MIRA INFORM REPORT
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Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CROSSFUSE LTD. |
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Registered Office : |
c/o Baililai International Group (HK) Ltd. Room 1708, 17/F., Nan Fung Tower, 173 Des Voeux Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.12.2012 |
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Com. Reg. No.: |
60810968 |
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Legal Form : |
Private Limited Company. |
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LINE OF BUSINESS : |
MOBILE
PHONE TRADER OF ALL KINDS OF MOBILE PHONES, ACCESSORIES, ETC. |
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No. of Employees : |
1. |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Business |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
CROSSFUSE LTD.
c/o Baililai International Group (HK) Ltd.
Room 1708, 17/F., Nan Fung Tower, 173 Des Voeux Road Central,
Hong Kong.
PHONE: 2545 8556
FAX: 3571 9610
Managing Director: Mr. Jailani
Mohamed Haniffa
Incorporated on: 31st
December, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Mobile
Phone Trader.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
CROSSFUSE LTD.
Registered
Office:-
c/o Baililai International Group (HK) Ltd.
Room 1708, 17/F., Nan Fung Tower, 173 Des Voeux Road Central, Hong Kong.
60810968
1845112
Managing Director: Mr. Jailani
Mohamed Haniffa
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 31-12-2012)
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Name |
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No. of shares |
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Jailani MOHAMED HANIFFA |
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10,000 ===== |
(As per registry dated 31-12-2012)
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Name (Nationality) |
Address |
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Jailani MOHAMED HANIFFA |
No.110A, Parimar Street, Kayalpatnam, Thoothukudi Pin. 628204,
Tamil Nadu, India. |
(As per registry dated 31-12-2012)
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Name |
Address |
Co. No. |
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Baililai International Group (HK) Ltd. |
Room 1708, 17/F., Nan Fung Tower, 173 Des Voeux Road Central, Hong
Kong. |
1071086 |
The subject was incorporated on 31st December, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Mobile
Phone Trader.
Lines: All
kinds of mobile phones, accessories, etc.
Employee: 1.
Commodities Imported: China, other
Asian countries, etc.
Markets: India,
other Asian countries, etc.
Terms/Sales: As
per contracted.
Terms/Buying: Pre-payment, etc.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Unknown.
Commercial Morality: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Crossfuse Ltd. is
wholly owned by Mr. Jailani Mohamed Haniffa who is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 1708, 17/F., Nan Fung Tower, 173 Des Voeux Road
Central, Hong Kong” known as “Baililai International Group (HK) Ltd.” which is
handling its correspondences and documents.
This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It is a mobile phone and accessories
trader. Commodities are chiefly imported
from China. Prime market is India. Business is still under development.
It has registered with the Office of the Communications Authority
(OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a
Radio Dealer (Unrestricted) Licensee.
The subject bears the licence No. of RU00159423-RU.
We have confirmed that the mobile phone number of the representative of
the subject is 6614 4734. However, we
can reach nobody as this line is always engaged.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over four
months.
On the whole, since the history of the subject is short, consider it good
for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.04 |
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|
1 |
Rs.83.61 |
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Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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---- |
NB |
New Business |
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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.