|
Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
WEALTHY STEP LTD. |
|
|
|
|
Registered Office : |
c/o HKCN Secretary Services Ltd. Room 2107, 21/F., C C Wu Building, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
27.03.2009 |
|
|
|
|
Com. Reg. No.: |
50582454 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Not Available |
|
|
|
|
No. of Employees : |
No employees in It is to be noted that
the company does not have its own operating office in |
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 : |
No operating office in |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
WEALTHY STEP LTD.
Registered
Office:-
c/o HKCN Secretary Services Ltd.
Room 2107, 21/F., C C Wu Building, 302-308 Hennessy Road, Wanchai, Hong
Kong.
Associated
Company:-
Zhongshan Sharain Home Appliance Co. Ltd.
Room 3B09, P.R.D Household Electrical Centre, Nansan Road, Nantou Town,
528427 Zhongshan City, Guangdong Province, China.
[Tel: 86-760-8973 2331, Fax:
86-760-8693 8633
Mobile: 86-1382 9985 376 ]
50582454
1327423
27th March, 2009.
HK$10,000.00
(As per registry dated 27-03-2014)
|
Name |
|
No. of shares |
|
XU Yunlu |
|
10,000 ===== |
(As per registry dated 27-03-2014)
|
Name (Nationality) |
Address |
|
XU Yunlu |
4/F., Block E, Biyingyuan, No. 81 Yingtianbei, Futian District,
Shenzhen City, Guangdong Province, China. |
(As per registry dated 27-03-2014)
|
Name |
Address |
Co. No. |
|
HKCN Secretary Services Ltd. |
Room 2107, 21/F., C C Wu Building, 302‑308 Hennessy Road,
Wanchai, Hong Kong. |
0837258 |
Date of Security Over Deposits With The Bank: 27-11-2012
Amount: (i) All monies in any currency owing by the
Depositor;
(ii) Interest on such monies;
&
(iii) All expenses of the
chargee.
Property: The amount of
US$20,000.00 deposit A/C 033-886920-838 (0001)
Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Wealthy Step Ltd. was incorporated on 27th March, 2009 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 “Room 2107, 21/F., C C Wu Building, 302-308 Hennessy
Road, Wanchai, Hong Kong” known as “HKCN Secretary Services Ltd.” which is
handling its correspondences and documents.
This secretarial 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
10,000 ordinary shares which are wholly owned by Mr. Xu Yunlu who is a China
merchant. He is a China ID holder and
does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject has had an associated company Zhongshan Sharain Home
Appliance Co. Ltd. [Sharain] which is a China-based company. It was established in 2005.
Your given phone number 86-760-8973 2331 belongs to Sharain.
Sharain is a professional enterprise integrated with production and
marketing of water dispenser. Its
mission is to push the application of drinking water technology and provide
safe, healthy, convenient and fashionable water‑drinking machines to the
public, and to be a world-class OEM manufacturer in drinking water
industry. It owns a high quality team of
quality & technology management and quality assurance as well as vast
marketing network and one strong marketing team. Sharain has set up production &
development departments and the quality of products had reached or exceeded the
national standards and met the international standards. Its products are sold in China and exported to
India, the other Asian countries, Africa, the Middle East, etc.
The legal representative of Sharain is also Mr. Xu Yunlu.
It is likely that the China firm deals with foreign parties under the
name of the subject and let foreign firms correspond with the subject’s
registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five years.
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.59.73 |
|
|
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.