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Report No. : |
346518 |
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Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE TRADING LTD. |
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Registered Office : |
Room 2, 4/F., Block E, Wah Lok Industrial Centre, 31-41 Shan Mei
Street, Fotan, Sha Tin, New Territories, |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.04.1991 |
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Com. Reg. No.: |
14392502 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is importer, exporter and wholesaler of motor, compressor, conditioner accessory |
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No. of Employee : |
25 (including
Associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 12.5% 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 |
FORTUNE TRADING
LTD.
Room 2, 4/F.,
Block E, Wah Lok Industrial Centre, 31-41 Shan Mei Street, Fotan, Sha Tin, New
Territories, Hong Kong.
Note: Your given address is not
in Hong Kong.
PHONE: 852-2604 5656
FAX: 852-2602 6716
E-MAIL: fortune@fortune.com.hk
Managing
Director: Mr. He Zhi Qing
Incorporated
on: 4th
April, 1991.
Organization: Private
Limited Company.
Issued Share
Capital: HK$500,000.00
Business Category: Importer, Exporter and
Wholesaler.
Employees: 25. (Including associates)
Main Dealing
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Good.
Mailing Address: P. O. Box 375, Fotan, Sha
Tin, Hong Kong.
Associated Companies:-
Eternal Elegance
Skin Care Ltd., Hong Kong.
Fortune Automotive
Technology Ltd., Hong Kong.
Fortune Health
Care Ltd., Hong Kong.
Fortune Thermo
Engineering Ltd., Hong Kong. [Dissolved]
14392502
0303863
Managing
Director: Mr. He Zhi Qing
HK$500,000.00
(As
per registry dated 04-04-2015)
|
Name |
|
No. of shares |
|
HE
Zhi Qing |
|
250,000 |
|
ZHENG Feng Yi |
|
250,000 |
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––––––– |
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Total: |
500,000 ====== |
(As
per registry dated 04-04-2015)
|
Name (Nationality) |
Address |
|
ZHENG Feng Yi |
Room B, 14/F., Block 2, Phoenix Heights,
16 Shui Wo Road, Shatin New Territories, Hong Kong. |
|
HE Zhi Qing |
Room B, 14/F., Block 2, Phoenix Heights,
16 Shui Wo Road, Shatin New Territories, Hong Kong. |
ZHENG Feng Yi (As per registry dated 04-04-2015)
The
subject was incorporated on 4th April, 1991 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at ‘Unit 8, 4/F., Block E, Wah Lok Industrial Centre,
31-41 Shan Mei Street, Fotan, Sha Tin, New Territories, Hong Kong’, moved to
‘Unit 2’ of the same building in 2013.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and
Wholesaler.
Lines: Motor,
Compressor, Conditioner Accessory
Employees: 25.
(Including associates)
Materials/
Commodities: Europe, Japan, US, etc.
Markets: Hong Kong, China, other Asian
countries, Europe, North America, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: Various
Terms.
Issued Share
Capital: HK$500,000.00
Profit or Loss:
Making a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use
of general banking facilities.
Payment: Met trade commitments as
required.
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having
issued 500,000 ordinary shares of HK$1.00 each, Fortune Trading Ltd. is equally
owned by Mr. He Zhi Qing and Ms. Peggy Zheng Feng Yi. They are also directors of the subject. They were China merchants but now they have
become Hong Kong ID holders.
Founded
in 1991, the subject is specialized in air conditioning systems for buses and
coaches. Adhering to the ISO 9001 and
QS9000 quality control systems, the subject’s in-house professional engineers
and technicians work closely to ensure all its products are in good
condition. The subject is trading in the
following commodities:-
·
Complete System
·
Brushless Condenser Fan
·
Evaporator Fan
·
D. C. Motor
·
Compressor, Compressor Clutch,
Compressor Accessory
·
Evaporator and Condenser Unit
·
Generator
·
Refrigerant Recycling Machine
·
Refrigerant and Lubricant
·
Conditioner Accessory
·
Other Parts and Accessories, etc.
The
compressors are for buses and coaches.
The subject is also an agent of Japan Unicla Co. Ltd. which is trading
in car air-conditioners and compressors.
Currently,
the subject is marketing a kind of engine purifier known as ‘King Purifier’
which is able to protect the engine fuel system, fuel saving and reduce exhaust
emissions.
The
subject’s products are marketed in Hong Kong and exported to China, Japan, the
other Asian countries, Europe, South America, etc.
The
products of the subject are also marketed by Fortune Automotive Technology
Ltd., a Hong Kong-registered company located at the same address.
The
subject has had another associated companies Fortune Health Care Ltd. [FHCL]
and Eternal Elegance Skin Care Ltd. [EESCL] which are also located at the same
operating address. Also owned by Ms.
Zheng Feng Yi, FHCL is trading in the following products:-
·
Face Cream;
·
Eye Cream;
·
Cotton Mash;
·
Essence; &
·
Cleaning Cream.
EESCL
is trading skin care products (including cosmetics and perfumes), Ewe embryonic
essence, Glycevin from Switzerland, accessories and personal care items.
EESCL
is operating a number of beauty shops known as The ee-Beauty Shop and BeautiGene. According there are five The ee-Beauty Shops
and one BeautiGene in Hong Kong. There
are two shops in China, one in Guangzhou while the other one in Wuhan. The shops offer clients with one stop beauty
treatment services.
The
overall business of the subject is satisfactory in Hong Kong. History is over twenty-four years and six
months.
On
the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
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|
1 |
Rs.100.54 |
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Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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 |
|
<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.