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MIRA INFORM REPORT
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Report No. : |
498648 |
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Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
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Name : |
MG ASIA LIMITED |
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Registered Office : |
Suites 1215-16, 12/F., CityPlaza One, 1111 King’s Road,
Taikoo Shing |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.01.2002 |
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Com. Reg. No.: |
32455944 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Scientific Testing Equipment
(Industrial precision measure equipment for dimension/geometric from Italy |
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No. of Employees : |
8 |
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
Please be advised that there is no such a company known
as ‘MG Asia’ registered with the Companies Registry of
Hong Kong. Located at your given
address is a company known as ‘MG Asia Limited’ which we consider your
enquiry. A report of it was compiled for
your reference.
Company
name and address
MG ASIA
LIMITED
ADDRESS: Suites
1215-16, 12/F., CityPlaza One, 1111 King’s Road, Taikoo Shing, Hong Kong.
PHONE: 852-2807
1783
FAX: 852-2807
0665
MANAGEMENT:
Managing Director:
Mr. Francesco Fussi
SUMMARY
Incorporated on: 23rd January, 2002.
Organization: Private Limited Company.
Issued Share Capital: HK$1,570,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS:
Registered Head Office:-
Suites 1215-16, 12/F., CityPlaza One, 1111 King’s Road,
Taikoo Shing, Hong Kong.
Holding Company:-
MG SpA, Italy.
Ultimate Holding Company:-
MARPOSS S.p.A., Italy.
Associated Companies:-
Artis GmbH, Germany.
BPMA S.A.R.L., France.
Brankamp GmbH, Germany.
Control Gaging Inc., U.S.
Dittel Messtechnik GmbH, Germany.
FL Tool Holders LLC, U.S.
Helium Technology S.r.l., Italy.
Kern S.A.S., France.
MARPOSS (Shanghai) Trading Co. Ltd., China.
MARPOSS (Thailand) Co. Ltd., Thailand.
MARPOSS AB, Sweden.
MARPOSS AG, Switzerland.
MARPOSS Aparelhos Eletronicos de Medicao Ltda., Brazil.
MARPOSS Australia Pty. Ltd., Australia.
MARPOSS Austria GmbH, Austria.
MARPOSS Canada Corp., Canada.
MARPOSS Co. Ltd., Korea.
MARPOSS Co. Ltd., Taiwan.
MARPOSS Corp., U.S.
MARPOSS GmbH, Germany.
MARPOSS India Pvt. Ltd., India.
MARPOSS Italia S.p.a., Italy.
MARPOSS K.K., Japan.
MARPOSS Ltd., U.K.
MARPOSS O.O.O., Russia.
MARPOSS S.A. de C.V., Mexico.
MARPOSS S.A. Spain.
MARPOSS S.A.S., France.
MARPOSS s.r.o., Czech Republic.
MARPOSS Vietnam Co. Ltd., Vietnam.
Metrel S.p.A., Italy.
Millennium Automation Inc., U.S.
Tecna S.r.l., Italy.
Trace S.A.S., France.
etc.
BUSINESS
REGISTRATION NUMBER
32455944
COMPANY
FILE NUMBER
0783558
MANAGEMENT
Managing Director:
Mr. Francesco Fussi
Contact Person:
Ms. Cozy Mok
ISSUED
SHARE CAPITAL
HK$1,570,000.00
SHAREHOLDERS
(As per registry dated 23-01-2018)
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Name |
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No. of shares |
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MG SpA Via dei Metalli, nr. 1, 25039, Travagliato (BS), Italy. |
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1,570,000 ======= |
DIRECTORS
(As per registry dated 26-01-2018)
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Name (Nationality) |
Address |
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Francesco FUSSI |
Sinku Novility, Unit 402, Donggwang-ro, 45-Gil, Seocho,
Seoul, Korea. |
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Marco ZOLI |
5-6-31, Higashigotanda, Shinagawa-ku, Tokyo 141-0022,
Japan. |
SECRETARY
(As per registry dated 23-01-2018)
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Name |
Address |
Co. No. |
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Clyde Services Ltd. |
Suites 5801, 5804-5806, 58/F., Central Plaza, 18
Harbour Road, Wanchai, Hong Kong. |
0182196 |
HISTORY
The subject was incorporated on 23rd January, 2002 as a
private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of
Top Quality Management Ltd., name changed to the present style on 27th March,
2002.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Scientific
Testing Equipment (Industrial precision measure equipment for
dimension/geometric
from Italy).
Employees: 8.
Commodities
Imported: Italy,
Europe, etc.
Markets: China, Japan, South Korea, Taiwan, other
Asian countries, Western Europe, US, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL
INFORMATION
Issued Share Capital: HK$1,570,000.00
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
Having issued 1,570,000 ordinary shares of HK$1.00 each,
MG Asia Limited is a wholly-owned subsidiary of MG SpA which is an Italy-based
company.
The directors of the subject are Mr. Francesco Fussi and
Mr. Marco Zoli, both are Italy passport holders. They do not have the right to reside in
Hong Kong. Their registered
addresses are in Seoul of South Korea and Tokyo of Japan respectively.
The subject is trading in the following commodities:
Scientific Testing Equipment (Industrial precision measure
equipment for dimension/geometric from Italy), etc.
Commodities are marketed in Hong Kong, China and exported
to Japan, South Korea, Taiwan, the other Asian countries, Western Europe, the
United States, etc. Business is
active. The contact person of the
subject Ms. Cozy Mok is a Hong Kong employee.
The subject and MG SpA of Italy belongs to MARPOSS S.p.A.
of Italy.
Today the whole group has about 3,150 direct employees.
1,150 work at the Italian headquarters and the other Italian premises, 650 in
the rest of Europe, 350 in America and 1,000 in Asia.
MG SpA, established in 1954 near Brescia, Italy, is
specialized in attribute gauges (go - no go), mechanical measuring systems,
leak testing and functional inspection machines, etc. It became part of the MARPOSS group in June
2000. At the time, MARPOSS was already a
market leader in the field of variable gauges all over the world, but was
almost absent in the sector of attribute gauges. On the other hand, MG SpA was a leader of
attribute gauges in the Italian market.
Joining MARPOSS, MG SpA could expand its market to a worldwide dimension
and MARPOSS, adding MG SpA products, could benefit from a significant product
range enlargement.
The subject is fully supported by MG SpA and ultimately
by MARPOSS Group. History in Hong Kong
is over 16 years and two months.
On the whole, consider it good for normal credit
requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.06 |
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1 |
INR 91.06 |
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Euro |
1 |
INR 80.37 |
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HKD |
1 |
INR 8.28 |
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
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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.