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Report No. : |
301518 |
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Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
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Name : |
PRIDE RICH LTD |
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Registered Office : |
C/o Hashmi Secretarial Services Ltd. Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue,
Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
11.02.2014 |
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Com. Reg. No.: |
62733124 |
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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
knows nothing about its business. 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 : |
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 : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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.
|
Source
: CIA |
Your ‘Suite B 1918 Wonder Plaza, Tsim Sha Sui Mansion’ is not a correct
and meaning address in Hong Kong’.
PRIDE RICH
LTD.
Registered
Office:-
c/o Hashmi Secretarial Services Ltd.
Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue,
Tsimshatsui, Kowloon, Hong Kong.
62733124
2036024
11th February, 2014.
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 11-02-2014)
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Name |
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No. of share |
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Company Kit Secretarial Services Ltd., Hong Kong. |
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1 = |
(As per registry
dated 18-02-2014)
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Name (Nationality) |
Address |
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Farid Ahmed Ilyas MULLA |
Building N0-1, B-203/204, Hamara Ghar Chs, Model Town Andheri W,
Mumbhai-400053, Maharashtra, India. |
(As per registry
dated 18-02-2014)
|
Name |
Address |
Co. No. |
|
Hashmi Secretarial Services Ltd. |
Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue,
Tsimshatsui, Kowloon, Hong Kong. |
0770656 |
The subject was incorporated on 11th February, 2014 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit A, 3/F., Cheong Sun Tower 116‑118 Wing
Lok Street, Sheung Wan, Hong Kong where is the operating office of a commercial
service provider Company Kit Secretarial Services Ltd. It moved to the present address with effect
from 18th February, 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.
Pride Rich Ltd. was incorporated in February, 2014 as a private limited
liability company.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Unit B, 3/F., Chun Wah Commercial Building, 30 Minden
Avenue, Tsimshatsui, Kowloon, Hong Kong” known as “Hashmi Secretarial Services
Ltd.” [Hashmi] which is handling its
correspondences and documents. Hashmi is
also the corporate secretary of the subject.
The subject’s registered address changed to the present one as it has
changed its commercial service provider.
The subject has no employees 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 Company Kit Secretarial
Services Ltd., a Hong Kong secretarial company.
It is a nominal holding company.
The director of the subject Mr. Farid Ahmed Ilyas Mulla 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. His registered address is in
Maharashtra, India.
It was reported that the subject has got a contact person in Hong Kong
whose Hong Kong mobile phone number is 852‑6029 4598. However we can reach nobody at this line as
this line “cannot be connected”. It
seems that the owner has turned off his mobile phone for a very long time.
The subject’s lines of business are unknown since the secretarial firm
knows nothing about its business.
The subject’s business is still under development.
We are not sure whether the subject has been banking with The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
The subject’s history in Hong Kong is just over ten months.
On the whole, since the history of the subject is short in Hong Kong,
consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.45 |
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|
1 |
Rs.95.99 |
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Euro |
1 |
Rs.75.28 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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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.