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MIRA INFORM REPORT
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Report No. : |
501331 |
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Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
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Name : |
BILLION VAST INDUSTRIAL LIMITED |
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Registered Office : |
C/o H & R Block
(HK) Ltd., Room 504, 5/F., Tung Wai Commercial Building, 109-111 Gloucester
Road, Wanchai |
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Country : |
Hongkong |
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Date of Incorporation : |
08.09.2014 |
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Com. Reg. No.: |
63801312 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, exporter and wholesaler of machinery for clean energy,
ceramics, wall materials, and stones. |
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No. of Employees : |
1 (Hong Kong) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONGKONG - 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
BILLION VAST
INDUSTRIAL LIMITED
ADDRESS: C/o H & R Block (HK) Ltd.
Room 504, 5/F., Tung
Wai Commercial Building, 109-111 Gloucester Road, Wanchai, Hong Kong.
(Formerly
located at:
Room 2104, 21/F.,
Austin Plaza, 83 Austin Road, Tsimshatsui, Kowloon, Hong Kong.)
PHONE: N.A.
MANAGEMENT
Managing Director:
Mr. Mao Juyong
SUMMARY
Incorporated on: 8th September, 2014.
Organization: Private Limited Company.
Issued Share Capital: HK$1.00
Business Category: Importer,
Exporter and Wholesaler.
Group Revenues: RMB5,728.5 million Yuan (Year ended
31-12-2017)
Employee: 1 (Hong Kong)
Group employees: 5,066.
(As at 31-12-2017)
Main Dealing Banker: Not
available.
Banking Relation: Not applicable.
ADDRESS
Registered Office:-
C/o H & R Block (HK) Ltd.
Room 504, 5/F., Tung Wai Commercial Building, 109-111
Gloucester Road, Wanchai, Hong Kong.
(Formerly located at:
Room 2104, 21/F., Austin Plaza, 83 Austin Road,
Tsimshatsui, Kowloon, Hong Kong.)
Associated Company:-
Keda Clean Energy Co. Ltd.
No. 1, Huanzheng Road, Guanglong Industrial Park,
Chencun, Shunde District, Foshan City, 528313 Guangdong Province, China.
[Phone: 86 757 2383 2929;
Fax: 86 757 2383 2690]
BUSINESS REGISTRATION NUMBER
63801312
COMPANY FILE NUMBER
2142374
MANAGEMENT
Managing Director:
Mr. Mao Juyong
ISSUED SHARE CAPITAL
HK$1.00
SHAREHOLDER
(As per registry dated 08-09-2017)
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Name |
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No. of share |
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MAO Juyong |
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1 = |
DIRECTOR
(As per registry dated 08-09-2017)
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Name (Nationality) |
Address |
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MAO Juyong |
Room 1107, Third Staircase, Block 8, Jinbi Garden, No.
9, Dafu South Road, Foshan City, Guangdong Province, China. |
SECRETARY
(As per registry dated 08-09-2017)
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Name |
Address |
Co. No. |
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H & R Block (HK) Ltd. |
Room 504, 5/F., Tung Wai Commercial Building, 111
Gloucester Road, Wanchai, Hong Kong. |
0113523 |
HISTORY
The subject was
incorporated on 8th September, 2014 as a private limited liability company
under the Hong Kong Companies Ordinance.
Formerly the
subject’s registered address was located at ‘Room 2104, 21/F., Austin Plaza, 83
Austin Road, Tsimshatsui, Kowloon, Hong Kong’ where was the operating address
of Keda Industrial (Hong Kong) Ltd. [Keda HK]. The subject’s registered office
moved to the present address with effect from 18th November, 2016 as it
has changed its commercial service provider since then.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Machinery for clean
energy, ceramics, wall materials, and stones.
Employee: 1. (Hong Kong)
Group Employees: 5,066.
(As at 31-12-2017)
Commodities Imported: China.
Markets: Japan, other Asian countries,
Europe, etc.
Group Revenues: RMB4,465.9
million Yuan (Year ended 31-12-2014)
RMB3,593.7 million
Yuan (Year ended 31-12-2015)
RMB4,380.5 million
Yuan (Year ended 31-12-2016)
RMB5,728.5
million Yuan (Year ended 31-12-2017)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$1.00
Group Profit Attributable to Shareholders:-
RMB446.1 million Yuan
(Year ended 31-12-2014)
RMB541.3 million Yuan
(Year ended 31-12-2015)
RMB303.3 million Yuan
(Year ended 31-12-2016)
RMB478.9 million Yuan
(Year ended 31-12-2017)
Profit or Loss: Group business is profitable.
Condition: Business is not very active in Hong
Kong.
Facilities: Adequate for current running.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: Not available.
Standing: Small.
GENERAL
Billion Vast
Industrial Limited was incorporated on 8th September, 2014 as a private limited
liability company.
The subject does not
have its own operating office. Its
registered office is in a Hong Kong commercial service provider located at
‘Room 504, 5/F., Tung Wai Commercial Building, 111 Gloucester Road, Wanchai,
Hong Kong’ known as ‘H & R Block (HK) Ltd.’ [H & R] which is handling
its correspondences and documents. H
& R is also the corporate secretary of the subject.
The subject has a
representative in Hong Kong.
Formerly the subject
was located at the office of Keda Industrial (Hong Kong) Ltd.’ [Keda HK]
which is a Hong Kong-registered company.
According to the
Companies Registry of Hong Kong, the subject has issued just one ordinary share
of HK$1.00 which was owned by Charm Elite Enterprises Inc., a BVI-registered
company. Now, the subject is
wholly-owned by Mr. Mao Juyong who is a China merchant.
He is a China
passport holder and does not have the right to reside in Hong Kong
permanently. He is also the only director of the subject. His registered address is in Foshan City,
Guangdong Province, China.
The subject is an
associated company of Keda Clean Energy Co. Ltd. [Keda/Formerly known as Keda
Industrial Co. Ltd./Group, when including associated companies] which is a
China-based firm. Keda was established
in 1992.
The subject is the
trading arm of Keda which is a machinery and equipment trader. Keda is in Shunde District, Foshan City,
Guangdong Province, China.
The subject is
trading in the same commodities as Keda.
Keda is a listed firm
in Shanghai bearing stock code 600499. It has had a main factory in Foshan
City, Guangdong Province, China known as Foshan Keda Steel Machine Works which
was set up in December 1982.
Keda is principally
engaged in manufacturing and the sales of machinery products. Its machinery
products include ceramics machinery, energy resource machinery, stone
processing machinery and building material processing machinery. The ceramics machinery products include cloth
processing machine, turn over machine, desiccator, drying apparatus, furnace,
buffing machine, edge grinding machine, testing equipment, stacking apparatus. It also manufactures clean coal gasification
machinery and others. Keda’s products
are marketed in China and exported to overseas markets.
For the year ended
31st December, 2017, the revenues of the Group amounted to RMB5.7 billion Yuan,
grew by 29.5% as compared with RMB4.4 billion Yuan in previous year. Group profit attributable to shareholders
amounted to RMB478.9 million Yuan, increased by 57.9% as compared with RMB478.9
million Yuan in previous years. The
overall business of the Keda Group was satisfactory.
The subject is also
trading in ceramic machinery and spare parts.
It is an overseas supplier in China that exports products to Prism
Cement Ltd. which is in India.
Another customer of
the subject is C A Ecuatoriana De Ceramica, an Ecuador-based company.
The subject is fully
supported by Keda which is liable for its debts. The Group now had about 5,066
employees as at the end of 2017.
The subject’s history
in Hong Kong is just over three years and six months.
On the whole, since
the subject is fully supported by Keda, consider it good for business
engagements in moderate credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.93 |
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1 |
INR 91.50 |
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Euro |
1 |
INR 79.69 |
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HKD |
1 |
INR 8.27 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.