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Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
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Name : |
RICH EARN INTERNATIONAL LTD. |
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Registered Office : |
c/o J L Secretarial Services Ltd. Room 502, 5/F., Finance Building, 256 Des Voeux Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.03.2011 |
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Com. Reg. No.: |
58382084 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is an aquatic product trader. |
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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
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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) |
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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.
|
Source
: CIA |
RICH EARN
INTERNATIONAL LTD.
Registered
Office:-
c/o J L Secretarial Services Ltd.
Room 502, 5/F., Finance Building, 256 Des Voeux Road Central,
Hong Kong.
Associated
Companies:- [Dissolved]
Full Rich Marine Products Ltd., Hong Kong. (Same address)
Ocean Treasure Trading Ltd., Hong Kong.
58382084
1603351
19th March, 2011.
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 19-05-2013)
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Name |
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No. of shares |
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HE Zong Geng |
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8,000 |
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LIN Meng Shu |
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2,000 |
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––––– |
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Total: |
10,000 ===== |
(As per registry dated 19-05-2013)
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Name (Nationality) |
Address |
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LIN Meng Shu |
Room 402, 10 Main Building, 506 Zhong-Shan Dadao Dong, Guangzhou,
China. |
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HE Zong Geng |
Room 1602, Building, T25 Meilin Hupan Garden, 306 Taoyuan Middle
Road, Tianhe, Guangzhou 510660, China. |
(As per registry dated 19-05-2013)
|
Name |
Address |
Co. No. |
|
J L Secretarial Services Ltd. |
Room 502, 5/F., Finance Building, 256 Des Voeux Road Central, Hong
Kong. |
0245706 |
Rich Earn International Ltd. was incorporated on 19th May, 2011 as a Private
Limited Liability Company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a secretarial
firm located at Room 502, 5/F., Finance Building, 256 Des Voeux Road Central,
Hong Kong known as J L Secretarial Services Ltd. [JLSS] which is handling its
correspondences and documents. JLSS is
also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each of which 80% are owned by Mr. He
Zong Geng while 20% are owned by Ms. Lin Meng She. Being China passport holders and China
merchants, both of whom are residing in Guangzhou City, Guangdong Province,
China.
The two shareholders are also directors of the subject. Lin is a China businesswoman.
The subject is an aquatic product trader. Most of the aquatic products are imported
from India, Southeast Asia, South America, etc.
Prime market is China. Main
customers are restaurants, hotels and supermarkets in Guangzhou City, Guangdong
Province, China.
The subject had two associated companies in Hong Kong, namely, Ocean
Treasure Trading Ltd. [Ocean Treasure], and Full Rich Marine Products Ltd.
[Full Rich]. The former was incorporated
on 23rd August, 2002 in Hong Kong.
Also trading in aquatic products, Ocean Treasure was dissolved on 19th
January, 2007 by deregistration.
Incorporated on 27th April, 2007, Full Rich was also an aquatic product
trader. However, it was dissolved by
deregistration on 31st August, 2012. The
directors of Full Rich were He Wen Jin and Lin Meng Shu.
The subject has got an associated company in Guangzhou City, Guangdong
Province, China which is also operated by He Zong Geng and Lin Meng Shu. The China firm is also a marine product
trader. The phone and fax number 86‑20‑3206 1912
and 86-20-3206 1930 respectively belong the Guangzhou firm operated by the
shareholders of the subject.
The China firm dealt with foreign parties under the name of the subject
and let foreign firms correspond with the subject’s registered address in
Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over two 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.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
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|
1 |
Rs.100.44 |
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Euro |
1 |
Rs.84.23 |
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.