MIRA INFORM REPORT

 

 

Report Date :

26.03.2013

 

IDENTIFICATION DETAILS

 

Name :

FUTURE  EXPORTS

 

 

Registered Office :

20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

14.06.2011

 

 

Com. Reg. No.:

58677956-000-07

 

 

Legal Form :

Sole Ownership

 

 

Line of Business :

Subject trades in a varieties of commodities such as bags, toys, plastic products, electronic products, foodstuffs, wines, etc.

 

 

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 :

---

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

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

 

FUTURE  EXPORTS

 

 

Company ADDRESS

 

Head Office:-

c/o Akin Professionals Ltd.

20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.

 

Associated Company:-

Universal Trading Co., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER 

 

58677956-000-07

 

 

MANAGEMENT

 

Person in Charge:  Mr. Shankar Lal Jain

 

 

SOLE OWNER

 

Link International Ltd., Hong Kong.  (See attachment)

 

 

HISTORY

 

The subject was established on 14th July, 2011 as a sole ownership firm with Link International Ltd. as the proprietor under the Hong Kong Business Registration Regulations.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

GENERAL

 

Future Exports is solely owned by Link International Ltd. [LIL] which is a Hong Kong-registered firm.  LIL has just issued a single ordinary share of HK$1.00 which is owned by Shankar Lal Jain who is an Indian.  Being the only director of LIL, he is an India passport holder and does not have the right to reside in Hong Kong permanently.

The subject was set up and wholly owned by LIL which was incorporated on 14th July, 2011.

The subject commenced business in July 2011.  Its registered address is in a commercial service firm located at “20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong” known as “Akin Professionals Ltd.” [Akin] which is handling its correspondences and documents.

LIL is also located at the office of Akin.  Akin is also the corporate secretary of LIL.

The subject has no employees in Hong Kong.

We can reach nobody at your given mobile phone number 852-6029 9434 as the line “cannot be connected”.  The owner of this line has turned his mobile phone off.

To our knowledge, your given phone number 852-6029 9434 seems belonging to a secretary of the subject known as Mr. Samir Shah who is also an Indian.  Mr. Samir Shah is also the contact person in Hong Kong of another firm known as Fine International.

To our knowledge, the subject trades in a varieties of commodities such as bags, toys, plastic products, electronic products, foodstuffs, wines, etc.  Most of the commodities are sourced from China and the other Asian countries.  Prime markets are India and the other Asian countries.  The subject has had an associated company in India.

The subject is just a one-man company.  Business is chiefly handled by Shankar Lal Jain himself.  History in Hong Kong is just over a years.

On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.

 

Company name

 

LINK  INTERNATIONAL  LTD.

 

 

Company ADDRESS

 

20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

58677956

 

 

COMPANY FILE NUMBER 

 

1632805

 

 

DATE OF INCORPORATION

 

14th July, 2011.

 

 

CAPITAL

 

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

 

Issued Share Capital: HK$1.00

 

 

SHAREHOLDER  

 

(As per registry dated 14-07-2012)

Name

 

No. of share

Shankar Lal JAIN

 

1

=

 

 

DIRECTOR    

 

(As per registry dated 14-07-2012)

Name

(Nationality)

 

Address

Shankar Lal JAIN

Santosh Pura Road, Ajmer Choraha, The-Mandal, Distt‑Bhilwara, India.

 

 

SECRETARY 

 

(As per registry dated 14-07-2012)

Name

Address

Co. No.

Akin Professionals Ltd.

20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.

1273165

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.09

UK Pound

1

Rs.82.46

Euro

1

Rs.70.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.