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Report No. : |
325247 |
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Report Date : |
04.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ROYAL FOREX LTD. |
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Registered Office : |
Shop 433, 4/F., Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
18.11.2014 |
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Com. Reg. No.: |
64078352 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Foreign Exchange and Payment Solution Provider. |
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No. of Employees : |
02 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
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 |
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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy protests
that began in late September probably will have some adverse effects on
economic growth, particularly retail sales.
|
Source
: CIA |
ROYAL FOREX LTD.
ADDRESS: Shop 433, 4/F., Hankow Centre,
5-15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2354 4474-76, 2354 4470
FAX: 852-2354 4471
E-MAIL: info@royalforexlimited.com
MANAGEMENT:
Managing Director: Mr. Kishore
Iyadurai
Incorporated on: 18th November, 2014.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Foreign
Exchange and Payment Solution Provider.
Employees: 2.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ROYAL FOREX
LTD.
Registered Head
Office:-
Shop 433, 4/F., Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon,
Hong Kong.
64078352
2169934
Managing Director: Mr. Kishore
Iyadurai
HK$10,000.00
(As per registry dated 18-11-2014)
|
Name |
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No. of shares |
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Kishore IYADURAI |
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6,000 |
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John Pushbaraj DEVADASAN |
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4,000 |
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––––– |
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Total: |
10,000 ===== |
(As per registry dated 18-11-2014)
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Name (Nationality) |
Address |
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Kishore IYADURAI |
Flat A, 7/F., Mas Mansion, 35 Hankow Road, Tsimshatsui, Kowloon, Hong
Kong. |
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John Pushbaraj DEVADASAN |
Flat 47, 4/F., 47 Haiphond Road, Kowloon, Hong Kong. |
(As per registry dated 18-11-2014)
|
Name |
Address |
Co. No. |
|
Falcon Secretaries Ltd. |
Suite 2201, 22/F., Malaysia Building, 50 Gloucester Road, Wanchai,
Hong Kong. |
1408455 |
The subject was incorporated on 18th November, 2014 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities & Lines: Foreign
Exchange and Payment Solution Provider.
Employees: 2.
Commodities Imported: Not
applicable.
Business territories: Hong
Kong and worldwide countries
Terms/Services: COD or as per contracted.
Terms/Buying: As per contracted.
Issued Share Capital: HK$10,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Royal Forex Ltd. is
jointly owned by Kishore Iyadurai, holding 60% interests; Mr John Pushbaraj
Devadasan, holding 40%. They are also
directors of the subject.
Both are Hong Kong ID holders and have got the right to reside in Hong
Kong permanently. They have been in Hong
Kong for a very long time as they have got their Hong Kong ID respectively
before setting up the subject.
The subject is a foreign exchange and international payment solution
provider in Hong Kong. It has helped a
number of people send their money abroad.
The subject offers clients with ‘great rates, great service and great
solutions’.
According to the subject, it has built long-term relationships with a
number businesses and individuals in Hong Kong.
Its activities range from one-off purchases, including property
transactions, to structured, long-term currency exchange solutions that
facilitate vast international trade. The
followings are the business scope of the subject:-
The business of the subject is chiefly handled by the two
shareholders. History in Hong Kong is
just over six months.
On the whole, since the history of the subject is short in Hong Kong,
consider it good for normal credit requirements on L/C basis.
OREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
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|
1 |
Rs.98.12 |
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Euro |
1 |
Rs.71.28 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
|
|
-- |
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.