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MIRA
INFORM REPORT
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Report No. : |
501103 |
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Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
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Name : |
MASS VENTURE LIMITED |
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Registered Office : |
Unit 1-4, 34/F., New Trend Centre, 704 Prince Edward
Road East, San Po Kong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.10.2004 |
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Com. Reg. No.: |
35071802 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Importer,
Exporter and Wholesaler of all kinds of garments |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 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 |
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 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 |
NOTE
(Long time ago, the subject was located at:
c/o Attain Secretarial Services Ltd.
Unit 1109, 11/F., Kowloon Centre,
33 Ashley Road, Tsimshatsui,
Kowloon, Hong Kong.)
Company Name And Address
MASS VENTURE
LIMITED
ADDRESS: Unit
1-4, 34/F., New Trend Centre, 704 Prince Edward Road East, San Po Kong,
Kowloon,
Hong Kong.
PHONE: 852-2351 1085
FAX: 852-2353 0806
E-MAIL: maypletex@maypletex.com.hk
MANAGEMENT: Managing
Director: Mr. Lee Leung, Bincent
SUMMARY
Incorporated on: 27th October, 2004.
Organization: Private Limited Company.
Issued Share Capital: HK$1.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 20.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit 1-4, 34/F., New Trend Centre, 704 Prince Edward Road
East, San Po Kong, Kowloon, Hong Kong.
Associated Companies:-
Maypletex Development Co. Ltd., Hong Kong.
Maypletex Group Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
35071802
COMPANY FILE NUMBER
0930239
MANAGEMENT
Managing Director:
Mr. Lee Leung, Bincent
ISSUED SHARE CAPITAL
HK$1.00
SHAREHOLDER
(As per registry dated 27-10-2017)
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Name |
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No. of share |
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LEE Leung, Bincent |
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1 = |
DIRECTORS
(As per registry dated 20-10-2017)
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Name (Nationality) |
Address |
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LEE Leung, Bincent |
Flat C-D, 30-31/F Block 5, Villa Athena, 600 Sai Sha
Road, Ma On Shan, New Territories, Hong Kong. |
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TSE Suet Yee |
Flat C-D, 30-31/F Block 5, Villa Athena, 600 Sai Sha
Road, Ma On Shan, New Territories, Hong Kong. |
SECRETARY
TSE Suet Yee (As per registry dated 27-10-2017)
HISTORY
The subject was incorporated on 27th October, 2004 as a
private limited liability company under the Hong Kong Companies Ordinance.
Very long time ago, the subject was located at ‘Unit
1109, 11/F., Kowloon Centre, 33 Ashley Road, Tsimshatsui, Kowloon, Hong Kong’
where was the operating office of a secretarial company known as ‘Attain
Secretarial Services Ltd.’. It moved to
the present address in 2007.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of garments
Employees: 20.
Commodities
Imported: China, other Asian countries, etc.
Markets: Other Asian countries,
Europe, US, Australia, South America, etc.
Terms/Sales: L/C,
T/T, etc.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Issued Share Capital: HK$1.00
Profit or Loss: Made small profits in past years.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of
general banking facilities.
Payment: No Complaints
Commercial Morality: Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Mass Venture Limited is wholly-owned by Mr. Lee Leung,
Bincent who is a Hong Kong merchant. He
and Ms. Tse Suet Yee are directors of the subject.
The latter is also Company Secretary of the subject.
The subject is one of the key members of Maypletex Group
which is also located at the same address.
The holding company of the Maypletex Group is Maypletex
Group Ltd. [MGL].
The subject is engaged in the same lines of business as
the Maypletex Group. Maypletex Group is
a garment trader and manufacturer.
The predecessor of MGL was Maypletex Garment Factory Ltd.
which was incorporated on 19 March, 1991, name changed to MGL on 28 January,
2005.
The factory of MGL is in China employing about 300
persons.
The Group is trading in the following products:
Anoraks, Parkas & Car-coats, Baby Products and garments,
Denim Garments, Jacket - Men (Excluding Ski-Jacket), Outerwear, etc.
Prime markets are the other Asian countries, Europe, the
United States, Australia, South America, etc.
The business of the subject is chiefly handled by the two
shareholders. History in Hong Kong is
over thirteen years and five months.
On the whole, consider the subject good for normal
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 : |
KET |
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
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.