MIRA INFORM REPORT

 

 

Report Date :

20.02.2013

 

IDENTIFICATION DETAILS

 

Name :

FULL  RICH  MARINE  PRODUCTS  LTD.

 

 

Registered Office :

C/o J L Secretarial Services Ltd.

Room 502, 5/F., Finance Building, 256 Des Voeux Road Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

27.04.2007.

 

 

Com. Reg. No.:

37896181

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The subject was an aquatic product trader

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Dissolved

Payment Behaviour :

--

Litigation :

--

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 and address

 

FULL  RICH  MARINE  PRODUCTS  LTD.

 

 

ADDRESS

 

Registered Office:-

c/o J L Secretarial Services Ltd.

Room 502, 5/F., Finance Building, 256 Des Voeux Road Central, Hong Kong.

[Tel: 2544 2921;  Fax: 2544 1450]

 

Affiliated Company:-

Ocean Treasure Trading Ltd., Hong Kong.  [Dissolved]

 

 

BUSINESS REGISTRATION NUMBER

 

 37896181

 

 

COMPANY FILE NUMBER

 

1127854

 

 

DATE OF INCORPORATION

 

27th April, 2007.

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$10,000.00

 

 

SHAREHOLDERS

(As per registry dated 27-04-2011)

 

Name

 

No. of shares

HE Wen Jin

 

8,000

LAN Yu Qi

 

2,000

 

 

––––––

 

Total:

10,000

=====

 

 

DIRECTORS

(As per registry dated 27-04-2011)

 

Name

(Nationality)

 

Address

HE Wen Jin

Room 402, No. 10 Main House, 506 Zhongshan Main Road East, Guangzhou City, Guangdong Province, China.

 

LIN Meng Shu

Room 1601, Building T25, Meilin Hupan Garden, 306 Taoyuan Middle Road, Tianhe, Guangzhou 510660, Guangdong Province, China.

 

 

SECRETARY

(As per registry dated 27-04-2011)

 

Name

Address

Co. No.

J L Secretarial Services Ltd.

Room 502, 5/F., Finance Building, 256 Des Voeux Road Central, Hong Kong.

0245706

 

 

GENERAL

 

Full Rich Marine Products Ltd. was incorporated on 27th April, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.  However, it was dissolved by deregistration on 31st August, 2012.

The subject did not have its own operating office.  Its registered office was in a secretarial firm located at Room 502, 5/F., Finance Building, 256 Des Voeux Road Central, Hong Kong known as J L Secretarial Services Ltd. [JLSS] which had handled its correspondences and documents.  JLSS was also the corporate secretary of the subject.

The subject had no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject had issued 10,000 ordinary shares of HK$1.00 each of which 80% were owned by Mr. He Wen Jin while 20% were owned by Mr. Lan Yu Qi.  Being China passport holders and China merchants, both of them resided in Guangzhou City, Guangdong Province, China when the subject was operating.

The directors of the subject were Mr. He Wen Jin and Ms. Lin Meng Shu.  Lin is a China businesswoman.

The subject was an aquatic product trader.  Most of the aquatic products are imported from India, Southeast Asia, South America, etc.  Prime market is China.  Main customers were restaurants, hotels and supermarkets in Guangzhou City, Guangdong Province, China.

Formerly, Mr. Lan Yu Qi was a shareholder of Ocean Treasure Trading Ltd. [Ocean Treasure] which was incorporated on 23rd August, 2002 in Hong Kong.  Also trading in aquatic products, Ocean Treasure was 10% owned by Lan.  However, this firm was dissolved on 19th January, 2007 by deregistration.

The subject has got an associated company in Guangzhou City, Guangdong Province, China which is also operated by He and Lan.  The China firm is also a marine product trader.  Your given phone and fax number 86‑20‑3206 1912 and 86-20-3206 1930 respectively belong the Guangzhou firm which bears the same name of the subject.

The China firm dealt 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 was not active.  It was dissolved formally by deregistration on 31st August, 2012.

Since the subject has been dissolved by deregistration, on the whole, consider it not suitable for any business engagements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

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%)

 

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.