MIRA INFORM REPORT

 

 

Report Date :

05.12.2012

 

IDENTIFICATION DETAILS

 

Name :

WELL DONE GROUP LTD.

 

 

Registered Office :

c/o RYA Management Ltd., Rooms 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

22.03.2011

 

 

Reg. No.:

54049814

 

 

Legal Form :

Offshore Company

 

 

Line of Business :

Not Available

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Offshore Company

 

 

Payment Behaviour :

Unknown

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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 re-exports, is about four times GDP. 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, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

 

Source : CIA

 

 

Company Name

 

WELL DONE GROUP LTD.

 

 

ADDRESS

 

Registered Office:  In Republic of Seychelles.

 

Registered Address in Hong Kong:-

c/o RYA Management Ltd.

Rooms 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

54049814 (In Hong Kong)

 

 

DATE OF INCORPORATION

 

22nd March, 2011.  (In Republic of Seychelles)

 

 

DATE OF REGISTRATION

 

7th July, 2011.  (In Hong Kong)

 

 

GENERAL

 

Well Done Group Ltd. [WDGL] is an offshore company incorporated in Republic of Sychelles on 22nd March, 2011 under the Seychelles International Business Companies Act.

 

Seychelles Islands are located in the Indian Ocean, between the east coast of Africa and India.  This independent Republic is one of the progressive offshore centers in the world with competitive legislation, which makes incorporation relatively simple, whilst ensuring Investor confidence and privacy.

 

WDGL was also registered in Hong Kong on 7th July, 2011 as a Representative Office under the Hong Kong Business Registration Regulations.

 

RYA Management Ltd. [RYA] is registered as the Representative of WDGL in Hong Kong. 

 

The details of RYA are as follow:-

Name:               RYA

Address:           Rooms 1318-20., 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.

Phone Number: 2781 0282

Fax Number:     2781 0816

Email:               info@rccpa.com.hk

 

Nature of Business:        Company Secretarial Services.

The name of WDGL is not listed in any available telephone and commercial directories and also is unknown to other sources consulted.

 

No legal actions were traced against the subject during the course of this investigation.

 

WDGL was registered in Hong Kong only as a Representative Office for its parent company in Republic of Seychelles.  In Hong Kong, a Representative Office cannot engage in profit making activities and is not treated as a legal entity.  It cannot sign or enter into any contracts, sign deals on behalf of the company, raise invoices or letters of credit nor engage in trading activities.  The Representative Office has to restrict itself to promotion and liaison activities, undertaking market research and coordinating activities on behalf of the parent company.

 

Since a Representative Office has no legal standing, the parent company bears implicit liability for its activities.  A Representative Office usually has foreign managerial personnel and locally appointed support staff.  There are no registration requirements with the Companies Registry, no minimum capital requirements and no compliances like filing tax returns nor maintaining accounts etc.  The only requirement is to register with the Inland Revenue Department and obtain a Business Registration Certificate.

 

Foreign companies that wish to gain market insight, exposure and a better understanding of the Hong Kong business environment before setting up a full-fledged office can opt for establishing a Representative Office first.

Under such circumstances, any business dealing with WDGL in Hong Kong is considered not advisable.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.94

UK Pound

1

Rs.88.42

Euro

1

Rs.71.71

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

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