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Report No. : |
347013 |
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Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
C/o Worldtrade Business Consulting (HK) Ltd. Suite A. 11/F., Ho |
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Country : |
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Date of Incorporation : |
03.04.2014 |
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Com. Reg. No.: |
63180219 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The Subject is a Mobile Phone Trader.
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No. of Employees : |
No Employee in NOTE: It is to be noted that
the company does not have its own operating office in |
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 |
(Formerly located at:
C/o Hong Kong Secretarial Co.
Flat A, 7/F., Kwun Ngan House,
751A Nathan Road, Mongkok, Kowloon, Hong Kong.)
GREEN MOUNTAIN TECHNOLOGY
(HK) LTD.
Registered
Office:-
C/o Worldtrade Business Consulting (HK) Ltd.
Suite A. 11/F., Ho Lee Commercial Building, 38-44 D’ Aguilar Street,
Central, Hong Kong.
Holding Company:-
Fortune Ship Technology (HK) Ltd., Hong Kong. (Same address)
Ultimate Holding
Companies:-
Shenzhen Fortune Ship Technology Co. Ltd.
Room 401, A-B District, TCL King Electronics Company,
No. 33 Nanhai Road, Nanshan District, 518067 Shenzhen, China.
[Tel: 86-755-21608600 or
86-755-21608678
Fax: 86-755-26027070
E-mail: cngdsznslyz@163.com]
Associated
Company:-
Huizhou Fortune Ship Technology Co. Ltd., China.
63180219
2080605
3rd April, 2014.
HK$10,000.00
(As per registry dated
03-04-2015)
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Name |
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No. of shares |
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Fortune Ship Technology (HK) Ltd., Hong Kong. |
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10,000 ===== |
(As per registry dated 03-04-2015)
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Name (Nationality) |
Address |
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YAO Jiangchao |
No. 2, Lejin Road West, Huicheng District, Huizhou City, Guangdong
Province, China. |
(As per registry dated 03-04-2015)
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Name |
Address |
Co. No. |
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Worldtrade Business Consulting (HK) Ltd. |
Suite A. 11/F., Ho Lee Commercial Building, 38‑44 D’ Aguilar
Street, Central, Hong Kong. |
1004807 |
The subject was incorporated on 3rd April, 2014 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Flat A, 7/F.,
Kwun Ngan House, 751A Nathan Road, Mongkok, Kowloon, Hong Kong where was the
operating office of a commercial service provider. It moved to the present address in December
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.
Green Mountain Technology (HK) Ltd. was incorporated on 3rd April, 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 ‘Suite A. 11/F., Ho Lee Commercial Building, 38-44 D’
Aguilar Street, Central, Hong Kong’ known as ‘Worldtrade Business Consulting
(HK) Ltd.’ [Worldtrade] which is handling its correspondences and
documents. Worldtrade 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 Fortune Ship
Technology (HK) Ltd. [FST], a Hong Kong-registered company also located at the
address of Worldtrade.
The director of the subject Mr. Yao Jiangchao 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.
FST is wholly owned by Shenzhen Fortune Ship Technology Co. Ltd. [SFST]
which is a China-based firm.
The subject is a mobile phone trader.
It has registered with the Office of the Communications Authority
(OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a
Radio Dealer (Unrestricted) Licensee.
The subject bears the licence No. of RU00180416 - RU. (as at 15 October,
2015). Its products bear the trade mark Green Mountain.
SFST is trading in the following commodities: mobile phones, electronic
products, electronic devices, etc.
Commodities are sourced from China, prime markets are China, Japan, the
other Asian countries, Europe, etc.
It has been committed to provide advanced wireless communication
devices, services and total solutions to global users via its solid ID/MD,
HW/SW design, PCBA manufacturing, Testing, QA and a complete set of mobile
terminal solution since May, 2011.
In late 2011, SFST decided to build a factory in Huizhou City, Guangdong
Province, China. Having a site area of
about 30,000 sq.m., this firm is known as Huizhou Fortune Ship Technology Co.
Ltd. [Huizhou Fortune Ship].
Huizhou Fortune Ship commenced business on 30th March, 2012. On 7th July, 2012, this firm got
ISO9001:2008 certification.
According to SFST, the monthly export of Huizhou Fortune Ship is about
1.5 million handsets.
Fortune Ship has 8 factories, has a total of 80 SMT lines and 60
assembly lines. There are nearly 20,000
sq.m. and more than 1,500 workers in Huizhou Fortune Ship factory. The company has introduced many advanced
technologies and facilities from overseas, such like FUJI (XP series, NXT
series chip mounter), MPM UP2000 printer, JT, Reflow oven, EL-EM5700N automatic
sub-board machine, X-RAY, thickness measurement, and so on.
Besides the Huizhou factory, SFST now has completed its Chongqing
factory and will be put into operation soon.
It also has set up a factory in India, however, its details are unknown.
In order to penetrate the international market further, SFST has taken
part in fairs and exhibitions held in China and the other foreign large
cities. For instance it took part in
“MOBILE WorldCongree Barcelona 2013” which was held in Barcelona, Spain. It will take part in the same fair in 2014.
According to SFST, its annual sales turnover ranges from RMB1.2 to 1.5
billion Yuan. Overall business is
satisfactory.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over a year and
six 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.65.22 |
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1 |
Rs.99.93 |
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Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.