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Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
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Name : |
WELL DONE GROUP LTD |
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Registered Office : |
c/o RYA Management Ltd., Rooms 1318-1320, 13/F., Hollywood Plaza, 610
Nathan Road, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.03.2011 |
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Reg. No.: |
54049814 |
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Legal Form : |
Offshore Company |
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Line of Business : |
Not Available |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
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 : |
Offshore Company |
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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) |
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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'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.
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Source : CIA |
WELL DONE GROUP
LTD.
Registered Office: In Republic of
Seychelles.
Registered Address
in Hong Kong:-
c/o RYA Management Ltd.
Rooms 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok,
Kowloon, Hong Kong.
54049814 (In Hong Kong)
DATE OF INCORPORATION
22nd March, 2011. (In Republic of
Seychelles)
7th July, 2011. (In Hong Kong)
Well Done Group Ltd. [WDGL] is an offshore company incorporated in Republic
of Sychelles on 22nd March, 2011 under the Seychelles International Business
Companies Act.
Seychelles Islands are located in the Indian Ocean, between the east
coast of Africa and India. This
independent Republic is one of the progressive offshore centers in the world
with competitive legislation, which makes incorporation relatively simple,
whilst ensuring Investor confidence and privacy.
WDGL was also registered in Hong Kong on 7th July, 2011 as a
Representative Office under the Hong Kong Business Registration Regulations.
RYA Management Ltd. [RYA] is registered as the Representative of WDGL in
Hong Kong.
The details of RYA
are as follow:-
Name: RYA
Address: Rooms 1318-20., 13/F., Hollywood Plaza, 610 Nathan Road,
Mongkok, Kowloon, Hong Kong.
Phone Number: 2781 0282
Fax Number: 2781 0816
Email: info@rccpa.com.hk
Nature of Business: Company Secretarial Services.
The name of WDGL is not listed in any available telephone and commercial
directories and also is unknown to other sources consulted.
No legal actions were traced against the subject during the course of
this investigation.
WDGL was registered in Hong Kong only as a Representative Office for its
parent company in Republic of Seychelles.
In Hong Kong, a Representative Office cannot engage in profit making
activities and is not treated as a legal entity. It cannot sign or enter into any contracts,
sign deals on behalf of the company, raise invoices or letters of credit nor
engage in trading activities. The
Representative Office has to restrict itself to promotion and liaison
activities, undertaking market research and coordinating activities on behalf
of the parent company.
Since a Representative Office has no legal standing, the parent company
bears implicit liability for its activities.
A Representative Office usually has foreign managerial personnel and
locally appointed support staff. There
are no registration requirements with the Companies Registry, no minimum
capital requirements and no compliances like filing tax returns nor maintaining
accounts etc. The only requirement is to
register with the Inland Revenue Department and obtain a Business Registration
Certificate.
Foreign companies that wish to gain market insight, exposure and a
better understanding of the Hong Kong business environment before setting up a
full-fledged office can opt for establishing a Representative Office first.
Under such circumstances, any business dealing with WDGL in Hong Kong is
considered not advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.88.05 |
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Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
|
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 |
|
-- |
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.