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Report No. : |
340039 |
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Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
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Name : |
X-FIPER (HONG KONG) LTD. |
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Registered Office : |
Flat C, 13/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai |
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Country : |
Hong Kong
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Date of Incorporation : |
21.09.2010 |
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Com. Reg. No.: |
53000883 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of New Materials Like Aramid 1313 Fibre. |
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No. of Employees : |
5 |
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.
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Source
: CIA |
X-FIPER (HONG KONG) LTD.
ADDRESS: Flat C, 13/F.,
Chinaweal Centre, 414-424 Jaffe Road, Wanchai, Hong Kong.
PHONE: 852-2866
8232, 2865 0920
FAX: 852-2866 7289
E-MAIL: account@sro.hk
sales@xfiper.com
MANAGEMENT:
Managing Director: Mr. Chung Yuen
Chu
Incorporated on: 21st September, 2010.
Organization: Private Limited
Company.
Issued Share Capital: US$700,000.00
Business Category: Importer,
Exporter and Manufacturer.
Company Employees: 5.
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
X-FIPER (HONG KONG)
LTD.
Registered Head
Office:-
Flat C, 13/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai,
Hong Kong.
Shanghai Sales
Office:-
Room 304, Warner Business Center, 1733 Lianhua Road, Shanghai,
China. [Tel: 86 21 6406 0760; Fax: 86 21 6406 0750]
Holding Company:-
SRO Aramid (Jiangsu) Co. Ltd., China.
No. 79, Youyi Road, Wujiang District, Suzhou, Jiangsu Province,
China. [Tel: 86-0512 8881 0666; Fax: 86-0512 8687 1060]
Associated
Companies:-
SRO Group (China) Ltd., Hong Kong.
(Same address)
SRO Investment Ltd., Hong Kong.
(Same address)
Sunray Overseas Ltd., Hong Kong.
(Same address)
53000883
1507822
Managing Director: Mr. Chung Yuen Chu
US$700,000.00
(As per registry dated 21-09-2014)
|
Name |
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No. of shares |
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SRO Aramid (Jiangsu) Co. Ltd. Youyi Industrial Zone, Songling Town, Wujiang City, Jiangsu Province,
China. |
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700,000 ====== |
(As per registry dated 21-09-2014)
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Name (Nationality) |
Address |
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CHUNG Yuen Chu |
Flat C, 13/F., Chinaweal Centre, 414-424 Jeffe Road, Wanchai, Hong
Kong. |
CHUNG Yuen Chu (As per registry
dated 21-09-2014)
The subject was incorporated on 21st September, 2010 as a private
limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1903, 19/F., Tung Wai
Commercial Building, 109-111 Gloucester Road, Wanchai, Hong Kong, moved to the
present address with effect from 6th April, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: New
materials like Aramid 1313 Fibre.
Brand Names: SRO,
X-Fiper.
Employees: 5. (Company)
500. (China)
Commodities Imported: Imports raw
materials from European countries, some of the Asian countries and finished
products from
China.
Markets: China, Japan, other Asian countries,
Europe, North America.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: US$700,000.00
Profit or Loss: Made small profits in
2013 & 2014.
Condition: Business
is improving.
Facilities: Adequate
for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong)
Ltd., Hong Kong.
Standing: Normal.
Having issued 700,000 ordinary shares of US$1.00 each, X-Fiper
(Hong Kong) Ltd. is wholly owned by SRO Aramid (Jiangsu) Co. Ltd. [SRO
Aramid] which is a China-based firm. The
director of the subject is Mr. Chung Yuen Chu. He is a Hong Kong ID holder.
Formerly SRO Aramid was known as SRO (Suzhou) Safety Protective Material
Co. Ltd., name changed to the present style on 22nd May, 2012.
Belonging to the SRO Group, the subject is trading in X-Fiper aramid
fibre.
SRO Aramid is specialized in the research, development and manufacturing
of new materials (high performance materials using meta-aramid as main
ingredient). SRO Aramid also has
established production bases in Shanghai, Guangzhou and Hua’an of Jiangsu
Province. It has over 500 employees and
with a total asset amounted to RMB650 million Yuan. It is mainly engaged in manufacturing and
processing of aramid 1313 fibre and aramid paper insulation composite. SRO Aramid is one of the top special new
materials manufacturing enterprises in China. Now, its products are used in manufacturing
the garments for fireman, police.
Since its establishment in 2005, SRO Aramid has grown into a large-scale
enterprise with an annual sales turnover ranges from RMB100 to 120 million
Yuan. Overall business is good.
The holding company of the SRO Group is SRO Group (China) Ltd. The Group Chairman is also Mr. Chung Yuen
Chu.
SRO Group is a high technology professional company manufactures X-fiper
insulation paper and meta-aramid fibres along with its derivatives. It focuses on the creation and development of
new materials as well as the new application development of these new
materials. It has offices in Hong Kong,
Shanghai and Guangzhou while the productions, research and development bases,
sales and marketing capabilities spread around areas including Shanghai,
Guangzhou, Wuxi, and Suzhou of China.
SRO Group owns many patent related to new materials invention. The Group’s subsidiary company and its key
technical personnel won the 2nd Prize in the National Science & Technology
Progress Award from China National Education Board in 2008, second prize
Chinese Ministry of Education advance in technology in the same year, as well
as First Prize from China National Textile & Apparel Council (CNTAC) in 2009.
SRO Group is the second largest meta-aramid manufacturer in the world
(meta-aramid insulation paper included).
The Group is the first company in China which industrialized the
production of insulation paper, and it is also the second company in the world
which has the ability to industrialize the production of insulation paper. This has broken the 40 years of monopoly of
this product by its American competitor.
Its breakthrough research and development in the application of
honeycomb in astronautics, aviation, and express train etc has also fill the
current blank in the domestic market in these areas.
Products of the SRO Group include high temperature resistant and flame
retardant fibres and their derivatives. These
products include SRO™ brand flame retardant protective garments, fabrics, yarn,
X-FIPER™ meta-aramid papers for H-class insulation, X-FIPER™ high temperature
resistant fibres for hot-gas filtration, and other SRO™ high temperature
resistant products used in hot melt industries, audio damper applications and
other specialty uses such as laundry and printer felts.
The trade mark SRO™ has registered with the Trade Marks Registry, Intellectual
Property Department, the Government of the Hong Kong SAR. The filing date was 22nd May, 2006 while the
expiry date is 21st May, 2016. The owner
of this trade mark is Chung Yuen Chu.
X-Fiper™ fibre is meta-aramid fibre invented and manufactured by SRO
Group. It has flame resistant, self
extinguish nature along with non-melt drop characteristic. Its high performance in thermal stability and
low contraction performance along with the high resistance to breakage make it
the perfect fibre for its broad application use including high temperature hot
gas filtration, protective apparels, electrical insulation papers, and speaker
dampers.
The subject exports the Group’s products to Japan, the other Asian
countries, Europe, North America, etc.
Business keeps on improving.
The subject is fully supported by SRO Aramid. History in Hong Kong is just about five
years.
On the whole, consider it good for normal business engagements in
moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.29 |
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1 |
Rs.101.88 |
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Euro |
1 |
Rs.73.98 |
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.