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Report Date : |
13.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
BIG FAITH (HONG
KONG) LTD |
|
|
|
|
Registered Office : |
Unit C, 10/F., Kim Tak Building, 328-342A Nathan Road, Kowloon |
|
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Country : |
Hong Kong |
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Date of Incorporation : |
01.06.2012 |
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|
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Com. Reg. No.: |
59898204 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available |
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 : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 – 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 |
BIG
FAITH (HONG KONG)
LTD.
ADDRESS:
Registered
Office:- Unit C, 10/F., Kim Tak Building, 328-342A Nathan Road, Kowloon, Hong
Kong.
59898204
1754228
1st June, 2012.
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
|
Name |
|
No. of share |
|
LIN Feng Yi |
|
1 = |
|
Name Nationality) |
Address |
|
LIN Feng Yi |
No. 8, Lane 459, Ding An Street, Annan District,
Tainan City, Taiwan. |
|
Name |
Address |
Co. No. |
|
Shum
Law Corporate Services Ltd. |
Room 1101, 11/F., Wing Lung Bank Centre, 630‑636 Nathan
Road, Mongkok, Kowloon, Hong Kong. |
0209105 |
Big Faith (Hong
Kong) Ltd. was incorporated on 1st June, 2012 as a private limited liability
company under the Hong Kong Companies Ordinance.
Having issued just
one ordinary share of HK$1.00, the subject is wholly owned by Mr. Lin Feng Yi
who is a Taiwan merchant. He is a Taiwan
passport holder and does not have the right to reside in Hong Kong
permanently. He is also the only
director of the subject.,
The subject’s
registered address is in a private building located at Unit C, 10/F., Kim Tak Building,
328-342A Nathan Road, Hong Kong.
The residential
building is not trespassed by outsiders.
The subject has no employees in Hong Kong.
It is likely that
Lin Feng Yi resides at the above-mentioned address when he is in Hong Kong.
The subject’s lines
of business are unknown since the director of the subject cannot be reached.
No information of
the subject can be obtained from our secondary sources.
The subject is
just a one-man company. Business is just
handled by Lin himself. History, which is
short in Hong Kong, is just over a year and seven months.
Since the
registered office of the subject is in a residential building, on the whole,
consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.93 |
|
|
1 |
Rs. 102.06 |
|
Euro |
1 |
Rs. 84.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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.