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Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
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Name : |
TRADE EMPIRE WORLDWIDE (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 : |
21.11.2012. |
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Com. Reg. No.: |
60642410 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Frozen Foodstuffs, etc |
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No. of Employees : |
10. (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New 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 (31.03.2011) |
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
TRADE EMPIRE
WORLDWIDE (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: mnsconsultanthk@yahoo.com
Managing Director: Mr. Sunil
Pandurang Wagh
Incorporated on: 21st
November, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
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 Company:-
Arowana Export, India.
60642410
1828330
Managing Director: Mr. Sunil
Pandurang Wagh
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 21-11-2012)
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Name |
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No. of shares |
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Sunil Pandurang WAGH |
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1,000,000 ======= |
(As per registry dated 21-11-2012)
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Name (Nationality) |
Address |
|
Sunil Pandurang WAGH |
Flat 4, B-509 Omkar Arcade Sector-15A, Plot No. 24, New Panvel 410
206, MS, India. |
(As per registry dated 21-11-2012)
|
Name |
Address |
|
Urmi AIIMED |
Flat B, 6/F., Mei Fa Building, 25-35, Shanghai Street, Jordan,
Kowloon, Hong Kong. |
The subject was incorporated on 21st November, 2012 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: Importer, Exporter and Wholesaler.
Lines: Frozen Foodstuffs, etc.
Employees: 10.
(Including associates)
Commodities Imported: China, Europe, North America, etc.
Markets: China, Japan, other Asian countries,
US, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C
or as per contracted.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKT0677]
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date of Security over Deposits with the Bank
(Fixed Deposits) Limited Company - Under Seal:
19-01-2013
Amount: All
monies
Property: HK$10,000
under Deposit A/C No. 817-626286-0001
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
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: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Small.
Having issued 1 million ordinary shares of HK$1.00 each, Trade Empire
Worldwide (HK) Ltd. is wholly owned by Mr. Sunil Pandurang Wagh who is an
Indian. He is an India passport holder
and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject’s business in Hong Kong is handled by Mr. Urmi Ahmed.
The subject’s registered office in Hong Kong is located at “Room 1001,
10/F., Kwong Fat Commercial Building, Canton Road, Yau Ma Tei, Kowloon, Hong
Kong” where is the operating office of a commercial service provider Midnight
Sun Consultant Ltd. which is a Hong Kong-registered firm.
The subject is frozen foodstuff trader.
It has had an associated company Arowana Exports in India. The subject and Arowana Exports are engaged
in the same lines of business.
Arowana Exports is a member of Federation of Indian Export Organisations. It is trading in the following commodities:-
Vegetables, Potato, Fruits, Plastic Products, Onion, Frozen Fish,
Fishery Products, etc.
However, frozen aquatic product is its core business. The subject is also a frozen aquatic product
trader. Sunil Pandurang Wagh is the Vice
President of Arowana Exports.
Sunil Pandurang Wagh is a veteran engaged in marine product
trading. He is familiar with seafood
processing, plant setting, raw materials procuring, products exporting, etc.
The subject’s business is still under development. History in Hong Kong is just over four
months.
On the whole, since the subject is newly set up, consider it good for
normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.62 |
|
|
1 |
Rs.83.69 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.