MIRA INFORM REPORT
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Report No. : |
306651 |
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Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
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Name : |
M-DAY INTERNATIONAL COMPANY LIMITED |
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Registered Office : |
10/F, Unit-M-11, Tack Building, 48 Gilman Street, Central |
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Country : |
Hongkong |
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Date of Incorporation : |
07.06.2007 |
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Com. Reg. No.: |
38037370 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
NOT
AVAILABLE (NOTE: WE TRIED TO CONFIRM OBTAIN THE DETAILS ACTIVITY BUT
THE SAME IS NOT AVAILABLE FROM ANY SOURCE.) |
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No. of Employees : |
Not Available 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 : |
Offshore 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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hongkong |
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 |
HONGKONG - 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.
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Source
: CIA |
Contact
Points
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Company Name (in English): |
M-Day International Company Limited |
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Supplied Name: |
M Day International Company Limited |
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Supplied Address: |
RM M-11 10/F Tack Building 48 Giaman Street Central |
Note: The exact name is
as above.
Credit
Summary
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Credit Opinion: |
Special
Note
We cannot find subject’s any operation or
valid contact information in Hong Kong through public files according to
supplied name.
We visited the supplied address, which is also
subject’s registered address, but did not find the subject on it. We found
corporate secretary (Global Associated Limited) located at it. The relevant
staff on the address introduced that subject is only registered on the supplied
address, but they declined to disclose any information of the subject for
confidential reasons.
Based on subject’s registered files and our
investigation, we consider subject as an offshore company.
We found subject’s registered files from local
registry, supplying as following for reference.
Company
Identification Details
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Registered Name: |
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Registered Address: |
10/F, Unit-M-11,
Tack Building, 48 Gilman Street, Central, Hong Kong |
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Date of Registration: |
2007-6-7 |
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Registered Number: |
1139458 |
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Business Registration No.: |
38037370 |
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Paid-up Capital: |
HKD 1,000,000 (USD 129,000) = 1,000,000 Shares @ HKD 1 (As of 2015.2, 1 HKD = 0.129 USD) |
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Legal Form: |
Private Limited Liability Company |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2014-6-7 |
History
Subject was incorporated on 2007-6-7 with the
registered number 1139458 as Private Limited Liability Company in Hong Kong.
Corporate
Structure
Subject did not register
any subsidiaries or branches, from other source we can not obtain the relevant
information, either.
Shareholders
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Subscription Shares |
Proportion of Investment (%) |
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Bhagat Bharat Bhushan |
1,000,000 |
100% |
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Total |
1,000,000 |
100% |
Major Shareholder Information:
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Name: |
Bhagat Bharat Bhushan |
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Address: |
No. 99, Zhenxing Rd., Wuning Office,
Dongyang City, Zhejiang Province, China |
Management
Information
Core Management
Detailed Information of Directors:
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1 |
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Name: |
Bhagat Bharat Bhushan |
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Address: |
No. 99, Zhenxing Rd., Wuning Office,
Dongyang City, Zhejiang Province, China |
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Position: |
Director |
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Passport Number: |
Z2278632 |
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Issuing Country: |
India |
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2 |
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Name: |
Global Associated Limited |
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Address: |
10/F, Unit-A, Tack Building, 48 Gilman
Street, Central, Hong Kong |
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Position: |
Corporate Secretary |
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Registered Number: |
1695695 |
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Date of Appointment: |
2014-12-17 |
Former Corporate Secretary:
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Name: |
Gangfeng Group (HK) Limited |
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Address: |
RM 1318-20, Hollywood Plaza, No. 610 Nathan
Road Mongkok Kowloon, Hong Kong |
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Registered Number: |
1037856 |
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Date of resignation: |
2014-12-17 |
Operation
Information
Subject does not have business entity in Hong
Kong.
Financial
Information
The subject has no obligation to supply its
financial statement to the third party according to the relevant policy in Hong
Kong and the only source from which we can obtain the information is the
subject itself.
Subject does not have business entity in Hong
Kong, thus we cannot obtain the relevant information.
Public
Mortgage Record
No mortgage record of subject was found.
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
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High Court Action: |
Clear |
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High Court Baukufty Bankruptcy Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
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High Court Construction & Arbitration Proceedings: |
Clear |
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High Court Companies Winding-Up: |
Clear |
Attachment
Tack Building, 48 Gilman Street, Central, Hong
Kong
10/F, Unit-M-11, Tack Building, 48 Gilman
Street, Central, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
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|
1 |
Rs.94.41 |
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Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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.