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Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
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Name : |
K
& C TRADING
COMPANY |
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Registered Office : |
Room 813, 8/F., |
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Country : |
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Date of Incorporation : |
05.01.2010 |
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Com. Reg. No.: |
51632012-000-01 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds of shoes, leather raw materials, etc. |
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No. of Employees : |
5. (Including affiliated company) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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
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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.
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Source : CIA |
K & C TRADING COMPANY
Room 813, 8/F., Kar Wah Industrial Building, Leung Yip Street, Yuen Long, New Territories, Hong Kong.
PHONE: Not available
Manager: Ms. Leung Choi Kwai
Establishment: 5th January, 2010.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Footwear Trader.
Employees: 5. (Including affiliated company)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 813, 8/F., Kar Wah Industrial Building, Leung Yip Street, Yuen Long, New Territories, Hong Kong.
Affiliated
Companies:-
Jun Choi Hong Kong Import and Export Trade Co. Ltd., China.
Jun Choi Trade Co. Ltd., China.
51632012-000-01
Manager: Ms. Leung Choi Kwai
Name: Ms. LEUNG Choi Kwai
Residential Address: Room 404, 4/F., Tsz Yan House, Tin Tsz Estate, Tin Shui Wai, New Territories, Hong
Kong.
The subject was established on 5th January, 2010 as a sole proprietorship concern owned by Ms. Leung Choi Kwai under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of shoes, leather raw materials, etc.
Employees: 5. (Including affiliated company)
Commodities Imported: Dongguan City of China, etc.
Markets: Other Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Is making use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
K & C Trading Co. is a sole proprietorship set up and owned by Ms. Leung Choi Kwai who is a Hong Kong businesswoman. She is also manager of the subject.
Business commenced in January 2010, the subject is a footwear trader. The subject is sourcing all kinds of shoes from Dongguan City, Guangdong Province, China and exporting to the other Asian countries, Europe, north America, etc. Business is still under development.
The subject has had an associated company Jun Choi Hong Kong Import and Export Trade Co. Ltd. [Jun Choi] located at its operating office. This firm is registered in China. Jun Choi and the subject are engaged in the same lines of business.
Besides, the subject has had an associated company Jun Choi Trade Co. Ltd. [Jun Choi] which is in Dongguan City, Guangdong Province, China.
Jun Choi offers clients with express delivery services and is engaged in integrated services in trading and logistics. It is trading in shoes and fabrics. It also offers clients with the following services: raw materials procurement, import customs clearance, transportation and other comprehensive services, commodity inspection, etc.
According to the subject, it is trading in the following commodities: finished cattle/sheep leather, wet blue, wet salt beef/sheep leather, ostriches, pythons, lizards, crocodiles, pearl fish, PU, PVC leather, fabrics, leather outsole, leather outsole pulp, paper, leather bran, various types of hardware accessories, all kinds of packaging materials, various types of shoe soles, shoe moulds, polishes, shoe polish, glue, wire, all kinds of buttons, all kinds of models, all kinds of finished shoes, name type clothing, etc.
In Hong Kong, the subject’s business is still under development. It is an affiliated company of Jun Choi.
The history of the subject in Hong Kong is just over two years and ten months.
On the whole, since the history of the subject is short, consider it good for normal business engagements on secured basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.44 |
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UK Pound |
1 |
Rs.87.00 |
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Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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NB |
New Business |
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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.