|
Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
WILSON DEVELOPMENT COMPANY |
|
|
|
|
Registered Office : |
Room 203A, 2/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
01.12.2005 |
|
|
|
|
Com. Reg. No.: |
36328911-000-12 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Fabrics, Textile Waste, Metal scraps |
|
|
|
|
No. of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
WILSON DEVELOPMENT
COMPANY
ADDRESS: Room 203A, 2/F., Hope Sea Industrial
Centre, 26 Lam Hing Street, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2756 9096, 6242 8000
FAX: 852-8169
7118, 2796 9901
E-MAIL: derekcire@yahoo.com.hk
Manager: Mr. Chan Heung Yeung,
Derek
Establishment: 1st
December, 2005.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees:
4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 203A, 2/F., Hope Sea Industrial Centre, 26 Lam Hing Street, Kowloon
Bay, Kowloon, Hong Kong.
Associated Company:-
Foshan Dali Tao Yue Regenerate Textile Materials Factory
Foshan, Nanhai City, Guangdong Province, China.
[Tel: 86-757-8550 2177, Fax:
86-757-8558 3958]
36328911-000-12
Manager: Mr. Chan Heung Yeung,
Derek
Name: CHAN Heung Yeung
Residential Address: Room 3203,
32/F., Yiu Ping House, Yiu On Estate, Ma On Shan, New Territories, Hong
Kong.
The subject was established on 1st December, 2005 as a sole
proprietorship concern owned by Mr. Chan Heung Yeung, Derek under the Hong Kong
Business Registration Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Fabrics,
Textile Waste, Metal scraps.
Employees: 4.
Commodities Imported: Asian countries, Europe, etc.
Markets: China,
etc.
Terms/Sales: L/C, Advanced
T/T, etc.
Terms/Buying: L/C,
D/P, O/A, etc.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities:
Making rather
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.
Wilson Development Company is a sole proprietorship set up and owned by
Mr. Chan Heung Yeung, Derek who is a Hong Kong merchant. He is also manager of the subject.
Chan can be reached at his mobile phone number 852-6242 8000 in
Hong Kong.
The subject is trading in the following products:-
Fabrics (cotton & knitted), Textile waste, etc.
The subject has had an affiliated China factory in Foshan Dali Tao Yue
Regenerate Textile Materials Factory [Tao Yue] which was set up in 1993. Employing about 600 persons, this factory is
engaged in manufacturing all kinds of regenerated textile materials, fabrics,
raw materials for spinning, etc.
In recent years, the subject has been trading in the following
commodities as well:-
Metal scraps such as aluminium, copper and stainless steel, insulated
wire, high temperature alloy, exotic alloys, auto radiators, cans, drained auto
batteries, etc.
According to the subject, its metal scrap processing factory is in
Dongguan City, Guangdong Province, China.
The subject’s business is chiefly handled by Derek Chan himself. History in Hong Kong is over seven years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.