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Report Date : |
18.03.2014 |
IDENTIFICATION DETAILS
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Name : |
FORT
SPRING LTD. |
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Registered Office : |
c/o Hong Kong Consulting Service Centre Unit 1901T, 19/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.05.2004 |
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Com. Reg. No.: |
35424502 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Engaged in trading of used vehicle, cement, asphalt, fire fighting equipment, glass, insulating product, lift & escalator, lightning equipment, tile & covering, waterproof product, construction & building machinery, bathroom fitting & sanitary ware, kitchen stove & accessories, window & accessories, fastener, furniture / furnishing accessories, garden tool, auto accessories, auto parts, hand tool, lock, electric household appliance, electronic / electrical component & accessories, fruit, seed, vegetable, dried food, designer furniture, home product, outdoor product, healthcare product & skin care product / cosmetic / perfume |
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No. of Employees |
01 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Hong Kong |
A1 |
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 |
FORT SPRING LTD.
Registered
Office:-
c/o Hong Kong Consulting Service Centre
Unit 1901T, 19/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories, Hong Kong.
Guangzhou Representative Office:-
Room 218, West Tower, R&F, Yingfeng Building, Huaqiang Road, Zhujiang New Town, Tianhe District, Guangzhou, Guangdong Province, China.
[Tel: 86-20-36183313, 36183323, 83652813
Fax: 86-20-83651502
E-mail: sale1@fortspringhk.com ;
35424502
0903033
27th May, 2004.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 27-05-2013)
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Name |
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No. of shares |
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Norouzian Moslem |
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5,000 |
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Yousefi Ramin |
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5,000 |
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––––– |
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Total: |
10,000 ===== |
(As per registry
dated 24-02-2014)
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Name (Nationality) |
Address |
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Amir Ali
YOUSEFI |
Room 1802, No. 46-2, Lie De Da
Dao, Tianhe, Guangzhou, Guangdong, China. |
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Ramin Yousefi |
Room 1802, No. 46-2 Lie De Da Dao,
Tianhe, Guangzhou, Guangdong, China. |
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Norouzian
Moslem |
Unit A1-2901, Zhong Hai Mong
Du, Haizhu, Guangdong, China. |
(As per registry
dated 27-05-2013)
|
Name |
Address |
Co.
No. |
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SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong
Road, Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
The subject was incorporated on 27th May, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Unit 2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong where is the operating office of a commercial service provider SBC Corporate Services Ltd. It moved to the present address with effect from 30th May, 2013 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Fort Spring Ltd. is equally owned by Mr. Norouzian Moslem and Mr. Yousefi Ramin. The directors of the subject are Norouzian Moslem, Yousefi Ramin and Amir Ali Yousefi. All of them are Iran merchants. They are Iran passport holders and do not have the right to reside in Hong Kong permanently. Currently they are residing in Guangzhou City, Guangdong Province, China.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit 1901T, 19/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories, Hong Kong which is handling its correspondences and documents.
The subject might have an employee in Hong Kong. We can reach nobody at your given Hong Kong mobile phone numbers 852-9361 0106 and 852-6911 2324. Nobody answered our phone calls at the first number while the second number is always engaged.
The subject has had an representative office in Guangzhou City, Guangdong Province, China bearing the same name [Guangzhou Fort Spring]. The Guangzhou Office, also set up in 2004, is the main office of the subject.
With almost 10 years experience on international trading, Guangzhou Fort Spring’s business is not only covers the Middle East, but also has expanded to the United Kingdom, the United States, Canada, etc.
In China, Guangzhou Fort Spring has developed long term business ties with a number of manufacturers/suppliers and it also has its own experienced team to provide its customers with all kinds of logistic services.
The subject is trading in the following commodities: used vehicle, cement, asphalt, fire fighting equipment, glass, insulating product, lift & escalator, lightning equipment, tile & covering, waterproof product, construction & building machinery, bathroom fitting & sanitary ware, kitchen stove & accessories, window & accessories, fastener, furniture / furnishing accessories, garden tool, auto accessories, auto parts, hand tool, lock, electric household appliance, electronic / electrical component & accessories, fruit, seed, vegetable, dried food, designer furniture, home product, outdoor product, healthcare product & skin care product / cosmetic / perfume.
Most of the commodities are sourced from China. Prime markets are Asian countries, the Middle East, Europe and North America, etc. However, Iran is its prime market.
In Hong Kong, the subject is a member of The Hong Kong General Chamber of Commerce, Hong Kong. In China, it is a member of Iran Chamber of Commerce in China (Guangdong).
The business of Guangzhou Fort Spring is chiefly handled by Ramin Yousefi. Its annual sales turnover ranges from RMB30 to 50 million Yuan. Business is normal.
The subject has been banking with The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is about ten years.
Since the subject does not have its own operating office and has just one employees in Hong Kong, consider it good for business engagements on L/C basis or in very small credit amounts.
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.61.52 |
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|
1 |
Rs.102.22 |
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Euro |
1 |
Rs.85.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.