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Report No. : |
344689 |
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Report Date : |
09.10.2015 |
IDENTIFICATION DETAILS
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Name : |
MODENA TECHNOLOGY (HONG
KONG) LTD. |
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Registered Office : |
C/o Group Motion
Secretarial & Consulting Ltd. Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street,
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.06.2009 |
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Com. Reg. No.: |
50795239 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of all kinds of Ceramic Machinery and
Equipment. |
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No. of Employee : |
Not Available |
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 Hong Kong |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
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 |
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% 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 |
MODENA TECHNOLOGY
(HONG KONG) LTD.
C/o Group Motion
Secretarial & Consulting Ltd.
Room C, 2/F., Wing
Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong.
PHONE: 852-2544 5465, 2496 0803
FAX: 852-2815 2528, 2818 2528
E-MAIL: info@modena.com.cn
Managing Director: Mr.
Chan Ki Wood, Benjamin
Incorporated
on: 17th June, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category:
Machinery Manufacturer and Trader.
Employees: Nil.
Main Dealing
Banker: DBS Bank
(Hong Kong) Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Head Office:-
C/o Group Motion
Secretarial & Consulting Ltd.
Room C, 2/F., Wing
Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong.
Overseas
Representative Offices: Spain, India,
Vietnam and Mexico.
Holding Company:-
Modena Technology Ltd.
(Formerly known as Foshan City Modena Machinery Co. Ltd.)
Sanhuanxi Industrial District, Xiaotang Town,
Foshan City, Guangdong Province, China.
[Tel: 86-757-8663 1888; Fax: 86-757-8663 1777]
Ultimate Holding Company:-
Modena Machinery
(International) Ltd., Hong Kong. (Same
address)
Associated/Affiliated Companies:-
Foshan City Nuova
Tecno Machinery Co. Ltd., China.
Guangdong Modena
Technology Ltd., China.
Modena Holdings
Ltd., Hong Kong. (Dissolved)
Modena Impianti
Ceramics S.r.l., Italy.
Nuova Tecno
Machinery Ltd., Hong Kong.
P.T. Anugerah Alam
Abadi, Indonesia.
Pooya Sanat Navid
Yazd, Iran.
Xinxing County
Modena Machinery Co. Ltd., China.
50795239
1346126
Managing
Director: Mr. Chan Ki Wood, Benjamin
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
(As
per registry dated 17-06-2014)
|
Name |
|
No.
of share |
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Modena Technology Ltd. Sanhuanxi, Industrial District, Shishan Town, Foshan City, Guangdong
Province, China. |
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1 = |
(As
per registry dated 17-06-2014)
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Name (Nationality) |
Address |
|
CHAN Ki Wood,
Benjamin |
Room C, 2/F., Wing Tat Commercial Building,
121-125 Wing Lok Street, Central, Hong Kong. |
(As
per registry dated 17-06-2014)
|
Name |
Address |
Co.
No. |
|
Group
Motion Secretarial Services Ltd. |
Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central,
Hong Kong. |
1684145 |
The subject was incorporated on 17th June, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer and Exporter.
Lines: All kinds of ceramic
machinery and equipment.
Employees: Nil.
Materials/Commodities:
Imports raw
materials from European countries, some Asian countries and finished products
from China.
Markets: China, other Asian countries,
Italy, other European countries, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C,
T/T, etc.
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
Mortgage or
Charge: (See attachment)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong
Kong.
Facilities: Adequate for current running.
Payment: Met trade commitments as required.
Commercial
Morality: Satisfactory.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Bank of India,
Hong Kong Branch.
Standing: Small.
Formerly Modena Technology (Hong Kong) Ltd. was wholly-owned by Foshan City Modena Machinery Co. Ltd. [Foshan Modena] which was a China-based firm. Now Foshan Modena has changed name to Modena Technology Ltd. [Modena Technology].
The subject has just issued one ordinary share of HK$1.00 which is owned by Modena Technology. Mr. Benjamin Chan Ki Wood is the only director of the subject. He is a Hong Kong merchant.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room C, 2/F., Wing Tat Commercial Building, 121-125 Wing Lok Street, Central, Hong Kong known as Group Motion Secretarial & Consulting Ltd. [Group Motion] which is handling its correspondences and documents. Group Motion is also the corporate secretary of the subject. Given phone number 852-2496 0803 and fax number 852-2818 2528 belong to Group Motion.
The subject has no employees in Hong Kong.
Modena Technology is a subsidiary company of Modena Machinery (International) Ltd. [Modena] which is a Sino-Italian joint venture. The phone and fax number of Modena are 86-757-8663 1888 and 86-757-8663 1777 respectively.
With a registered capital of US$1.08 million, Foshan Modena is Modena’s R&D and manufacturing centre which is based in Foshan City, Guangdong Province, China. Modena has supplied various kinds of machinery and equipment as well as complete plants to over 200 customers all over the world.
Modena’s R&D and manufacturing centre occupy an area of 40,000 sq.m., in which the workshops cover more than 30,000 sq.m. Currently, Foshan Modena has about 300 employees, 80% of which have more than 10 years’ experience in famous ceramic machinery companies both in China and abroad.
Modena is trading in the following machinery & equipment for ceramic products:-
·
Raw Material Processing Equipment
·
Pressing Equipment
·
Drying Equipment
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Glazing Lines
·
Firing Equipment, etc.
Modena Technology has supplied machinery and solutions to the ceramic factories, covering the products of tile, tableware and sanitary ware, in 24 countries including China, the United States, India, Vietnam, Thailand, Egypt, Malaysia, Pakistan, Angola, Argentina, Columbia, Mexico, etc.
Main products of Modena Technology are ceramic production equipment; furnace product line; glass production equipment; tableware production equipment, etc. Products include belt conveyor, vibrating sieve, spray dryer, etc.
The factory has been equipped with the latest European technology.
Over the past years, Modena Technology has got the following awards or honours:-
·
Top 10 Creative Brand Enterprise (awarded by
Ceramics China in Year 2005)
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ISO 9001: 2008 certification
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Most Influential Energy-Efficient Kiln Enterprise
(awarded by Ceramics China in Year 2009)
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Credit Honour Enterprise (awarded by Foshan City Bank
Association in Year 2006)
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ISO 14001:2004 certification
·
OHSMS:18001
etc.
Mr. Benjamin Chan Ki Wood, is the legal representative of Modena Technology.
Located at the operating address of Modena Technology another firm known as Guangdong Modena Technology Ltd. is housed. This firm is trading in the products of Modena Technology.
A new production base of Modena Technology will be built in Xincheng Industrial Zone, Xinxing County, Guangdong Province, China. Formally known as Xinxing Modena Machinery Co. Ltd. [Xinxing Modena], this firm covers an area of about 140 acres. With a total investment of about RMB118 million Yuan, The first phase of Xinxing Modena was completed in late 2013 while its second phase was completed in early 2015.
In 2013, the contracted value of Modena Technology amounted to RMB700 million Yuan and its output value was RMB500 million Yuan.
Now, Modena’s market share in China is over 55% while 40% of its products are exported to foreign countries.
The annual sales turnover of Modena ranges from RMB450 to 500 million Yuan.
The goal of Modena Technology is to become a listed company in China. The managing personnel have confidence in doing this.
Modena Technology deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. It also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is about six years.
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 or in very small credit amounts.
|
Date |
Particulars |
Amount |
|
14-04-2010 |
Instrument: Charge
on Cash Deposit to secure Liabilities of the Depositor Property: 1) By way of first fixed charge
and agreement to charge: the Deposit and all right, title and interest of the
Company 2) By way of set-off: any sum standing to the
credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS
Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
|
02-11-2011 |
Instrument: Letter
of Set-off and Appropriation Property: Deal No. Date Amount Due
Date 173526 02-11-2011 US$516,000.00 02-11-2012 Mortgagee: Bank
of India, Hong Kong Branch. |
Advances and other banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.16 |
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|
1 |
Rs.99.78 |
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Euro |
1 |
Rs.73.33 |
INFORMATION DETAILS
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Analysis Done by
: |
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 |
-- |
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.