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Report Date : |
11.09.2014 |
IDENTIFICATION DETAILS
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Name : |
TREASURE PRAISE LTD. |
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Registered Office : |
Flat B4, 11/F., Hankow Centre, 4A |
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Country : |
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Date of Incorporation : |
19.02.2014 |
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Com. Reg. No.: |
62761757 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Retailer of all kinds of dried
aquatic products. |
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No. of Employees : |
3 |
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 company |
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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 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 |
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Moderate High Risk |
C1 |
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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 |
TREASURE
PRAISE LTD.
G/F, 195 Des Voeux
Road West, Sai Ying Pun, Hong Kong.
PHONE: 852-2314 1141
Managing
Director: Sarafath Ali Mohamed Hasana
Lebbai
Incorporated on: 19th February, 2014.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Importer, Exporter and Retailer.
Employees: 3. (Including affiliated)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TREASURE
PRAISE LTD.
Registered
Office:-
Flat B4, 11/F.,
Hankow Centre, 4A Ashley Road, Kowloon, Hong Kong.
Head
Office:-
G/F, 195 Des Voeux
Road West, Sai Ying Pun, Hong Kong.
Affiliated
Company:-
Global Marine
Ltd., Hong Kong. (Same address)
62761757
2038865
Managing
Director: Sarafath Ali Mohamed Hasana
Lebbai
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
(As
per registry dated 19-02-2014)
|
Name |
|
No.
of share |
|
Company Kit Secretarial Services Ltd.,
Hong Kong. |
|
1 = |
(As
per registry dated 20-05-2014)
|
Name (Nationality) |
Address |
|
Sarafath
Ali MOHAMED HASANA LEBBAI |
Flat B4, 11/F., Hankow Centre, 4A Ashley
Road, Kowloon, Hong Kong. |
(As
per registry dated 20-05-2014)
|
Name |
Address |
Co.
No. |
|
Akin
Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
The
subject was incorporated on 19th February, 2014 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
its registered office was in a commercial service provider located at Unit A,
3/F., Cheong Sun Tower, 116-118 Wing Lok Street, Sheung Wan, Hong Kong known as
Company Kit Secretarial Services Ltd. which had handled its correspondences and
documents. The subject changed its
registered address to Flat B4, 11/F., Hankow Centre, 4A Ashley Road, Kowloon,
Hong Kong with effect from 20th May, 2014, and further moved to the present
address in July 2014.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Retailer.
Lines: All kinds of dried aquatic products.
Employees: 3. (Including affiliated)
Commodities Imported: India, China, Japan, etc.
Markets: Hong Kong, Europe, North America, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having
issued just one ordinary share of HK$1.00, Treasure Praise Ltd. is solely owned
by Company Kit Secretarial Services Ltd. which is a secretarial company in Hong
Kong. This company is the nominal
shareholder.
The
director of the subject Sarafath Ali Mohamed Hasana lebbai is an India
merchant. He is a Hong Kong ID holder
and has got the right to reside in Hong Kong permanently. He is also the only director of the
subject. Sarafath Ali Mohamed Hasana
Lebbai is the real owner of the subject.
The
subject is sharing the office with another company Global Marine Ltd. [Global
Marine] which is also located at the same address. Incorporated on 11th August, 2000, Global
Marine and the subject are engaged in the same lines of business, more or
less. The contact person of Global
Marine is Mr. Shafeed Ahamed who is also an India merchant.
The
subject is a dried aquatic products trader.
It is trading in the following commodities: shark’s fin, dried cuttle
fish, squid, octopus, abalone, beche-de-mer, mussels, oysters, scallops,
shrimps, lobsters, etc.
Commodities
are marketed in Hong Kong, and exported to the other Asian countries, Europe,
North America, etc.
The
subject moved to the present address in July 2014. Business is still under development.
The
subject’s business is chiefly handled by Sarafath Ali Mohamed Hasana Lebbai
himself. History in Hong Kong is just
over six months.
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.60.82 |
|
|
1 |
Rs.98.14 |
|
Euro |
1 |
Rs.78.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
-- |
|
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.