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Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
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Name : |
PROTRADE (HK) LTD. |
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Registered Office : |
Suite 3105-3109, 31/F., Two Chinachem Exchange Square, 338 King’s
Road, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.09.2002 |
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Com. Reg. No.: |
33047035 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Chemical Trader of Footwear, gifts and premium, tools, hardware,
building materials, garments, other textile products. |
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No. of Employees : |
12 |
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 |
PROTRADE (HK) LTD.
Suite 3105-3109, 31/F., Two Chinachem Exchange Square, 338 King’s Road,
North Point, Hong Kong.
PHONE: 852-3106
3101
FAX: 852-2542 2020
E-MAIL: protrade@protradehk.com.hk
Managing Director: Mr. Jonathan David Sharon
Incorporated on: 30th September, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Chemical
Trader.
Employees: 12.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
PROTRADE (HK) LTD.
Registered Head
Office:-
Suite 3105-3109, 31/F., Two Chinachem Exchange Square, 338 King’s Road,
North Point, Hong Kong.
33047035
0816095
Managing Director: Mr. Jonathan
David Sharon
Contact Person: Ms. Ruby Chan
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 30-09-2012)
|
Name |
|
No. of shares |
|
Jonathan David SHARON |
|
10,000 ===== |
(As per registry dated 12-11-2012)
|
Name (Nationality) |
Address |
|
Jonathan David SHARON |
Room A, 9/F., Bonny View House, 63-65 Wong Nai Chung Road, Happy
Valley, Hong Kong. |
(As per registry dated 30-09-2012)
|
Name |
Address |
Co. No. |
|
Novatex Int’l Ltd. |
Suites 3105-3109, 31/F., Two Chinachen Exchange Square, 338 King’s
Road, North Point, Hong Kong. |
0817086 |
The subject was incorporated on 30th September, 2002 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: Chemical
Trader.
Lines: Footwear, gifts and
premium, tools, hardware, building materials, garments, other textile products
Employees: 12.
Commodities Imported: China,
other Asian countries, etc.
Markets: Asian
countries, North & South America, Israel and other European countries, etc.
Terms/Sales: Various terms.
Terms/Buying: 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
Mortgage or Charge: (See attachment)
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: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Protrade (HK) Ltd.
is wholly owned by Mr. Jonathan David Sharon.
He is a Hong Kong ID Card holder and has got the right to reside in Hong
Kong permanently. He is also the only
director of the subject.
Incorporated in September 2002, the subject is a sourcing company and
buying office which has been based in Hong Kong since 1986, according to the
subject. It has had a number of
wholesale and retail customers from around the world including the North and
South America, Israel, and the other European countries, Asian countries,
etc. The subject carries different kinds
of commodities such as the followings:-
Gifts and premiums, tools, hardware, building materials, shoes and
garments, other textile products, household items, household electric
appliances, pottery, porcelain, ceramic arts, toys, games, sporting goods,
office stationery & supplies, cases and bags, etc.
Most of the commodities are sourced from China and the other Asian
countries. However, China is the main
supplying country.
The subject also trades in the other commodities as entrusted by
customers.
The subject usually takes part in China Import & Export Fair which
is held in Guangzhou City, Guangdong Province, China biannually. From the fair, the subject is able to source
different commodities from the suppliers in China.
The contact person of the subject Ms. Ruby Chan is a Hongkongnese.
The subject’s business is chiefly handled by Jonathan David Sharon who
has been in Hong Kong for a very long time.
The subject’s business is rather active and active.
As the history of the subject is over ten years in Hong Kong, on the
whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
20-04-2011 |
Instrument: Security Over Deposits with the Bank
Limited Company - Under Seal Property: Initially US$227,000 - or equivalent and all monies whether now or
hereafter standing to the credit of the company’s deposit with the Bank under
deposit number 173-335779 & whatever currency it may subsequently be
denominated in, any renewal of such deposit & the interest thereon
together with any further moneys in any deposit account with the Bank at any
of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities owing at any
time plus interest and all expenses |
|
31-10-2011 |
Instrument: Assignment of Life Insurance Property: (1) All the Assignor’s
claims under the Insurance: Insurance Policy No: 2800 4197 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Sharon Jonathan David Assignor / Policy Owner: Protrade (HK) Ltd. (2) All the Assignor’s
claims against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Secured Monies |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.27 |
|
|
1 |
Rs.91.15 |
|
Euro |
1 |
Rs.77.50 |
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 |
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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 |
|
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 |
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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 |
|
<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.