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Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
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Name : |
XIMENKO
INTERNATIONAL CO. |
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Registered Office : |
c/o Hashmi Secretarial Services Ltd. Room B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.11.2009 |
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Com. Reg. No.: |
51446251-000-11 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of Steel, Alloy Steel, Screws, Metal Hardware, etc. |
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No. of Employees : |
Not Available |
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 |
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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 |
XIMENKO INTERNATIONAL CO.
c/o Hashmi Secretarial Services Ltd.
Room B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
Manager: Mr. Ashvinkumar Ramshiromant Sinh
Establishment: 23rd November, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
XIMENKO INTERNATIONAL CO.
Registered
Office:-
c/o Hashmi Secretarial Services Ltd.
Room B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Ximenko International Co., India.
51446251-000-11
Manager: Mr. Ashvinkumar Ramshiromant Sinh
Name: Mr. Ashvinkumar Ramshiromant SINH
Residential Address: Plot
No. 217 Sarvoday Nagar, Gandhinagar-382030, India.
The subject was established on 23rd November, 2009 as a sole proprietorship concern owned by Mr. Ashvinkumar Ramshiromant Sinh under the Hong Kong Business Registration Regulations.
Formerly the subject was located at Room 1811, 18/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in January 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Steel, Alloy Steel, Screws, Metal Hardware, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, US, etc.
Markets: India, other Asian countries, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, Advanced T/T, etc.
Capital: Not disclosed.
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: Unknown
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Ximenko International Co. is a sole proprietorship set up and owned by Mr. Ashvinkumar Ramshiromant Sinh 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 manager of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong” known as “Hashmi Secretarial Services Ltd.” which is handling its correspondences and documents.
The subject has no employees in Hong Kong. It has had an associated company bearing the same name [Ximenko] in India which is also operated by A. R. Sinh.
The subject and Ximenko are engaged in the same lines of business.
It is trading in
the following commodities:-
· All kinds of Metal Hardware;
Alloy Steel;
Iron & Steel
Products;
Metal Auto-Parts; &
Screws, Bolts and Nuts.
etc.
Commodities are imported from Spain, other European countries, China, Japan, other Asian countries, etc. Prime markets are India and the other Asian countries. The business of India Ximenko is normal.
The subject’s business in Hong Kong is not active. History in Hong Kong is over three 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 secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
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UK Pound |
1 |
Rs.83.67 |
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Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.