MIRA INFORM REPORT

 

 

Report Date :           

11.06.2013

 

 

 

 

Tel. No.:

852 23698722

Fax No.:

852 37400159

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

No trace

 

 

Payment Behaviour :

---

 

 

Litigation :

---

 

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)

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 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.

 

Source : CIA

 

 

 

Company name

 

FKL  ASIA  LTD.

 

 

GIVEN ADDRESS

 

Flat D, 26/F., Tower 16, Yee Tsui Court, South Horizon, Ap Lei Chau, Hong Kong

 

GIVEN PHONE NUMBER:          852 23698722

 

 

GENERAL

 

As per Companies Registry, there is no such name registered in their file.  We found that there are two company names registered and headed with “FKL …..” with details as follow:-

 

1/

Name:  FKL Company Limited

Company File Number:  0274679

Date of Incorporation:  30th March, 1990

Company Status:  Private

Active Status:  Live

Registered Office:  Suite ****, **/F., Tower 2, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

 

2/

Name:  FKL Strategic Holdings Limited

Company File Number:  0173215

Date of Incorporation:  8th August, 1986

Company Status:  Private

Active Status:  Live

Registered Office:  Rm *. */F., Valiant Park, 52 Conduit Road, Hong Kong.

 

However, the registered office of this company is not matched with your given address.

 

According to Business Registration Office, the name of the subject is also not found in the database.

 

Our on-site investigator revealed that your given address Flat D, 26/F., Tower 16, Yee Tsui Court, South Horizon, Ap Lei Chau, Hong Kong is a private housing estate.  There are more than 30 towers located at South Horizon.  Nobody can enter into the building without the valid resident card or password.

 

As per The Land Registry, the registered owners of this premise are Rungta Ashok Kumar and Rungta Anshu who bought this property on 28th September, 2006 at the price of HK$3,140,000.  The property was mortgaged to Hang Seng Bank Ltd. on 14th December, 2011 at the amount of HK$4,200,000.00 which is still not yet released.

Your given phone number (852) 2369 8722 was connected to Krsna Group Ltd. [KGL] with details as follow:-

 

Name:  KGL

Address:  Room 1508, 15/F., Tower 16, Empress Plaza, 17‑19 Chatham Road South, Tsim Sha Tsui, Kowloon, Hong Kong.

Phone Number:  (852) 2369 8722;  (852) 3904 2662

Fax Number:  (852) 3904 2664

Nature of Business:  Business Consultant.

 

KGL is a business consultant providing various professional services in Hong Kong.  Services it offered include arrangement of trade finance, incorporation of companies in Hong Kong and offshore jurisdictions, handling all types of banking and commercial documents, tax advisory, accounting and audio arrangements, business development, instant office and various secretarial and associated legal services.  Its staff include professionals having more than 15 years of experience in various fields.

 

A staff from KGL informed us that “FKL Asia Ltd.” is one of its customers.  However, he refused to disclose any further information about the subject.

 

As far as we know, “FKL Asia Ltd.” is an offshore company registered in the British Virgin Islands.  It probably uses KGL’s office address for correspondence purpose only.

 

The name of the subject 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.

 

In view of the lack of information, we have no basis upon which to recommend credit dealings.

 

 

Important Note:

Kindly provide us with additional information such as Correct Name, Address, Contact Details, Name of Contact Person or a copy of the Upper Part of Letterhead within 15 days of receiving this report, a would be sent without any additional cost.

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.