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Report No. : |
351628 |
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Report Date : |
02.11.2015 |
IDENTIFICATION DETAILS
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Name : |
EXCELLENCE DRAGON LTD. |
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Registered Office : |
C/o Buttar.HK Ltd./Buttar Secretarial Ltd., Unit E, 1/F., Mau Lam
Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.03.2014 |
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Com. Reg. No.: |
21429720 |
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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 declined to tell us about its business. [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employee : |
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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
EXCELLENCE DRAGON
LTD.
C/o Buttar.HK Ltd./Buttar
Secretarial Ltd., Unit E, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam
Street, Jordan, Kowloon, Hong Kong.
21429720
2073312
31st March, 2014.
HK$7,800,000.00
(As
per registry dated 31-03-2015)
|
Name |
|
No.
of shares |
|
Pawan THAKUR |
|
7,800,000 ======= |
(As
per registry dated 31-03-2015)
|
Name (Nationality) |
Address |
|
Pawan THAKUR |
H No. 654, Sector 14, Sonipat, Pin 131001,
Haryana, India. |
(As
per registry dated 31-03-2015)
|
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 |
The
subject was incorporated on 31st March, 2014 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject’s registered address was located at 14/F., Chun Wo Commercial
Centre, 25 Wing Wo Street, Central, Hong Kong where was the operating address
of a secretarial firm known as GNL12 Ltd.
The subject changed its registered address to the present one in May
2014 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 78 million ordinary shares, Excellence Dragon Ltd. is wholly owned by
Mr. Pawan Thakur 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.
The
subject does not have its own operating office.
Its registered office is in a business centre located at Unit E, 1/F.,
Mau Lam Commercial Building, 16‑18 Mau Lam Street, Jordan, Kowloon, Hong
Kong known as Buttar Secretarial Ltd. [BSL] which is handling its
correspondences and documents. “Unit E”
is the file number of the subject in BSL.
BSL is also the corporate secretary of the subject. This company has more than one office in
Hong Kong.
The
subject has no employees in Hong Kong.
The
subject’s lines of business are unknown since the secretarial firm declined to
tell us about its business.
The
director of the subject cannot be reached as he is not in Hong Kong.
No
information of the subject can be obtained from our secondary sources.
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 just over a year and eight months.
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.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.52 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.70.44 |
|
HKD |
1 |
Rs. 8.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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Report Prepared
by : |
ASH |
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 |
|
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.