MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	HK CORPORATION (HK) LTD.
Registered Office :	Flat A-4, 13/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	08.07.2013
Com. Reg. No.:	61702500
Legal Form :	Private Limited Liability Company
Line of Business :	Not Available
No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Hong Kong	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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

Company name

HK CORPORATION (HK) LTD.

ADDRESS

Registered Office:-

Flat A-4, 13/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

61702500

COMPANY FILE NUMBER

1933930

DATE OF INCORPORATION

8th July, 2013.

PAID UP CAPITAL

HK$10,000.00

SHAREHOLDER

(As per registry dated 08-07-2014)

Name	No. of shares
Bhadreshbhai Mangabhai CHUDASAMA	10,000 =====

DIRECTOR

(As per registry dated 08-07-2014)

Name (Nationality)	Address
Bhadreshbhai Mangabhai CHUDASAMA	Plot No. 121, Gunatit Nagar, Anandnagar, Bhavnagar Pin 364005, Gujarat, India.

SECRETARY

(As per registry dated 08-07-2014)

Name	Address	Co. No.
Buttar Secretarial Ltd.	Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.	2086550

GENERAL

HK Corporation (HK) Ltd. was incorporated on 8th July, 2013 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject’s registered office is in a residential building located at Flat A-4, 13/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

The residential building is not trespassed by outsiders.

The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.

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 Mr. Bhadreshbhai Mangabhai Chudasama who is an India merchant. 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. His registered address is at ‘Gujarat, India’.

The subject’s lines of business are unknown since the director of the subject cannot be reached.

No information of the subject can be obtained from our secondary sources.

The subject’s business in Hong Kong, which is not very active, is just at its initial stage. History in Hong Kong is just over one year and a month.

On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.54
UK Pound	1	Rs.99.73
Euro	1	Rs.79.54

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

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%)

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