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Report Date : |
04.01.2013. |
IDENTIFICATION DETAILS
|
Name : |
RICH FORTUNE INT'L INDUSTRIAL LTD. |
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Registered Office : |
C/o Orion House Secretarial Ltd. Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.02.2005 |
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Com. Reg. No.: |
35365207 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter & Wholesaler of Textiles, garments, arts & crafts, foodstuffs, metals, chemicals, electronic & electric products, steel, wool, plastics, chemical fibre, iron ore powder, machinery equipment, automobiles and auto-parts, etc. |
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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
RICH FORTUNE
INT'L INDUSTRIAL LTD.
Address: c/o
Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre,
Harbour City, 7-11 Canton Road,
Tsimshatsui, Kowloon, Hong Kong.
(Formerly located at:
Room 107, Chevalier House,
45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.)
PHONE: 2736 7372
FAX: 2736 8895
Managing Director: Mr. Zhou Ju Le
Incorporated on: 23rd
February, 2005.
Organization: Private
Limited Company.
Capital: Nominal: HK$8,593,750.00
Issued: HK$8,593,750.00
Business Category: Importer, Exporter & Wholesaler.
Employees: Nil.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre, Harbour City, 7‑11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
China-Base Ningbo Foreign Trade Co. Ltd., China.
Associated Companies:-
China-Base Plaza Management Co. Ltd., China.
Ningbo China Honkee Import & Export Co. Ltd., China.
Ningbo China-Base Automobile Sales & Service Co. Ltd., China.
Ningbo China-Base Dongfeng-Honda Automobile Sales & Service Co.
Ltd., China.
Ningbo China-Base Hongda Industry & Trade Co. Ltd., China.
Ningbo China-Base Import & Export Co. Ltd., China.
Ningbo China-Base International Tendering Co. Ltd., China.
Ningbo China-Base Kaifeng Automobile Sales & Service Co. Ltd.,
China.
Ningbo China-Base Landhau Foreign Trade Co. Ltd., China.
Ningbo China-Base Property Management Co. Ltd., China.
Ningbo China-Base Yahua Toyota Automobile Sales & Service Co. Ltd.,
China.
Ningbo China-Base Yongyao Automobile Sales & Service Co. Ltd.,
China.
Ningbo China-Base Automobile Accessories Co. Ltd., China.
Ningbo East China Import Commodities Market Development Co. Ltd., China.
Ningbo Honda Automobile Sales & Service Co. Ltd., China.
Ningbo Youngor Holding Co. Ltd., China.
Ningbo Youngor International Trade & Transportation Co. Ltd., China.
35365207
0952799
Managing Director: Mr. Zhou Ju Le
Nominal Share Capital: HK$8,593,750.00 (Divided into 8,593,750 shares of
HK$1.00 each)
Issued Share Capital: HK$8,593,750.00
(As per registry dated 23-02-2012)
|
Name |
|
No. of shares |
|
China-Base Ningbo Foreign Trade Co. Ltd. No.1 Ya Ge Er Da Dao, Ningbo, China. |
|
8,593,750 ======= |
(As per registry dated 23-02-2012)
|
Name (Nationality) |
Address |
|
YU Yan Ping |
Room 503, No. 14, Lane 68, Xi He Street, Haishu District, Ningbo,
Zhejiang, China. |
|
ZHOU Ju Le |
Room 401, No. 40, Hu Tong Lane, Haishu District, Ningbo, Zhejiang,
China. |
|
SHI Liang |
Room 602, No. 46, Lane 39, Hua Tai Street, Jiangdong District, Ningbo,
Zhejiang, China. |
(As per registry dated 23-02-2012)
|
Name |
Address |
Co. No. |
|
Orion House Secretarial Ltd. |
Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong. |
1296458 |
The subject was incorporated on 23rd February, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Room 107,
Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon,
Hong Kong, moved to the present address in early 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter & Wholesaler.
Lines: Textiles,
garments, arts & crafts, foodstuffs, metals, chemicals, electronic & electric
products, steel, wool, plastics, chemical fibre, iron ore powder, machinery
equipment, automobiles and auto-parts, etc.
Employees: Nil.
Commodities Imported: Europe, other Asian countries, US, etc.
Markets: China,
other Asian countries, US, Europe, Australia, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$8,593,750.00 (Divided into 8,593,750 shares
of HK$1.00 each)
Issued Share Capital: HK$8,593,750.00
Indebtedness: US$20,810,800 (Total amount
outstanding on all mortgages and charges as per last Annual Return dated
23-02-2012)
Mortgage or Charge: (See
attacment)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Is
making use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:
DBS Bank (Hong Kong) Ltd., Hong Kong.
Industrial & Commercial Bank of China (Asia)
Ltd., Hong Kong.
Standing:
Small.
Rich Fortune Int’l Industrial Ltd. is a wholly-owned subsidiary of
China-Base Ningbo Foreign Trade Co. Ltd. [CBNFT] which is in Ningbo City,
Zhejiang Province, China.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 1401, 14/F., World Commerce Centre, Harbour City,
7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong known as Orion House Secretarial
Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject.
Formerly the subject was located at Room 107, Chevalier House, 45‑51 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong where was the operating office of
Youngor (HK) Co. Ltd. This firm was as
associated company of the subject.
The subject has no employees in Hong Kong. It is trading in the same commodities as
CBNFT. CBNFT is exporting textiles,
garments, light industrial products, arts & crafts, foodstuffs, metals,
machinery & equipment, chemicals, electronic & electric products,
etc. It is importing iron & steel,
wool, plastics, chemicals, chemical fibres, iron ore powder, machinery &
equipment, automobiles and auto-parts, etc.
CBNFT is an offshoot of China Export Base Development Ningbo Corporation
which was established in 1985. It is a
new type enterprise with a registered capital of RMB120 million Yuan. CBNFT has been ranked in the Top 500 I/E
Enterprises in China since 1993.
CBNFT owns 22 subsidiaries, one wool-knitting garment factory, one
forwarding agency, one labour exporting company, two automobile sales and
service companies, and 8 import and export departments.
CBNFT owns 36,000 sq.m. of office area and factory area, over 1,000
sq.m. of automobile exhibition hall, and over 3,000 sq.m. of automobile
repairing factory.
According to CBNFT, it has developed business ties with 112 countries
and regions of the world.
In 2010, the total import and export value of CBNFT was US$2,196
million, an increase of 49.9% over 2009 which was just US$1,465 million.
In 2011, the total import and export value was US$2,634 million, an
increase of 19.9% over 2010.
The subject is fully supported by CBNFT.
The director of the subject and CBNFT is also Mr. Zhou Ju Le.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements in very small
credit amounts or on L/C basis.
|
Date |
Particulars |
Amount |
|
08-06-2010 |
Instrument: Security Over Deposit in respect of
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account
no. 861530036259 Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All monies and liabilities |
|
29-09-2010 |
Instrument: Charge on Cash Deposit to secure
liabilities of the Depositor Property: 1. By way of first
fixed charge and agreement to charge: 2. By way of set-off: Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities |
|
18-10-2010 |
Instrument: Bank Deposit Pledge Contract Property: 1. All the deposits or any
future deposits which are deposited or to be deposited in DBS Bank (China)
Ltd., Shanghai Branch hereby charges to the Bank for continuing pledge
guarantee under the Credibility Letter duly signed by the Company issued on
24th September, 2010 by the Bank (Bank Reference Number:
157309-215991/CTF/HBC), including the subsequent supplements and amendments. 2. The range of
hypothecation including the principal, interest, penalty interest,
compensation for breach of contract, damage penalty, costs, expenses, and any
related litigation costs, attorney fees, and other payments. Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All monies and liabilities |
|
18-10-2010 |
Instrument: Special Account Pledge Agreement Property: All monies due or to be due by the Pledgor to the Bank including the
principal, interest, penalty interest, compensation for breach of contract,
damage penalty, costs, expenses, and any related litigation costs, property
preservation fees, attorney fees, enforcement fees, etc under the Credibility
Letter which was duly signed by the Company and was issued on
24th September, 2010 by the Bank (Bank Reference Number:
157309-215991/CTF/HBC), including the subsequent supplements and amendments,
changes, alternatives and specific trading, trading certificates or trading
approval letters. A Special Account
was opened or pre-opened with DBS Bank (China) Ltd., Shanghai Branch on the
duly issued date of this agreement. Special Account No. NRA011010260028 with a total balance of
RMB23,410,000 Yuan as at the date of this agreement. Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All monies and liabilities |
|
07-03-2011 |
Instrument: Trade Finance Security Assignment Property: (a) assigns and agrees to assign
absolutely to the Bank all the present and future rights, title, interests
and benefits of the Borrower in and to the following assets: (i) the Export
Credits; (ii) the Export Collection Bills; (iii) the Sales Contracts; (iv)
the Export Invoice Receivables; (v) the Insurances; (vi) the Trade Documents;
and (vii) all claims, remedies and proceeds in connection with any of
the foregoing; (b) charges and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights, title, interests and benefits of the Borrower in and to the following
assets: (i) the Goods together with their proceeds; (ii) the Pledged Goods;
(iii) the Deposit; and (iv) to the extent any Security Assets is not
effectively assigned under Security Asset; and (c) pledges and agrees to
pledge to the Bank the Pledged Goods and the Trade Documents which are now or
may in the future be in the possession of the Bank. Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.42 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
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.