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Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
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Name : |
AL SABA GENERAL TRADING FZE LTD. |
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Registered Office : |
Room C, 2/F., Wing On Building, 21-27 Wai Ching Street, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.11.2012 |
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Com. Reg. No.: |
60675962 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS |
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No. of Employees : |
03 |
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 : |
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
AL SABA GENERAL
TRADING FZE LTD.
ADDRESS: Room C, 2/F., Wing On Building, 21-27 Wai Ching Street, Jordan, Kowloon, Hong Kong.
PHONE: 852-6952 6805
Managing Director: Mr. Manish Bhogilal Shah
Incorporated on: 28th November, 2012.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$1.00
Business Category: Diamond Trader.
Employees: 3.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room C, 2/F., Wing On Building, 21-27 Wai Ching Street, Jordan, Kowloon, Hong Kong.
Associated Company:-
Mabrook Trading FZE Ltd., Hong Kong.
60675962
1831681
Managing Director: Mr. Manish Bhogilal Shah
Contact Person: Mr. Vision
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
SHAREHOLDER: (As per registry dated 28-11-2012)
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Name |
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No. of shares |
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Manish Bhogilal SHAH |
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1 = |
DIRECTOR: (As per registry dated 28-11-2012)
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Name (Nationality) |
Address |
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Manish Bhogilal SHAH |
301, Shrenik Apartment, Subhash Chowk, Gopipura, Main Road, Surat Pin-395003, India. |
SECRETARY: (As per registry dated 28-11-2012)
|
Name |
Address |
Co. No. |
|
Gurung & Shum Business Solutions Ltd. |
Room 406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. |
1348317 |
The subject was incorporated on 28th November, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Jinshu Jewellry Ltd., name changed to the present style on 2nd April, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds
Employees: 3.
Commodities Imported: India, etc.
Markets: Hong Kong, China, other Asian countries, UAE, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
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: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Industrial & Commercial Bank of China Ltd., Hong Kong Branch.
Standing: Small.
Having issued just one ordinary share of HK$1.00, Al Saba General Trading FZE Ltd. is wholly owned by Mr. Manish Bhogilal Shah 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’s registered office is in a residential building located at “Room C, 2/F., Wing On Building, 21-27 Wai Ching Street, Jordan, Kowloon, Hong Kong”.
We can reach Contact Person Mr. Vision, who is an Indian, at his Hong Kong mobile phone number 852-6952 6805. The above-mentioned address is the residence of Vision. He is a representative of the subject. He is also the representative of another firm Chau Shan Trading Ltd., a Hong Kong-registered firm located at a different address.
According to Vision, the subject has 3 employees in Hong Kong. Besides the subject, the following firm is also operated by Manish Bhogilal Shah:
Mabrook Trading FZE Ltd. [Mabrook]
Mabrook is also registered in Hong Kong.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds. Most of the commodities are imported from India. Prime markets are Hong Kong, China, other Asian countries, the Middle East, etc. Business is still under development.
The subject has had associated companies in India and Dubai of the United Arab Emirates
The subject’s business is chiefly handled by Vision. History in Hong Kong is just about a year. History is short.
Since the history of the subject is short, consider it good for business engagements on L/C basis for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.63 |
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|
1 |
Rs.101.06 |
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Euro |
1 |
Rs.84.56 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
-- |
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.