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MIRA INFORM REPORT
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Report No. : |
484591 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
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Name : |
NEW FORTUNE ENERGY LIMITED |
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Registered Office : |
C/o Hong Kong Secretarial Ltd. Unit 826, 8/F., Ocean Centre, Harbour City, 5 Canton Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.09.2013 |
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Com. Reg. No.: |
62025284 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in diversified economy. It is engaged in manufacturing ductile iron
pipes, mining equipment, steel products, energy equipment, solar energy
products, composite materials, precision tubes. |
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No. of Employees : |
No Employees 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
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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, effective 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 4.4% in 2014, but
slowed to 2.9% in 2015. 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.
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Source
: CIA |
Company
name
NEW FORTUNE ENERGY LIMITED
ADDRESS
Registered
Office:-
C/o Hong Kong Secretarial Ltd.
Unit 826, 8/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.
Holding Company:-
Xinxing Ductile Iron Pipes Fukang Energy Co. Ltd., China.
Ultimate Holding
Company:-
Xinxing Cathay International Group Co. Ltd., China.
Associated
Companies:-
Beijing Changxing Kaida Composite Material Development Co. Ltd., China.
Guorong (Changning) Rubber Industrial Co. Ltd., China.
Guorong (Qingyuan) Rubber Industrial Co. Ltd., China.
Huangshi Xinxing Pipes Co. Ltd., China.
JH Conceria Del Chienti S.p.A., Italy.
Jihua 3502 Career Apparel Ltd., China.
Jihua 3514 Leather & Shoes Co. Ltd., China.
Jihua 3515 Leather & Leather Shoe Co. Ltd., China.
Jihua 3523 Special Equipment Co. Ltd., China.
Jihua 3534 Garment Co. Ltd., China.
Jihua 3537 Shoe-making Co. Ltd., China.
Jihua 3542 Textile Co. Ltd., China.
Jihua 3543 Knitting & Trappings Co. Ltd., China.
Jihua Group Corporation Ltd., China.
Jihua HK Vestar Science & Technology Ltd., Hong Kong.
Jihua Overseas Investments Co. Ltd., Hong Kong.
JV International SRL, Italy.
Nanjing Jihua 3521 Special Equipment Co. Ltd., China.
NT Majocchi SRL, Italy.
Richest Winner Trading Co. Ltd., Hong Kong.
Sichuan Chuangjian Pipes Co. Ltd., China.
Sichuan Sanzhou Precision Tube Co. Ltd., China.
Taojiang Xinxing Fittings Co. Ltd., China.
Tianjin Huajin Pharmaceutical Co. Ltd., China.
Vestar International S.A., Luxembourg.
Wanyang Trading Co. Ltd., Hong Kong.
Wuhu Xinxing Ductile Iron Pipes Co. Ltd., China.
Xinjiang Jinte Xianghe Mining Development Co. Ltd., China.
Xinxing Ductile Iron Pipes (Singapore) Pte. Ltd., Singapore.
Xinxing Ductile Iron Pipes Co. Ltd., China.
Xinxing Energy Equipment Co. Ltd., China.
Xinxing Heavy Industries Co. Ltd., China.
Xinxing Hebei Engineering & Research Inc. Ltd., China.
Xinxing Huaxin (HK) Co. Ltd., Hong Kong.
Xinxing Jihua International Trade Co. Ltd., China.
Xinxing Jinte Steel Co. Ltd., China.
Xinxing Pipes (Hong Kong) Co. Ltd., Hong Kong.
Xinxing Pipes (Xinjiang) Resources Development Co. Ltd., China.
Xinxing Pipes International Development Co. Ltd., China.
Xinxing Pipes Special Steel Co. Ltd., China.
Xinxing Pipes Xinjiang Co. Ltd., China.
etc.
BUSINESS
REGISTRATION NUMBER
62025284
COMPANY
FILE NUMBER
1965551
DATE
OF INCORPORATION
11th September, 2013.
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 11-09-2017)
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Name |
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No. of shares |
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Xinxing Ductile Iron Pipes Fukang Energy Co. Ltd. Erqu Yiduan, Building 4, Zhizhuan Dishang, Zhuzhailou, Tianchi Beijie,
Fukang, Xinjiang, China. |
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10,000 ===== |
DIRECTOR
(As per registry dated 11-09-2017)
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Name (Nationality) |
Address |
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PENG Fei |
No. 30, Quanhucun Wuqu, Cejing, Shahe, Hebei Province, China. |
SECRETARY
(As per registry dated 11-09-2017)
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Name |
Address |
Co. No. |
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Hong Kong Secretarial Ltd. |
Unit 826, 8/F., Ocean Centre, Harbour City, 5 Canton Road,
Tsimsahtsui, Kowloon, Hong Kong. |
0850271 |
MORTGAGE
OR CHARGE
(See attachment)
GENERAL
New Fortune Energy Limited was incorporated on 11th September, 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 ‘Unit 826, 8/F., Ocean Centre, Harbour City, 5
Canton Road, Tsimsahtsui, Kowloon, Hong Kong’ known as ‘Hong Kong Secretarial
Ltd.’ [HKSL] which is handling its correspondences and documents. HKSL 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
Xinxing Ductile Iron Pipes Fukang Energy Co. Ltd. [XXDIPFE] which is a
China-based and registered company.
The director of the subject Mr. Peng Fei 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. His registered
address is in Shahe, Hebei Province, China.
XXDIPFE is an investment holding company in China. It is engaged in diversified economy. It is engaged in manufacturing ductile iron
pipes, mining equipment, steel products, energy equipment, solar energy
products, composite materials, precision tubes.
One of the subject’s main associated companies is Xinxing Energy
Equipment Co. Ltd.
XXDIPFE’s brief information is as follow:
Name: XXDIPFE
Address: 4/F., Fukang Building,
Tianshan Street, 831500 Fukang City, Xinjiang, China.
Tel.: 86-994-3228329
Legal Status: Limited Liability
Company (owned by Natural Person)
Registered Capital: RMB1,790
million Yuan
No. of Employees: 400.
In 2013, XXDIPFE made an investment of RMB7 billion Yuan in the
following main projects:
The main contents of the project include 3 million tons / year coal
mines,
2.4 million tons / year coal washing plants,
2.2 million tons / year coking plants,
2 × 60MW power plants,
200,000 tons Ferro-alloy plants and
200,000 tons / Year ductile iron pipe plant
XXDIPFE has other associated companies.
All the companies including XXDIPFE belong to Xinxing Cathay
International Group Co. Ltd., a China-based company controlled by the Chinese
Government.
The subject is trading in the products of XXDIPFE and Xinxing Cathay
International Group Co. Ltd.
In Hong Kong, the subject has been banking with the following banks:
BNP Paribas, Hong Kong Branch.
ABN AMRO Bank N.V., Hong Kong Branch.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four years and
four 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
or in small credit amounts.
MORTGAGE
OR CHARGE
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Date |
Description of
Instrument |
Mortgagee |
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28-11-2013 |
Ded of Charge |
BNP Paribas, Hong Kong Branch. |
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28-11-2013 |
Pledge and Master Trust Receipt |
BNP Paribas, Hong Kong Branch. |
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27-02-2014 |
Deed of Charge and Assignment of
Receivables |
ING Bank N.V., Hong Kong Branch. |
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14-02-2014 |
Security Memorandum |
ABN AMRO Bank N.V., Hong Kong Branch. |
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29-03-2016 |
Trade Finance Security Assignment |
United Overseas Bank Ltd. |
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 |
INR 63.74 |
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1 |
INR 86.01 |
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Euro |
1 |
INR 76.14 |
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HKD |
1 |
INR 8.13 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIS |
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Report Prepared
by : |
TPT |
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
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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.