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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
WEALTHY MARK PRIVATE LTD. |
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Registered Office : |
C/o Buttar.HK Ltd. 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.12.2010. |
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Com. Reg. No.: |
53433367 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Jewellery, diamonds, gemstone. |
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No. of Employees : |
No Employee in Hong Kong (It is to
be noted that the company does not have its own operating office in Hong Kong.
The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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) |
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Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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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
WEALTHY MARK
PRIVATE LTD.
Address: c/o Buttar.HK
Ltd.
1/F., Mau
Lam Commercial Building,
16-18 Mau
Lam Street, Jordan,
Kowloon,
Hong Kong.
(Your enquiry given as:
WEALTHY MARKS PVT. LTD.
and old address at:
c/o Excellent Luck Ltd.
Room 736, 7/F., Beveley Commercial Centre,
87-105 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. )
PHONE: 852-2312 0148
FAX: 852-2375 6513
E-MAIL: wealthymarkinfo@gmail.com
Managing Director: Mr. Mohammed
Mukhtar Shaikh
Incorporated on: 10th
December, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Buttar. HK Ltd.
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong.
Affiliated Companies:-
Adila Private Ltd., Hong Kong.
Elegant Gems Ltd., Hong Kong.
Excellent Luck Ltd., Hong Kong.
Interseas Trading Co., Hong Kong.
Interseas Trading Co., US.
53433367
1539109
Managing Director: Mr. Mohammed
Mukhtar Shaikh
Contact Person: Mr. Syed Riyaz
Syed Anwar
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 10-12-2012)
|
Name |
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No. of shares |
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Mohammed Mukhtar SHAIKH |
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10,000 ===== |
(As per registry dated 10-12-2012)
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Name (Nationality) |
Address |
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Mohammed Mukhtar SHAIKH |
10/11 Imtiyaz Belding Piet Road, Kurla, Mumbai 400070, India. |
(As per registry dated 10-12-2012)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 10th December, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject was formerly located at Room 736, 7/F., Beverley Commercial
Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to
present address in February 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Jewellery,
diamonds, gemstone.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong
Kong, Japan, other Asian countries, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: Prepayment,
L/C, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is under development.
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 10,000 ordinary shares of HK$1.00 each, Wealthy Mark
Private Ltd. is wholly owned by Mr. Mohammed Mukhtar Shaikh who is an
Indian. He is an India passport holder
and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject
and most of the time, he is residing in Mumbai, India.
The subject does not have its own operating office. Its registered office is in a Hong
Kong-registered firm located at 1/F., Mau Lam Commercial Building, 16-18 Mau
Lam Street, Jordan, Kowloon, Hong Kong known as Buttar.HK Ltd. which is
handling its correspondences and documents.
This firm is also its corporate secretary.
The subject has no employees in Hong Kong.
Your given address Room 736, 7/F., Beveley Commercial Centre, 87‑105 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong was the old address of the
subject. It is housed by the following
firms:-
Excellent Luck Ltd. Hong Kong.;
Interseas Trading Co., Hong Kong.
The subject is a diamond and jewellery trader. Commodities are chiefly sourced from
India. Prime markets are Hong Kong,
other Asian countries.
The contact person of the subject Mr. Syed Riyaz Syed Anwar is also an
Indian. Syed Anwar is the sole
shareholder and director of a Hong Kong registered firm Adila Private Ltd.
[Adila]. Your given mobile phone number
852-6257 1990 may belong to Syed Riyaz Syed Anwar, however, we cannot reach him
at this number because this number is always engaged.
Registered in Hong Kong on 10th December, 2010, Adila also does not
have its operating address in Hong Kong.
Its registered office is in a commercial service firm located at Unit A,
6/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong
Kong where is also an operating office of Buttar.HK Ltd. This firm is handling its correspondences and
documents. It is also the corporate
secretary of Adila. Buttar.HK Ltd. has
had several offices in Hong Kong, including the above-mentioned ones.
Adila also has no employees in Hong Kong. Currently, Syed Anwar who also cannot be
reached is also residing in Mumbai, India.
It is likely that the subject has got an associated company in Mumbai,
India. The India firm deals with foreign
parties under the name of the subject and let foreign firms correspond with the
subject’s registered address in Hong Kong.
The India firm also exports commodities to foreign markets under the
name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is under development. History in Hong Kong is just over two
years.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond production
in India can be traced back to almost 8th Century B.C. India,
in fact, remained undisputed leader till 18th Century when Brazilian
fields were discovered in 1725 followed by emergence of S. Africa, Russia and
Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include spirit
of entrepreneurship, mutual trust lowers transaction costs, small, nimble and
quick to react, information as a source of advantage and philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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.