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Report No. : |
345869 |
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Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
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Name : |
UNITED ENGINEERING OVERSEAS LTD. |
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Registered Office : |
C/o Amy Yung & Co., 21/F., Fortune House, |
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Country : |
Hongkong |
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Date of Incorporation : |
03.12.2014 |
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Com. Reg. No.: |
55196636-000-12 |
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Legal Form : |
Representative Office |
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Line of Business : |
The subject is trading in all kinds of textile machinery and equipment. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
UNITED ENGINEERING OVERSEAS LTD.
Registered Office:-
c/o Amy Yung & Co.
21/F., Fortune House, 61 Connaught Road Central, Hong Kong.
Associated Company:-
United Engineering Overseas Ltd.
30, 32 Soi Patanakarn 57, Kwang Pravet, Khet Pravet, 10250 Bangkok,
Thailand.
[Tel: +66.2.722.0922.4,
+66.8.1616.4747
Fax: +66.2.722.1991
E-mail: ueol@truemail.co.th]
55196636-000-12
3rd December, 2014.
The subject was established on 3rd December, 2014 as a Representative
Office under the Business Registration Regulations of Inland Revenue
Department, Business Registration Office of Hong Kong.
The subject was incorporated on 26th January, 1995 in the British Virgin
Islands.
Apart from these, neither material change nor amendment has been ever
traced and noted.
United Engineering Overseas Ltd. was established on 3rd December, 2014
as a Representative Office in Hong Kong.
It was incorporated in the British Virgin Islands.
The subject’s address of place of
business is nominally located at ‘21/F., Fortune House, 61 Connaught Road
Central, Hong Kong’ where is the operating office of an accounting company
known as Amy Yung & Co. [AYC]. Your
given phone and fax number 852-2541 5166 and 852-2541 5660 respectively belongs
to AYC.
AYC offers clients with the
following services: Accounting Service, Offshore Company Formation, BVI Company
Formation, Commercial Services, etc.
The subject is just one of the
clients of AYC.
The director of the subject is Mr.
Sochao Leelawatanasuk. He is a Thai.
From our indirect sources, the main office of the subject is in Bangkok,
Thailand which bear the same name as the subject.
The subject is trading in all kinds
of textile machinery and equipment. Most
of the commodities are sourced from the United Kingdom.
Please be advised that a
representative office in Hong Kong cannot be engaged in profit making
activities and is not treated as a legal entity. It cannot sign or enter into
any contracts, sign deals on behalf of the foreign company, raise invoices or
letters of credit nor engage in trading activities.
The subject’s history in Hong Kong
is just over six months.
Since the subject is just a
representative office, consider it not suitable for any business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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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.