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Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
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Name : |
EAST
ASIA LTD. |
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Registered Office : |
Room 1505, 15/F., Hollywood Centre, 233 Hollywood Road, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.10.2003 |
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Com. Reg. No.: |
34137831 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
subject is a buying office and offers clients with all kinds of logistic services. It is trading in the following products:- · All kinds of Footwear; Building Material —
Stone/Marble/Granite/Artificial Stone; Ceramics; Fresh Food; Frozen Food; Furniture; Toy Bouncing Ball; & Toys, Others (Plastic Toy Animal). |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 levies excise duties on only four
commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl
alcohol. There are no quotas or dumping laws. 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 9.1% of
total system deposits in Hong Kong by the end of 2012, an increase of 59% from
the previous 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 34.9 million in 2012,
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 2012 mainland Chinese companies constituted about 46.6% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit
expansion and tight housing supply conditions caused Hong Kong property prices
to rise rapidly and inflation to rise 4.1% in 2012. 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 |
EAST ASIA LTD.
Room 1505, 15/F., Hollywood Centre, 233 Hollywood Road, Sheung Wan, Hong Kong.
PHONE: 852-2850 8985
FAX: 852-2850 8185
E-MAIL: sales@eastasisltd.com
Managing Director: Mr. Rene Contreras Escobar
Incorporated on: 31st October, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1505, 15/F., Hollywood Centre, 233 Hollywood Road, Sheung Wan, Hong Kong.
China Office:-
Room 704, No. 35B Shuitou Dongnan Shao Zone, Xiamen Special Economic Zone, China.
[Tel.: (852)2850-8985, Fax: (852)2850-8185]
Latin America Office:-
Sr Carlos Osvaldo Wulff Cordoba, Argentina.
[Tel. local: (0351)156519128, Tel. Intl.: (54)(9351)6519128
E-Mail: osvaldowulff@arnet.com.ar ]
Associated
Companies:-
Ali G Photography, Not registered in Hong Kong.
Ali G Studios, Hong Kong.
Fidani International Ltd., Hong Kong.
Henson (Far East) Ltd., Hong Kong. [Dissolved]
34137831
0868406
Managing Director: Mr. Rene Contreras Escobar
Contact Person: Mr. Ali Ghorbani
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 31-10-2012)
|
Name |
|
No.
of shares |
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Rene
CONTRERAS ESCOBAR |
|
5,000 |
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Ali GHORBANI-VARZIDEH |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 31-10-2011)
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Name (Nationality) |
Address |
|
Rene CONTRERAS ESCOBAR |
Apartment 26 C & D, Cliffview
Mansions, 21-23 Conduit Road, Hong Kong. |
|
Ali
GHORBANI-VARZIDEH |
Flat A, 9/F., Tower 125, 11 Po Yan Street,
Sheung Wan, Hong Kong. |
(As per registry
dated 31-10-2012)
|
Name |
Address |
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NG
Yuk Shun, Julie |
Apartment 26 C & D, Cliffview Mansions, 21-23 Conduit Road, Hong
Kong. |
The subject was incorporated on 31st October, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Toys, frozen food, building materials.
Employees: 4.
Commodities Imported: China, Europe, other Asian countries, etc.
Markets: Asian countries, Europe, North America, Central & South America, Middle East,
Australia, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, East Asia Ltd. is equally owned by Mr. Rene Contreras Escobar and Mr. Rene Contreras Escobar. Being Hong Kong ID Card holders, they have got the right to reside in Hong Kong permanently. The two shareholders are also directors of the subject.
The subject had an associated company Henson (Far East) Ltd., also a Hong Kong-registered firm, located at its operating address. However, this firm has been dissolved since 9th April, 2009.
The subject is a buying office and offers clients with all kinds of logistic services.
It is trading in the
following products:-
· All kinds of Footwear;
Building Material — Stone/Marble/Granite/Artificial Stone;
Ceramics;
Fresh Food;
Frozen Food;
Furniture;
Toy Bouncing Ball; &
Toys, Others (Plastic Toy Animal).
It seems that the subject’s core business is a marble, ceramics and footwear trader. Its products have been exported to worldwide countries. According to the subject, it has been awarded the following contracts:-
· Supplying 17,000 sq.m. of granite for the construction of the new airport of Armenia;
Supplying 20,000 sq.m. of granite for the construction of the
new airport of Uruguay; &
Supplying 7,000 sq.m. of granite for the construction of the new
airport of Argentina.
The subject also offers clients with “Quality Control and Inspection” services. It is also experienced in sourcing commodities from China. Recently, it has expanded its business which includes OEM/ODM services and consulting.
According to the
subject, the following firms are the main clients:-
· Federico Garcia, Alicante, Spain;
Juliana Lalande, Qualyprint, Brazil;
Osvaldo Wulff of Aceros S.A, Argentina; &
Samy Cuzmar, Kantu Ceramics, Charleston, the United States.
In order to penetrate the international market further, the subject has set up offices in Xiamen Special Economic Zone of China and Cordoba, Argentina. The Xiamen Office is a buying office as most of its commodities are sourced from China. The Argentina Office is a commodity distributor.
To our knowledge, Ali Ghorbani-Varzideh is a photographer. He is a photo‑taking fever. He set up his own company Fidani International Ltd. [Fidani] which is a Hong Kong-registered company located at the address of his residence. Ali Ghorbani-Varzideh can be reached at his mobile phone number 852-6110 0569. Fidani is trading in plastic toys, infant toys, games.
Concerning photo-taking, Ali Ghorbani-Varzideh has set up a firm known as Ali G Photography which is not registered in Hong Kong.
Ali Ghorbani-Varzideh is a rather famous photographer in Hong Kong.
As the history of the subject in Hong Kong is over nine years, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
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16-11-2010 |
Instrument: Security
Over Deposits with the Bank Property: Initially HK$500,000.00
or equivalent and all monies whether now or hereafter standing to the credit
of the Company’s deposit with the Bank under deposit No. 015-781784 and
whatever currency it may subsequently be denominated in, any renewal of such
deposit and the interest thereon together with any further moneys in any
deposit account with the Bank at any of its offices Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
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24-11-2011 |
Instrument: Charge
Over Deposits - CD 1 Property: 1) By Fixed Charge: all the
Company’s right in respect (i) The
sum deposited by the Company or for its benefit in the account or as
evidenced by deposit instrument or other evidence of indebtedness specified in
the schedule below, including renewals of such sums; and (ii) All
other sums in any currency from time to time standing to the credit of the
Company or the credit of any other person for the Company’s benefit, on any
account in the Company’s sole or joint names maintained with the Bank or any
SCB Group Company including renewals of such sums 2) By Assignment: all
Deposits held with any SCB Group Company Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of all moneys, obligations and
liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.64 |
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UK Pound |
1 |
Rs.90.14 |
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Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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NB |
New Business |
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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.