|
Report Date : |
05.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
JAMES
WONG & COMPANY |
|
|
|
|
Formerly Known As : |
James Wong &
Associates |
|
|
|
|
Registered Office : |
Flat 12, 5/F., Kowloon Plaza, 485 Castle Peak Road, Lai Chi Kok, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
15.05.1989 |
|
|
|
|
Com. Reg. No.: |
12541406-000-02 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Importer, Wholesaler and Re-exporter of all kinds of leather & leather materials |
|
|
|
|
No. of Employees : |
04 |
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 |
JAMES WONG & COMPANY
Flat 12, 5/F., Kowloon Plaza, 485 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 852-2310 9328
FAX: 852-2310 9596
E-MAIL: jameswon@hkstar.com
Manager: Mr. Wong Yiu Tong, James
Establishment: 15th February, 1989.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Finished Leather Trader.
Employees: 4.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat 12, 5/F., Kowloon Plaza, 485 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
12541406-000-02
Manager: Mr. Wong Yiu Tong, James
Name: Mr. WONG Yiu Tong
Residential Address: Flat B, 9/F., Tak Sun Building, 442 Ma Tau Wai Road, Kowloon, Hong Kong.
The subject was established on 15th February, 1989 as a sole proprietorship concern owned by Mr. Wong Yiu Tong under the Hong Kong Business Registration Regulations.
Originally the subject was registered under the name of James Wong & Associates, name changed to the present style in July 1990.
Initially the subject was located at Flat C, 18/F., Hung Cheong Commercial Building, 193 Des Voeux Road West, Hong Kong, moved to Room 1701, 17/F., Wu Sang House, 655 Nathan Road, Mongkok, Kowloon, Hong Kong in May 1989, to 7/F., Jim’s Commercial Building, 102 Des Voeux Road Centeral, Hong Kong in November 1989, to Room 901B, 9/F., Witty Commercial Building, 1A-11 Tung Choi Street, Mongkok, Kowloon, Hong Kong in July 1990, and further to the present location in April 1992.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Wholesaler and Re-exporter.
Lines: All kinds of leather, leather materials
Employees: 4.
Commodities Imported: Imported from Italy, India, etc.
Markets: Hong Kong, China and other Asian countries.
Terms/Sales: As per contracted.
Terms/Buying: L/C, D/P, T/T, etc.
Capital: Not disclosed.
Profit & Loss: Made small profits in the past years.
Condition: Keeping in a normal state.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
James Wong & Company is a sole proprietorship concern set up and owned by Mr. James Wong Yiu Tong who is a Hong Kong merchant. Formerly the subject was known as James Wong & Associates which was a trade consultant, name to the present style and began trading in leather in July 1990.
The subject is the Hong Kong agent of Conti Conceria S.p.A. which is an Italy-based firm. Conti Conceria S.p.A. is a leather provider. It has been in the leather trade for over 80 years and has been the largest and qualified producer of skiver (sheep grains). This firm is specialised in tanning and finishing of all kinds of leather.
It handles the
following products:-
· Cow hides for leathergoods;
· PU water based cow split – can be labelled real leather; &
· Skivers for garment, leather goods and footwear, lamb for garment.
The subject is wholesaling the above-mentioned leather in Hong Kong and re‑exporting to China and the other Asian countries. It also imports printed dry milled leather, cow waxy nappa from Calcutta or Chennai of India. In recent years, India has become the subject’s main supplying country.
Most of its customers are garment, leather goods and footwear manufacturers in China and the other Asian countries.
The subject’s business is rather steady as regular suppliers and customers have been maintained. It has had its affiliated factory in China.
The subject’s business is mainly handled by James Wong himself.
On the whole, having a history of about twenty-four in Hong Kong, the subject is considered good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.09 |
|
UK Pound |
1 |
Rs.91.58 |
|
Euro |
1 |
Rs.78.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.