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Report Date : |
21.11.2014 |
IDENTIFICATION DETAILS
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Name : |
GLORY PRIZE LTD. |
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Registered Office : |
C/o Lianbang Int’l Business (HK) Ltd., Unit 04, 7/F., Bright Way
Tower, 33 Mongkok Road, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
16.12.2013 |
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Com. Reg. No.: |
62501852 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject’s lines of business are unknown since the secretarial firm
knows nothing about its business. (NOTE: We tried
to confirm obtain the details activity but the same is not available from any
source.) |
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No. of Employees : |
No employees in Hong Kong. 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. |
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 Business |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hongkong |
A1 |
A1 |
|
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 |
HONGKONG - 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 |
GLORY PRIZE LTD.
Registered
Office:-
c/o Lianbang Int’l Business (HK) Ltd.
Unit 04, 7/F., Bright Way Tower, 33 Mongkok Road, Kowloon,
Hong Kong.
[Tel: 852-2793 5511; Fax:
852-3590 2333]
62501852
2013007
16th December, 2013.
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 16-12-2013)
|
Name |
|
No. of shares |
|
JIANG Li Qin |
|
10,000 ===== |
(As per registry
dated 16-12-2013)
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Name (Nationality) |
Address |
|
JIANG Li Qin |
No. 166, Henggangping Road, Henggang Village, Lufeng She Ethnic
Township, Shanghang County, Fujian, China. |
(As per registry
dated 16-12-2013)
|
Name |
Address |
Co. No. |
|
Lianbang Int’l Business (HK) Ltd. |
Unit 04, 7/F., Bright Way Tower, 33 Mongkok Road, Kowloon, Hong
Kong. |
1247280 |
Glory Prize Ltd. was incorporated on 16th December, 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 Unit 04, 7/F., Bright Way Tower, 33 Mongkok Road,
Kowloon, Hong Kong known as Lianbang Int’l Business (HK) Ltd. [Lianbang] which
is handling its correspondences and documents.
Lianbang 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 of HK$1.00 each which are wholly-owned by Ms. Jiang
Li Qin who is a China businesswoman. She
is a China ID holder and does not have the right to reside in Hong Kong
permanently. She is also the only
director of the subject. Her registered
address is in Shanghang County, Fujian Province, China.
The subject’s lines of business are unknown since the secretarial firm
knows nothing about its business.
The director of the subject cannot be reached as she is not in Hong
Kong.
No information of the subject can be obtained from our secondary
sources.
The subject’s business in Hong Kong is not active. History in Hong Kong, which is short, is less
than a year.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.97.32 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
|
|
-- |
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.