MIRA INFORM REPORT
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Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE GLOBAL (HK) LTD. |
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Registered Office : |
c/o Akin Professionals Ltd., 20/F., |
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Country : |
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Date of Incorporation : |
12.02.2008 |
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Com. Reg. No.: |
38942402 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Porcelain, ceramic products, wood flooring, timber, etc. |
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No. of Employees
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Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
FORTUNE GLOBAL (HK) LTD.
c/o Akin Professionals Ltd.
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
PHONE: 2541 4224
FAX: 2541 4225
Managing Director: Mr. Farhan Moizbhai Mithiborwala
Incorporated on: 12th February, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: HBZ Finance Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Akin Professionals Ltd.
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
Associated Companies:-
Fortune Global Panama S.A., Panama.
Fortune Global Trading (UK) LLP, UK.
Fortune Global Trading S.A., Ecuador.
Fortune Global USA LLC, USA.
38942402
1211054
Managing Director: Mr. Farhan Moizbhai Mithiborwala
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry
dated 12-02-2012)
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Name |
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No. of shares |
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Farhan Moizbhai MITHIBORWALA |
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4,999,996 |
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Zainab Moiz MITHIBORWALA |
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4 |
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–––––––– |
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Total: |
5,000,000 ======= |
(As per registry
dated 12-02-2012)
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Name (Nationality) |
Address |
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Farhan Moizbhai MITHIBORWALA |
Av. C Quito No. 81, B15, Bogota, D.C. Colombia. |
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Ganesh Sundera HEGDE |
Room No. 14, Nav-Nanda Chs, Chhole Village, Thakurli (E), Dombivali Thane-421201, MS, India. |
(As per registry
dated 12-02-2012)
|
Name |
Address |
Co.
No. |
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Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong. |
1273165 |
The subject was incorporated on 12th February, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Flat D, 6/F., Centre Mark II, 305-313 Queen’s Road Central, Hong Kong where is the operating address of a consultant firm known as AM Consultants Ltd. The subject changed its registered address to the present one in January 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Porcelain, ceramic products, wood flooring, timber, etc.
Employees: Nil.
Commodities Imported: Europe, Asian countries, Latin America, etc.
Markets: Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Alternation of Capital:-
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12-02-2008 |
paid up |
HK$ 4.00 |
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16-06-2009 |
paid up |
HK$ 999,996.00 |
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20-09-2011 |
paid up |
HK$ 4,000,000.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 5,000,000.00 ============== |
Increase of Nominal Capital:-
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From |
HK$1,000,000.00 |
to |
HK$5,000,000.00 |
on |
03-03-2010 |
Mortgage or Charge:-
Date of Lien and Set-off Agreement: 29-03-2010
Amount: For securing general credit facility
Property: Deposit No. Amount Maturity Date
DFN0020202 US$130,000.00 28-05-2010
DFN0010089 US$ 30,075.83 29-04-2010
DFN0030329 US$100,811.06 29-06-2010
Mortgagee: HBZ Finance Ltd., Hong Kong.
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: HBZ Finance Ltd., Hong Kong.
Standing: Small.
Fortune Global (HK) Ltd. has issued 5 million ordinary shares of HK$1.00 each which are almost wholly-owned by Mr. Farhan Moizbhai Mithiborwala who is an India passport holder but residing in Bogota, Colombia. Mithiborwala is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at 20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong known as Akin Professionals Ltd. which is handling its correspondences and documents. Akin Professionals Ltd. is also the corporate secretary of the subject.
The subject is a member of the Fortune Global Group.
Fortune Global Group is a group of companies recognized internationally for its products for the building and construction industry. Its brand is famous for porcelain as well as different types of ceramic products and wood flooring in Latin American. The Group also trades in paper products and steel. According to the Group, its products are categorised into the following five sectors:-
· Wood
· Steel
· Textiles
· Scrap Metals
· General Hardware
The Group has plans of setting up various new projects such as:-
· Sawmill in Texas (USA), and other South American countries
· Reforestation of teak in Panama and Colombia
· Production of floor tiles and wall tiles in ceramic and porcelain and sanitary products in South American countries
· Production of hardware and plumbing products
· Production of steel pipes in South American countries
· Production of paper products
· Infrastructure and realty projects in India
Currently the Group is servicing a number of customers in South America and Asia.
Besides the subject, the Group has had associated companies in the United States, Panama, Ecuador, the United Kingdom and India. The subject’s business in Hong Kong is not active.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.93 |
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UK Pound |
1 |
Rs.88.14 |
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Euro |
1 |
Rs.70.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.