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Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA
DYNASTY TRADING LTD. |
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Registered Office : |
c/o Team Victoria Ltd. Room D, 3/F., Thomson Commercial Building, 8-10 Thomson Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.07.2009 |
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Com. Reg. No.: |
50903844 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler
of all kinds of luggage |
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No. of Employees : |
no employees in Hong Kong (It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence
address only. Subject operates from some other country and does not have a
base in Hong Kong. Such companies are registered in Hong Kong just to tax
benefit purpose and due to the strict privacy laws prevailing in the country.
In such cases, the companies are not required to have any employees in Hong
Kong nor do have an office there.) |
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 : |
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 – 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 |
CHINA DYNASTY TRADING LTD.
c/o Team Victoria Ltd.
Room D, 3/F., Thomson Commercial Building, 8-10 Thomson Road, Wanchai, Hong Kong.
PHONE: 852-2528 6776
Managing Director: Dipak Goyal
Incorporated on: 7th July, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$7,800,000.00
Issued: HK$7,800,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Bank of Baroda, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Team Victoria Ltd.
Room D, 3/F., Thomson Commercial Building, 8-10 Thomson Road, Wanchai, Hong Kong.
China Office:-
Room 1511, Glittery
City, Shennanzhong Road, Futian District, 518033 Shenzhen Special Economic
Zone, China.
[Tel: 86-755-8389
1010, Fax: 86-755-8389 3811
E-mail: infocdtl@gmail.com ]
50903844
1351164
Managing Director: Dipak Goyal
Nominal Share Capital: HK$7,800,000.00 (Divided into 7,800,000 shares of HK$1.00 each)
Issued Share Capital: HK$7,800,000.00
(As per registry
dated 07-07-2012)
|
Name |
|
No.
of shares |
|
Ram Kishan
AGARWAL |
|
6,240,000 |
|
Dipak GOYAL |
|
1,560,000 |
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|
|
–––––––– |
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Total: |
7,800,000 ======= |
(As per registry
dated 07-07-2012)
|
Name (Nationality) |
Address |
|
Dipak GOYAL |
16 Arihant Nagar, West Punjabi
Bagh, New Delhi 110026, India. |
|
Ram Kishan
AGARWAL |
429 Marwari Mohalla, Near
UcoBank, Begusarai, India. |
(As per registry
dated 07-07-2012)
|
Name |
Address |
Co.
No. |
|
Team Victoria Ltd. |
Room D, 3/F., Thomson Commercial Building, 8-10 Thomson
Road, Wanchai, Hong Kong. |
0712532 |
The subject was incorporated on 7th July, 2009 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: All kinds of luggage.
Brand Names: MARK & POLO, FLY LITE.
Employees: Nil.
Commodities Imported: China.
Markets: India, Nepal, other Asian countries, Africa, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$7,800,000.00 (Divided into 7,800,000 shares of HK$1.00 each)
Issued Share Capital: HK$7,800,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Unknown
Commercial Morality: Satisfactory.
Banker: Bank of Baroda, Hong Kong Branch.
Standing: Small.
Having issued 7,800,000 ordinary shares of HK$1.00 each, China Dynasty Trading Ltd. is jointly owned by Mr. Ram Kishan Agarwal, holding 80% interests; and Mr. Dipak Goyal, holding 20%. Both of whom are Indian. The former is an India passport holder and does not have the right to reside in Hong Kong permanently. The latter is a Hong Kong ID Card holder. He is also the managing director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room D, 3/F., Thomson Commercial Building, 8-10 Thomson Road, Wanchai, Hong Kong” known as “Team Victoria Ltd.” which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It has had an office in Shenzhen Special Economic Zone, China bearing the same name [CDTL]. The subject and CDTL are engaged in the same lines of business.
Most of the time, Dipak Goyal is in Shenzhen SEZ handling the business CDTL.
CDTL is professional in all kinds of luggage in China. Its main markets include the Middle and Eastern African countries.
CDTL has a strong business team with professional designers and strict Quality Control [QC], with manufacturing bases in different cities of Zhejiang and Guangdong Province.
CDTL has its own brands MARK & POLO and FLY LITE. It has built up its sales network in India, Nepal and the other South Asian countries, Africa, etc. The products in these brands are well received by foreign customers and have developed a rather good reputation.
It is also likely that the China firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The China firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over two years.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis for the time being.
|
Date |
Particulars |
Amount |
|
24-05-2010 |
Instrument: Memorandum Property: Distinctive 91220300001186 04-08-2009 US$100,000.00 05-05-2011 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
05-12-2011 |
Instrument: Memorandum Property: Distinctive 91220300001181 05-05-2011 US$101,061.67 04-05-2012 91220300001186 09-05-2011 US$101,142.56 08-05-2012 91220300001229 08-07-2011 US$ 50,586.44 07-07-2012 91220300001579 14-09-2011 US$ 50,000.00 12-09-2012 91220300001583 27-09-2011 US$100,000.00 25-09-2012 91220300001588 10-10-2011 US$ 10,000.00 09-10-2012 91220300001589 14-10-2011 US$ 75,000.00 13-10-2012 91220300001605 23-11-2011 US$ 15,000.00 12-11-2012 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.87 |
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UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.74.52 |
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 |
---- |
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.