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Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
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Name : |
KOVTRA |
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Registered Office : |
Flat B, 15/F., Albert House, 26 Chengtu Road, Aberdeen . |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.03.2010. |
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Com. Reg. No.: |
51850989-000-03 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF MOBILE PHONES
AND ACCESSORIES. |
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No. of Employees : |
1 |
RATING & COMMENTS
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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
KOVTRA
Address: Flat B, 15/F.,
Albert House,
26 Chengtu
Road, Aberdeen,
Hong Kong.
(Formerly located at:
Flat C, 12/F., Arthur Commercial Building,
33 Arthur Street, Yau Ma Tei,
Kowloon, Hong Kong. )
PHONE: 852-3502 1986
FAX: 852-3502 1987
Manager: Mr. Jaydeep Singh Bajwa
Establishment: 1st
March, 2010.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employee:
1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat B, 15/F., Albert House, 26 Chengtu Road, Aberdeen, Hong Kong.
51850989-000-03
Manager: Mr. Jaydeep Singh Bajwa
Name: Mr. Jaydeep Singh BAJWA
Residential Address: Vill-Bazar
Kalan Math Khera Road, Near Chouhra, Po/Ps-Bilaspur Rampur, India.
The subject was established on 1st March, 2010 as a sole proprietorship
concern owned by Mr. Jaydeep Singh Bajwa under the Hong Kong Business
Registration Regulations.
Formerly the subject was located at Flat C, 12/F., Arthur Commercial
Building, 33 Arthur Street, Yau Ma Tei, Kowloon, Hong Kong, moved to the
present address in August 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of mobile phones and accessories.
Employee: 1.
Commodities Imported: China, etc.
Markets: Asian
countries, Middle East, etc.
Terms/Sales:
L/C or as per contracted.
Terms/Buying: L/C,
T/T, etc.
Capital: Not
disclosed.
Profit or Loss: Kept a balance account in 2012.
Condition: Business
is fairly active.
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.
Kovtra is a sole proprietorship set up and owned by Mr. Jaydeep Singh Bajwa
who is an Indian. He is an India
passport holder and does not have the right to reside in Hong Kong
permanently. Bajwa is the manager of the
subject.
The subject’s registered address is in a private building located at
Flat B, 15/F., Albert House, 26 Chengtu Road, Aberdeen, Hong Kong. This is the latest residence of Bajwa when he
is in Hong Kong. The subject moved to
this address in August 2011. It can be
reached at its phone number 852‑3502 1986.
The residential building is not trespassed by outsiders. The subject has just one employee in Hong
Kong.
Formerly the subject was located at Flat C, 12/F., Arthur Commercial
Building, 33 Arthur Street, Yau Ma Tei, Kowloon, Hong Kong where is a
commercial building.
Business commenced in March 2010, the subject is a mobile phone
trader. It has registered with the
Office of the Communications Authority [OFCA], The Government of Hong Kong SAR,
the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of
RU00140501-RU.
The subject is trading in GSM/PCS mobile phones and accessories. Most of the products are sourced from
China. Commodities are exported to
India, the other Asian countries, the Middle East, etc. Business is fairly active in Hong Kong.
The subject’s business is chiefly handled by Bajwa himself. History in Hong Kong is just over three
years.
Since the subject does not have its own operating office in Hong Kong
and history is short, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.74 |
|
|
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.72.02 |
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.