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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MERCHANT WELLTECH
LTD. |
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|
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Registered Office : |
20/F., Champion Building, 287-291 Des Voeux Road Central,
Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.05.2011 |
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Com. Reg. No.: |
58435102 |
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Legal Form : |
Private Limited Company. |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ALL
KINDS OF CHEMICALS AND PETROLEUM PRODUCTS, ETC. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Usually correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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 |
MERCHANT WELLTECH
LTD.
c/o Akin
Professionals Ltd.
20/F., Champion
Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
PHONE: 2541 4224
FAX: 2541 4225
E-MAIL: metwell@netmail.com
Managing
Director: Mr. Manish Mahendru
Incorporated on: 27th May, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
MERCHANT
WELLTECH LTD.
Registered
Office:-
c/o Akin
Professionals Ltd.
20/F., Champion
Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
Associated
Company:-
Merchant Welltech
Pvt. Ltd., India.
58435102
1608628
Managing
Director: Mr. Manish Mahendru
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 27-05-2012)
|
Name |
|
No.
of share |
|
Manish MAHENDRU |
|
1 = |
(As per registry dated 27-05-2012)
|
Name (Nationality) |
Address |
|
Manish MAHENDRU |
D-1/1, 3/F., Janak Puri, New Delhi-110058,
India. |
(As per registry dated 27-05-2012)
|
Name |
Address |
Co.
No. |
|
Akin
Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
The
subject was incorporated on 27th May, 2011 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: Importer, Exporter and Wholesaler.
Lines: All kinds of chemicals and petroleum products, etc.
Employees: Nil.
Commodities Imported: China, Europe, Southeast Asia, etc.
Markets: India, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
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$1.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly 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 just one ordinary share of HK$1.00, Merchant Welltech Ltd. is wholly
owned by Mr. Manish Mahendru 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.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at “20/F.,
Champion Building, 287‑291 Des Voeux Road Central, Sheung Wan, Hong
Kong” known as “Akin Professionals Ltd.” which is handling its correspondences
and documents. This firm is also the
corporate secretary of the subject.
The
subject has no employees in Hong Kong.
It has had an associated company Merchant Welltech Pvt. Ltd. [MWPL]
which is an India-based firm.
MWPL
is trading in all kinds of chemicals, petroleum products, plastic materials,
etc. Mr. Manish Mahendru is also the
contact person of MWPL which is in Delhi, India.
MWPL
is trading in the following products:-
Bitumen,
ido, diesel, fuel oil, methanol, IDPE, PP, PE, etc.
Operations
are chiefly conducted in India.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is just over a year.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.