|
Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
COOL SALES LTD. |
|
|
|
|
Registered Office : |
c/o Hashmi Secretarial Services Ltd. Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
20.05.2011. |
|
|
|
|
Com. Reg. No.: |
58395603 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of mobile phones and accessories, medicines, pharmaceuticals, etc. |
|
|
|
|
No. of Employees : |
1 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong |
|
Payment Behaviour : |
Unknown |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
COOL SALES LTD.
ADDRESS: c/o Hashmi Secretarial
Services Ltd.
Unit B, 3/F., Chun Wah Commercial Building,
30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2366 0401
FAX: 2367 7505
E-MAIL: hashmi@netvigator.com
Managing Director: Mr. Wasim
Akram Alaudeen
Incorporated on: 20th
May, 2011.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: Too early to obtain
figure.
Employee:
1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Hashmi Secretarial Services Ltd.
Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue,
Tsimshatsui, Kowloon, Hong Kong.
58395603
1604697
Managing Director: Mr. Wasim
Akram Alaudeen
Contact Person: Mr. Moosa Sadat
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 20-05-2011)
|
Name |
|
No. of share |
|
Company Kit Secretarial Services Ltd., Hong Kong. |
|
1 = |
(As per registry dated 05-03-2012)
|
Name (Nationality) |
Address |
|
|
Wasim Akram ALAUDEEN |
11 Lalbahuthoor Sasthiri Street, Pudhur (PO), Ilayangudi (TK),
Sivagangai-Dist, India. |
|
(As per registry dated 05-03-2012)
|
Name |
Address |
Co. No. |
|
Hashmi Secretarial Services Ltd. |
Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue,
Tsimshatsui, Kowloon, Hong Kong. |
0770656 |
The subject was incorporated on 20th May, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit A, 3/F., Cheong Sun Tower,
116‑118 Wing Lok Street, Sheung Wan, Hong Kong, moved to the
present address with effect from 5th March, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of mobile phones and accessories, medicines, pharmaceuticals, etc.
Employee: 1.
Commodities Imported: China, other Asian countries, etc.
Markets: India,
other Asian countries, etc.
Annual Turnover: Too early to obtain figure.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Too early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Too
early to comment
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued just one ordinary share of HK$1.00, Cool Sales Ltd. is
wholly owned by Company Kit Secretarial Services Ltd. which is a Hong Kong‑registered
secretarial firm. The director of the
subject Wasim Akram Alaudeen is an Indian.
He is an India passport holder and does not have the right to reside in
Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Unit B, 3/F., Chun Wah Commercial Building, 30 Minden
Avenue, Tsimshatsui, Kowloon, Hong Kong” known as “Hashmi Secretarial Services Ltd.”
which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject.
The subject has had a representative or contact person Mr. Moosa Sadat
in Hong Kong. Moosa Sadat can be reached
at the phone number 852-5440 8880. This
is a residential line belongs to Moosa Sadat’s residence.
The subject is trading in the following commodities:-
Mobile phones;
Medicines, pharmaceuticals.
We had reached Moosa Sadat again at his mobile phone number and he
confirmed that the subject also trades in medicines and pharmaceuticals. However, the core business of the subject is
mobile phones trading. It also trades in
mobile phone accessories. Most of its
commodities are sourced from China.
India is its prime market.
It is likely that the subject has got an associated company in India
which is also operated by Alaudeen.
The subject’s business is still under development. History in Hong Kong is over a year and ten
months.
Since the subject does not have its own operating office in Hong Kong
and history is short, consider it good for business engagements on L/C basis
for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.53 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.