MIRA INFORM REPORT

 

 

Report No. :

305834

Report Date :

06.02.2015

 

IDENTIFICATION DETAILS

 

Name :

PIONEER ENTERPRISES LTD.

 

 

Registered Office :

C/o Prima Secretaries Ltd.

Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

08.06.2010

 

 

Com. Reg. No.:

52563333

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The subject’s lines of business are unknown since the secretarial firm knows nothing about its business.

 

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No. of Employees :

No Employee in Hong Kong

 

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

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

No Operating Office in Hong Kong

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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% 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

 

PIONEER ENTERPRISES LTD.

 

 

ADDRESS

 

Registered Office:-

C/o Prima Secretaries Ltd.

Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.

[Tel.: 852-2376 3611]

 

Associated Companies:-

Pixel Hong Kong Ltd., Hong Kong. (Same address)

Texon Enterprises Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

52563333

 

 

COMPANY FILE NUMBER

 

1466197

 

 

DATE OF INCORPORATION

 

8th June, 2010.

 

 

ISSUED SHARE CAPITAL

 

HK$1.00

 

 

SHAREHOLDER

 

(As per registry dated 08-06-2014)

Name

 

No. of share

Jayeshkumar Dipakkumar DESAI

 

1

=

 

 

DIRECTOR

 

(As per registry dated 03-12-2014)

Name

(Nationality)

 

Address

Kaushikkumar Bhailalbhai PATEL

Golden Height 303 Bur Dubai, P.O. Box 128803, Dubai, UAE.

 

 

SECRETARY

 

(As per registry dated 08-06-2014)

Name

Address

Co. No.

Prima Secretaries Ltd.

Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central. Hong Kong.

0569406

 

 

GENERAL

 

Pioneer Enterprises Ltd. was incorporated on 8th June, 2010 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 “Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central. Hong Kong” known as “Prima Secretaries Ltd.” [Prima] which is handling its correspondences and documents.  This firm is also the corporate secretary of the subject.

 

The phone number of Prima is 852-2376 3611.

 

The subject has no employee in Hong Kong.

 

According to the Companies Registry of Hong Kong, the subject has issued just one ordinary share of HK$1.00 which is owned by Mr. Jayeshkumar Dipakkumar Desai who is an Indian.  He is an India passport holder and does not have the right to reside in Hong Kong permanently.  Formerly he was also the only director of the subject.  On 3rd December, 2014, he was replaced by Mr. Kaushikkumar Bhailalbhai Patel [K B Patel] who is also an India merchant.

 

The registered address of the director and shareholder of the subject are in Dubai, the United Arab Emirates.

 

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 he is not in Hong Kong.

 

Besides operating the subject, Desai is operating another firm in Hong Kong known as Texon Enterprises Ltd. [Texon].  The registered address of this firm is located at the operating address of Aeon Business Services Ltd., a Hong Kong secretarial company.  Texon, also owned by Desai, and the subject are engaged in the same lines of business.  The corporate secretary of Texon is also Prima Secretaries Ltd.

 

K B Patel is also the shareholder and director of another Hong Kong-registered company Pixel Hong Kong Ltd. [Pixel].  Incorporated on 9th October, 2013, Pixel is also in the office of Prima.  It is also engaged in the same lines of business as the subject.

 

The history of the subject in Hong Kong is over four years and seven months.  Its business in Hong Kong is not active.

 

Since the subject does not have its own operating office and has no employee 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.61.87

UK Pound

1

Rs.94.07

Euro

1

Rs.70.19

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               


 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.