MIRA INFORM REPORT

Report No. :	489592
Report Date :	05.02.2018

IDENTIFICATION DETAILS

Name :	FIVE RIVERS (HK) LIMITED
Formerly Known As :	MRITTIKA HK LTD
Registered Office :	C/O Buttar.HK Ltd./Buttar Secretarial Ltd., 10/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon
Country :	Hong Kong
Date of Incorporation :	18.01.2005
Com. Reg. No.:	35297379
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Scrap metal, Steel scrap
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 (30.06.2017)	Current Rating (30.09.2017)
Hong Kong	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

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 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.

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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. 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 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.

Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.

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 Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.

Source : CIA

note

Subject is formerly located at:

c/o Fiscal Consultants Ltd. [FCL]

Room 1613, 16/F., Asia Trade Centre,

79 Lei Muk Road, Kwai Chung,

New Territories, Hong Kong.

FCL is an associated company of Buttar HK Ltd.

Company name and address

FIVE RIVERS (HK) LIMITED

ADDRESS: c/o Buttar.HK Ltd./Buttar Secretarial Ltd.

10/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.

PHONE: 852-2384 9500

MANAGEMENT

Managing Director: Mr. Kuldeep Singh

SUMMARY

Incorporated on: 18th January, 2005.

Organization: Private Limited Company.

Issued Share Capital: HK$1.00

Business Category: Importer, Exporter and Wholesaler.

Employee: 1.

Main Dealing Banker: Not available.

Banking Relation: Not applicable.

ADDRESS

Registered Head Office:-

c/o Buttar.HK Ltd./Buttar Secretarial Ltd.

10/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

35297379

COMPANY FILE NUMBER

0946403

MANAGEMENT

Managing Director: Mr. Kuldeep Singh

ISSUED SHARE CAPITAL

HK$1.00

SHAREHOLDER

(As per registry dated 18-01-2017)

Name	No. of share
Kuldeep SINGH	1 =

DIRECTOR

(As per registry dated 18-01-2017)

Name (Nationality)	Address
Kuldeep SINGH	Flat B, 22/F., Tower 2, The Visionary, 1 Ying Hong Street & 1,3,5 Ying Tung Road, Tung Chung, Lantau Island, Hong Kong.

SECRETARY

(As per registry dated 18-01-2017)

Name	Address	Co. No.
Buttar Secretarial Ltd.	Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.	2086550

HISTORY

The subject was incorporated on 18th January, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Mrittika HK Ltd., name changed Green Energy Consultancy Ltd. on 1st April, 2014 and further changed to the present style on 15th May, 2014.

Formerly the subject’s registered address was located at ‘Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New Territories, Hong Kong’ where was the operating office of a commercial service provider known as Fiscal Consultants Ltd. [FCL]. The subject moved to the present address with effect from 28th December, 2017 where is also the operating address of Buttar Secretarial Ltd. [BSL]. FCL and BSL belong to the same group of companies.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Scrap metal, Steel scrap.

Employee: 1.

Commodities Imported: China, other Asian countries, etc.

Markets: Other Asian countries, etc.

Terms/Sales: As per contracted.

Terms/Buying: Various terms.

FINANCIAL INFORMATION

Issued Share Capital: HK$1.00

Profit or Loss: Made small profits in past years.

Condition: Keeping in a satisfactory manner.

Facilities: Making rather active use of general banking facilities.

Payment: No complaints.

Commercial Morality: Satisfactory.

Banker: Not available.

Standing: Small.

GENERAL

Having issued just one ordinary share of HK$1.00, Five Rivers (HK) Limited is wholly owned by Mr. Kuldeep Singh. He is a Hong Kong ID holder and has got the right to reside in Hong Kong. He is also the only director of the subject.

The subject’s registered office is in a commercial service firm located at ‘10/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong’ known as ‘Buttar Secretarial Ltd.’ which is handling its correspondences and documents.

To our knowledge, the subject has had a warehouse located at ‘Unit 2, 1/F., Block B, Wah Tat Industrial Centre, 8 Wah Sing Street, Kwai Chung, New Territories, Hong Kong’ in October 2016. This warehouse was also the old registered address of the subject.

Formerly the subject was known as Mrittika HK Ltd. and traded in the following commodities:

Tungsten, AU metal, Chrome Ore, Iron Ore, scrap metal, Steel scrap, Tungsten Alloy Bars, Tungsten Bar, AU Bullion, Gold, Gold Bullion, etc.

The subject had traded in these commodities under the name of Mrittika HK Ltd. However, we are not sure whether the subject is trading in the same commodities or not when it has changed its name to the present style.

The subject’s business is chiefly handled by Mr. Kuldeep Singh himself. History in Hong Kong is over thirteen years.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.08
UK Pound	1	INR 91.34
Euro	1	INR 80.03
HKD	1	INR 8.20

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

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	SYL

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)

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