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Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MIDNIGHT SUN (HK) LTD. |
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Registered Office : |
Room 1001, 10/F., Kwong Fat Commercial Building, 582-588 Canton Road, Yau Ma Tei, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.10.2007. |
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Com. Reg. No.: |
38475433 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Electronic Products, Textiles Machinery &
Equipment, Mobile Phones, etc |
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No. of Employees : |
10. (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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
|
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 |
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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
MIDNIGHT SUN
(HK) LTD.
ADDRESS: Room 1001, 10/F., Kwong Fat Commercial
Building, 582-588 Canton Road, Yau Ma Tei, Kowloon, Hong Kong.
PHONE: 2783 7456, 2783 8614
FAX: 2783 7457
E-MAIL: monjuhk@yahoo.com
midnightsunhk@yahoo.com
monju@midnightsunhk.com
Managing Director: Mr. Monju
Ahmed
Incorporated on: 5th
October, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,010,000.00
Issued: HK$2,010,000.00
Business Category: Commercial Service Provider, China Trader.
Employees:
10. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1001, 10/F., Kwong Fat Commercial Building, 582-588 Canton Road,
Yau Ma Tei, Kowloon, Hong Kong.
Associated Companies:-
Glitters HK, Hong Kong.
Midnight Sun Consultant Ltd., Hong Kong.
Monami (HK) Ltd., Hong Kong.
Monju Foundation, Hong Kong.
Rare Stones HK, Hong Kong.
Sparkle HK, Hong Kong.
Trade Empire Worldwide (HK) Ltd., Hong Kong.
38475433
1173147
Managing Director: Mr. Monju
Ahmed
Contact Person: Mr. Ahmed Ayesha
Nominal Share Capital: HK$2,010,000.00 (Divided into 2,010,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,010,000.00
(As per registry dated 05-10-2012)
|
Name |
|
No. of shares |
|
Monju AHMED |
|
2,010,000 ======= |
(As per registry dated 25-03-2013)
|
Name (Nationality) |
Address |
|
Zia Zaman BUTT |
G/F., House No. 173A, Kan Tau Tsuen, Fanling, New Territories,
Hong Kong. |
|
Monju AHMED |
Flat B, 6/F., Mei Fa Building, 25-35 Shanghai Street, Jordan, Kowloon,
Hong Kong. |
(As per registry dated 05-10-2012)
|
Name |
Address |
|
Ayesha AHMED |
Flat B, 6/F., Mei Fa Building, 25-35 Shanghai Street, Jordan, Kowloon,
Hong Kong. |
The subject was incorporated on 5th October, 2007 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.
Activities: Commercial
Service Provider, China Trader.
Lines: Electronic
Products, Textiles Machinery & Equipment, Mobile Phones, etc.
Employees: 10. (Including associates)
Commodities Imported: China, other Asian countries, etc.
Markets: China,
other Asian countries, Europe, North America, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$2,010,000.00 (Divided into 2,010,000 shares
of HK$1.00 each)
Issued Share Capital: HK$2,010,000.00
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities: Making rather active use of general banking
facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 2,010,000 ordinary shares of HK$1.00 each, Midnight Sun
(HK) Ltd. is wholly owned by Mr. Monju Ahmed.
He is a Hong Kong ID Card holder and has got the right to reside in Hong
Kong permanently. He and Mr. Zia Zaman
Butt are directors of the subject.
The subject is also a member of the Midnight Sun Group. It is engaged in General Trading, LC
Handling, Inspection and Indenting. It
is the mother concern of the group.
The subject mainly trades in the following products:-
Electrical and Electronics products, Computer and Network Accessories,
LCD-Plasma TV/Monitors, Digital Audio-Video Systems, Lightings, USB Drives,
MP3, MP4, GSM, Fixed Phones and Accessories, PDA, GPS, Memory Card, Digital
Camera, Multimedia Projector, CCTV Cameras, CCTV Accessories and all kinds of
Security Products, Solar Systems and Panels, All kind of Cables and Adaptors,
PCB and PCB Making Machineries, Used and Brand New Notebooks (Laptop), Toys,
Mobile Phones, Games Accessories, etc.
Most of the commodities are sourced from China, South Korea and acquired
from local suppliers.
The subject also trades in Garments accessories, Electrical and
Electronics Appliances. Its management
maintain good relationship with Garments Accessories and Machinery
Manufactories. BOPP Films, Tiles,
Ceramics, Evaporative Air Coolers, Window and Split type Air Conditioners are
also its regular Products of import.
The countries like Bangladesh, Nepal, Bhutan, Pakistan and Greater
African territories; every import needs LC.
The subject receives L/C from these countries and pay the negotiated
amount to the supplier here in China and Export the commodities. It accepts almost all kinds of L/C with a
very good margin of commission.
The subject also supports the foreign investor to open company in China‑Hong
Kong and do all secretarial works for the same including immigration and
accounting services.
The business of the subject is rather active.
As the history of the subject is over five years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.83.77 |
|
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 |
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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 |
|
<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.