MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	RICH EARN INTERNATIONAL LTD.
Registered Office :	c/o J L Secretarial Services Ltd. Room 502, 5/F., Finance Building, 256 Des Voeux Road Central
Country :	Hong Kong
Date of Incorporation :	19.03.2011
Com. Reg. No.:	58382084
Legal Form :	Private Limited Liability Company
Line of Business :	The subject is an aquatic product trader.
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

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 :	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, 31^st, 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
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

Company name

RICH EARN INTERNATIONAL LTD.

ADDRESS

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.

BUSINESS REGISTRATION NUMBER

58382084

COMPANY FILE NUMBER

1603351

DATE OF INCORPORATION

19th March, 2011.

CAPITAL

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

Issued Share Capital: HK$10,000.00

SHAREHOLDERS

(As per registry dated 19-05-2013)

Name		No. of shares
HE Zong Geng		8,000
LIN Meng Shu		2,000
		–––––
	Total:	10,000 =====

DIRECTORS

(As per registry dated 19-05-2013)

Name (Nationality)	Address
LIN Meng Shu	Room 402, 10 Main Building, 506 Zhong-Shan Dadao Dong, Guangzhou, China.
HE Zong Geng	Room 1602, Building, T25 Meilin Hupan Garden, 306 Taoyuan Middle Road, Tianhe, Guangzhou 510660, China.

SECRETARY

(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

GENERAL

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.61.78
UK Pound	1	Rs.99.66
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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