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Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU MENGDA (HK) INTERNATIONAL TRADING CO. LTD. |
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Registered Office : |
C/o SBC Corporate Services Ltd. Unit 503, 5/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.08.2004 |
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Com. Reg. No.: |
34791314 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Agent of Furniture, textile products, leather products, arts & crafts, hardware, lighting products, etc. |
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No. of Employees : |
Not Available |
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 : |
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
GUANGZHOU MENGDA
(HK) INTERNATIONAL TRADING
CO. LTD.
ADDRESS: c/o SBC Corporate Services
Ltd.
Unit 503, 5/F.,
Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 3519 6338
FAX: 3519 6339
Managing Director: Ms. Wang
Xiaoqin
Incorporated on: 4th
August, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Agent.
Employees:
Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o SBC Corporate Services Ltd.
Unit 503, 5/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated Company:-
Guangzhou Mengda (HK) International Trading Co. Ltd.
Zhongshan 8th Road, Guangzhou City, Guangdong Province, China.
[Phone: 86-20-6117 0013; Fax: 86-20-8120 2289]
34791314
0915266
Managing Director: Ms. Wang
Xiaoqin
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 04-08-2012)
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Name |
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No. of shares |
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Kumar Datta Nirmal |
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6,000 |
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WANG Xiaoqin |
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4,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 04-08-2012)
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Name (Nationality) |
Address |
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WANG Xiaoqin |
Unit 1702, Long Cheng Plaza, 5 Zhong Shan Ba Road, Guangzhou, China. |
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KUMAR Datta Nirmal |
Unit 1702, Long Cheng Plaza, 5 Zhong Shan Ba Road, Guangzhou, China. |
(As per registry dated 04-08-2012)
|
Name |
Address |
Co. No. |
|
SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
The subject was incorporated on 4th August,
2004 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 Agent.
Lines: Furniture,
textile products, leather products, arts & crafts, hardware, lighting
products, etc.
Employees: Nil.
Commodities Imported: China, etc.
Markets: China, other Asian countries,
Europe, North America, etc.
Terms/Sales:
As per contracted.
Terms/Buying: COD
or as per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping a
balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general
banking facilities.
Payment:
Unknown .
Commercial Morality: Satisfactory.
Banker:
Bank of
China (Hong Kong) Ltd., Hong Kong.
Standing:
Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Guangzhou Mengda
(HK) International Trading Co. Ltd. is jointly owned by Mr. Kumar Datta Nirmal,
holding 60% interests; Ms. Wang Xiaoqin, holding 40%.
They are also directors of the subject.
The former is a Bangladesh passport holder while the latter is a China
business woman.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Unit 503, 5/F., Silvercord Tower 2, 30 Canton
Road, Tsimshatsui, Kowloon, Hong Kong known as SBC Corporate Services Ltd.
[SBC] which is handling its correspondences and documents. SBC, having several branch offices in Hong
Kong, is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It has had an associated company in
Guangzhou, China bearing the same name [Guangzhou Mengda].
Guangzhou Mengda is operated by the subject’s directors.
According to Guangzhou Mengda, it is an agent of the following products:
furniture, textile products, leather products, arts & crafts, hardware,
lighting products, electric products, etc.
Besides, Guangzhou Mengda is also engaged in the following business
scope:-
·
Freight forwarding;
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Shipping;
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Transportation;
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Container Shipping;
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Customs Declaration;
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Receiving L/Cs for clients;
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Agent for factories in tax rebating;
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Consultancy; &
·
Other Logistic Services.
Guangzhou Mengda is employing about 30 persons in China.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eight years and
six months.
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.54.48 |
|
|
1 |
Rs.82.71 |
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Euro |
1 |
Rs.72.23 |
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.