MIRA
INFORM REPORT
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Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
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Name : |
NEW DELHI STORE |
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Registered Office : |
Shop 22 & 26, G/F., Chung King Mansion, 36-44 Nathan Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.06.1973 |
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Com. Reg. No.: |
03892082-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Wholesaler and Retailer of Agricultural Products, Canned
Food, Dried & Preserved Food, Seed, Spice. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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) |
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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 |
company name
NEW DELHI STORE
ADDRESS
Shop 22 & 26, G/F., Chung King Mansion, 36-44 Nathan Road,
Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2369 3038, 2369 0571
FAX: 852-2366 9488
E-MAIL: nds@netvigator.com
MANAGEMENT
Manager: Mr. Singh Mukhtiar
SUMMARY
Establishment: 24th
June, 1973.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Importer, Wholesaler and Retailer.
Employees:
4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company name
NEW DELHI STORE
ADDRESS
Head Office:-
Shop 22 & 26, G/F., Chung King Mansion, 36-44 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Company:-
East West Spirits Ltd., Hong Kong.
(same address)
BUSINESS REGISTRATION NUMBER
03892082-000-06
MANAGEMENT
Manager: Mr. Singh Mukhtiar
Contact Person: Mr. Jackie Brar
SOLE PROPRIETOR
Name: Singh MUKHTIAR
Residential Address: Room 211,
2/F., Ka Wai Chuen, Ka Bong Lau, Hunghom, Kowloon, Hong Kong.
HISTORY
The subject was established on 24th June, 1973 as a partner concern jointly
owned by Mr. Singh Mukhtiar and Mr. Kaur Mukhtiar under the Hong Kong Business
Registration Regulations.
The subject became a sole proprietorship as the latter passed away in
February 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Wholesaler and Retailer.
Lines: Agricultural
Products, Canned Food, Dried & Preserved Food, Seed, Spice.
Employees: 4.
Commodities Imported: India, other Asian countries, etc.
Markets:
Hong Kong,
etc.
Terms/Sales:
COD or as per
contracted.
Terms/Buying: Various
terms.
FINANCIAL INFORMATION
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
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:
Normal.
GENERAL
New Delhi Store is a sole proprietorship owned and operated by Mr. Singh
Mukhtiar who is an Indian.
The registered address of the subject is also a retailing outlet.
The subject is the leading supplier and stockist of food grains and
Indian food products to major Airlines and Hotels, Restaurants in Hong Kong.
The subject holds exclusive distributorship of many Indian food
including Ashoka & Aeroplane Brand Pickles, Spices, Curry Pastes, Lentals,
etc., Dana & Taj Mahal Brand Basmati Rice, Amul Dairy Products, Haldiram
Snacks, etc.
The subject is trading in the following commodities:-
Biscuits & Snacks, Can Products, Dry Fruits, Flours & Instant
Mix, Frozen Products, Milk Products, Oils, Pickles & Pastes, Pulses, Rice,
Spices, Sweets, Syrups, Tea & Coffee, Vegetables, etc.
The subject has had an associated company located at the same address
known as East West Spirits Limited [EWS].
EWS is a Hong Kong based company set up in 2003 for the business of
sourcing and distributing select quality products to the local Food and
Beverage businesses. It currently holds
distributorship of various internationally recognized brands and continues to
expand its portfolio.
EWS is the exclusive distributor in Hong Kong, Macau and Guangzhou (China)
for McDowell’s Spirits, Shaw Wallace Spirits, United Breweries and Segu Chilean
Wines. It is also the exclusive
distributor of Red Horse beer in South Africa.
The beer portfolio comes from India while the leading brewer, United
Breweries Ltd., that produces India’s No.1 Award Winning International Lagers
Kingfisher Premium and Kingfisher Strong Premium beers.
The spirits brands come from the world’s second largest distiller
McDowell & Company which includes brands like McDowell Single Malt Whisky (India
only single Malt), McDowell Signature Premium Whisky, McDowell No.1 Whisky (4th
largest non-Scotch Whisky in the world), Bagpiper whisky (India’s largest
selling Whisky), McDowell No.1 Celebration Rum, Blue Riband Gin, Old Cask Rum
and Premium Romanov Vodka.
In early 2007 EWS was appointed the exclusive distributor for India’s
2nd largest distiller, Shaw Wallace & Co. Ltd., which produces many brands
including Antiquity Premium Whisky and Royal Challenge Premium Whisky.
In 2010 EWS got the distribution of Whyte & Mackay for Hong
Kong. Whyte & Mackay is one of the
oldest distilleries founded on the docks of Glasgow in 1844. Today EWS has full range of Whyte & Mackay
starting from 8 years to 40 years old scotch.
The contact person of the subject and EWS is Mr. Jackie Brar who is also
an Indian.
As the history of the subject is over 40 years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.89 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.