MIRA INFORM REPORT

 

 

Report Date :

28.01.2013

 

IDENTIFICATION DETAILS

 

Name :

WANG'S ENTERPRISE (HONG KONG) LTD

 

 

Registered Office :

c/o Wonder Gold Consultants Ltd., Room 1903-1906, 19/F., Hing Yip Commercial Centre, 272-284 Des Voeux Road Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

27.09.2002

 

 

Com. Reg. No.:

33010830

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Not Available

 

 

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

 

Status :

No Operating office in Hong Kong

 

 

Payment Behaviour :

Unknown

 

 

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

(31.03.2012)

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

 

WANG'S ENTERPRISE (HONG KONG) LTD

 

 

ADDRESS

 

Registered Office:-

c/o Wonder Gold Consultants Ltd.

Room 1903-1906, 19/F., Hing Yip Commercial Centre, 272-284 Des Voeux Road Central, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

33010830

 

 

COMPANY FILE NUMBER

 

0815843

 

 

DATE OF INCORPORATION 

 

27th September, 2002.

 

 

CAPITAL

 

Nominal Share Capital: HK$30,000,000.00 (Divided into 30,000,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$18,000,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 27-09-2012)

Name

 

No. of shares

WANG Guozhang

 

15,000,000

ZHAO Yanyu

 

3,000,000

 

 

–––––––––

 

Total:

18,000,000

========

 

DIRECTORS

 

(As per registry dated 27-09-2012)

Name

(Nationality)

 

Address

ZHAO Yanyu

Room 2001, Block D, Jia Ning Na You Yi, Plaza, Ren Min Nan Road, Shenzhen, China.

 

WANG Guozhang

Room 2001, Block D, Jia Ning Na You Yi, Plaza, Ren Min Nan Road, Shenzhen, China.

 

 

SECRETARY

 

(As per registry dated 27-09-2012)

Name

Address

Co. No.

Wonder Gold Consultants Ltd.

Room 1903-1906, 19/F., Hing Yip Commercial Centre, 272-284 Des Voeux Road Central, Hong Kong.

0246315

 

 

GENERAL

 

Wang’s Enterprise (Hong Kong) Ltd. was incorporated on 27th September, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.

 

The subject has issued 18 million ordinary shares of HK$1.00 each of which 83.3% are owned by Mr. Wang Guozhang, 16.7% owned by Ms. Zhao Yanyu.  Being China merchants, both are China passport holders and do not have the right to reside in Hong Kong permanently.  They are also directors of the subject.  Currently, they are residing in Shenzhen Special Economic Zone, China.  Wand and Zhao seem to be a couple.

 

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at “Room 1903-1906, 19/F., Hing Yip Commercial Centre, 272-284 Des Voeux Road Central, Hong Kong” known as “Wonder Gold Consultants Ltd.” which is handling its correspondences and documents.  This firm is also the corporate secretary of the subject.

 

The subject has no employee in Hong Kong.

 

The subject’s lines of business are unknown since the secretarial firm knows nothing about its business.

 

The directors of the subject cannot be reached as they are in China.  It is likely that the subject has got an associated company in China which is also operated by the two shareholders.

 

No information of the subject can be obtained from our secondary sources.

 

The subject’s business in Hong Kong is not active.  History in Hong Kong is over ten years.

 

Since the subject does not have its own operating office and has no employee in Hong Kong, consider it good for business engagements on L/C basis.

 

 

MORTGAGE OR CHARGE

 

(Since January 2011)

 

Date

Particulars

Amount

27-12-2010

Instrument:        Facility Agreement

Property:

Any benefit, payment or distribution in relation to the rights of Wang’s Enterprise (Hong Kong) Ltd. which it may have be reason of performance by it of its obligations under the Finance Documents

Mortgagee:        Standard Chartered Bank (China) Ltd., Shenzhen Branch.
Unit 2116, 21/F., Diwang Commercial Centre, Xinxing Square, 5002 Shennan East Road, Shenzhen Special Economic Zone, China.

All amounts

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.85

UK Pound

1

Rs.85.25

Euro

1

Rs.71.72

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.