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Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
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Name : |
WINBASE
ENTERPRISES LTD. |
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Registered Office : |
c/o ATG Secretaries Ltd. Room 1707, 17/F., Harcourt House, 39 Gloucester Road, Wanchai, Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.09.2008 |
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Com. Reg. No.: |
22179445 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available |
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No. of Employees : |
Not Available |
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
WINBASE ENTERPRISES LTD.
Registered Office:-
c/o ATG Secretaries Ltd.
Room 1707, 17/F., Harcourt House, 39 Gloucester Road, Wanchai, Hong Kong.
[Tel: 2591 9009; Fax: 2891 2436]
Holding Company:-
Westco Nominees Ltd., Samoa.
22179445
1271067
8th September, 2008.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 08-09-2012)
|
Name |
|
No.
of share |
|
Westco Nominees Ltd. Level 2,
Lotemau Centre, Vaea Street, Apia, Samoa. |
|
1 = |
(As per registry
dated 08-09-2012)
|
Name |
Address |
Co.
No. |
|
Westco Directors Ltd. |
Level 2, Lotemau Centre, Vaea
Street, Apia, Samoa. |
- |
(As per registry
dated 08-09-2012)
|
Name |
Address |
Co.
No. |
|
ATG Secretaries Ltd. |
Room 1707, 17/F., Harcourt House, 39 Gloucester Road,
Wanchai, Hong Kong. |
0644375 |
The subject was incorporated on 8th September, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 1012, 10/F., Beverley Commercial Centre, 87-105 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in October 2009. The subject’s old registered address is the operating address of Kam Han Industrial Limited which is a Hong Kong-registered firm.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Winbase Enterprises Ltd. was incorporated in September, 2008 as a private limited liability company.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 1707, 17/F., Harcourt House, 39 Gloucester Road, Wanchai, Hong Kong known as ATG Secretaries Ltd. [ATG] which is handling its correspondences and documents. ATG is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
Formerly the subject was located at the operating office of a Hong Kong-registered firm known as Kam Han Industrial Limited [Kam Han]. Kam Han is trading in the following commodities: footwear, footwear moulds, machinery to make footwear, turnkey project for the shoes industry, umbrella parts, door hardware, etc.
According to the Companies Registry of Hong Kong, the subject has issued just one ordinary share of HK$1.00 which is owned by Westco Nominees Ltd. which is a Samoa-registered company. The director of the subject Westco Directors Ltd. is also a Samoa-registered company.
The subject’s lines of business are unknown since the secretarial firm knows nothing about its business.
The director and shareholder of the subject cannot be reached as they are just firms in Samoa. Nobody can be reached as the managing personnel are unknown to us.
From indirect sources, we found that that the subject had got a representative office in a residential building located in Tse Wan Shan, Kowloon, Hong Kong. However, the detail address is unknown to us.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four years and eight months. The subject seems to be a shelf company.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
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.