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Report No. : |
326746 |
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Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
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Name : |
MADA LIGHTING TECHNOLOGY CO. LTD. |
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Registered Office : |
C/o Edward Stark International Holding Ltd., Flat A1, 9/F., Silvercorp International Tower, 707-713 Nathan Road, Mongkok, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
11.08.2011 |
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Com. Reg. No.: |
58923830 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
SUBJECT
IS ENGAGED IN R&D AND MANUFACTURING OF LIGHTING PRODUCTS—LOW FREQUENCY
INDUCTION LAMP |
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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 Hongkong |
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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 31, 2014
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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 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 |
MADA LIGHTING
TECHNOLOGY CO. LTD.
Registered Office:-
c/o Edward Stark International Holding Ltd.
Flat A1, 9/F., Silvercorp International Tower, 707-713
Nathan Road, Mongkok, Kowloon, Hong Kong.
Associated Company:-
China Mada Lighting Technology Co. Ltd., China.
58923830
1657323
11th August, 2011.
HK$10,000.00
(As per registry dated 11-08-2014)
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Name |
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No. of shares |
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LUO Jin |
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10,000 ===== |
(As per registry dated 22-04-2015)
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Name (Nationality) |
Address |
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Ankur GUPTA |
N 1003, Aditya Mega City, Vaibhav Khand, Indirapuram,
Ghaziabad PIN: 201014, Uttar Pradesh, India. |
(As per registry dated 11-08-2014)
|
Name |
Address |
Co. No. |
|
Edward Stark International Holding Ltd. |
Flat A, 9/F., Silvercorp International Tower, 707-713
Nathan Road, Mongkok, Kowloon, Hong Kong. |
1946653 |
Mada Lighting Technology
Co. Ltd. was incorporated on 11th August, 2011 as a private limited liability
company under the Hong Kong Companies Ordinance.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at ‘Flat A, 9/F.,
Silvercorp International Tower, 707-713 Nathan Road, Mongkok, Kowloon, Hong
Kong’ known as ‘Edward Stark International Holding Ltd.`’ which is handling its
correspondences and documents. This
secretarial company is also the corporate secretary of the subject.
The subject has no
employees in Hong Kong.
According to the
Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares
of HK$1.00 each which are wholly-owned by Mr. Luo Jin who is a China
merchant. The old shareholder of the
subject was Ms. Yu Meixian who was a China businesswoman. She transferred all her shares to Luo Jin on
28 April, 2014.
The director of the
subject Mr. Ankur Gupta is an India merchant.
He is an India passport holder and does not have the right to reside in
Hong Kong permanently. He is also the
only director of the subject and was appointed on 22nd April, 2015. His registered address is in Uttar Pradesh,
India.
The subject is
trading in all kinds of lighting products.
It has had an associated company known as China Mada Lighting Technology
Co. Ltd. [Mada] which is in Zhongshan City, Guangdong Province, China.
Mada is a
manufacturer of induction lamp, street light, high bay, flood light, compact
blub, etc. All the products bear the brand
name of Mada Lighting.
Mada has been
established since August 2007 located at the famous lighting production base
--- Zhongshan City of Guangdong province.
Mada is engaged in
R&D and manufacturing of lighting products—low frequency induction lamp. Its factory covers an area of more than 10,000
square meters. At present Mada has 11
engineers and more than 120 workers. Its
annual production capacity is over 100,000 lamps and ballasts. Its annual sales turnover ranges from US$2.5
to 5.0 million.
Commodities are
chiefly sourced from China. Prime
markets are India and the other Asian countries.
The subject’s
business is chiefly handled by Luo Jin who is residing in Guangzhou City,
Guangdong Province, China.
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 in Hong Kong is over four years and ten 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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.09 |
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|
1 |
Rs.99.57 |
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Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.