MIRA INFORM REPORT
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Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
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Name : |
WING FAI MARINE PRODUCTS TRADING COMPANY |
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Registered Office : |
G/F., 96 Queen’s Road West, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.10.2010 |
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Com. Reg. No.: |
53037389-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, exporter, wholesaler and retailer of all kinds of dried
aquatic products. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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
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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
WING FAI MARINE
PRODUCTS TRADING COMPANY
ADDRESS: G/F., 96 Queen’s
Road West, Sheung Wan, Hong Kong.
PHONE: 2776 2013
FAX: 2776
2669, 2776 2668
Establishment: 1st October, 2010.
Organization: Sole Proprietorship.
Capital: Not
disclosed.
Business Category: Importer,
Exporter, Wholesaler and Retailer.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office &
Shop:-
G/F., 96 Queen’s Road West, Sheung Wan, Hong Kong.
53037389-000-10
Manager: Mr. Lau Mau Kit, Michael
Name:
Mr. LAU Mau Kit
Residential Address: Flat D1, 4/F., Kwan Yick Mansion, Phase II,
343 Des Vouex Road West, Hong Kong.
The subject was established on 1st October, 2010 as a sole proprietorship
concern owned by Mr. Lau Mau Kit under the Hong Kong Business Registration
Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter, Wholesaler and Retailer.
Lines: All
kinds of dried aquatic products.
Employees: 3.
Commodities Imported: India,
Japan, South America, Southeast Asia, etc.
Markets: Hong
Kong, China, other Asian countries, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Kept
a balance account in 2012.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Wing Fai Marine Products Trading Company is a sole proprietorship set up
and owned by Mr. Michael Lau Mau Kit who is a Hong Kong merchant. He is also manager of the subject.
Business commenced in October 2010, the subject is a dried aquatic
products importer, exporter, wholesaler and retailer. The subject’s products are imported from
India, Japan, China, Indonesia, South America, Australia, etc. Japan is one of the main supplying
countries. Its registered address is
also a wholesaling centre and a retailing outlet. The retailing outlet covers an area of about
1,000 sq.ft.
Currently, it is retailing dried shrimps, prawns, scallops, oysters,
cuttle fish, squid, octopus, abalone, shark fins, molluscs, mussels,
crustaceans, Beche-de-mer, crabs, mushrooms, other dried vegetables, etc. The subject chiefly serves walk-in customers. It also exports some of its products to
China, Japan, South Korea, other Asian countries, etc. Business is still under development.
The subject’s business is chiefly handled by Michael Lau Mau Kit
himself. He can be reached at his mobile
phone number 9663 9162.
The history of the subject in Hong Kong is just over two years.
As the history of the subject is short in Hong Kong, on the whole,
consider it good for normal business engagements on L/C basis for the time
being.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.04 |
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1 |
Rs.83.61 |
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Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
RATING EXPLANATIONS
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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.