MIRA INFORM REPORT

Report No. :	321649
Report Date :	14.05.2015

IDENTIFICATION DETAILS

Name :	VIGOR DEVELOPMENT (CHINA) COMPANY LIMITED
Registered Office :	Flat A & B, 2F, Gemfiar Commercial Building, 555-557 Canton Rd., Kowloon
Country :	Hong Kong
Date of Incorporation :	27.10.1992
Com. Reg. No.:	16116958
Legal Form :	Private Limited Liability Company
Line of Business :	Not Available [Note: We tried to confirm / obtain the detailed activity but the same is not available from any sources]
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 :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Stop business operating in Hong Kong
Payment Behaviour :	--
Litigation :	--

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

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% 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

Contact Points

Company Name (in English):	Vigor Development (China) Company Limited
Supplied Name:	Vigor Development (China) Co Ltd
Supplied Address:	Suite 1706, 17/F, Tower 1, China HK City, 33 Canton Road, TSIM sha Tsui Kowloon

Note: The exact name is as above. It is introduced that the supplied address is subject’s former trading address, but they declined to disclose the current trading address.

Special Note

According to the supplied name, we found subject is engaged in trading of chemicals, etc. in Hong Kong from public files.

We visited the supplied address, but did not find the subject on it. There is another company (BAP Trading Company Limited) locating on it, and the relevant staff on the address said they did not know the subject.

We tried to contact the subject through the telephone number +852-2398-7826 from public files, and Mr. Chong who is the director of the subject answered the phone. He said the subject was engaged in trading of chemicals before but has stopped doing any business in Hong Kong at present, he introduced that the supplied address is subject’s former address but declined to disclose any other information.

Company Identification Details

Registered Name:	Vigor Development (China) Company Limited
Registered Address:	Flat A & B, 2F, Gemfiar Commercial Building, 555-557 Canton Rd., Kowloon, Hong Kong
Telephone Number:	+852-2398-7826
Date of Registration:	1992-10-27
Registered Number:	386523
Business Registration No.:	16116958
Registered Capital:	HKD 8,000,000 (USD 1,032,000) (As of 2015.05, 1 HKD = 0.129 USD)
Paid-up Capital:	HKD 8,000,000 (USD 1,032,000) = 8,000,000 Shares@ HKD 1
Legal Form:	Private Limited Liability Company
Principal Activities:	N/A
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-10-27

Notes: It is introduced that subject does not have any business in Hong Kong at present and they declined to disclose the number of staff.

History

Subject was incorporated on 1992-10-27 with the registered number 386523 as Private Limited Liability Company in Hong Kong.

Corporate Structure

Subject did not register any subsidiaries or branches; from other source we could not obtain the relevant information, either.

Shareholders

Name	Subscription Shares	Proportion of Investment (%)
Chong Kan Yu	4,000,000	50%
Chan Man Shuen	4,000,000	50%
Total	8,000,000	100%

Major Shareholder Information:

1
Name:	Chong Kan Yu
Address:	2F, 555-557 Canton Rd., Kowloon, Hong Kong
2
Name:	Chan Man Shuen
Address:	6F, 74 Tai Nan St., Prince Edward, Kowloon, Hong Kong

Management Information

Core Management

Detailed Information of Directors:

1
Name:	Chan Man Shuen
Address:	6F, 74 Tai Nan St., Prince Edward, Kowloon, Hong Kong
Position:	Director
ID Number:	P 240022(0)
2
Name:	Chong Kan Yu
Address:	2F, 555-557 Canton Rd., Kowloon, Hong Kong
Position:	Director & Secretary
ID Number:	K483102(0)

Operation Information

We cannot confirm subject current trading address at this stage.

Operation Information

It is introduced that the subject has stopped doing any business in Hong Kong at present.

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’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public

Civil Litigation

Date:	2014-9-3
Court Name:	M
Court No.:	KTS494
Claimant:	KTS494/2014
Defendant:	Vigor Development (China) Company Limited
Reason:	Failing to furnish Profits Tax Return

Mortgage Record

No mortgage record of the subject was found.

Special Note

Interview Details

Name	Mr. Chong
Position:	Director

Attachment

Address: Rm. 1706, 17F, Tower 1, China HK City, 33 Canton Rd., Tsimshatsui, Kowloon, Hong Kong

Tower 1, China HK City, 33 Canton Rd., Tsimshatsui, Kowloon, Hong Kong

17F, Tower 1, China HK City, 33 Canton Rd., Tsimshatsui, Kowloon, Hong Kong

Rm. 1706, 17F, Tower 1, China HK City, 33 Canton Rd., Tsimshatsui, Kowloon, Hong Kong

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.19
UK Pound	1	Rs.100.58
Euro	1	Rs.72.08

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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%)

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