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MIRA INFORM REPORT
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Report No. : |
515364 |
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Report Date : |
28.06.2018 |
IDENTIFICATION DETAILS
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Name : |
FIRST GLOBAL BUSINESS COMPANY LIMITED |
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Registered Office : |
11/F., Hong Kong Trade Centre, 161-167 Des Voeux
Road Central. |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.03.2014 |
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Com. Reg. No.: |
62841363 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject has 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. |
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No. of Employees : |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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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
FIRST GLOBAL
BUSINESS COMPANY LIMITED
ADDRESS
Registered Office:-
c/o Teamwork Secretarial Co. Ltd.
11/F., Hong Kong Trade Centre, 161-167 Des
Voeux Road Central, Hong Kong.
Holding Company:-
Hangzhou First Applied Material Co. Ltd.
(Formerly known as Hangzhou First PV Material Co. Ltd.)
283 Baojin Road, Lin'an 311300 Hangzhou City,
Zhejiang Province, China. [Tel:+86 571
6107 6968]
Associated Companies:-
Hangzhou First Technology Group Co. Ltd.,
China.
Suzhou First PV Material Co. Ltd., China.
Li’an First Hot Melt Web Film Co. Ltd.,
China.
Suzhou First New Material Co. Ltd., China.
Zhejiang First New Energy Development Co.
Ltd., China.
Hangzhou First Intelligent Equipment Co.
Ltd., China.
Jiangshan First New Energy Development Co.
Ltd., China.
Hangzhou First PV Power Co. Ltd., China.
First Material Science (Thailand) Co. Ltd.,
Thailand.
Zhejiang First Advanced Material R&D
Institute Co. Ltd., China.
First (Anji) New Material Co. Ltd., China.
etc.
BUSINESS
REGISTRATION NUMBER
62841363
COMPANY
FILE NUMBER
2046796
DATE
OF INCORPORATION
4th
March, 2014.
ISSUED
SHARE CAPITAL
US$4,800,000.00
SHAREHOLDER
(As per registry dated 04-03-2018)
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Name |
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No. of shares |
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Hangzhou First Applied Material Co. Ltd. Baojin Road, Jincheng Jiedao, Lin’an,
Zhejiang Province, 311300, China. |
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4,8000,000 ======== |
DIRECTOR
(As per registry dated 07-05-2018)
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Name (Nationality) |
Address |
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LIN Jianhua |
Room 1102, Unit 1, Block 2, Hengsheng
Garden, No. 133, Wenshan Road, West Lake District, Hangzhou City,
Zhejiang Province, China. |
SECRETARY
(As per registry dated 04-03-2018)
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Name |
Address |
Co. No. |
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Teamwork Secretarial Co. Ltd. |
11/F., Hong Kong Trade Centre, 161-167 Des
Voeux Road Central, Central, Hong Kong. |
0248117 |
GENERAL
First Global Business Company Limited was incorporated
on 4th March, 2014 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 ‘11/F., Hong Kong Trade Centre,
161‑167 Des Voeux Road Central, Central, Hong Kong’ known as ‘Teamwork
Secretarial Co. Ltd.’ which is handling its correspondences and documents. This secretarial company 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 4.8 million ordinary shares of US$1.00 each of
which are wholly-owned by Hangzhou First Applied Material Co. Ltd. (formerly
known as Hangzhou First PV Material Co. Ltd.) [HFAM/or refer to Group when
including associates] which is a China-based company.
The director of the subject is Mr. Lin
Jianhua 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
Hangzhou City, Zhejiang Province, China.
The subject is trading in the products
carried by HFPVM.
Founded in 2003, HFAM designs and
manufactures high-efficiency EVA Film and Back-sheet materials for
encapsulating solar modules.
As the largest solar parts manufacturer in
China, HFAM is recognized globally for its innovative Firsteva® EVA and
Firstbacksheet®Backsheet materials and quality products.
HFAM is significant for its ethylene vinyl
acetate (EVA) solar cell adhesive films, co-polyamide screen hot-melt adhesive
films and solar cell back panels. The
Company primarily provides EVA adhesive films, hot-melt adhesive films and back
panels, which are applied in the silicon battery, thin film battery,
photovoltaic power generator set, apparel, home textile, automobile decoration
and other industries.
Now, HFAM has three plants in China while a
fourth is under construction.
Engaged in manufacturing encapsulating
materials, HFAM is supported by its technological cooperation with recognized
companies in the Solar PV industry.
HFAM now has got UL, ISO 9001, ISO 14001 and
QHSAS 18001 certifications.
The main products of HFAM are as follows:
EVA Film for Encapsulating Solar Module
Back-sheet for Encapsulating Solar Module
Hot-Melt Adhesive Web
Other New Materials
Products are marketed throughout China and
exported to Japan, the other Asian countries, Europe, North America, etc.
The CEO of HFAM is also Mr. Lin Jianhua.
The shares of HFAM have been traded in
Shanghai Stock Exchange since 5th September, 2014. Its stock bear the code 603806.
The following table shows the financial
highlights of the subject:
(Unit:
RMB’ million)
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Items |
2017 |
2016 |
2015 |
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Profit/(Loss) |
1,844.72 |
2,931.56 |
0.69 |
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Net Assets (negative) |
7,634.25 |
5,789.53 |
(278.96) |
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Total Assets |
10,074.79 |
9,188.27 |
1,023.13 |
For the year ended 31st December, 2017, the
Group had 1,559 persons.
The subject’s business in Hong Kong is not
active. History in Hong Kong is just
over four years and three 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.
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 68.52 |
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1 |
INR 90.60 |
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Euro |
1 |
INR 79.87 |
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HKD |
1 |
INR 8.79 |
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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VAR |
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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
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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.