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Report No. : |
342165 |
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Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
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Name : |
HYREFUND TRADING (HONGKONG) CO. LTD. |
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Registered Office : |
C/o Baililai International Group (HK) Ltd. 7/F., Kin On Commercial Building, 49-51 Jervois Street, Sheung Wan |
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Country : |
Hong Kong
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Date of Incorporation : |
08.11.2013 |
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Com. Reg. No.: |
62306654 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is a mobile phone and related product trader. |
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No. of Employees : |
No Employee 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 |
HYREFUND TRADING (HONGKONG) CO. LTD.
Registered
Office:-
C/o Baililai International Group (HK) Ltd.
7/F., Kin On Commercial Building, 49-51 Jervois Street, Sheung Wan, Hong
Kong.
Main Associated
Company:-
Shenzhen Tigel International Technology Ltd.
Room. 108, Block A, Digital Building, Phase 5, Garden City, Nanhai Road,
Nanshan District, 518067 Shenzhen Special Economic Zone, China.
[Tel : 86 – 755-8275 3383 Fax :
86 – 755-8275 3381]
Other Associated
Companies:-
Hongkong Frog International Ltd., Hong Kong.
Shenzhen M Ren Communication Technology Co. Ltd., China.
Shenzhen SvCung Technologies Co. Ltd., China.
Shenzhen Tigel International Technology Ltd., China.
Shenzhen Tigel Technology Ltd., China.
62306654
1993567
8th November, 2013.
HK$10,000.00
(As per registry dated 08-11-2014)
|
Name |
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No. of shares |
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WU Qiang |
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7,000 |
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GUO Nanxin |
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1,000 |
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WANG Qian |
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1,000 |
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LIAO Yi |
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1,000 |
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––––– |
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Total: |
10,000 ===== |
(As per registry dated 08-11-2014)
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Name (Nationality) |
Address |
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WU Qiang |
Room 301, No. 6, Lane 858, Zhongshan East Road, Jiangdong District,
Ningbo City, Zhejiang Province, China. |
SECRETARY: (As per registry dated
08-11-2014)
|
Name |
Address |
Co. No. |
|
Baililai International Group (HK) Ltd. |
Room 1501, 15/F., Lower Block, Grand Millennium Plaza, 181 Queen Road
Central, Hong Kong. |
1071086 |
Hyrefund Trading (Hongkong) Co. Ltd. was incorporated on 8th November,
2013 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 7/F., Kin On Commercial Building,
49-51 Jervois Street, Sheung Wan, Hong Kong known as Baililai International
Group (HK) Ltd. [Baililai] which is handling its correspondences and
documents. This firm is also the
corporate secretary of the subject.
Baililai has several offices in Hong Kong.
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 of which 70% are owned by Mr. Wu Qiang,
30% are equally owned by Mr. Guo Nanxin, Ms. Wang Qian and Mr. Liao
Yi. All are China merchants and currently
residing in China.
Wu Qiang 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 is a mobile phone and related product trader.
The subject 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 RU00166606 – RU (As at 15th August,
2015).
The subject has got an associated company in Shenzhen Special Economic
Zone, China known as Shenzhen Tigel International Technology Ltd. [Tigel] which
is a mobile phone and smart phone trader.
It also trades in tablets, laptops, MIDs, etc. Tigel is a comprehensive telecommunication
company which has integrated with R&D, manufacture and marketing in mobile
communication products. It was
established in August, 2006. Its
products are marketed in China, exported to Japan, South and Southeast Asia,
etc. The contact person of Tigel is also
Mr. Wu Qiang.
The subject has got an associated company in Hong Kong known as Hongkong
Frog International Ltd. which is equally owned by Mr. Wu Qiang and Mr.
Xu Yun.
The subject’s business in Hong Kong is not active. History in Hong Kong is over a year and ten
months.
On the whole, 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.66.10 |
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|
1 |
Rs.100.89 |
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Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
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.