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MIRA
INFORM REPORT
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Report No. : |
512463 |
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Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
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Name : |
EMETAL COMPANY LIMITED |
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Registered Office : |
c/o JL Accounting
Secretary Ltd. Room A3, 9/F., Goodwill Industrial Building, 36-44 Pak Tin Par
Street, Tsuen Wan, Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.04.2016 |
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Com. Reg. No.: |
65945702 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Subject is engaged in trading in all kinds of stainless steel products,
stainless steel raw materials, sheets, stainless pipes, rolled sheets,
plates, coils, embossing stainless boards. |
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No. of Employees : |
Not Available [We tried to confirm the number of employees but no one
is ready to part any information from the company management.] |
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 : |
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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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
EMETAL COMPANY LIMITED
Address: c/o
JL Accounting Secretary Ltd.
Room
A3, 9/F., Goodwill Industrial Building,
36-44
Pak Tin Par Street, Tsuen Wan,
New
Territories, Hong Kong.
[Formerly located at: c/o
Baihui International Business (HK) Ltd.
Unit 04, 7/F., Bright Way Tower,
33 Mongkok Road, Kowloon,
Hong Kong.
COMPANY NAME AND ADDRESS
EMETAL COMPANY LIMITED
ADDRESS:
Registered Office:-
c/o JL Accounting Secretary Ltd.
Room A3, 9/F., Goodwill Industrial Building, 36-44 Pak
Tin Par Street, Tsuen Wan, New Territories, Hong Kong.
Associated Company:-
Foshan Emetal Co. Ltd.
Room 2028, 51 Fenjiang South Road, Chencheng District,
Foshan City, Guangdong Province, China.
BUSINESS REGISTRATION NUMBER: 65945702
COMPANY FILE NUMBER:
2355519
DATE OF INCORPORATION:
5th
April, 2016.
ISSUED SHARE CAPITAL:
HK$10,000.00
SHAREHOLDER
(As per registry dated 05-04-2018)
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Name |
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No. of shares |
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XIE Feng Mei |
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10,000 ===== |
DIRECTOR
(As per registry dated 05-04-2018)
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Name (Nationality) |
Address |
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XIE Feng Mei |
No. 016, No. 7 Villager Group, Hengtian Village, Jiqing
Town, Xinhua County, Hunan Province, China. |
SECRETARY
(As per registry dated 05-04-2018)
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Name |
Address |
Co. No. |
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JL Accounting Secretary Ltd. |
Room A3, 9/F., Goodwill Industrial Building, 36-44 Pak
Tin Par Street, Tsuen Wan, New Territories, Hong Kong. |
2402991 |
HISTORY
The subject was
incorporated on 5th April, 2016 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly the
subject’s registered address was located at Unit 04, 7/F., Bright Way Tower, 33
Mongkok Road, Kowloon, Hong Kong where was the operating address of a
commercial service provider known as Baihui International Business (HK) Ltd. The subject’s registered office moved to the
present address in April 2018 as it has changed its commercial service provider
since then.
The accountant firm
moved to the present address in so did the subject.
Apart from these,
neither material change nor amendment has been ever traced and noted.
GENERAL
Emetal Company
Limited was incorporated on 5th April, 2016 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 ‘Room A3, 9/F.,
Goodwill Industrial Building, 36-44 Pak Tin Par Street, Tsuen Wan, New
Territories, Hong Kong’ known as ‘JL Accounting Secretary Ltd.’ [JLAS] which is
handling its correspondences and documents.
JLAS 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 Ms. Xie Feng-Mei who is a China businesswoman.
She is a China ID
holder and does not have the right to reside in Hong Kong permanently. She is also the only director of the
subject. Her registered address is in
Xinhua County, Hunan Province, China.
The subject has had
an associated company in China. Its
brief information is as follow:
Name: Foshan Emetal Co. Ltd. [Emetal]
Address: Room 2028, 51 Fenjiang South Road, Chencheng
District, Foshan City, Guangdong Province, China.
Date of
Incorporation: 5th April, 2016.
Legal Status: Limited Liability Company (owned by natural
person)
Registered
Capital: RMB1 million Yuan
Duration: 5th April,
2016 to 12th December, 2099.
United Social Credit
Code: 91440604MA4UN79J9P
Registration No.:
440602000476062
Legal
Representative: Ms. Xie Feng-Mei
Managing
Director: Ms. Xie Feng-Mei
Supervisor: Ms. Xie Ying-ying
Emetal is trading in
all kinds of stainless steel products, stainless steel raw materials, sheets,
stainless pipes, rolled sheets, plates, coils, embossing stainless boards,
etc. Products are marketed in China and
exported to the other Asian countries.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over two years and a month.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.45 |
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1 |
INR 89.79 |
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Euro |
1 |
INR 78.79 |
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HKD |
1 |
INR 8.56 |
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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NIS |
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Report Prepared
by : |
DNS |
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
·
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.