MIRA INFORM REPORT

Report No. :	507352
Report Date :	10.05.2018

IDENTIFICATION DETAILS

Name :	GALVANIN (ASIA) ENGINEERING COMPANY LIMITED
Registered Office :	Flat A, 8/F., Reason Group Tower, 403 Castle Peak Road, Kwai Chung, New Territories
Country :	Hong Kong
Date of Incorporation :	29.12.2014
Com. Reg. No.:	64231899
Legal Form :	Private Limited Company
Line of Business :	Trader of All Kinds of Dyeing and Printing Machinery & Equipment.
No. of Employees :	5

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	No Complaints
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Hong Kong	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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.

Source : CIA

Company name & address

GALVANIN (ASIA) ENGINEERING COMPANY LIMITED

ADDRESS: Flat A, 8/F., Reason Group Tower, 403 Castle Peak Road, Kwai Chung, New Territories, Hong Kong.

PHONE: 852-3589 6900

FAX: 852-3791 2283

MANAGEMENT

Managing Director: Mr. Ng Yan Sang

SUMMARY

Incorporated on: 29th December, 2014.

Organization: Private Limited Company.

Issued Share Capital: HK$5,990,001.00

Business Category: Dyeing and Printing Machinery & Equipment Trader.

Employees: 5.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

Name

GALVANIN (ASIA) ENGINEERING COMPANY LIMITED

ADDRESS

Registered Head Office:-

Flat A, 8/F., Reason Group Tower, 403 Castle Peak Road, Kwai Chung, New Territories, Hong Kong.

Subsidiary Company:-

Galvanin Technology (Zhongshan) Co. Ltd.

36 Technology West Road, Torch Development Zone, 528437 Zhongshan City, Guangdong Province, China.

Associated Company:-

Galvanin S.p.A., Italy.

BUSINESS REGISTRATION NUMBER

64231899

COMPANY FILE NUMBER

2185209

MANAGEMENT

Managing Director: Mr. Ng Yan Sang

ISSUED SHARE CAPITAL

HK$5,990,001.00 (600 fully paid ordinary shares)

SHAREHOLDERS

(As per registry dated 29-12-2017)

Name		No. of shares
WAN Tin Fai		1
NG Yan Sang		180
Marcello GALVANIN		180
Rich Step Global Investment Ltd. Sea Meadow House, Blackburne Highway (P.O. Box 116), Road Town, Tortola, British Virgin Islands.		179
CHAN Wah Hon		60
		––––
	Total:	600 ===

DIRECTORS

(As per registry dated 29-12-2017)

Name (Nationality)	Address
NG Yan Sang	Flat 5B, 17 Broadcast Drive, Kowloon, Hong Kong.
Marcello GALVANIN	720 Lakeside Villa 1, 5.5KM Bangnatrad Road, Bangkaew, Bangplee, Samutprakarn 10500, Thailand.
CHAN Wah Hon	Flat B, 6/F., Block 12, Hong Kon Garden, Tsuen Wan, Hong Kong.
WAN Tin Fai	Flat D, 8/F., Block 114, Broadway Street, Mei Foo Sun Chuen, Lai Chi Kok, Kowloon, Hong Kong.
Rich Step Global Investment Ltd.	Sea Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

SECRETARY

(As per registry dated 29-12-2017)

Name	Address	Co. No.
Cheerful Accounting & Secretarial Company Ltd.	Unit C, 6/F., Kee Shing Centre, 74-76 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.	0826172

HISTORY

The subject was incorporated on 29th December, 2014 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject changed its Chinese name on 12th January, 2015.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Dyeing and Printing Machinery & Equipment Trader.

Lines: All kinds of dyeing and printing machinery & equipment.

Employees: 5.

Commodities Imported: China, etc.

Markets: Asian countries, Italy, other European countries, etc.

Terms/Sales: As per contracted.

Terms/Buying: Various terms.

FINANCIAL INFORMATION

Issued Share Capital: HK$5,990,001.00 (600 fully paid ordinary shares)

Profit or Loss: Made a small profit in 2017.

Condition: Keeping in a normal state.

Facilities: Adequate for current running.

Payment: No Complaints.

Commercial Morality: Satisfactory.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Normal.

GENERAL

Galvanin (Asia) Engineering Company Limited is jointly owned by a BVI‑registered company and four merchants.

The subject is trading in the following textile machinery & equipment:

Packaging Dyeing Automation

Fabric Dyeing Automation

Loose Fibre Dyeing Automation

Tow Dyeing Automation

Hank Dyeing Automation

The subject has had a wholly-owned subsidiary in Zhongshan City, Guangdong Province, China known as Galvanin Technology (Zhongshan) Co. Ltd. [Zhongshan Galvanin].

Zhongshan Galvanin was incorporated on 29th December, 2015. Its registered capital was HK$10 million. The legal representative is Mr. Ng Yan Sang.

Its products are marketed in China, exported to the other Asian countries, Europe, etc.

Besides, the subject has had an associated company in Italy known as Galvanin S.p.A. [Galvanin]. Galvanin is a dyeing machinery and equipment manufacturer and trader.

Galvanin offers a wide range of products for textile dye house. With continuous research and development, it delivers state of the art technology to maximize its customer’s performance.

One of the directors of the subject Mr. Marcello Galvanin is the president of Galvanin.

The history of the subject in Hong Kong is just over three years and four months.

On the whole, consider it good for normal business engagements in small credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.38
UK Pound	1	INR 91.09
Euro	1	INR 79.75
HKD	1	INR 8.57

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.