MIRA INFORM REPORT

Report No. :	350610
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	PHAMITECH INTERNATIONAL COMPANY LIMITED

Registered Office :	Unit 503, 5/FL, Silvercord Tower 2, 30 Canton Road, Tsimshatsui

Country :	Hong Kong

Date of Incorporation :	13.01.2003

Com. Reg. No.:	829414

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is mainly engaged in sales of steel products manufacturing equipment.

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 :	Offshore company

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)

Hong Kong

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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 12.5% 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

Contact Points

Company Name (in English):	Phamitech International Company Limited
Supplied Name:	PHAMITECH INTERNATIONAL COMPANY LIMITED
Supplied Address:	UNIT 503, 5/F, SILVERCORD, TOWER 2, 30, CANTON ROAD, TSIMSHATSUI, KOWLOON

Special Notes

We made an on-site visit to the supplied address, and found that the subject was not at this location. The company on the address was mainly engaged in providing registration and accounting services, however, the relevant staff in this company declined to disclose any information for us.

We cannot find subject’s any operation information or valid contact information in Hong Kong through public files according to supplied name and address.

From public files, we found subject may have connection with a mainland China company and we tried to call the company through the phone +886-10-68730450 obtained from the public files, the lady who answered the phone introduced that subject just registered in Hong Kong and all the businesses were in charge of the company in the mainland of China.

As subject’s registered address is that of corporate secretary (SBC Corporate Services Limited), based on subject’s registered files and our investigation, we consider subject as an offshore company.

We found that subject’s business entity is in Beijing City, the mainland of China.

Business Entity

Registered Name:	Shanghai Youhe Trade Co., Limited
Registered Address:	B503 New Millennium Plaza, 72 Xisanhuan Beilu, Beijing 100048, China
Tel:	+886-10-68730450
Fax:	+886-10-68470948
Date of Registration:	2004-12-17
Registered Number:	110108007850818
Registered Capital:	CNY 1,000,000 (USD 156,460) (As of 2015.11, 1 CNY = 0.15646 USD)
Term of Operation:	From 2004-12-17 to 2024-12-16
Legal Representatives:	Zhang Yin Cheng
Legal Form:	Limited Liability Company
Shareholder:	Liu Xue Song Zhang Yin Cheng
Description:	The company is mainly engaged in sales of steel products manufacturing equipment. It is introduced that the company purchases its products mainly in China. The company’s major products include tube mills, pipe finishing equipment, high frequency piper welder, induction heating equipment, slitting & Ctl lines, hot rolling mills, cold rolling mills, hydraulic press, strip press, strip processing lines, RF/microware components, rolls/tooling and etc. The company’s selling territory includes Europe, America, Asia, the Middle East and etc. The company’s major customers are manufacturers of tube, pipe and etc.

We found subject’s registered files from Hong Kong registry, supplying as following for reference.

Company Identification Details

Registered Name:	Phamitech International Company Limited
Registered Address:	Unit 503, 5/FL, Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Hong Kong
Date of Registration:	2003-1-13
Registered Number:	829414
Business Registration No.:	33280110
Paid-up Capital:	HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD 1 (As of 2015.11, 1 HKD = 0.129 USD)
Legal Form:	Private Limited Liability Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2015-1-13

History

Subject was incorporated on 2003-1-13 with the registered number 829414 as Private Limited Liability Company in Hong Kong.

Shareholders

Name	Subscription Shares	Proportion of Investment (%)
Zhang Yin Cheng	9,000	90%
Liu Xue Song	1,000	10%
Total	10,000	100%

Major Shareholder Information:

1
Name:	Zhang Yin Cheng
Address:	Room 312, 1 Hao Lou, 23 Hao Yuan, Xi San Huan Bei Lu, Beijing, China
2
Name:	Liu Xue Song
Address:	Room 312, 1 Hao Lou, 23 Hao Yuan, Xi San Huan Bei Lu, Beijing, China

Management Information

Core Management

Detailed Information of Directors:

1
Name:	Zhang Yin Cheng
Address:	Room 312, 1 Hao Lou, 23 Hao Yuan, Xi San Huan Bei Lu, Beijing, China
Position:	Director
China ID Number:	310105680129281
2
Name:	Liu Xue Song
Address:	Room 312, 1 Hao Lou, 23 Hao Yuan, Xi San Huan Bei Lu, Beijing, China
Position:	Director
China ID Number:	110102197212022238X
3
Name:	SBC Corporate Services Limited
Address:	Room B, 10/F, Tower A, Billion Centre, 1 Wang Kwong Road, Kolwoon Bay, Kowloon, Hong Kong
Position:	Corporate Secretary
Registered Number:	618863

Operation Information

Subject does not have business entity in Hong Kong.

Financial Information

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject does not have business entity in Hong Kong, thus we cannot obtain the relevant information.

Public

Mortgage Record

No mortgage of the subject were found.

Lawsuits

Up to now, no present or latent litigation of the subject has been found.

High Court Action:	Clear
High Court Baukufty Bankruptcy Proceedings:	Clear
High Court Commercial Action:	Clear
High Court Construction & Arbitration Proceedings:	Clear
High Court Companies Winding-Up:	Clear

Attachment

Unit 503, 5/FL, Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Hong Kong

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	ANK

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.