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Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
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Name : |
GRAND
PROMISE ENTERPRISE LTD. |
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Registered Office : |
c/o SBC Corporate Services Ltd. Unit 2103, 21/F., Sino Centre, 582 Nathan Road, Mongkok, Kowloon |
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Country : |
Hong kong |
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Date of Incorporation : |
30.09.2011 |
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Com. Reg. No.: |
59035016 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available |
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No. of Employees : |
no employees in Hong Kong (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.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
TATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
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Source : CIA |
GRAND PROMISE ENTERPRISE LTD.
Registered
Office:-
c/o SBC Corporate Services Ltd.
Unit 2103, 21/F., Sino Centre, 582 Nathan Road, Mongkok, Kowloon, Hong Kong.
(Formerly located
at:-
SBC Corporate Services Ltd.
Unit 2401A, 24/F., Park-In Commercial Centre,
56 Dundas Street, Mongkok, Kowloon, Hong Kong.)
59035016
1668336
30th September, 2011.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 30-09-2013)
|
Name |
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No.
of shares |
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Tan Hui
Siang Bernard |
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8,900 |
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Goh Mei Xuan Michelle |
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1,100 |
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––––– |
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Total: |
10,000 ===== |
(As per registry
dated 30-09-2013)
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Name (Nationality) |
Address |
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Tan Hui Siang
Bernard |
Apartment Block 104A,
Edgefield Plains, #11-45, Singapore 821104. |
(As per registry
dated 30-09-2013)
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Name |
Address |
Co.
No. |
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SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
The subject was incorporated on 30th September, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Unit 2401A, 24/F., Park-In Commercial Centre, 56 Dundas Street, Mongkok, Kowloon, Hong Kong, moved to the present address in July 2013. Both addresses are the operating offices of SBC Corporate Services Ltd.
Apart from these, neither material change nor amendment has been ever traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Grand Promise Enterprise Ltd. is jointly owned by Mr. Tan Hui Siang Bernard, holding 89% interests, and Ms. Goh Mei Xuan Michelle, holding 11%. The former is also the only directors of the subject. He is a Singapore passport holder and does not have the right to reside in Hong Kong permanently. Tan and Goh seem to be a couple. Currently, they are residing in Singapore.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit 2103, 21/F., Sino Centre, 582 Nathan Road, Mongkok, Kowloon, Hong Kong known as SBC Corporate Services Ltd. which is handling its correspondences and documents. SBC Corporate Services Ltd. is also the corporate secretary of the subject. This company has had several offices in Hong Kong.
The subject has no employees in Hong Kong.
The subject’s lines of business are unknown since the secretarial firm knows nothing about its business.
The shareholders of the subject cannot be reached as they are in Singapore. No information of the subject can be obtained from our secondary sources. To our knowledge, Ms. Goh Mei Xuan Michelle is a Singaporean who was born in 1983. Graduated from Nanyang Technological University of Singapore, Gho had worked in a headhunting company in Singapore.
It is likely that the subject has got an associated company in Singapore which is also operated by Tan and Goh.
It is also likely that the Singapore firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over two years and two 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.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
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|
1 |
Rs.102.18 |
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Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
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 |
-- |
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.