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Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
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Name : |
GLORY STEP (CHINA)
LTD. |
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Registered Office : |
Room 9, 12/F., Block A, Veristrong Industrial Centre,
34-36 Au Pui Wan Street, Fotan, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.08.2003 |
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Com. Reg. No.: |
33952824 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Hand tools, Building Materials, Stone and Marble |
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No of Employees : |
03 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
GLORY STEP
(CHINA) LTD.
Room 9, 12/F., Block A, Veristrong Industrial Centre, 34-36 Au Pui Wan Street, Fotan, Shatin, New Territories, Hong Kong.
PHONE: 852-2838 9388
FAX: 852-2834 5039
E-MAIL: glorystep@yahoo.com.hk
Managing Director: Mr. Bryan Lie
Incorporated on: 15th August, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: Shanghai Commercial Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 9, 12/F., Block A, Veristrong Industrial Centre, 34-36 Au Pui Wan Street, Fotan, Shatin, New Territories, Hong Kong.
Associated
Company:-
Great Glory Ltd., Hong Kong. (Same address)
33952824
0857588
Managing Director: Mr. Bryan Lie
Contact Person: Ms. Randy Lau Kar Yee
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 15-08-2013)
|
Name |
|
No.
of shares |
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Bryan LIE |
|
5,000 |
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Phyllis LIE |
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5,000 |
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|
––––– |
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Total: |
10,000 ===== |
(As per registry
dated 15-08-2013)
|
Name (Nationality) |
Address |
|
Phyllis LIE |
Room 9, 12/F., Block A, Veristrong
Industrial Centre, 34‑36 Au Pui Wan Street, Fotan, New Territories,
Hong Kong. |
|
YU Ceuk Mei |
Room 9, 12/F., Block A,
Veristrong Industrial Centre, 34‑36 Au Pui Wan Street, Fotan, New
Territories, Hong Kong. |
|
Bryan LIE |
Room 9, 12/F., Block A,
Veristrong Industrial Centre, 34‑36 Au Pui Wan Street, Fotan, New
Territories, Hong Kong. |
(As per registry
dated 15-08-2013)
|
Name |
Address |
Co.
No. |
|
Onglory Business Management Ltd. |
Room 502, 5/F., Carnival Commercial Building, 18 Java
Road, North Point, Hong Kong. |
0377139 |
The subject was incorporated on 15th August, 2003 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: Importer, Exporter and Wholesaler.
Lines: Hand tools, building materials, stone and marble
Employees: 3.
Commodities Imported: Asian countries, Europe, etc.
Markets: China, Hong Kong, Southeast Asia, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P, O/A, 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
Indebtedness: HK$1,085,000.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 15-08-2013)
Mortgage or Charge:-
Date of Mortgage: 23-08-2012
Amount: All monies
Property: All those 5/3.900 parts or shares of and in Sha Tin Town Lot No. 141, (Workshop No. 15,
10/F., Block A, Veristrong Industrial Centre, Shatin, New Territories, Hong Kong.)
Mortgagee: Shanghai Commercial Bank Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Shanghai Commercial Bank Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Glory Step (China) Ltd. is equally owned by Mr. Bryan Lie and Ms. Phyllis Lie, both of whom are Hong Kong merchants. Ms. Yu Ceuk Mei and the two shareholders are directors of the subject.
The subject has had an associated company Great Glory Ltd. [GGL], a Hong Kong-registered company located at the same address. The e-mail address of GGL is ggltd@ggltd.com. The business of GGL is handled by Mr. Bonny Lie Seng Man. In fact, GGL and the subject are owned and operated by Lie family. Both companies are engaged in the same lines of business.
The subject is trading
in the following commodities:
Hand Tools (Cutting tools), Building Material - Stone/Marble (Marble stone)
Commodities are imported from India, Europe, China, etc. Prime markets are China, Hong Kong, Southeast Asia, the other Asian countries, etc. Business is normal.
The subject owns a property located at “Room 15, 10/F., Block A, Veristrong Industrial Centre, 34‑36 Au Pui Wan Street, Fotan, New Territories, Hong Kong” which have been mortgaged to Shanghai Commercial Bank Ltd., Hong Kong, for securing general banking facilities.
The subject’s total amount outstanding registered with the Companies Registry as at mid-August, 2003 amounted to HK$1.09 million.
The contact person of the subject Ms. Randy Lau Kar Yee is a Hongkongnese.
As the history of the subject is over ten years in Hong Kong, on the whole, consider it good for normal business engagements.
REMARKS:
Property Location: Workshop No. 15, 10/F., Block A, Veristrong Industrial Centre, Shatin, New Territories,
Hong Kong.
Owner: Glory Step (China) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
15-08-2013 |
- |
Shanghai Commercial Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
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|
1 |
Rs.102.71 |
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Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
-- |
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.