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Report No. : |
346306 |
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Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
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Name : |
HK STONE GROUP INDUSTRIAL CO. LTD. |
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Registered Office : |
C/o Eastop Business Consultancy Ltd.,
Room A1, 7/F., Cheuk Nang Plaza,250 Hennessy Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.12.2014 |
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Com. Reg. No.: |
64241559 |
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Legal Form : |
Private Limited Liability |
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LINE OF BUSINESS : |
SUBJECT
IS ENGAGED IN TRADING OF YARNS, THREADS, FABRICS, PRINTED FABRICS, DYED
FABRICS, BED PRODUCTS, OTHER TEXTILE PRODUCTS, CABLES AND WIRES, ELECTRO-MECHANICAL
EQUIPMENT, METAL HARDWARE, LIGHTING PRODUCTS, INSTRUMENTS AND METRES, LATHES,
CUTTING TOOLS, IRON AND STEEL, RUBBER. |
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No. of Employee : |
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 : |
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) |
|
Hong Kong |
A1 |
A1 |
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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 |
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 |
HK STONE GROUP
INDUSTRIAL CO. LTD.
C/o Eastop
Business Consultancy Ltd., Room A1,
7/F., Cheuk Nang Plaza,250 Hennessy Road, Wanchai, Hong Kong.
[Formerly located
at:- C/o Hong Kong Da Chang Accounting & Secretarial Ltd., Unit D, 16/F.,
Cheuk Nang Plaza, 250 Hennessy Road, Wanchai, Hong Kong.]
Associated Companies:-
Northern
Electro-Mechanical Equipment Co., China.
Shandong Forest
Textile Import & Export Co. Ltd., China.
Shandong North
Textile Group Co. Ltd., China.
Shandong Weifang
New Orient Bilingual School, China.
64241559
2186169
31st December,
2014.
HK$10,000.00
(As
per registry dated 31-12-2014)
|
Name |
|
No.
of shares |
|
ZHAO Jifu |
|
10,000 ===== |
(As
per registry dated 31-12-2014)
|
Name (Nationality) |
Address |
|
ZHAO Jifu |
No. 1715 Unit 1, Building 1, No. 5999 Beigong
East Street, Kuiwen District, Weifang, Shandong, China. |
(As
per registry dated 31-12-2014)
|
Name |
Address |
Co.
No. |
|
Eastop
Business Consultancy Ltd. |
Unit A1, 7/F., Cheuk Nang Plaza, 250 Hennessy Road, Wanchai, Hong
Kong. |
1367421 |
The
subject was incorporated on 31st December,2014. as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was
located at Unit D, 16/F., Cheuk Nang Plaza, 250 Hennessy Road,
Wanchai, Hong Kong where was the
operating address of a commercial service provider known as Hong
Kong Da Chang Accounting & Secretarial Ltd. The subject has moved to the present address
in late 2014 as it has changed its commercial service provider since then.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
HK
Stone Group Industrial Co., Ltd. was incorporated on 31st December, 2014 as a
private limited liability company.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at “Unit
A1, 7/F., Cheuk Nang Plaza, 250 Hennessy Road, Wanchai, Hong Kong” known
as ‘Eastop Business Consultancy Ltd.’ [Eastop] which is handling its
correspondences and documents. Eastop is
also the corporate secretary of the subject.
The
subject has no employees in Hong Kong.
According
to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary
shares of HK$1.00 each which are wholly-owned by Mr. ZHAO Jifu who is a
China merchant.
He
is a China ID holder and does not have the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
The
subject has had the following main associated companies in China:-
·
Shandong Forest Textile Import
& Export Co. Ltd. [Forest]
·
Northern Electro-Mechanical
Equipment Co. [NEME]
·
Shandong North Textile Group Co.
Ltd.
Forest
is trading in yarns, threads, fabrics, printed fabrics, dyed fabrics, bed products,
other textile products. Products are
exported to Europe, North America, the Middle East, Africa, Southeast
Asia, etc.
NEME
is trading in cables and wires, electro-mechanical equipment, metal hardware,
lighting products, instruments and metres, lathes, cutting tools, iron and
steel, rubber, etc.
The
subject also trades in the products of Forest and NEME.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is just over nine 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.