MIRA INFORM REPORT

 

 

Report Date :

08.12.2014 

 

IDENTIFICATION DETAILS

 

Name :

ALTERNATIVES FOOD CORP. PTE. LIMITED

 

 

Registered Office :

27/F, Tesbury Centre, 28 Queen’s Road East, Wanchai,

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

14.11.2008

 

 

Com. Reg. No.:

50020551

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Not Available

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No. of Employees :

Not Available

 

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 :

Offshore Company

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Hong Kong

A1

A1

 

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 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

 

Company name and address

 

Company Name:

ALTERNATIVES FOOD CORP. PTE. LIMITED

Supplied Name:

ALTERNATIVES FOOD CORPORATION PTE LTD

Supplied Address:

27/F Tesbury Centre 28 Queens Road East Wanchai

 

Note: The exact name is as above and the supplied address belongs to subject’s corporate secretary “AFP Secretaries Limited”.

 

 

Special Note

 

We cannot find subject’s any operation information or valid contact information in Hong Kong through public files according to supplied name.

 

According to the supplied address, we tried to contact subject through the phone number +852-3188-1143 which we obtained from public files. A lady answered it and introduced that her company called AFP Secretaries Limited which is engaged in providing registered and accounting service and the supplied address belongs to her company. But she declined to disclose any information about subject.

 

 

From public files we didn’t find any other valid contact information or operation information about subject in Hong Kong. As subject’s registered address is that of a secretary corporate (AFP Secretaries Limited), based on subject’s registered files and our investigation, we consider subject as an offshore company.

 

We found subject’s registered files from local registry, supplying as following for reference.

 

 

Company Identification Details

 

Registered Name:

Alternatives Food Corp. Pte. Limited

Registered Address:

27/F, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong

Date of Registration:

2008-11-14

Registered Number:

1287244

Business Registration No.:

50020551

Registered Capital:

HKD 10,000 (USD 1,290)

(As of 2014,12, 1 HKD = 0.129 USD)

Paid-up Capital:

HKD 2 (USD 0.258) = 2 Shares@ HKD 1

Legal Form:

Private Limited Liability Company

Listed at Stock Exchange:

No

Date of Last Annual Return:

2013-11-14

 

 

History

 

Subject was incorporated on 2008-11-14 with the registered number 1287244 as Private Limited Liability Company in Hong Kong.

 

 

Corporate Structure

 

Subject did not register any subsidiaries or branches, from other source we can not obtain the relevant information, either.

 

 

Shareholder

 

Name

Subscription Shares

Proportion of Investment (%)

Kmeleon International Limited

2

100%

Total

2

100%

 

Major Shareholder Information:

Name:

Kmeleon International Limited

Address:

NovaSage Chambers, P.O.Box 4389, Road Town, Tortola, British Virgin Islands

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Kmeleon International Limited

Address:

NovaSage Chambers, P.O.Box 4389, Road Town, Tortola, British Virgin Islands

Position:

Director

2

Name:

Asuncion-Sehwani Maria Juanita Paz Feliciano

Address:

Unit A, 23/F One Mekinley Place North Tower, Bonifacio Global City, H 26th Street, Fort Bonifacio, Taguig City 1630, Philippines

Position:

Director

Passport Number:

EB1036702

Issuing Country:

Philippines

3

Name:

AFP Secretaries Limited

Address:

27/F, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong

Position:

Corporate Secretary

Registered Number:

1071874

 

 

Operation Information

 

Subject does not have business entity in Hong Kong.

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject does not have business entity in Hong Kong, thus we cannot obtain the relevant information.

 

 

Public

 

Mortgage Record

 

No mortgage record of subject was found.

 

 

Lawsuits

 

Up to now, no present or latent litigation of the subject has been found.

High Court Action:

Clear

High Court Baukufty Bankruptcy Proceedings:

Clear

High Court Commercial Action:

Clear

High Court Construction & Arbitration Proceedings:

Clear

High Court Companies Winding-Up:

Clear

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.96.73

Euro

1

Rs.76.53

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.