|
Report No. : |
350177 |
|
Report Date : |
21.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
FOREVER CENTURY INVESTMENT LTD. |
|
|
|
|
Registered Office : |
C/o Karsun Tax Consultancy & Secretaries Ltd., Unit 303, 3/F., Sam Cheong Building, 216‑220 Des Voeux Road, Central, |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
25.01.2002 |
|
|
|
|
Com. Reg. No.: |
32651009 |
|
|
|
|
Legal Form : |
Private Limited liability Company |
|
|
|
|
LINE OF BUSINESS : |
NOT
AVAILABLE (NOTE: WE TRIED TO CONFIRM OBTAIN THE DETAILS ACTIVITY BUT
THE SAME IS NOT AVAILABLE FROM ANY SOURCE.) |
|
|
|
|
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
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hongkong
|
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
FOREVER
CENTURY INVESTMENT LTD.
Registered Office:-
C/o Karsun Tax Consultancy & Secretaries Ltd.
Unit 303, 3/F., Sam Cheong Building, 216‑220 Des
Voeux Road, Central, Hong Kong.
(Formerly located at:
c/o Fung, Yu & Co. CPA Ltd.
7/F., Hong Kong Trade Centre,
161-167 Des Voeux Road Central, Hong Kong.)
Associated
Companies:-
Foshan Excellent Trading Co. Ltd., China.
Foshan Hong’e Plastic Products Co. Ltd., China.
Foshan Well Plastics Co. Ltd., China.
32651009
0783979
25th January, 2002.
HK$10,000.00
(As per registry dated 25-01-2015)
|
Name |
|
No. of shares |
|
LI Yonghe |
|
4,000 |
|
LI Yongping |
|
3,000 |
|
LI Yongzhi |
|
3,000 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated 25-01-2015)
|
Name (Nationality) |
Address |
|
LI Yongping |
501, 3 Ti, No. 3 Zhu Ge Xiang, Wenhua Road, Hecheng
Gaoming District, Foshan Guangdong, China. |
|
LI Yongzhi |
Room 401, Block A, 73 Wen Ming Road, Hecheng, Gaoming
District, Foshan City, Guangdong, China. |
|
LI Yonghe |
Room 402, 4 Ti, No. 8 Yonghua Road, Hecheng, Gaoming
district, Foshan, Guangdong, China. |
(As per registry dated 25-01-2015)
|
Name |
Address |
Co. No. |
|
Karsun Tax Consultancy & Secretaries Ltd. |
Unit 303, 3/F., Sam Cheong Building, |
1841090 |
The subject was incorporated
on 25th January, 2002 as a private limited liability company under the Hong
Kong Companies Ordinance.
Formerly the
subject’s registered address was located at 7/F., Hong Kong Trade Centre,
161-167 Des Voeux Road Central, Hong Kong where was the operating address of an
accounting company known as Fung, Yu & Co. CPA Ltd. The subject moved to the present address in
June 2013 as it has changed its commercial service provider since then.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Forever Century
Investment Ltd. was incorporated on 25th January, 2002 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 ‘Unit 303, 3/F.,
Sam Cheong Building, 216‑220 Des Voeux Road, Central, Hong Kong’ known as
‘Karsun Tax Consultancy & Secretaries Ltd.’ [Karsun] which is handling its
correspondences and documents. Karsun 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 of which 40% are owned by Mr. Li Yonghe, 30% are owned by Li
Yongping, and also 30% are owned by Li Yongzhi.
All of them are China merchants.
They are China ID
holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject. Their registered addresses are in Foshan
City, Guangdong Province, China.
The subject has had a
main associated company in China known as Foshan Well Plastics Co. Ltd. [FWPCL]
which is a China –based company.
FWPCL was founded in
2006 and currently employing about 250 employees. This company is engaged in manufacturing
plastic products such as plastic films, PVC table cloth, PVC webbing cloth,
showering/bathing curtains, PVC artificial leather, PVC washing machine covers,
etc. Products are exported to Europe,
Africa, the Middle East, Asian countries, North America and South America,
etc. It has more than 100 customers
coming from 40 countries of the world.
The registered capital of FWPCL was US$1.3 million. Its factory area is about 6,000 sq.m. Its annual sales turnover ranges from RMB5 to
10 million Yuan. FWPCL now has got ISO:
9002 certification.
The legal representative of FWPCL is Mr. Li Yongzhi who
is one of the shareholders and directors of the subject.
The subject’s business in Hong Kong is not active. History in Hong Kong is over three years and
nine 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.