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Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
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Name : |
ELEGANT
TRADING COMPANY |
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Registered Office : |
Flat 10, 9/F., Chun Ying House, Ko Chun Court, 23 Ko Chiu Road, Yau Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.02.2011 |
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Com. Reg. No.: |
53758660-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Not Available |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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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 : |
Small Company |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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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'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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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.
|
Source : CIA |
ELEGANT TRADING COMPANY
Registered
Office:-
Flat 10, 9/F., Chun Ying House, Ko Chun Court, 23 Ko Chiu Road, Yau Tong, Kowloon, Hong Kong.
53758660-000-02
18th February, 2011.
Sole Proprietorship
Name: Mr. HON Kwok Hung, Michael
Residential Address: Flat 10, 9/F., Chun Ying House, Ko Chun Court, 23 Ko Chiu Road, Yau Tong, Kowloon,
Hong Kong.
The subject was established on 18th February, 2011 as a Sole Proprietorship concern owned by Mr. Hon Kwok Hung, Michael under the Hong Kong Business Registration Regulations.
Formerly the subject was located at Room 1203, 12/F., Multifield Plaza, 3 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in February 2011.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Elegant Trading Company is a sole proprietorship set up and owned by Mr. Hon Kwok Hung, Michael who is a Hong Kong merchant.
The subject commenced business in February 2011.
The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.
The subject’s registered address is in a private building located at Flat 10, 9/F., Chun Ying House, Ko Chun Court, 23 Ko Chiu Road, Yau Tong, Kowloon, Hong Kong. This is the residence of Hon Kwok Hung.
It is likely that Hon owns the premises which were bought by Hon under the so-called “Home Ownership Scheme” [HOS] offered by the Hong Kong Government.
The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.
The subject’s lines of business are unknown since the manager of the subject cannot be reached although he is in Hong Kong.
No information of the subject can be obtained from our secondary sources.
The subject is just a one-man company. Business is chiefly handled by Hon himself. History in Hong Kong is just over a year.
Since the registered office of the subject is in a residential building, on the whole, consider it good for normal business engagements on secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
UK Pound |
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
---- |
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.