MIRA INFORM REPORT

Report No. :	505142
Report Date :	27.04.2018

IDENTIFICATION DETAILS

Name :	CHONG WEI XIN TRADING LIMITED
Registered Office :	Flat B, 10/F., Wing Lam Mansion, 1D Sun Lau Street, Hunghom, Kowloon
Country :	Hongkong
Date of Incorporation :	05.09.2013
Com. Reg. No.:	61999202
Legal Form :	Private Limited Company.
Line of Business :	Importer, Exporter and Wholesaler of all kinds of Frozen Seafood.
No. of Employees :	1

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Small Company
Payment Behaviour :	No Complaints
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Hongkong	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.

Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.

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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.

The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.

Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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. 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 (CEPA), adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.

Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.

Source : CIA

Company name and address

CHONG WEI XIN TRADING LIMITED

ADDRESS: Flat B, 10/F., Wing Lam Mansion, 1D Sun Lau Street, Hunghom, Kowloon,

Hong Kong.

PHONE: 852-9041 5567

FAX: 852-2324 2050

MANAGEMENT

Managing Director: Ms. Li Oi Suen, Elsie

SUMMARY

Incorporated on: 5th September, 2013.

Organization: Private Limited Company.

Issued Share Capital: HK$1,000.00

Business Category: Importer, Exporter and Wholesaler.

Employee: 1.

Main Dealing Banker: Not available.

Banking Relation: Not applicable.

ADDRESS

Registered Head Office:-

Flat B, 10/F., Wing Lam Mansion, 1D Sun Lau Street, Hunghom, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

61999202

COMPANY FILE NUMBER

1963458

MANAGEMENT

Managing Director: Ms. Li Oi Suen, Elsie

ISSUED SHARE CAPITAL

HK$1,000.00

SHAREHOLDER

(As per registry dated 05-09-2017)

Name	No. of shares
LI Oi Suen, Elsie	1,000 ====

DIRECTOR

(As per registry dated 05-09-2017)

Name (Nationality)	Address
LI Oi Suen, Elsie	Flat B, 10/F., Wing Lam Mansion, 1D Sun Lau Street, Hunghom, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 05-09-2017)

Name	Address	Co. No.
Oriental Well Incorporation Ltd.	Suite 908-909, 9/F., Landmark North, 39 Lung Sum Avenue, Sheung Shui , New Territories, Hong Kong.	1631967

HISTORY

The subject was incorporated on 5th September, 2013 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.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of frozen seafood

Employee: 1.

Commodities Imported: Japan, Southeast Asia, South America, etc.

Markets: Hong Kong, China, other Asian countries, etc.

Terms/Sales: As per contracted.

Terms/Buying: L/C, T/T, Advanced payment, etc.

FINANCIAL INFORMATION

Issued Share Capital: HK$1,000.00

Profit or Loss: Made a very small profit in 2017.

Condition: Business is improving.

Facilities: Adequate for current running.

Payment: Met as required.

Commercial Morality: Satisfactory.

Banker: Not available.

Standing: Small.

GENERAL

Having issued 1,000 ordinary shares of HK$1.00 each, Chong Wei Xin Trading Limited is wholly-owned by Ms. Li Oi Suen, Elsie who is a Hong Kong businesswoman. She is also the only director of the subject.

The subject’s registered address is in a residential building located ‘Flat B, 10/F., Wing Lam Mansion, 1D Sun Lau Street, Hunghom, Kowloon, Hong Kong’ where is the residence of the shareholder.

The residential building where the subject is located is not trespassed by outsiders.

Ms. Li Oi Suen, Elsie can be reached at your given Hong Kong mobile phone number 852-9041 5567.

The subject is trading in all kinds of frozen or dried seafood, especially dry croaker fish, fish whelp, etc.

The subject is trading in those products bearing HK code 1605, 0305 etc.

The following companies are some of the suppliers of the subject:

Tran Tang Diue Luong, Ecuador

Frigorificos Del Puerto SA De Cv, etc.

Prime markets are Hong Kong, China, the other Asian countries, etc.

The business of the subject is chiefly handled by Ms. Li Oi Suen, Elsie herself. History in Hong Kong is just over four years and seven months.

On the whole, consider the subject good for normal business engagements in small credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.83
UK Pound	1	INR 93.17
Euro	1	INR 81.38
HKD	1	INR 8.50

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.