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Report Date : |
03.05.2014 |
IDENTIFICATION DETAILS
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Name : |
RICH STEP TRADING LTD. |
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Registered Office : |
Flat 02, 7/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.09.2009 |
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Com. Reg. No.: |
51396589 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of mobile phones, digital cameras,
electronic products |
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No. of Employees : |
7 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$200,000 |
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Status : |
Small company |
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Payment Behaviour : |
No complaints |
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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 – 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 |
RICH STEP TRADING
LTD.
ADDRESS: Flat 02, 7/F., Tower 2,
Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2868 0666
FAX: 852-2708 8805
E-MAIL: sales@richstep.com.hk
angus@@richstep.com.hk
mobiles@richstep.com.hk
Managing Director: Mr. Moizuddin
Khan
Incorporated on: 3rd September, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$500,001.00
Business Category: Mobile
Phone Trader.
Employees: 7.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Credit Limit US$200,000
RICH STEP
TRADING LTD.
Registered Head
Office:-
Flat 02, 7/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
Associated
Company:-
Rich Step Trading Pte. Ltd.
1 North Bridge Road, B1-12, High Street Centre, Singapore 179094.
[Tel: 65-6337 8101, 6337 8806
Fax: 65-6337 2407
E-mail: richstep@singnet.com.sg]
51396589
1369522
Managing Director: Mr. Moizuddin
Khan
Nominal Share Capital: HK$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,001.00
(As per registry dated 03-09-2013)
|
Name |
|
No. of shares |
|
Moizuddin KHAN |
|
500,001 ====== |
(As per registry dated 03-09-2013)
|
Name (Nationality) |
Address |
|
Moizuddin KHAN |
Flat C, 29/F., Block 21, Laguna Verde, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 03-09-2013)
|
Name |
Address |
Co. No. |
|
Larich Ltd. |
Suite 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui,
Kowloon, Hong Kong. |
0437591 |
The subject was incorporated on 3rd September, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1207, 12/F., Heng Ngai Jewelry
Centre, 4 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong, moved to the
present address in April 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of mobile phones, digital cameras, electronic products
Indebtedness: US$510,196.00
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 03-09-2013)
Mortgage or Charge: (See attachment)
Employees: 7.
Commodities Imported: Europe,
Japan, other Asian countries
Markets: India,
Singapore, other Asian countries, Europe, North America
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C
Nominal Share Capital: HK$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,001.00
Profit or Loss: Made
a small profit in 2013.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 500,001 ordinary share of HK$1.00, Rich Step Trading Ltd.
is wholly owned by Mr. Moizuddin Khan who is an Indian. He is an India 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 is trading in mobile phones, digital cameras, camcorders,
i-pod and the other consumer electronic products. It trades in those brand names such as Nokia,
Samsung, Sony, Ericsson, Black Berry, HTC and Apple iPhone.
Products are sourced from Europe, South Korea, China, the other Asian
countries, etc. However, China is its
main supplying country.
The subject has registered with the Office of the Communications
Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of
China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of
RU00135992-RU.
The subject has had a warehouse in Kowloon Bay, Kowloon, Hong Kong.
The contact persons of the subject are Mr. Jags, Mr. Tahir, Mr. Angus
and Mr. Ehsan Chan. The subject’s
products are exported to Singapore, Southeast Asia, etc. Business is normal.
The subject has had an associated company Rich Step Trading Pte. Ltd.
which is a Singapore-based firm. This
firm is engaged in the same lines of business as the subject.
The history of the subject in Hong Kong is just over four years.
On the whole, consider it good for normal business engagements in small
credit amounts.
|
Date |
Particulars |
Amount |
|
22-04-2013 |
Instrument: Assignment of Life Insurance Property: (1) All the Assignor’s
claims under the Insurance: Insurance Policy No: 28006419 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Mr. Moizuddin KHAN Assignor / Policy Owner: Rich Step Trading Ltd. (2) All the Assignor’s
claims against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Secured Monies |
|
06-09-2013 |
Instrument: Charge Over Securities and Deposits
with the Bank (Limited Company - Under Seal) Property: In consideration of the Bank agreeing to grant or continuing to grant
banking facilities, the chargor, as beneficial owner, charges, pledges and
assigns to the Bank all the right, title and interest of the chargor in and
to the securities, the receivables and the deposits as a continuing security
for the obligations of the chargor in respect of the secured moneys Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
USD129,000.00 |
|
03-04-2014 |
Instrument: Charge Over Securities and Deposits
with the Bank (Limited Company, Individual or Firm - Under Seal) Property: In consideration of the Bank agreeing to grant or continuing to grant
banking facilities, the chargor, as beneficial owner, charges, pledges and
assigns to the Bank all the right, title and interest of the chargor in and
to the securities, the receivables and the deposits as a continuing security
for the obligations of the chargor in respect of the secured moneys Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
USD350,000.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.