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Report No. : |
351993 |
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Report Date : |
05.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ASIA GRACE LTD. |
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Registered Office : |
C/o Datt Consultants Flat E, 8/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
19.02.2008 |
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Com. Reg. No.: |
39084996 |
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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 report us about its business. |
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No. of Employees : |
No Employee 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) |
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Hong Kong |
A1 |
A1 |
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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 |
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 |
ASIA GRACE LTD.
Registered
Office:-
C/o Datt Consultants
Flat E, 8/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon,
Hong Kong.
39084996
1211908
19th February, 2008.
HK$10,000.00
(As per registry dated 19-02-2015)
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Name |
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No. of shares |
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Anil Sushil JAIN |
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10,000 ===== |
(As per registry dated 19-02-2015)
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Name (Nationality) |
Address |
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Anil Sushil JAIN |
64 Deira Tower, Dubai, UAE. |
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Sanjay Shamsunder TOLANI |
Flat 6, 1/F., 18 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 19-02-2015)
|
Name |
Address |
Co. No. |
|
Datt Consultants |
Flat E, 8/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon,
Hong Kong. |
- |
The subject was incorporated on 19th February, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Last time, the registered address of the subject was located at Flat A1,
7/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon, Hong Kong, moved
to Flat E, 8/F. of the same building in February 2014.
In February 2015, the subject moved to Flat 6, 1/F., 18 Austin Avenue,
Tsimshatsui, Kowloon, Hong Kong and further back to the present address in May
2015.
Both addresses are the old and new operating office of Datt Consultants.
Apart from these, neither material change nor amendment has been ever traced
and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Asia Grace Ltd. is
wholly owned by Mr. Anil Sushil Jain 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 one of the directors of the
subject. His registered address is in
Dubai, the United Arab Emirates. The
other director of the subject Sanjay Shamsunder Tolani is also an India
merchant, but he is a Hong Kong ID holder and has got the right to reside
in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Flat E, 8/F., Far East Mansion, 5 6 Middle Road,
Tsimshatsui, Kowloon, Hong Kong” known as “Datt Consultants” [Datt] which is
handling its correspondences and documents.
Datt is also the corporate secretary of the subject. The phone and fax number of Datt are 852 2354
4609 and 852-2354 4619 respectively. The
contact person and director of Datt is Mr. Rudr Datt.
The subject has no employees in Hong Kong.
The subject’s lines of business are unknown since the secretarial firm
declined to report 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 over seven years and nine
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.66.84 |
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|
1 |
Rs.101.04 |
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Euro |
1 |
Rs.73.05 |
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HKD |
1 |
Rs.8.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
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-- |
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.