MIRA INFORM REPORT
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Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
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Name : |
EWALE FROZEN FOOD TRADE LTD. |
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Registered Office : |
c/o HK Dragon Flying Int’l Invest Consultant Ltd. Flat B07, 23/F., |
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Country : |
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Date of Incorporation : |
06.05.2013 |
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Com. Reg. No.: |
61390175 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Subject is a frozen meat trader |
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No. of Employees : |
No employees in It is to be noted that
the company does not have its own operating office in |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
EWALE FROZEN FOOD
TRADE LTD.
Registered
Office:-
c/o HK Dragon Flying Int’l Invest Consultant Ltd.
Flat B07, 23/F., Hover Industrial Building, 26-38 Kwai Cheong Road, New
Territories, Hong Kong.
China Associated
Company:-
Guangzhou Ewale Frozen Food Trade Ltd.
Panyu District, Guangzhou City, Guangdong Province, China.
61390175
1902823
6th May, 2013.
Nominal Share Capital: HK$5,000,000.00
(Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 06-05-2013)
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Name |
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No. of shares |
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ZHONG Jingchuan |
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2,250,000 |
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LIAN Yubin |
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2,250,000 |
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ZHONG Huasen |
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500,000 |
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–––––––– |
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Total: |
5,000,000 ======= |
(As per registry dated 06-05-2013)
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Name (Nationality) |
Address |
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LIAN Yubin |
Room 2103, No. 2, Nanguoer Street, Tianhe District, Guangzhou City,
Guangdong Province, China. |
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ZHONG Huasen |
Zhanqian Guoji Xiaoshangpincheng Bangongshi, |
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ZHONG Jingchuan |
No. 68 Zhenxing Road, Gongping, Town, Haifeng County, Guangdong,
Province, China. |
(As per registry dated 06-05-2013)
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Name |
Address |
Co. No. |
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HK Dragon Flying Int’l Invest Consultant Ltd. |
Flat B07, 23/F., Hover Industrial Building, 26‑38 Kwai Cheong
Road, New Territories, Hong Kong. |
1126601 |
Ewale Frozen Food Trade Ltd. was incorporated on 6th May, 2013 as a
private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Flat B07, 23/F., Hover Industrial Building, 26-38 Kwai
Cheong Road, New Territories, Hong Kong” known as “HK Dragon Flying Int’l
Invest 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.
According to the Companies Registry of Hong Kong, the subject has issued
5 million ordinary shares of HK$1.00 each of which 45% are owned by
Mr. Zhong Jingchuan, 45% are owned by Mr. Lian Yubin, and 10% by
Mr. Zhong Huasen. All of whom are
China merchants. They are also directors
of the subject. Mr. Zhong Huasen is a
Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently. He is also managing
director of the subject. The other two
directors are China ID holders.
The subject is a frozen meat trader.
We can reach a Mr. Chan at your given China mobile phone number 86-1342
3477 340 who is the representative of the subject in China.
According to Mr. Chan, the subject is chiefly trading in frozen
meat. Products are chiefly imported from
Europe, the United States, South America, etc.
Prime market is China. The
subject has had an associated company in Panyu District, Guangzhou City,
Guangdong Province, China known as Guangzhou Ewale Frozen Food Trade Ltd.
[Guangzhou Ewale].
The Mr. Chan is also a partner of Guangzhou Ewale. Guangzhou Ewale markets frozen meat in China
and exports to Japan, the other Asian countries, the United States. Guangzhou Ewale is trading in the following
products:
Frozen Pork, Beef, Mutton, Chicken Legs, Other Frozen Poultry
The business of Guangzhou Ewale is handled by the Mr. Chan.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over eight
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.18 |
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1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
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Report Prepared
by : |
NNA |
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 |
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NB |
New Business |
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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.