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Report No. : |
345535 |
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Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
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Name : |
DOWELL SCIENCE & TECHNOLOGY (HK) CO. LTD. |
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Registered Office : |
c/o Companies Registrations & Secretary Ltd. Room 1501 (057), 15/F., SPA Centre, 53-55 Lockhart Road, Wanchai, |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.08.2005 |
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Com. Reg. No.: |
35896676 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is trading in the products of
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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
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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
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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.
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Source
: CIA |
DOWELL SCIENCE
& TECHNOLOGY (HK)
CO. LTD.
Registered Office:-
c/o Companies Registrations & Secretary Ltd.
Room 1501 (057), 15/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong
Kong.
Associated Companies:-
Fanyuan Instrument (DG) Co. Ltd., China.
Hefei Fanyuan Instrument Co. Ltd., China.
35896676
0988046
5th August, 2005.
HK$10,000.00
(As per registry
dated 05-08-2015)
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Name |
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No. of shares |
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LIU Min |
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5,100 |
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YU Xue Dong |
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4,900 |
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––––– |
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Total: |
10,000 ===== |
(As per registry
dated 05-08-2015)
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Name (Nationality) |
Address |
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YU Xue Dong |
Dormitory of Provincial Water & Electricity 3 Bureau, Tangxia
Town, Dongguan City, Guangdong Province, China. |
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LIU Min |
Chengnan Grain & Oil Central Station, Liu’an City, Anhui Province,
China. |
(As per registry
dated 05-08-2015)
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Name |
Address |
Co. No. |
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Companies Registrations & Secretary Ltd. |
Room 1501, 15/F., SPA Centre, |
1303515 |
The subject was incorporated on 5th August, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1701 (057), 17/F., Henan
Building, 90 Jaffe Road, Wanchai, Hong Kong, moved to the present address in
March 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Dowell Science & Technology (HK) Co. Ltd. was incorporated on
5th August, 2005 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 ‘Room 1501 (057), 15/F., SPA Centre, 53-55 Lockhart
Road, Wanchai, Hong Kong’ known as ‘Companies Registrations & Secretary
Ltd.’ [CRS] which is handling its correspondences and documents. This company is also the corporate secretary
of the subject. The file number of the
subject in CRS is 057.
The subject has .
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each of which are jointly owned by
Mr. Liu Min, holding 51% interests, and Mr. Yu Xue Dong, both are China
merchants. They are China ID holder and
does not have the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject has had a main associated company in China known as Hefei
Fanyuan Instrument Co. Ltd. [Fanyuan] which is in China. Another associated company is Fanyuan
Instrument (DG) Co. Ltd. [Dongguan Fanyuan]
The subject is trading in the products of Fanyuan.
Fanyuan is a professional research, designing, manufacturing company,
with the purpose of providing cost effective solutions for various industrial measuring
applications, including:-
.
The followings are the main products of Fanyuan:
Bearing the trade mark of FYI, all the products are in conformity with
the following international standards:
GB, ISO, ASTM, AATCC, BS, EN, DIN, JIS, IWS.
All of testing instruments manufactured by Fanyuan are well-known
throughout China and exported to more than 50 countries such as Bangladesh,
Colombia, Egypt, Germany, India, Indonesia, Iraq, Ireland, Lebanon, Libya,
Mauritius, Mexico, Pakistan, Saudi Arab, Serbia, Spain, Italy, the United
States, Vietnam, and so on.
Fanyuan is specialized in weather conditions meter & Strength tester
for many years. It has more than 40
technicians and engineers, specialty in computer technology, mechanics,
integration of mechanical and electrical industry, etc. Fanyuan has won many
patents in the past years.
Fanyuan has established itself as one of the leading manufacturers and
exporters of quality testing instruments.
It manufactures equipment that meets the testing requirements of a
diverse range of industries such as garment, textile product, plastic product,
rubber product, metal materials, building and construction materials.
The subject’s business in Hong Kong is not active. History in Hong Kong is over ten years and
two 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.88 |
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1 |
Rs.99.88 |
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Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.