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MIRA INFORM REPORT
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Report No. : |
486040 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CHANGZHOU CHANGHONG MOULD FOR CCM COMPANY LIMITED |
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Registered Office : |
Room 8,
11/F., Wing Fung Industrial Building, 40-50 Sha Tsui Road, Tsuen Wan,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.11.2015 |
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Com. Reg. No.: |
65467815 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Mould Tubes, Mould Plates, Assembly, Mould Material, Mould & Plate Coating |
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No. of Employees : |
5 |
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 : |
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
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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 and address
CHANGZHOU CHANGHONG
MOULD FOR CCM
COMPANY LIMITED
ADDRESS: Room 8, 11/F., Wing Fung Industrial
Building, 40-50 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: n. a.
MANAGEMENT:
Managing Director: Mr. Wu Chun Hui
SUMMARY
Incorporated on: 16th
November, 2015.
Organization:
Private Limited
Company.
Issued Share Capital: HK$10,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 8, 11/F., Wing Fung Industrial Building,
40-50 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong.
Holding Company:-
Changzhou Wujin Changhong Mould For CCM Co.
Ltd., China.
Associated Companies:-
Changzhou Wujin Tongli Rural Microcredit Co.
Ltd., China.
Jiangnan Financial Leasing Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
65467815
COMPANY
FILE NUMBER
2308048
MANAGEMENT
Managing Director: Mr. Wu Chun Hui
ISSUED
SHARE CAPITAL
HK$10,000,000.00
SHAREHOLDER
(As per registry dated 16-11-2017)
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Name |
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No. of shares |
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Changzhou Wujin Changhong Mould For CCM Co.
Ltd. Dong’an, Hungli Town, Wujin District,
Changzhou City, Jiangsu Province, China. |
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10,000,000 ======== |
DIRECTOR
(As per registry dated 16-11-2017)
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Name (Nationality) |
Address |
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WU Chun Hui |
Dong’an Hungli Town, Wujin District,
Changzhou City, Jiangsu Province, China. |
SECRETARY
(As per registry dated 16-11-2017)
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Name |
Address |
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LAM Yung |
Flat G, 12/F., Kun Ming House, Tsuen Wan
Centre, Tsuen Wan, New Territories, Hong Kong. |
HISTORY
The subject was incorporated on 16th
November, 2015 as a private limited liability company under the Hong Kong
Companies Ordinance.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Mould
Tubes, Mould Plates, Assembly, Mould Material, Mould & Plate Coating, etc.
Employees: 5.
Commodities Imported: China, other Asian countries, etc.
Markets: China,
other Asian countries, Europe, North America, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying:
L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION:
Issued Share Capital: HK$10,000,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business
is under development.
Facilities: Adequate
for current running.
Payment:
Unknown.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Changzhou Changhong Mould For CCM Company Limited is a
wholly-owned subsidiary of Changzhou Wujin Changhong Mould For CCM Co. Ltd.
[CCM] which is a China-based company.
The director of the subject Mr. Wu Chun-Hui is a China
merchant. He is a Hong Kong ID holder
and has got the right to reside in Hong Kong.
He is also the only director of the subject.
The subject is trading in the same commodities as CCM.
Established in 1995 and located at Xishi Dong’an, Hungli Town,
Wujin District, Changzhou City, Jiangsu Province, China. CCM possesses total assets of RMB128.0
million Yuan and occupies a land of 106,369 sq.m. with building area of 39,789
sq.m. CCM currently employs 280 persons,
among them there are 50 engineers and technicians.
CCM has been equipped with advanced equipment and enjoys excellent
technology for mechanical and Electro-plating processing.
Its products are different types of copper mould tubes and plates
which have been supplied to more than 200 customers in 23 cities, provinces and
regions in China.
Its main customers are Bao Steels, Bao Special Steels, Shagang
Steels, Xingcheng Special Steels, Shijiazhuang Special Steels, Daye Special
Steels, Nanjing Steels, Hangzhou Steels, Qingshan Stainless Steels, etc. Other types of mould tubes have been exported
to more than 39 countries and regions in Europe, Asia, America, Africa,
Oceania, such as Germany, France, Italy, Spain, Russia, Byelorussia, Korea,
India, Pakistan, Turkey, Georgia, Kazakhstan, Iran, Malaysia, Vietnam,
Thailand, the Philippines, Indonesia, Qatar, the UAE., Jordan, the United
States, Canada, Brazil, Peru, Columbia, Egypt, Nigeria, Australia, New Zealand,
Taiwan, etc.
The followings are the main products of CCM:
Square, Rectangular, Round and Beam Blank copper mould tubes, etc.
CCM develops various types of high efficiency copper mould tube
for continuous casting machine. Apart
from copper mould tubes, it also produces various types of copper mould plates
and assembled beam blank moulds.
CCM has 23 advanced CNC centres and 2 sets special CNC machine
tools. It has complete electroplating
facilities, electro-plating equipment and electro-plating technologies.
Mr. Wu Chun-Hui is one of the CEOs and shareholders of CCM.
The subject in Hong Kong is responsible for marketing CCM’s
products. History in Hong Kong is just
over two years and two months.
On the whole, since the history of the subject is short, consider
it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.76 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 78.20 |
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HKD |
1 |
INR 8.18 |
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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VIV |
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Report Prepared
by : |
TRU |
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
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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.