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Report No. : |
308267 |
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Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
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Name : |
MAGTECH INDUSTRIAL CO. |
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Registered Office : |
Room 1002, 10/F., Workingbond Commercial Center, 162 Prince Edward Road West, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
19.05.1997 |
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Com. Reg. No.: |
20757811-000-05 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of Magnet. |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hongkong |
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 |
HONGKONG - 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.
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Source
: CIA |
MAGTECH INDUSTRIAL
CO.
ADDRESS: Room 1002, 10/F., Workingbond
Commercial Center, 162 Prince Edward Road West, Kowloon, Hong Kong.
PHONE: 852-2787 7216
FAX: 852-2787 7136
E-MAIL: sales@magtech.com.hk
Manager: Mr. Chau Tze Man
Establishment: 19th May, 1997.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Importer,
Exporter and Manufacturer.
Employees: 15.
Main Dealing Banker: Hang Seng
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 1002, 10/F., Workingbond Commercial Center, 162 Prince Edward Road
West, Kowloon, Hong Kong.
Associated
Company:-
Yuet Ming, Hong Kong.
20757811-000-05
Manager: Mr. Chau Tze Man
Name: Mr. CHAU Tze Man
Residential Address: Flat C,
4/F., 201-203 Prince Edward Road West, Kowloon, Hong Kong.
The subject was established on 19th May, 1997 as a sole proprietorship concern
owned by Mr. Chau Tze Man under the Hong Kong Business Registration
Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: All
kinds of Magnet.
Employees: 15.
Commodities Imported: China, etc.
Markets: Asian
countries
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
condition.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Hang Seng Bank Ltd., Hong Kong.
Standing: Good.
Magtech Industrial Co. is a sole proprietorship set up and owned by Mr.
Chau Tze Man who is a Hong Kong merchant.
He is also manager of the subject.
Business commenced in May 1997, the subject was set up by a team of
professionals who are engaged in producing permanent magnets for various
industrial and consumer applications.
The subject has got an associated company Yuet Ming, a Hong
Kong-registered company located at its operating office.
The subject has become one of the leading manufacturers of high
performance permanent magnets. It
produces high quality, high precision, technological advanced permanent magnets
and magnetic parts for industries of electronics, telecommunication, audio,
home appliances, automobile, data processing devices, measuring devices,
etc. The demand for permanent magnetic
material keeps increasing and the scope of their applications continues to
expand. With a global business concept
in mind, the subject has been providing its customers worldwide with quality
products.
The followings are some of its products:-
· Rare-Earth Neodymium Magnet, Sintered
· Hard Ferrite Magnet
· Flexible Rubber Magnet
· Bonded NdFeB Magnet
· AlNiCo Magnet
· Promotional Magnet, SmCo Magnet
· Planning Board Magnet
· Application Magnet
· Neodymium Magnet
· Magnetic Tapes
The subject has had the following two plants:-
Plant No.1:
Rare-earth Magnet
· Year Established: 1997
· Total Factory Owned Area: 5,000 m2
· Labour-Force: 155 Staff, Engineers & Workers
· Quality Assurance: ISO9002 SGS
· Annual Turnover: US$5.5 – US$6.0 million
· Annual Production Capacity: 500 M/T
Plant No.2: Ferrite, Rubber,
Bonded Magnets
· Year Established: 1972
· Total Factory-owned Area: 100,000 m2
· Force-Force: 2,760 Staff, Engineers, & Workers
· Quality Assurance: ISO9002 EPRE
· Annual Turnover: US$48 – US$50 million
· Annual Production Capacity: About 10,000 M/T
These two plants are in China.
Business is normal.
The subject’s products are marketed in China, exported to Japan, the other
Asian countries, Europe, North America, etc.
Business is rather active.
As the history of the subject is about 18 years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.62.05 |
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|
1 |
Rs.96.03 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.