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Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
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Name : |
MINGSHI LTD. |
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Registered Office : |
c/o Wings Int’l Business Consultant Ltd. X653, Room B, 14/F., Wah Hen Commercial Centre, |
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Country : |
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Date of Incorporation : |
04.06.2008 |
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Com. Reg. No.: |
39392090 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ELECTRONIC PRODUCTS, MOBILE
PHONES, I-PADS |
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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 |
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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 |
(Formerly located at:
c/o Hong Kong United Accounting & Secretarial Ltd.
Unit D, 16/F., Cheuk Nang Plaza,
250 Hennessy Road, Wanchai, Hong Kong.)
MINGSHI LTD.
ADDRESS: c/o Wings Int’l Business Consultant Ltd.
X653, Room B, 14/F., Wah Hen Commercial Centre, 383 Hennessy Road,
Wanchai, Hong Kong.
PHONE: 852-3050 6885
FAX: 852-3050 6746
MANAGEMENT:
Managing Director: Mr. Mishra Anup
Incorporated on: 4th June, 2008.
Organization: Private Limited Company.
Paid Up Capital: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
MINGSHI LTD.
Registered Head Office:-
c/o Wings Int’l Business Consultant Ltd.
X653, Room B, 14/F., Wah Hen Commercial Centre, 383 Hennessy Road, Wanchai, Hong Kong.
39392090
1244151
Managing Director: Mr. Mishra Anup
HK$10,000.00
(As per registry dated 04-06-2014)
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Name |
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No. of shares |
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Mishra ANUP |
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10,000 ===== |
(As per registry dated 04-06-2014)
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Name (Nationality) |
Address |
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Mishra ANUP |
Flat 609A, 6/F., Fook Cheong Building, 63 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong. |
(As per registry dated 04-06-2014)
|
Name |
Address |
Co. No. |
|
Wings Int’l Business Consultant Ltd. |
X653, Room B, 14/F., Wah Hen Commercial Centre, 383 Hennessy Road, Wanchai, Hong Kong. |
1717858 |
The subject was incorporated on 4th June, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hongkong Lino Technology Co. Ltd., name changed to the present style on 20th August, 2010.
Formerly the registered address of the subject was located at Unit D, 16/F., Cheuk Nang Plaza, 250 Hennessy Road, Wanchai, Hong Kong where was the operating office of a commercial service provider Hong Kong United Accounting & Secretarial Ltd. It moved to the present address in July 2013 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Electronic Products, Mobile Phones, iPads
Employees: Nil.
Commodities Imported: China
Markets: India, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T
Paid Up Capital: HK$10,000.00
Profit or Loss: Making a very small profit in past three years.
Condition: Keeping in a normal manner.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Mingshi Ltd. is wholly owned by Mr. Mishra Anup who is an India merchant. 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. His registered address is in Hong Kong.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at X653, Room B, 14/F., Wah Hen Commercial Centre, 383 Hennessy Road, Wanchai, Hong Kong known as Wings Int’l Business Consultant Ltd. which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject’s lines of business are unknown since the secretarial firm knows nothing about its business.
However, from our secondary sources, the subject is trading in the following commodities: electronic products, mobile phones, iPads, electric appliances
Most of the commodities are sourced from China. Prime markets are India and the other Asian countries.
The subject’s business is chiefly handled by Mishra Anup himself. He frequents to China for business concerns.
The subject’s business in Hong Kong is not very active. History in Hong Kong is over five years and five months.
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.60.47 |
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|
1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
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 |
|
-- |
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.