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Report No. : |
304597 |
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Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ONWELL TRADING LTD. |
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Registered Office : |
Flat H, 25/F., Block 3, City Garden, North Point |
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Country : |
Hongkong |
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Date of Incorporation : |
18.06.2014 |
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Com. Reg. No.: |
63478317 |
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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 directors of the subject cannot be reached. (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.
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Source
: CIA |
ONWELL TRADING LTD.
Registered
Office:-
Flat H, 25/F., Block 3, City Garden, North
Point, Hong Kong.
Correspondence
Address:-
C/o RBA Venture Ltd.
Room 705, 7/F., Century Square, 1-13
D’Aguilar Street, Central, Hong Kong.
Associated
Companies:-
RB Commodities Ltd., Hong Kong.
RBA Venture Ltd., Hong Kong.
Vantage Business Ltd., Hong Kong. (Same address)
63478317
2110262
18th June, 2014.
HK$1,000,000.00
(As per
registry dated 18-08-2014)
|
Name |
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No. of shares |
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GRL14 Ltd. OMC Chambers, Wickhams Cay 1, Road Town,
Tortola, British Virgin Islands. |
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1 |
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Arun Kumar ARORA |
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499,999 |
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Chanchal Arunkumar ARORA |
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500,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
(As
per registry dated 18-08-2014)
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Name (Nationality) |
Address |
|
Arun Kumar ARORA |
Flat H, 25/F., Block 3, City Garden, North
Point, Hong Kong. |
|
Chanchal Arunkumar ARORA |
Flat H, 25/F., Block 3, City Garden, North
Point, Hong Kong. |
|
GRL14 Ltd. |
OMC Chambers, Wickhams Cay 1, Road Town
Tortola, British Virgin Islands |
(As
per registry dated 18-08-2014)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des
Voeux Road Central, Hong Kong. |
0113023 |
The subject was incorporated on 18th June, 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 moved to the present address with
effect from 18th August, 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Onwell Trading Ltd. was incorporated on 18th
June, 2014 as a private limited liability company.
Having issued 1 million ordinary shares of
HK$1.00 each, the subject is equally owned by Mr. Arun Kumar Arora and Mr.
Chanchal Arunkumar Arora. Both are also
directors of the subject. They are Hong
Kong ID holders and have got the right to reside in Hong Kong permanently.
The subject’s registered address is in a
private building located at Flat H, 25/F., Block 3, City Garden, North Point,
Hong Kong. This is the residence of the
two shareholders.
The subject has no employees in Hong Kong.
The correspondence address of the subject
‘Room 705, 7/F., Century Square, 1-13 D’Aguilar Street, Central, Hong Kong’ is
the operating office of RBA Venture Ltd. [RBA] which is a Hong Kong-registered
company. RBA has connection with Arun
Kumar Arora.
The subject has had another associated
company in Hong Kong known as RB Commodities Ltd. which is an agricultural
product trader.
The subject’s lines of business are unknown
since the directors of the subject cannot be reached.
The subject is just a two-man company. Business is chiefly handled by the two
shareholders. History in Hong Kong,
which is short, is just over seven months.
Besides the subject, the two shareholders
are operating another company known as Vantage Business Ltd., a Hong
Kong-registered company located at the same address.
Since the registered office of the subject
is in a residential building, on the whole, consider it good for normal
business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
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|
1 |
Rs.92.77 |
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Euro |
1 |
Rs.69.03 |
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.