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Report Date : |
02.08.2014 |
IDENTIFICATION DETAILS
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Name : |
EDITORIAL & DISTRIBUIDORA MUNDO CULTURAL |
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Registered Office : |
c/o Sobond Far East Ltd. Unit 1601, 16/F., |
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Country : |
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Date of Incorporation : |
17.03.1994 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Cutlery & Flatware, Kitchen Utensils – Misc,
Tableware - Misc., Household Products - Misc., Hand Tools, Audio Equipment,
Hi-Fi Equipment, Calculators |
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No of Employees : |
No Employees in
Hong Kong [It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there.] |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Not Registered In Hong Kong |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
EDITORIAL &
DISTRIBUIDORA MUNDO CULTURAL
c/o Sobond Far East Ltd.
Unit 1601, 16/F., Office Building, 625 King’s Road, North Point, Hong
Kong.
Please be advised that there is no such a firm known as “Editorial &
Distribuidora Mundo Cultural” registered with the Hong Kong SAR Government.
Located at your given address “Unit 1601, 16/F., Office Building, 625
King’s Road, North Point, Hong Kong” are the following two companies:
·
Acton Far East Ltd.; &
·
Sobond Far East Ltd. [Sobond].
Your given phone and fax number 852-2311 1628 and 852-2530 9400
respectively also belong to Sobond. Your
given contact person Mr. Kang Nam Hoon is also the representative of Sobond.
Sobond was incorporated on 17th March, 1994 as a private limited
liability company under the Hong Kong Companies Ordinance.
Sobond formerly was located at “Unit 901, 9/F., Office Building, 625
King’s Road, North Point, Hong Kong”.
The managing director of Sobond is Mr. Borho Uwe. Sobond is a regional buying office of several
European companies. It is trading in the
following commodities:
Cutlery & Flatware (From China, Taiwan, South Korea),
Kitchen Utensils - Misc. (From China, Taiwan, South Korea),
Tableware - Misc. (From China, Taiwan, South Korea),
Household Products - Misc. (From China, Taiwan, South Korea),
Hand Tools (Hand tools from China, Taiwan, South Korea),
Audio Equipment (From China, Taiwan, South Korea),
Hi-Fi Equipment (From China, Taiwan, South Korea),
Calculators (From China, Taiwan, South Korea), etc.
Products are chiefly exported to Europe.
According to Sobond, its business has been expanding and it is
recruiting more staff members.
We found the name “Editorial & Distribuidora Mundo Cultural” in the
following countries: Nicaragua, Colombia, Panama, Guatemala, El Salvador,
Ecuador.
It seems that “Editorial & Distribuidora Mundo Cultural” is a
foreign‑registered company; however it has had connection with Sobond.
On the whole, since the subject has not registered in Hong Kong,
consider it not suitable for any business engagements.
NOTE :
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses the
address of its secretariat as its correspondence address only. Subject operates
from some other country and does not have a base in Hong Kong. Such companies
are registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 60.85 |
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1 |
Rs. 102.68 |
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Euro |
1 |
Rs. 81.46 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
DPT |
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 |
-- |
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.