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Report No. : |
302738 |
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Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
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Name : |
LICHENG
MACHINERY (HONG KONG) TRADING COMPANY |
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Registered Office : |
Room 1114-1115, 11/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
15.07.2002 |
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Com. Reg. No.: |
32850120-000-07 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturing of all kinds of Shoe Manufacturing Machinery and
Equipment. |
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No. of Employees : |
No Employees in Hongkong 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 : |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
LICHENG MACHINERY (HONG KONG) TRADING COMPANY
ADDRESS: Room 1114-1115, 11/F., Star House,
3 Salisbury Road, Tsimshatsui, Kowloon,
Hong
Kong.
PHONE: 852-9069 2913
FAX: Not available
E-MAIL: licheng@quanlicheng.com
Manager: Mr.
Ye Xiaolin
Establishment: 15th
July, 2002.
Organization: Sole
Proprietorship.
Capital: Not
Disclosed
Business Category: Machinery Trader.
Employees: Nil.
Main Dealing
Banker: Chiyu Banking Corporation Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head
Office:
Room 1114-1115,
11/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Shenzhen Licheng
Shoes-Making Machinery Co. Ltd., China.
Shenzhen Quan Licheng
Machinery Manufacturing Co. Ltd.
142 Longsheng
Road, Chishigang Village, Longdong Society District, Longgang Jiedao, Longgang,
518116 Shenzhen, China.
[Tel: 86-755-2846 6733
Fax: 86-755-2846 3462
E-mail: quanlicheng@shoes.cn
licheng@licheng.com.cn]
32850120-000-07
Manager: Mr.
Ye Xiaolin
Name: Mr.
YE Xiaolin
Residential Address: Room 408, 4/F., Chung Tai House, Fu Tai Estate, Tuen Mun, New Territories,
Hong
Kong.
The
subject was established on 15th July, 2002 as a sole proprietorship concern
owned by Mr. Ye Xiaolin under the Hong Kong Business Registration Regulations.
At
the very beginning, the subject was located at Room 408, 4/F., Cheung Tai
House, Fu Tai Estate, Tuen Mun, New Territories, Hong Kong, moved to Room
1305-1306, 13/F., Ginza Plaza, 2 Sai Yeung Choi Street, Mong Kok, Kowloon, Hong
Kong in December 2004, to ‘”Flat 2205-2206, 22/F., Pioneer Centre, 750 Nathan
Road, Mong Kok, Kowloon, Hong Kong in August 2008, and further to the present
address in April 2013.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Machinery Trader.
Lines: All kinds of machinery & equipment for shoes manufacturing.
Brand Name: Licheng.
Employees: Nil.
Commodities Imported: China, etc.
Markets: China, other Asian countries,
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
The Federation of
Hong Kong Footwear Ltd., Hong Kong.
Capital: Not Disclosed
Profit or Loss: Making a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Chiyu Banking Corporation Ltd., Hong Kong.
Standing: Small.
Licheng
Machinery (Hong Kong) Trading Company is a sole proprietorship set up and owned
by Mr. Ye Xiaolin who is a China merchant.
He is also manager of the subject.
We
can reach Mr. Ye Xiaolin at your given Hong Kong mobile phone number 852-9069
2913.
According
to Ye, his Hong Kong office is using the office of “his friend’s company”
located at Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong. The subject has no employees in Hong Kong.
Ye
Xiaolin handles the business of the subject in his residence in Hong Kong or in
Shenzhen Special Economic Zone, China:
The
subject is a shoe manufacturing equipment trader. It has had the following two associated
companies in Shenzhen Special Economic Zone, China:-
·
Shenzhen Licheng Shoes-Making Machinery Co. Ltd.
[Licheng];
·
Shenzhen Quan Licheng Machinery Manufacturing Co.
Ltd. [Quan Licheng]
Both
of the companies are located at the same address in Shenzhen SEZ, China. Set up in 1993, Licheng is engaged in
manufacturing all kinds of shoe manufacturing machinery and equipment. Ye Xiaolin is also the owner of Licheng. According to the subject, it is trading in
the following products:
·
Activate shoes dryer series;
·
Freezer series;
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Hot shaped-machine series;
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Shoes level off series;
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Shoes nailing series;
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Sole pressing machine series;
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Shoes quick shaper series;
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Steaming series;
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Finishing series.
All
the products bear the brand name Licheng. According to Ye, his China factory has about
80 employees. It has had a number of
professionals who are able to offer customers with after-sales services,
including installation and testing, maintenance services, etc.
Ye
is also the contact person of Licheng.
He can be reached at his China mobile phone number 86-1390 2999 614.
The
China factory has got the ISO 9000/2000 and CE certification.
The
subject is responsible for shipping the products to its foreign customers while
its customers make their payment on L/C terms.
The subject has been banking with Chiyu Banking Corporation Ltd., Hong
Kong.
The
China factories are operated by Ye and his family.
The
history of the subject in Hong Kong is over twelve years and six months.
On
the whole, consider it good for normal business engagements in small credit
amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.15 |
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1 |
Rs.94.24 |
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Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
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Analysis Done by
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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.