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Report No. : |
329770 |
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Report Date : |
08.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
RICH FORTUNE INT'L
INDUSTRIAL LTD. |
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|
|
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Registered Office : |
C/o Orion House Secretarial
Ltd., Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton
Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.02.2005 |
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Com. Reg. No.: |
35365207 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is importer, exporter and wholesaler of textiles, garments, arts & crafts, foodstuffs, metals, chemicals, electronic & electric products, steel, wool, plastics, chemical fibre, iron ore powder, machinery equipment, automobiles and auto-parts |
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No. of Employee : |
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
|
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 |
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|
|
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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) |
|
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 12.5% 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 |
RICH FORTUNE
INT'L INDUSTRIAL LTD.
C/o Orion House
Secretarial Ltd.
Room 1401, 14/F.,
World Commerce Centre, Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2736 7372
FAX: 852-2736 8895
Managing
Director: Mr. Zhou Ju Le
Incorporated
on: 23rd February, 2005.
Organization: Private Limited Company.
Issued Share
Capital: HK$8,593,750.00
Business Category:
Importer, Exporter & Wholesaler.
Employees: Nil.
Main Dealing
Banker: DBS Bank (Hong Kong) Ltd., Hong
Kong.
Banking
Relation: Satisfactory.
Registered Head Office:-
c/o Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre,
Harbour City, 7‑11 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
China-Base Ningbo
Foreign Trade Co. Ltd., China
Associated Companies:-
China-Base
Plaza Management Co. Ltd., China.
China-Base Resource Singapore Pte. Ltd., Singapore.
Ningbo China
Honkee Import & Export Co. Ltd., China.
Ningbo
China-Base Automobile Accessories Co. Ltd., China.
Ningbo
China-Base Automobile Sales & Service Co. Ltd., China.
Ningbo
China-Base Dongfeng-Honda Automobile Sales & Service Co. Ltd., China.
Ningbo
China-Base Fuel Ltd., China.
Ningbo
China-Base Hongda Industry & Trade Co. Ltd., China.
Ningbo
China-Base Import & Export Co. Ltd., China.
Ningbo China-Base
International Tendering Co. Ltd., China.
Ningbo
China-Base Kaifeng Automobile Sales & Service Co. Ltd., China.
Ningbo
China-Base Landhau Foreign Trade Co. Ltd., China.
Ningbo China-Base
Property Management Co. Ltd., China.
Ningbo China-Base Yahua Toyota Automobile Sales &
Service Co. Ltd., China.
Ningbo
China-Base Yongtong Automobile Sales & Service Co. Ltd., China.
Ningbo
China-Base Yongyao Automobile Sales & Service Co. Ltd., China.
Ningbo East China Import Commodities Market Development
Co. Ltd., China.
Ningbo ETD
Qigao Trading Co. Ltd., China.
Ningbo Five
Star Trading Co. Ltd., China.
Ningbo Free
Trade Zone Huadong Imports Market Develop. Ltd., China.
Ningbo Honda
Automobile Sales & Service Co. Ltd., China.
Ningbo Huayu
Business Consulting Co. Ltd., China.
Ningbo Youngor
Holding Co. Ltd., China.
Ningbo
Youngor International Trade & Transportation Co. Ltd., China.
Ningbo
Zhixing Automobile Service Co. Ltd., China.
35365207
0952799
Managing
Director: Mr. Zhou Ju Le
HK$8,593,750.00
(As
per registry dated 23-02-2015)
|
Name |
|
No.
of shares |
|
China-Base Ningbo Foreign Trade Co. Ltd. No.1 Ya Ge Er Da
Dao, Ningbo, China. |
|
8,593,750 ======= |
(As
per registry dated 23-02-2015)
|
Name (Nationality) |
Address |
|
ZHOU Ju Le |
Room 1404, No. 22, Lane 50, Nan Yan Wu
Street, Jiang Dong District, ningbo City, Zhejiang Province, China. |
|
SHI Liang |
Room 602, No. 46, Lane 39, Hua Tai Street,
Jiangdong District, Ningbo, Zhejiang Province, China. |
|
CHEN Xian |
Room 503, No. 29, Maoxi Lane, Haishu
District, Ningbo City, Zhejiang Province, China. |
(As
per registry dated 23-02-2015)
|
Name |
Address |
Co.
No. |
|
Orion
House Secretarial Ltd. |
Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong. |
1296458 |
The
subject was incorporated on 23rd February, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the registered address of the subject was located at Room 107, 1/F., Chevalier
House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to
the present address in early 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter & Wholesaler.
Lines: Textiles,
garments, arts & crafts, foodstuffs, metals, chemicals, electronic &
electric products, steel, wool, plastics, chemical fibre, iron ore powder,
machinery equipment, automobiles and auto-parts.
Employees: Nil.
Commodities
Imported: Europe, other Asian countries, US,
etc.
Markets: China, other Asian countries, US,
Europe, Australia, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share
Capital: HK$8,593,750.00
Indebtedness: US$10,000,000.00 (Total amount outstanding on
all mortgages and charges as per last Annual Return dated 23-02-2015)
Mortgage or
Charge: (See attachment)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Adequate for current running.
Payment: Met trade commitments as required.
Commercial
Morality: Satisfactory.
Bankers:-
DBS Bank (Hong
Kong) Ltd., Hong Kong.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Nanyang Commercial
Bank Ltd., Hong Kong.
Standing: Small.
Rich
Fortune Int’l Industrial Ltd. is a wholly-owned subsidiary of China-Base Ningbo
Foreign Trade Co. Ltd. [CBNFT] which is in Ningbo City, Zhejiang Province,
China.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at Room
1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton Road,
Tsimshatsui, Kowloon, Hong Kong known as Orion House Secretarial Ltd.
which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject.
Formerly
the subject was located at Room 107, 1/F., Chevalier House, 45‑51 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong where was the operating office of
Youngor (HK) Co. Ltd. This firm was as
associated company of the subject.
The
subject has no employees in Hong Kong.
It is trading in the same commodities as CBNFT. CBNFT is exporting textiles, garments, light
industrial products, arts & crafts, foodstuffs, metals, machinery &
equipment, chemicals, electronic & electric products, etc. It is importing iron & steel, wool,
plastics, chemicals, chemical fibres, iron ore powder, machinery & equipment,
automobiles and auto-parts, etc.
CBNFT
is an offshoot of China Export Base Development Ningbo Corporation which was
established in 1985. It is a new type
enterprise with a registered capital of RMB120 million Yuan. CBNFT has been ranked in the Top 500 I/E
Enterprises in China since 1993.
CBNFT
owns 36,000 sq.m. of office area and factory area, over 1,000 sq.m. of
automobile exhibition hall, and over 3,000 sq.m. of automobile repairing
factory.
The
subject and CBNFT belong to Ningbo China-Base Group which has more than 30
wholly owned subsidiary companies engaged in international trading,
international freight forwarding, bonded warehousing, international tendering,
automotive sales & repairing, and sales of aftermarket car parts. The group has trading transactions with
companies of over 110 countries globally.
The
group's imports include iron ores, asphalt, plastics, liquid chemicals, coal,
copper, and cotton. Its exports include
steel, textiles, garments, hardware machinery, and automobile accessories. The Group imports over 15 million tons of
iron ore annually and is one of five largest enterprises importing iron ore in
China.
Ningbo
China-Base Group has been engaged in automotive 4S dealerships since 2002 and
became one of the leading dealerships in Ningbo. After 10 years of development, the
Group’s Automotive Division operates 10 4S dealerships for luxury brands
including Audi, Mercedes-Benz, Volkswagen, Buick, Toyota, and Honda. The Group’s Automotive Division is a
recognized car dealers and one of the largest automotive group operating in the
Ningbo area. The Group has been ranked
as one of the Top 50 auto dealerships in China since 2010.
According
to the Group, it has developed business ties with 112 countries and regions of
the world.
The
president of Ningbo China-Base Group Zhou Ju Le is also one of the directors of
the subject.
In
2014, the total turnover of Ningbo China-Base Group amounted to RMB27.59
billion Yuan. Business is profitable.
The
subject is fully supported by CBNFT.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements in very small credit amounts or
on L/C basis.
|
Date |
Instrument |
Mortgagee |
|
29-09-2010 |
Charge on Cash Deposit to secure
liabilities of the Depositor |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
|
18-10-2010 |
Bank Deposit
Pledge Contract |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
|
18-10-2010 |
Special Account
Pledge Agreement |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
|
18-04-2013 |
A Security Deed made between the Chargor
and Goldman Sachs International |
Goldman Sachs International |
|
19-09-2013 |
Charge On Cash Deposit to Secure
Liabilities of the Depositor |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
|
10-06-2014 |
Trade Finance Security Assignment |
China CITIC Bank International Ltd., Hong Kong. |
|
14-08-2014 |
Charge on All sums in Current Account |
DBS Bank Ltd. |
|
12-11-2014 |
Trade Finance Security Assignment |
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. [Business names:
Rabobank Nederland, Rabobank and Rabobank International], Hong Kong
Branch. |
|
30-04-2015 |
Deed of Indemnity, Charge Over Deposit and
Set-Off |
Nanyang Commercial Bank Ltd., 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.37 |
|
|
1 |
Rs.98.86 |
|
Euro |
1 |
Rs.69.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
ASH |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.