|
Report Date : |
20.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEGA FORTUNE (ASIA) LTD. |
|
|
|
|
Registered Office : |
c/o Cheung’s
Management Service Co. Ltd. Flat A, 22/F., Guangdong Investment Tower, 148 Connaught Road Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
30.09.2010 |
|
|
|
|
Com. Reg. No.: |
53082198 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
LINE OF BUSINESS : |
THE
SUBJECT TRADED IN GOLD AND SILVER AND OTHER COMMODITIES |
|
|
|
|
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
|
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 : |
-- |
|
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 |
MEGA FORTUNE
(ASIA) LTD.
Registered
Office:-
c/o Cheung’s
Management Service Co. Ltd.
Flat A, 22/F., Guangdong
Investment Tower, 148 Connaught Road Central, Hong Kong.
[Tel: 852-2544
7081; Fax: 852-2815 1975]
General Industries
Ltd., Hong Kong. (Same address)
53082198
1510676
30th September,
2010.
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$5,002.00
(As
per registry dated 30-09-2012)
|
Name |
|
No.
of shares |
|
General
Industries Ltd., Hong Kong. |
|
5,002 |
|
|
|
––––– |
|
|
Total: |
5,002 ==== |
(As
per registry dated 28-12-2012)
|
Name |
Address |
Co.
No. |
|
General
Industries Ltd. |
Flat A, 22/F., Guangdong Investment Tower, 148 Connaught Road Central,
Hong Kong. |
0323773 |
(As
per registry dated 28-12-2012)
|
Name |
Address |
Co.
No. |
|
Cheung’s
Management Service Co. Ltd. |
Flat A, 22/F., Guangdong Investment Tower, 148 Connaught Road Central,
Hong Kong. |
0065680 |
The
subject was incorporated on 30th September, 2010 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject’s registered address was located at Room 1503, 15/F., Queen’s
Place, 74 Queen’s Road Central, Hong Kong where was the operating address
of a commercial service provider Axiom Ltd.
It moved to Room 2907, West Tower, Shun Tak Centre, 168-200 Connaught
Road in May 2012. This address was the
old operating address of Cheung’s Management Service Co. Ltd. which is the
subject’s new secretarial firm. Cheung’s
Management Service Co. Ltd. moved to the present address with effect from 28th
December, 2012, so did the subject.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Date of Charge on
Deposits: 10-05-2013
Amount: To secure all
monies in respect of banking facilities owing at any time plus interest and all
expenses.
Property:The
Chargor, as beneficial owner, hereby charges and agrees to charge to the Bank
by way of first fixed charge:
(a) the Chargor’s entire right, title and interest
in and to the Deposit and
(b) all rights and benefits accruing to or arising
in connection with the Deposit.
Mortgagee: China
Minsheng Banking Corporation Ltd., Hong Kong.
Having
issued 5,002 ordinary shares of HK$1.00 each, Mega Fortune (Asia) Ltd. was
almost wholly-owned by Mr. Vimal Puranmal Bansal who was an Indian. He transferred all his shares to a Hong
Kong-registered firm General Industries Ltd. [GIL] on 23rd December, 2011. Now, GIL has become the parent company of the
subject.
The
old director of the subject was Pratibha Vinod Bansal but now has become GIL as
well.
The
subject does not have its own operating office.
Its registered office is in the operating address of Cheung’s Management
Service Co. Ltd. [CMS] which is located at Flat A, 22/F., Guangdong Investment
Tower, 148 Connaught Road Central, Hong Kong. CMS is also the corporate secretary of the
subject. CMS is an associated company of
Charles H. C. Cheung & CPA Ltd. which is an accountant firm. This firm is also located at the
above-mentioned address.
The
subject has no employees in Hong Kong.
To
our knowledge, the subject traded in gold and silver and other commodities as
entrusted by customers when it was operated by Pratibha Vinod Bansal. Its commodities were sourced from India,
Europe, etc. Prime markets were Hong
Kong, Asian countries and the Middle East.
The subject had some connection with M D Overseas Group which is an
India-based firm. The Group is trading
in multiple commodities.
Now,
the subject’s new holding company GIL seems to be a nominee company and the
subject might have become a shelf company.
The
history of the subject in Hong Kong is just over two years and eight
months. Business in Hong Kong is not
active.
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.
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.
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its importance
from the huge conglomerate of family run organizations which operate in the
diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process, several
public sector banks lost several hundred million rupees. They mostly diverted
borrowed money for diamond business into real estate and capital markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.58.74 |
|
UK Pound |
1 |
Rs.91.98 |
|
Euro |
1 |
Rs.78.69 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.