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Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
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Name : |
RICH FORTUNE INT’L INDUSTRIAL LTD. |
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Registered Office : |
c/o Orion House Secretarial Ltd. Room 1401, 14/F., World Commerce Centre, |
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Country : |
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Date of Incorporation : |
23.02.2005 |
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Com. Reg. No.: |
35365207 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Textiles, garments, arts &
crafts, foodstuffs, metals, chemicals, electronic & electric products,
steel, wool, plastics, chemical fibre, iron ore powder, machinery equipment,
automobiles and auto-parts |
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No of Employees : |
No Employees in Hong Kong 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. |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
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 |
RICH FORTUNE INT’L
INDUSTRIAL LTD.
ADDRESS: c/o Orion House
Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre,
Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2736 7372
FAX: 852-2736 8895
MANAGEMENT:
Managing Director: Mr. Zhou Ju Le
Incorporated on: 23rd February, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$8,593,750.00
Issued: HK$8,593,750.00
Business Category: Importer,
Exporter & Wholesaler.
Employees: Nil.
Main Dealing Banker: DBS Bank
(Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
RICH FORTUNE INT'L
INDUSTRIAL LTD.
Registered Head Office:-
c/o Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre, Harbour City, 7‑11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
China-Base Ningbo Foreign Trade Co. Ltd., China.
Associated
Companies:-
·
China-Base Plaza Management Co. Ltd., China.
·
Ningbo China Honkee Import & Export Co. Ltd.,
China.
·
Ningbo China-Base Automobile Accessories Co. Ltd.,
China.
·
Ningbo China-Base Automobile Sales & Service
Co. Ltd., China.
·
Ningbo China-Base Dongfeng-Honda Automobile Sales
& Service Co. Ltd., China.
·
Ningbo China-Base Hongda Industry & Trade Co.
Ltd., China.
·
Ningbo China-Base Import & Export Co. Ltd.,
China.
·
Ningbo China-Base International Tendering Co. Ltd.,
China.
·
Ningbo China-Base Kaifeng Automobile Sales &
Service Co. Ltd., China.
·
Ningbo China-Base Landhau Foreign Trade Co. Ltd.,
China.
·
Ningbo China-Base Property Management Co. Ltd.,
China.
·
Ningbo China-Base Yahua Toyota Automobile Sales
& Service Co. Ltd., China.
·
Ningbo China-Base Yongyao Automobile Sales &
Service Co. Ltd., China.
·
Ningbo East China Import Commodities Market
Development Co. Ltd., China.
·
Ningbo Honda Automobile Sales & Service Co.
Ltd., China.
·
Ningbo Youngor Holding Co. Ltd., China.
·
Ningbo Youngor International Trade &
Transportation Co. Ltd., China.
35365207
0952799
Managing Director: Mr. Zhou Ju Le
Nominal Share Capital: HK$8,593,750.00 (Divided into 8,593,750 shares of
HK$1.00 each)
Issued Share Capital: HK$8,593,750.00
(As per registry dated 23-02-2014)
|
Name |
|
No. of shares |
|
China-Base Ningbo Foreign Trade Co. Ltd. No.1 Ya Ge Er Da Dao, Ningbo, China. |
|
8,593,750 ======= |
(As per registry dated 23-02-2014)
|
Name (Nationality) |
Address |
|
ZHOU Ju Le |
Room 1404, No. 22, Lane 50, Nan Yan Wu Street, Jiang Dong District,
ningbo City, Zhejiang Province, China. |
|
SHI Liang |
Room 602, No. 46, Lane 39, Hua Tai Street, Jiangdong District, Ningbo,
Zhejiang Province, China. |
|
CHEN Xian |
Room 503, No. 29, Maoxi Lane, Haishu District, Ningbo City, Zhejiang
Province, China. |
(As per registry dated 23-02-2014)
|
Name |
Address |
Co. No. |
|
Orion House Secretarial Ltd. |
Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong. |
1296458 |
The subject was incorporated on 23rd February, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Room 107,
Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon,
Hong Kong, moved to the present address in early 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter & Wholesaler.
Lines: Textiles, garments, arts
& crafts, foodstuffs, metals, chemicals, electronic & electric
products, steel, wool, plastics, chemical fibre, iron ore powder, machinery
equipment, automobiles and auto-parts
Employees: Nil.
Commodities Imported: Europe,
other Asian countries, US, etc.
Markets: China, other
Asian countries, US, Europe, Australia, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$8,593,750.00 (Divided into 8,593,750 shares of
HK$1.00 each)
Issued Share Capital: HK$8,593,750.00
Indebtedness: US$32,712,894.83
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 23-02-2014)
Mortgage or Charge: (See
attachment)
Profit or Loss: Keeping a
balance account in Hong Kong.
Condition: Business is not
active in Hong Kong.
Facilities: Adequate for
current running.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
DBS Bank (Hong Kong) Ltd., Hong Kong.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Small.
Rich Fortune Int’l Industrial Ltd. is a wholly-owned subsidiary of
China-Base Ningbo Foreign Trade Co. Ltd. [CBNFT] which is in Ningbo City,
Zhejiang Province, China.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 1401, 14/F., World Commerce Centre, Harbour City,
7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong known as Orion House
Secretarial Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject.
Formerly the subject was located at Room 107, Chevalier House, 45‑51 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong where was the operating office of
Youngor (HK) Co. Ltd. This firm was as
associated company of the subject.
The subject has no employees in Hong Kong. It is trading in the same commodities as
CBNFT. CBNFT is exporting textiles,
garments, light industrial products, arts & crafts, foodstuffs, metals,
machinery & equipment, chemicals, electronic & electric products,
etc. It is importing iron & steel,
wool, plastics, chemicals, chemical fibres, iron ore powder, machinery &
equipment, automobiles and auto-parts
CBNFT is an offshoot of China Export Base Development Ningbo Corporation
which was established in 1985. It is a
new type enterprise with a registered capital of RMB120 million Yuan. CBNFT has been ranked in the Top 500 I/E
Enterprises in China since 1993.
CBNFT owns 36,000 sq.m. of office area and factory area, over 1,000
sq.m. of automobile exhibition hall, and over 3,000 sq.m. of automobile
repairing factory.
The subject and CBNFT belong to Ningbo China-Base Group which has more
than 30 wholly owned subsidiary companies engaged in international trading,
international freight forwarding, bonded warehousing, international tendering,
automotive sales & repairing, and sales of aftermarket car parts. The group has trading transactions with
companies of over 110 countries globally.
The group's imports include iron ores, asphalt, plastics, liquid chemicals,
coal, copper, and cotton. Its exports
include steel, textiles, garments, hardware machinery, and automobile
accessories. The Group imports over 15
million tons of iron ore annually and is one of five largest enterprises
importing iron ore in China.
Ningbo China-Base Group has been engaged in automotive 4S dealerships
since 2002 and became one of the leading dealerships in Ningbo. After 10 years of development, the
Group’s Automotive Division operates 10 4S dealerships for luxury brands
including Audi, Mercedes-Benz, Volkswagen, Buick, Toyota, and Honda. The Group’s Automotive Division is a
recognized car dealers and one of the largest automotive group operating in the
Ningbo area. The Group has been ranked
as one of the Top 50 auto dealerships in China since 2010.
According to the Group, it has developed business ties with 112
countries and regions of the world.
The subject is fully supported by CBNFT.
The director of the subject and CBNFT is also Mr. Zhou Ju Le.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements in very small
credit amounts or on L/C basis.
|
Date |
Instrument |
Mortgagee |
|
08-06-2010 |
Security Over
Deposit in respect of Obligations of the Depositor |
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong. |
|
29-09-2010 |
Charge on Cash
Deposit to secure liabilities of the Depositor |
DBS Bank
(Hong Kong) Ltd., Hong Kong. |
|
18-10-2010 |
Bank Deposit
Pledge Contract |
DBS Bank
(Hong Kong) Ltd., Hong Kong. |
|
18-10-2010 |
Special Account
Pledge Agreement |
DBS Bank
(Hong Kong) Ltd., Hong Kong. |
|
18-04-2013 |
A Security Deed made
between the Chargor and Goldman Sachs International |
Goldman Sachs
International |
|
19-09-2013 |
Charge On Cash
Deposit to Secure Liabilities of the Depositor |
DBS Bank
(Hong Kong) Ltd., Hong Kong. |
|
10-06-2014 |
Trade Finance
Security Assignment |
China CITIC Bank
International Ltd., Hong Kong. |
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.60.77 |
|
|
1 |
Rs.100.72 |
|
Euro |
1 |
Rs.80.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
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.