MIRA INFORM REPORT

 

 

Report Date :

21.03.2013

 

IDENTIFICATION DETAILS

 

Name :

HONGKONG ALLIED DEVELOPING TRADE CO. LTD.

 

 

Registered Office :

C/o SBC Corporate Services Ltd.

Room 2208-2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

16.07.2009.

 

 

Com. Reg. No.:

50898912

 

 

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 :

Unknown

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

(31.03.2011)

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 and address

 

HONGKONG  ALLIED  DEVELOPING  TRADE  CO.  LTD.

 

 

Address:           c/o SBC Corporate Services Ltd.

                        Room 2208-2209, 22/F., Wu Chung House,

                        213 Queen’s Road East,

                        Wanchai, Hong Kong.

 

(Your enquiry at:

21/F., NEW EORLD TOWER,

1-18 QUEENS ROAD CENTRAL,

HONG KONG.   )

 

 

BUSINESS REGISTRATION NUMBER

 

50898912

 

 

COMPANY FILE NUMBER

 

1353434

 

 

DATE OF INCORPORATION

 

16th July, 2009.

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$3.00

 

 

SHAREHOLDERS

(As per registry dated 16-07-2012)

 

Name

 

No. of shares

YOU Chao

 

1

HUANG Zhi Wei

 

1

HUANG Wen Hui

 

1

 

 

––

 

Total:

3

=

 

 

DIRECTORS

(As per registry dated 16-07-2012)

 

Name

(Nationality)

 

Address

YOU Chao

246 Nan Ya Zhen Da Jie, Jian Ou City, Fujian Province, China.

 

HUANG Zhi Wei

Room 508, 12 Hu Bin Nan Road, Kaiyuan District, Xiamen City, Fujian Province, China.

 

HUANG Wen Hui

Room 502, Zhi Yi, 24 Jia Yuan Road, Huli District, Xiamen City, Fujian Province, China.

 

 

SECRETARY

(As per registry dated 16-07-2012)

 

Name

Address

Co. No.

SBC Corporate Services Ltd.

Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.

0618863

 

 

GENERAL

 

Hongkong Allied Developing Trade Co. Ltd. was incorporated on 16th July, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.

According to our investigation, the subject does not have its own operating office.  Its registered office is in a commercial service firm located at Room 2208-2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong known as Success Corporate Services Ltd. which is handling its correspondences and documents.  Success Corporate Services Ltd. is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

Your given address Room 21/F., New World Tower 1, 16-18 Queen’s Road Central, Hong Kong is the operating address of a secretarial firm Global American Tax & Financial Services Ltd.

According to the Companies Registry of Hong Kong, the subject has issued 3 ordinary shares of HK$1.00 each which are equally owned by Mr. You Chao, Mr. Huang Zhi Wei and Mr. Huang Wen Hui.  They are also directors of the subject.  Being China ID holders, the three shareholders are currently residing in Fujian Province and Xiamen Special Economic Zone, China respectively.

The subject’s lines of business are unknown since the secretarial firm also 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 Xiamen, China which is also operated by the subject’s shareholders.  The Xiamen firm is a sporting goods trader, it was reported.

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 just over three 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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.37

UK Pound

1

Rs.82.07

Euro

1

Rs.70.03

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.