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Report Date : |
05.07.2013 |
IDENTIFICATION DETAILS
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Name : |
HDIL HONG KONG LTD. |
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Registered Office : |
Unit B, 19/F., Easy Tower, 609 Tai Nam Street, Cheung Sha Wan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.11.2009. |
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Com. Reg. No.: |
51477997 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garments. |
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No. of Employees : |
5. (Including associate) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – 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 |
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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
HDIL HONG
KONG LTD.
ADDRESS: Unit B, 19/F., Easy Tower,
609 Tai Nam Street, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 852-2191 9989
FAX: 852-2191 9989
Managing Director: Ms. Pang Wai
Fung
Incorporated on: 26th
November, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
5. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit B, 19/F., Easy Tower, 609 Tai Nam Street, Cheung Sha Wan, Kowloon,
Hong Kong.
Affiliated Companies:-
Ningbo United Fashion Co. Ltd., China.
United Fashion Co. Ltd., Hong Kong.
(same address)
51477997
1395636
Managing Director: Ms. Pang Wai
Fung
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000.00
(As per registry dated 26-11-2012)
|
Name |
|
No. of shares |
|
Subhash Narayan RAO |
|
400 |
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Krishnakumar Balakrishnan NAIR |
|
300 |
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PANG Wai Fung |
|
300 |
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|
––––– |
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Total: |
1,000 ==== |
(As per registry dated 26-11-2012)
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Name (Nationality) |
Address |
|
Krishnakumar Balakrishnan NAIR |
Flat C, 7/F., Block 25, Parc Oasis, Tat Chee Avenue, Kowloon Tong,
Kowloon, Hong Kong. |
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PANG Wai Fung |
Room C, 16/F., Ka Yin Building, Jade Field Garden, Ngau Tau Kok Road,
Kowloon, Hong Kong. |
|
Subhash Narayan RAO |
Flat C, 7/F., Block 25, Parc Oasis, Tat Chee Avenue, Kowloon Tong,
Kowloon, Hong Kong. |
(As per registry dated 26-11-2012)
|
Name |
Address |
Co. No. |
|
SIJ Secretarial Ltd. |
Room 2501, 25/F., 113 Argyle Street, Mongkok, Kowloon, Hong Kong. |
0332855 |
The subject was incorporated on 26th November, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject moved to the present address in December 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of garments,
etc.
Employees: 5.
(Including associate)
Commodities Imported: China, etc.
Markets: India, other Asian countries,
Europe, North America, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C, T/T, D/P,
etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000.00
Profit or Loss: Made a small
profit in 2012.
Condition:
Keeping in a
normal 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.
Having issued 1,000 ordinary shares of HK$1.00 each, HDIL Hong Kong Ltd.
is jointly owned by Mr. Subhash Narayan Rao, holding 40% interests; Mr.
Krishnakumar Balakrishnan Nair, holding 30%; and Ms. Pang Wai Fung, also
30%. They are also directors of the
subject.
Pang is a Hong Kong businesswoman.
The other two seem to be Indian.
Both are Hong Kong ID Card holders and have got the right to reside in
Hong Kong permanently.
The subject is a garment trader.
It shares the same office with an affiliated company United Fashion Co.
Ltd. [UF] which is a Hong Kong-registered firm.
The contact person of UF is Mr. Sreekumar Balakrishna Pillai.
UF has had an associated factory in China known as Ningbo United Fashion
Co. Ltd. [Ningbo UF] which is located at 8/F., Jia Li Trade Building, 39‑5 Xing
Ning Road, Ningbo City, Zhejiang Province, China.
The subject is trading in the following commodities:-
Ladies’ Coats, Men’s Cotton Pants, Jackets, Pants for ladies, Children’s
Wear, etc.
Products are provided by Ningbo UF.
Prime markets are India, other Asian countries, the Middle East, Europe,
North America, etc. Business is still
under development.
The subject was able to make a small profit in 2012. Business is chiefly handled by the three
shareholders.
As the history of the subject is over three years in Hong Kong, on the
whole, consider it good for normal business engagements in small credit
amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.09 |
|
|
1 |
Rs.91.58 |
|
Euro |
1 |
Rs.78.08 |
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 |
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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.