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Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
ELITE WORLD ENTERPRISES LTD. |
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Registered Office : |
C/o Sharrow Ltd. Suite 2302-2306, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.05.2010 |
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Com. Reg. No.: |
52504569 |
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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 : |
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 |
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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 – 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
ELITE WORLD
ENTERPRISES LTD.
ADDRESS:
Registered Office:-
c/o Sharrow Ltd.
Suite 2302-2306, 23/F., Great Eagle Centre, 23 Harbour Road,
Wanchai, Hong Kong.
52504569
1460110
25th May, 2010.
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 25-05-2012)
|
Name |
|
No. of shares |
|
Trading Production Ltd., Hong Kong. |
|
10,000 ===== |
(As per registry dated 25-05-2012)
|
Name |
Address |
Co. No. |
|
Trading Production Ltd. |
15/F., Block A, Hillier Commercial Building, 65-67 Bonham Strand East,
Sheung Wan, Hong Kong. |
1281875 |
(As per registry dated 25-05-2012)
|
Name |
Address |
Co. No. |
|
Sharrow Ltd. |
Suite 2302, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai,
Hong Kong. |
0288438 |
Elite World Enterprises Ltd. was incorporated on 25th May, 2010 as a
private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Suite 2302-2306, 23/F., Great Eagle Centre,
23 Harbour Road, Wanchai, Hong Kong” known as “Sharrow Ltd.” which is
handling its correspondences and documents.
This firm is also the corporate secretary of the subject.
Sharrow Ltd. is an associated company of Portcullis Fund Administration
(HK) Ltd. which is also located at the above-mentioned address.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each which are wholly-owned by Trading
Production Ltd. [TPL]. TPL is a Hong
Kong-registered firm.
TPL is located at “15/F., Block A, Hillier Commercial Building, 65‑67 Bonham
Strand East, Sheung Wan, Hong Kong” where is the address of the operating
office of an accounting firm Stephen M. S. Lai CPA Ltd. TPL is just one of the clients of the
accounting firm.
The only director of the subject is also TPL which seems to be a nominee
company.
The subject’s lines of business are unknown since the secretarial firm
knows nothing about its business.
The managing personnel of the subject are unknown.
The subject seems to be a shelf company as its business in Hong Kong is
not active. History in Hong Kong is over
two years.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.