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Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
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Name : |
KAKA LEATHER LTD. |
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Registered Office : |
C/o Asia Secretarial Services Ltd. Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.06.2009. |
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Com. Reg. No.: |
50765947 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Wholesaler of all kinds of leather materials |
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No. of Employees : |
No Employee in
Hong Kong (It is to
be noted that the company does not have its own operating office in Hong Kong.
The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
|
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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012.
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
KAKA LEATHER
LTD.
ADDRESS: c/o Asia Secretarial
Services Ltd.
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Kowloon, Hong Kong.
PHONE: 852-8102 2592
FAX: 852-8102 2593
Managing Director: Mr. Riyaz
Ahmed Malayalam
Incorporated on: 9th
June, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Leather Material Trader.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Asia Secretarial Services Ltd.
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Kowloon,
Hong Kong.
Associated Company:-
China Kaka Leather Ltd.
Room 808, 8/F., Champs Elysees Building, Tiyu Road, Houjie, Dongguan
City, Guangdong Province, China.
[Tel: 86-1341 6399 583]
50765947
1344226
Managing Director: Mr. Riyaz
Ahmed Malayalam
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 09-06-2013)
|
Name |
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No. of share |
|
Riyaz Ahmed MALAYALAM |
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1 = |
(As per registry dated 09-06-2013)
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Name (Nationality) |
Address |
|
Riyaz Ahmed MALAYALAM |
Old No. 2 New No. 5 Ritharden Road, Church Avinu Chennai, 600 007
Tamilnadu, India. |
(As per registry dated 09-06-2013)
|
Name |
Address |
Co. No. |
|
Asia Business Service Ltd. |
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong. |
0871994 |
The subject was incorporated on 9th June, 2009 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 813, 8/F.,
Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong where was the operating
address of a commercial service provider Asia Business Service Ltd. The subject moved to the present address in
March 2011 as it has changed its commercial service provider since then. However, the new and old commercial service
providers belong to the same group of companies.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Wholesaler.
Lines: All
kinds of leather materials.
Employees: Nil. (Hong Kong)
2. (China)
Commodities Imported: India, etc.
Markets: China,
other Asian countries, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
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: Kept a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
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.
Incorporated in June 2009, Kaka Leather Ltd. is wholly owned by Mr.
Riyaz Ahmed Malayalam 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. Currently he is
in China.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Unit 1010, 10/F., Miramar Tower, 132 Nathan Road,
Kowloon, Hong Kong known as Asia Secretarial Services Ltd. which is handling
its correspondences and documents.
The subject has no employees in Hong Kong.
The subject is a leather material trader. It is trading in all kinds of finished
leather and crust leather such as the followings:-
Raw materials are chiefly imported from India and China is its prime
market. The subject has had an office in
Dongguan City, Guangdong Province, China known as China Kaka Leather Ltd.
[China Kaka]. The China firm has 2
employees.
Mr. Riyaz Ahmed Malayalam currently is in China administering the
business of China Kaka. He can be
reached at his mobile phone number 86-13416399583.
China Kaka’s business is normal.
Most of the time, Malayalam is stationing at China Kaka.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four years.
Since the subject does not have its own operating office and has no
employees in Hong Kong, on the whole, consider it good for business engagements
on L/C basis.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
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 |
|
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.