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Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
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Name : |
WHY NOT FASHION LTD. |
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Registered Office : |
c/o RYA Management Ltd., Room 1318-1320, 13/F., Hollywood Plaza, 610
Nathan Road, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.03.2010 |
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Com. Reg. No.: |
51944704 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Fashion Textile Trader of All kinds of fashions and textile products, knitting
machines, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 (31.03.2012) |
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 |
WHY NOT FASHION
LTD.
ADDRESS: c/o RYA Management Ltd.
Room 1318-1320,
13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.
PHONE: 2781 2126
FAX: 2781 0816
Managing Director: Mr. Raghbir
Singh
Incorporated on: 17th March, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Fashion
Textile Trader.
Employee: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WHY NOT FASHION
LTD.
Registered
Office:-
c/o RYA Management Ltd.
Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok,
Kowloon, Hong Kong.
Associated
Company:-
Why Not Fashion Textilhandelsgesellschaft GmbH, Germany.
51944704
1431493
Managing Director: Mr. Raghbir
Singh
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 17-03-2012)
|
Name |
|
No. of share |
|
Raghbir SINGH |
|
1 = |
(As per registry dated 17-03-2012)
|
Name (Nationality) |
Address |
|
Raghbir SINGH |
Rabenhorst 33, 22391, Hamburg, Germany. |
(As per registry dated 17-03-2012)
|
Name |
Address |
Co. No. |
|
RYA Management Ltd. |
Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok,
Kowloon, Hong Kong. |
0627200 |
The subject was incorporated on 17th March, 2010 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: Fashion
Textile Trader.
Lines: All
kinds of fashions and textile products, knitting machines, etc.
Employee: Nil.
Commodities Imported: India, other
Asian countries, etc.
Markets: Germany,
other European countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, 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: 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: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued just one ordinary share of HK$1.00, Why Not Fashion Ltd. is
wholly owned by Mr. Raghbir Singh who seems to be an Indian. He is a Germany 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 residing in
Germany.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan
Road, Mongkok, Kowloon, Hong Kong” known as “RYA Management Ltd.” [RYA]
which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject. RYA is an associated
company of Ricky Cheung & Co., Certified Public Accountant which is also
located at the above-mentioned address.
The subject has no employee in Hong Kong. It is a fashion and textile product
trader. It has had an associated company
in Germany known as Why Not Fashion Textilhandelsgesellschaft GmbH [Germany
WNFT].
Located at Hamburg, Germany, Germany WNFT is also owned and operated by
Raghbir Singh. Besides trading in
fashions, textile products, etc. Germany
WNFT also trades in knitting machines.
The followings are the main products of Germany WNFT:-
Jewellery and Accessories;
Knitting Machines; &
T-Shirts, Scarves, Beanies, Hats, Sweatshirts, Polos, Jackets, Shirts,
Blouses, Trousers, Sweaters.
The business of Germany WNFT in Germany is rather active.
It is likely that Germany WNFT 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 subject’s business in Hong Kong is not active. History in Hong Kong is over two years.
Since the subject does not have its own operating office and has no
employee in Hong Kong, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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.