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Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
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Name : |
Millennium International (HK) Ltd. |
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Registered Office : |
c/o Hong Kong Business Service Co., Room 71, 2/F., Mirador Mansion, 58 Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.08.2012 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of Garments, etc. |
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No. of Employees : |
Nil |
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 Business |
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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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
MILLENNIUM INTERNATIONAL
(HK) LTD.
ADDRESS: c/o Hong Kong Business Service Co.
Room 71, 2/F., Mirador Mansion, 58 Nathan Road, Tsimshatsui, Kowloon, Hong
Kong.
PHONE: Not available
Managing Director: Mr. Sanaulla Saeedulla Khan
Incorporated on : 8th August, 2012.
Organization : Private Limited Company.
Capital: Nominal : HK$10,000.00
Issued : HK$1.00
Business Category : Garment Trader.
Employees : Nil.
Main Dealing Banker : Hang Seng Bank Ltd., Hong Kong.
Banking Relation : Satisfactory.
Registered Head Office:-
c/o Hong Kong Business Service Co.
Room 71, 2/F., Mirador Mansion, 58 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Company:-
Great Century Garment Ltd., Hong Kong. (Same address)
60196516
1783927
Managing Director: Mr. Sanaulla Saeedulla Khan
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 08-08-2012)
|
Name |
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No. of share |
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Company Kit Secretarial Services Ltd., Hong Kong. |
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1 = |
(As per registry dated 29-08-2012)
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Name (Nationality) |
Address |
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Sanaulla Saeedulla KHAN |
292 Potia Apartment, No. 2, 5/F., Flat No. 52, Bellasis Road, Nagpada, Mumbai-400 008, M.S., India. |
(As per registry dated 29-08-2012)
|
Name |
Address |
Co.
No. |
|
Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road, Central, Sheung Wan, Hong Kong. |
1273165 |
The subject was incorporated on 8th August, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Unit A, 3/F., Cheong Sun Tower, 116-118 Wing Lok Street, Sheung Wan, Hong Kong where was the operating address of Company Kit Secretarial Services Ltd., moved to the present address with effect from 29th August, 2012 as the subject has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of garments, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: India, other Asian countries, Europe, etc.
Terms/Sales: 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: Is making use of general banking facilities.
Payment: Unknown
Commercial Morality: Satisfactory.
Banker: Hang Seng Bank Ltd., Hong Kong.
Standing: Small.
Millennium International (HK) Ltd. was founded by Company Kit Secretarial Services Ltd. [Company Kit] which is a Hong Kong-registered firm located at Unit A, 3/F., Cheong Sun Tower, 116-118 Wing Lok Street, Sheung Wan, Hong Kong. Company Kit is a secretarial firm.
The director of the subject Mr. Sanaulla Saeedulla Khan is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Currently, he is residing in India.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 71, 2/F., Mirador Mansion, 58 Nathan Road, Tsimshatsui, Kowloon, Hong Kong which is handling its correspondences and documents.
Besides operating the subject, Sanaulla Saeedulla Khan is operating another firm in Hong Kong known as Great Century Garment Ltd. [GCGL]. GCGL is located at the same address as the subject. The subject and GCGL are engaged in the same lines of business.
The subject has no employees in Hong Kong. It is a garment trader. Commodities are chiefly sourced from China, acquired from local suppliers or from the suppliers in the other Asian countries.
It is likely that the subject has got an associated company in Mumbai, India which is also operated by Khan.
It is also likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The India firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over eight months. It is banking with Hang Seng Bank Ltd., Hong Kong.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
|
-- |
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.