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Report No. : |
308419 |
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Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
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Name : |
MODENA TECHNOLOGY (HONG KONG) LTD. |
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Registered Office : |
c/o Group Motion
Secretarial & Consulting Ltd. Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.06.2009 |
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Com. Reg. No.: |
50795239 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
MANUFACTURER AND EXPORTER OF ALL KINDS OF CERAMIC MACHINERY
AND EQUIPMENT |
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No. of Employees : |
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 – December, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 34.9
million in 2012, 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
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% 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
|
Source
: CIA |
MODENA
TECHNOLOGY (HONG KONG)
LTD.
c/o Group Motion
Secretarial & Consulting Ltd.
Room C, 2/F., Wing
Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong.
PHONE: 852-2544 5465, 2496 0803
FAX: 852-2815 2528, 2818 2528
E-MAIL: info@modena.com.cn
Managing
Director: Mr. Chan Ki Wood, Benjamin
Incorporated on: 17th June, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Machinery Manufacturer and Trader.
Employees: Nil.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
MODENA
TECHNOLOGY (HONG KONG)
LTD.
Registered
Head Office:-
c/o Group Motion
Secretarial & Consulting Ltd.
Room C, 2/F., Wing
Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong.
Overseas
Representative Offices: Spain, India,
Vietnam and Mexico.
Holding
Company:-
Modena Technology Ltd.
(Formerly known as Foshan City Modena Machinery Co. Ltd.)
Sanhuanxi Industrial
District, Xiaotang Town, Foshan City, Guangdong Province, China.
[Tel: 86-757-8663
1888; Fax: 86-757-8663 1777]
Ultimate
Holding Company:-
Modena Machinery
(International) Ltd., Hong Kong. (Same
address)
Associated/Affiliated
Companies:-
Foshan City Nuova Tecno Machinery Co. Ltd., China.
Guangdong Modena Technology Ltd., China.
Modena Holdings Ltd., Hong Kong. (Dissolved)
Modena Impianti Ceramics S.r.l., Italy.
Nuova Tecno Machinery Ltd., Hong Kong.
P.T. Anugerah Alam Abadi, Indonesia.
Pooya Sanat Navid Yazd, Iran.
Xinxing County Modena Machinery Co. Ltd., China.
50795239
1346126
Managing
Director: Mr. Chan Ki Wood, Benjamin
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
(As
per registry dated 17-06-2014)
|
Name |
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No.
of share |
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Modena Technology Ltd. Sanhuanxi, Industrial District, Shishan Town, Foshan City, Guangdong
Province, China. |
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1 = |
(As
per registry dated 17-06-2014)
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Name (Nationality) |
Address |
|
CHAN Ki Wood,
Benjamin |
Room C, 2/F., Wing Tat Commercial Building,
121-125 Wing Lok Street, Central, Hong Kong. |
(As
per registry dated 17-06-2014)
|
Name |
Address |
Co.
No. |
|
Group
Motion Secretarial Services Ltd. |
Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central,
Hong Kong. |
1684145 |
The
subject was incorporated on 17th June, 2009 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Manufacturer and Exporter.
Lines: All kinds of ceramic machinery and equipment.
Employees: Nil.
Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished products from China.
Markets: China, other Asian countries, Italy, other European countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Indebtedness: Nil.
Mortgage or Charge: (See attachment)
Profit or Loss: Kept a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank (Hong Kong) Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
Standing: Small.
Formerly
Modena Technology (Hong Kong) Ltd. was wholly-owned by Foshan City Modena
Machinery Co. Ltd. [Foshan Modena] which was a China-based firm. Now Foshan Modena has changed name to Modena
Technology Ltd. [Modena Technology].
The
subject has just issued one ordinary share of HK$1.00 which is owned by Modena
Technology. Mr. Benjamin Chan Ki Wood is
the only director of the subject. He is
a Hong Kong merchant.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at Room C,
2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong
known as Group Motion Secretarial & Consulting Ltd. [Group Motion] which is
handling its correspondences and documents.
Group Motion is also the corporate secretary of the subject. Given phone number 852-2496 0803 and fax
number 852-2818 2528 belong to Group Motion.
The
subject has no employees in Hong Kong.
Modena
Technology is a subsidiary company of Modena Machinery (International) Ltd.
[Modena] which is a Sino-Italian joint venture.
With
a registered capital of US$1.08 million, Foshan Modena is Modena’s R&D and
manufacturing centre which is based in Foshan City, Guangdong Province China
where is the world’s ceramic tile industry centre. Modena has supplied various kinds of
machinery and equipment as well as complete plants to over 200 customers all
over the world. Its service is claimed
to be “available round the clock”.
Modena’s
R&D and manufacturing centre occupy an area of 40,000 sq.m., in which the
workshops cover more than 30,000 sq.m.
Currently, Foshan Modena has about 300 employees, 80% of which have more
than 10 years experience in famous ceramic machinery companies both in China
and abroad.
Modena
Technology has supplied machinery and solutions to the ceramic factories,
covering the products of tile, tableware and sanitary ware, in 24 countries
including China, the United States, India, Vietnam, Thailand, Egypt, Malaysia,
Pakistan, Angola, Argentina, Columbia, Mexico, etc.
Main
products of Modena Technology are ceramic production equipment; furnace product
line; glass production equipment; tableware production equipment, etc. Products include belt conveyor, vibrating
sieve, spray dryer, etc.
The
factory has been equipped with the latest European technology.
Over
the past years, Modena Technology has got the following awards or honours:-
·
Top 10 Creative Brand Enterprise (awarded by
Ceramics China in Year 2005)
·
ISO 9001 certification
·
Most Influential Energy-Efficient Kiln Enterprise
(awarded by Ceramics China in Year 2009)
·
Credit Honour Enterprise (awarded by Foshan City
Bank Association in Year 2006)
Mr.
Benjamin Chan Ki Wood, is the legal representative of Modena Technology.
Located
at the operating address of Modena Technology another firm known as Guangdong
Modena Technology Ltd. is housed. This
firm is trading in the products of Modena Technology.
A
new production base of Modena Technology will be built in Xincheng Industrial
Zone, Xinxing County, Guangdong Province, China. Formally known as Xinxing Modena Machinery
Co., Ltd. [Xinxing Modena], this firm covers an area of about 140 acres. With a total investment of about RMB118 million
Yuan, The first phase of Xinxing Modena was completed in late 2013. Its second phase will be completed by 2014.
In
2013, the contracted value of Modena Technology amounted to RMB700 million Yuan
and its output value was RMB500 million Yuan.
In
2013, its market share in China was over 60% while 40% of its products were
exported to foreign countries.
Modena
Technology predicts that the market in Southeast Asia will recover in the years
ahead.
The
goal of Modena Technology is to become a listed company in China. The managing personnel have confidence in
doing this.
It
is likely that Modena Technology deals with foreign parties under the name of
the subject and let foreign firms correspond with the subject’s registered
address in Hong Kong. Modena Technology
also exports commodities to foreign markets under the name of the subject and
its registered address in Hong Kong.
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.
|
Date |
Particulars |
Amount |
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14-04-2010 |
Instrument: Charge on Cash Deposit to secure Liabilities of the Depositor Property: 1) By way of first fixed charge and agreement to charge: the Deposit and all right, title and interest of the Company 2) By way of set-off: any sum standing to the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
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02-11-2011 |
Instrument: Letter of Set-off and Appropriation Property: Deal No. Date Amount Due Date 173526 02-11-2011 US$516,000.00 02-11-2012 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
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 |
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US Dollar |
1 |
Rs.62.20 |
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|
1 |
Rs.96.00 |
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Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
-- |
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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.