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Report No. : |
339758 |
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Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
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Name : |
RICH FORTUNE INT'L
INDUSTRIAL LTD. |
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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 |
|
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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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Status : |
No operating office in Hong Kong |
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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 |
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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 12.5% 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.
ADDRESS: 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.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.