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Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
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Name : |
WEALTH IMP & EXP |
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Registered Office : |
Flat C, 2/F., Peninsula Apartments, 16 Mody Road, Tsimshatsui, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.03.2010 |
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Com. Reg. No.: |
52008864-000-03 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds of mobile phones |
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No. of Employees |
01 |
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 : |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies
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Source
: CIA |
WEALTH IMP
& EXP
ADDRESS: Flat C, 2/F., Peninsula Apartments, 16 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-6423 8131
FAX: Not disclosed.
Manager: Mr. Abdul Kader Kamaldeen
Establishment: 30th March, 2010.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Mobile phone trader.
Employee: 1 (Including affiliate).
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat C, 2/F., Peninsula Apartments, 16 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
Affiliated Company:-
United Import And Exports, Hong Kong. (Same address)
52008864-000-03
Manager: Mr. Abdul Kader Kamaldeen
Name: Mr. Abdul Kader KAMALDEEN
Residential Address: No. 61/230, K.T.M Street, Kayalpatnam-628206, Thoothukudi District, Tamil Nadu, India.
The subject was established on 30th March, 2010 as a sole proprietorship concern owned by Mr. Abdul Kader Kamaldeen under the Hong Kong Business Registration Regulations.
Formerly the subject was located at Unit 1308, 13/F., Hart Avenue Plaza, 5 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in May 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of mobile phones.
Employee: 1 (Including affiliate).
Commodities Imported: China, other Asian countries, etc.
Markets: India, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Capital: Not disclosed.
Profit or Loss: Kept a balance account in 2013.
Condition: Business is improving.
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.
Wealth Imp & Exp is a sole proprietorship set up and owned by Mr. Abdul Kader Kamaldeen 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 Manager of the subject.
The subject’s registered office is in a private building located at Flat C, 2/F., Peninsula Apartments, 16 Mody Road, Tsimshatsui, Kowloon, Hong Kong where seems to be the residence of Kamaldeen when he is in Hong Kong.
The subject shares the same office with another firm United Import And Exports which is also a mobile phone trader. The residential building is not trespassed by outsiders.
Kamaldeen can be reached
at his Hong Kong mobile phone number
852-6423 8131 in case he is in Hong Kong.
The subject is a mobile phone trader. It 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 in 2012. Its licence No. was RU00138215-RU. However, as at 15th December, 2013, the subject’s name is found in the list of Radio Dealer (Unrestricted) Licensee. It seems that the subject has not renewed its licence.
Most of the mobile phones are sourced from Shenzhen Special Economic Zone, China and exported to India. Its business is improving.
The business of the subject is chiefly handled by Kamaldeen himself. History in Hong Kong is just over four years.
On the whole, consider the subject good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.26 |
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|
1 |
Rs.101.71 |
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Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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.