|
Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
FAST RISE TRADING LTD. |
|
|
|
|
Registered Office : |
c/o Krsna Group Ltd. Suite 1508, 15/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
18.09.2012 |
|
|
|
|
Com. Reg. No.: |
60375411 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Ball Bearing,
Plywood, Plastic Laminate Sheets |
|
|
|
|
No. of Employees : |
01 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small company |
|
Payment Behaviour : |
No complaints |
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A2 |
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 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 |
FAST RISE TRADING
LTD.
ADDRESS: Flat A, 10/F., Lip Seng Mansion, 15-19 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2366 3281, 2367 1669
FAX: 852-2724 3251
E-MAIL: fastrise@netvigator.com
General Manager: Mr. Ramsesh Bahety
Incorporated on: 18th September, 2012.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employee: 1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Krsna Group Ltd.
Suite 1508, 15/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
Operating Office:-
Flat A, 10/F., Lip Seng Mansion, 15-19 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Best Meridian Ltd., British Virgin Islands.
Associated Company:-
Fast Rise Trading Company, Hong Kong. (Same Address)
60375411
1801739
General Manager: Mr. Ramsesh Bahety
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER: (As per registry dated 18-09-2013)
|
Name |
|
No. of shares |
|
Best Meridian Ltd. P.O. Box 957, Offshore Incorporation Centre, Road Town, Tortola, British Virgin Islands. |
|
10,000 ===== |
DIRECTOR: (As per registry dated 18-09-2013)
|
Name |
Address |
|
Best Meridian Ltd. |
P.O. Box 957, Offshore Incorporation Centre, Road Town, Tortola, British Virgin Islands. |
SECRETARY: (As per registry dated 18-09-2013)
|
Name |
Address |
Co. No. |
|
AT Accounting & Secretarial Services Ltd. |
Suite 909, 9/F., Two Grand Tower, 625 Nathan Road, Mongkok, Kowloon, Hong Kong. |
0985965 |
The subject was incorporated on 18th September, 2012 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: Ball Bearing, Plywood, Plastic Laminate Sheets,
Employee: 1.
Commodities Imported: India, China, other Asian countries, etc.
Markets: Asian countries, Africa, Australasia, Eastern Europe, Middle East, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Kept a balance account in 2012.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Fast Rise Trading Ltd. is a wholly owned subsidiary of Best Meridian Ltd. [BML] which is a BVI-registered firm. The director of the subject is also MBL.
The subject’s registered office is in a commercial service firm located at Suite 1508, 15/F., Empress Plaza, 17‑19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong known as Krsna Group Ltd. [Krsna] which is handling its correspondences and documents. Krsna’s phone and fax number are 852‑2369 8722 and 852‑3740 0159 respectively.
The subject’s operating address is located at Flat A, 10/F., Lip Seng Mansion, 15-19 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong. The General Manager of the subject Mr. Ramsesh Bahety is an Indian. Currently he is residing at the above-mentioned address. Ramsesh Bahety is also the Manager of Fast Rise Trading Company [FRTC] which is also located at the same residential address. Ramsesh Bahety can be reached at FRTC’s phone number 852-2366 3281.
The subject and FRTC are engaged in the same lines of business.
FRTC is trading in the following commodities:-
Ball Bearing, Ball Rollers (From Japan & China);
Giftware, Premium and Novelties;
Building Materials - Misc. (Plastic laminate sheet & Plastic Materials from Asian countries);
Plywood (Plywood, laminate sheets from India);
Textile Machinery & Equipment (Industrial Sewing Machines), Machine Parts; &
Garment & Textile Products, etc.
FRTC is a trading company having contacts with producers in China and India. It is specialised in offering customers with shipments including inspections in the field of Laminate Sheets, Metallic Foil Laminates, Door Skin, Veneered Door Skin, Laminated Flooring, Melamine MDF/HDF, Melamine faced Particle Boards, Plywood, Fancy Plywood, Veneers, etc.
It also can coordinate Decorative Printed Paper for HPL production from China, Metallic Foil for laminated sheets, Steel Press Plates for HPL and Short Cycle Press, etc.
The subject’s products are exported to Asian countries, Africa, Australasia, Eastern Europe, the Middle East, North America, etc.
Established in 1992, FRTC is partly owned and operated by Ramsesh Bahety. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The annual sales turnover of FRTC ranges from US$3 to 6 million. Business is normal.
The subject has one employee in Hong Kong. History in Hong Kong is just over a year and four months.
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.72 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.