|
Report Date : |
21.06.2013 |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Undetermined |
|
|
|
|
Payment Behaviour : |
--- |
|
|
|
|
Litigation : |
--- |
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 |
FOUNTAIN COMPANY
Rm B, 11/F.,
(Should be written as Flat B, 11/F., Oscar Court, 232-242 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.)
As per Companies Registry, there is no such name registered in their file. We found that there is no company name registered and headed with “Fountain Company ….”.
According to Business
Registration Office, the name of the subject was found in the database with
details as follow:
1/
Name: Fountain Company
Business Registration Number: 54157312
Registered Place of Business: Flat *, */F., Phase 2, Kwun Tong Industrial Centre, 460-470 Kwun Tong Road, Kowloon, Hong Kong.
2/
Name: Fountain Company
Business Registration Number: 36034362
Registered Place of Business: Flat/Room *, **/F., KCC Building, 2 Liberty Avenue, Kowloon, Hong Kong.
3/
Name: Fountain Co.
Business Registration Number: 10439716
Registered Place of Business: Flat/Room A*, */F., Phase 1, Kwun Tong Industrial Centre, 472‑484 Kwun Tong Road, Kowloon, Hong Kong.
4/
Name: Fountain Co.
Business Registration Number: 07560770
Registered Place of Business: Flat/Room *, */F., Wing Chong Industrial Building, 109 How Ming Street, Kwun Tong, Kowloon, Hong Kong.
5/
Name: Fountain Company
Business Registration Number: 19592844
Registered Place of Business: Flat *, */F., Wing Chong Industrial Building, 109 How Ming Street, Kwun Tong, Kowloon, Hong Kong.
However, the registered place of business of these companies are not matched with your given address.
Our on-site investigator reported that your given address Flat B, 11/F., Oscar Court, 232-242 Fa Yuen Street, Mongkok, Kowloon, Hong Kong is a 15-storey residential building (From G/F. to 14/F.). There are 5 units on 11/F. The gross flat area of Flat B is 580 sq.ft. Nobody can enter into the building without the valid resident card or password.
As per The Land Registry, the registered owners of this premise are TAM Kwong Youn and YUEN Cheun Yuk who bought this property on 10th December, 2002 at the price of HK$4,580,000.00. No mortgage record was registered against the property.
The name of the subject located at the captioned address is not listed in any available telephone and commercial directories and also is unknown to other sources consulted.
No legal actions were traced against the subject during the course of this investigation.
In view of
the lack of information, we have no basis upon which to recommend credit
dealings.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
UK Pound |
1 |
Rs.92.22 |
|
Euro |
1 |
Rs.79.19 |
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.