011 as the subject has changed its secretarial firm since
then.
The subject has increased its issued share capital to HK$5.013 million.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All kinds of
machinery and equipment, iron and steel, mineral, coal, petrochemicals, timber,
farm and pasture products, wool, cotton, wood products, sanitary ware.
Employees: Nil.
Commodities Imported: China, other
Asian countries, Europe.
Markets: China,
other Asian countries, Europe, North America.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: US$5,013,000.00
Profit or Loss: Keeping
a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Adequate
for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong)
Ltd., Hong Kong.
Standing: Small.
Formerly had issued 100,000 ordinary shares of HK$1.00 each, Win Faith
Trading Ltd. is a wholly owned subsidiary of SUMEC International Technology Co.
Ltd. [SUME-ITC] which is a China-based firm.
The ultimate holding company of the subject is China National Machinery
Industry Corporation [SINOMACH], also a China-based firm.
Now, the issued share capital has become US$5.013 million. The increase was made in May 2014.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 1401, 14/F., World Commerce Centre, Harbour City,
7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong known as Orion House
Secretarial 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.
The managing director of the subject Mr. Zhang Zhi Yu is a China
merchant.
SUMEC-ITC is a core member of SUMEC Group Corporation [SUMEC], which is
a subsidiary of SINOMACH. SINOMACH is
one of the Global Fortune 500 companies.
The main business scope of SUMEC-ITC covers the procurement
consultation, tendering and import of mechanical and electrical products,
technological equipment; the import and domestic trade of bulk production
materials such as iron and steel, mineral, coal, petrochemicals, timber, farm
and pasture products, wool, cotton.; the export of building materials such as
wood-based panels, steel, as well as bathroom accessories.
In 2012, SUMEC-ITC achieved a total import and export volume of US$1.66
billion and domestic trade volume of RMB23.3 billion Yuan. In 2012, its main business income exceeded
RMB30.3 billion Yuan.
In 2013, SUMEC-ITC achieved a total import and export volume of US$1.8
billion. Its main business income
exceeded RMB31.0 billion Yuan.
SUMEC-ITC has been ranking one of the China top 100 import enterprises.
The subject is trading in the same commodities as SUMEC-ITC, more or
less.
The legal representative of SUMEC-ITC is also Mr. Zhang Zhi Yu.
The headquarters of SUMEC-ITC are in Nanjing, Jiangsu Province,
China. Its branch offices are in
Shanghai, Tianjin, Beijing, Xiamen SEZ, Guangzhou, Chengdu.
SUMEC, founded in 1978, is a key member of SINOMACH.
SUMEC’s core business consists of shipbuilding and project contracting
of complete equipment and engineering; the R&D, manufacturing and export of
machinery and electric products including power tools, garden tools, power
machinery, PV modules., as well as textiles and garments; domestic trading and
international tendering and the import of technological equipment and
production materials.
The subject is fully supported by SUMEC which is a significant company
in China. However, its business in Hong
Kong is not active. Its history in
Hong Kong is about six 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
or in small credit amounts.
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
|
Indian Rupees |
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US Dollar |
1 |
Rs.66.99 |
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|
1 |
Rs.101.78 |
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Euro |
1 |
Rs.73.47 |
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HKD |
1 |
Rs.8.64 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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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 |
-- |
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.