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Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
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Name : |
WELLSTAR ASIA LTD. |
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Registered Office : |
Room 825, 8/F., |
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Country : |
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Date of Incorporation : |
22.10.2009 |
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Com. Reg. No.: |
51319216 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Porcelain tiles, bathroom hardware,
electric appliances, electronic productgs, electrical accessories. |
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No. of Employees |
4 |
RATING & COMMENTS
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MIRAs 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 June 1, 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 |
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
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 |
WELLSTAR ASIA LTD.
ADDRESS: Room 825, 8/F., Kowloon Bay Industrial Centre,
15 Wang Hoi Road, Kowloon, Bay, Kowloon, Hong Kong.
PHONE: Not available
Managing Director: Ms. Wu Xiaodan
Incorporated on: 22nd October, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: DBS Bank
(Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
WELLSTAR ASIA LTD.
ADDRESS:
Registered Head
Office:-
Room 825, 8/F., Kowloon Bay Industrial Centre, 15 Wang Hoi Road,
Kowloon, Bay, Kowloon, Hong Kong.
Associated
Company:-
Foshan Wantage Co. Ltd., China.
51319216
1383738
Managing Director: Ms. Wu Xiaodan
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 22-10-2013)
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Name |
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No. of shares |
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PAN Liyu |
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7,000 |
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WU Xiaodan |
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3,000 |
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Total |
10,000 ===== |
(As per registry dated 22-10-2013)
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Name (Nationality) |
Address |
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WU Xiaodan |
Room D, 48/F., Block 6, The Long Beach, 8 Hoi Fai Road, Tai Kok Tsui,
Kowloon, Hong Kong. |
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PAN Liyu |
Room 104, Block 4, 11 Chao An Bei Lu, Foshan, Guangdong, China. |
WU Xiaodan (As per registry dated
22-10-2013)
The subject was incorporated on 22nd October, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Porcelain tiles,
bathroom hardware, electric appliances, electronic productgs, electrical
accessories.
Employees: 4.
Commodities Imported: China,
other Asian countries, etc.
Markets: Asian
countries, Europe, Middle East, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As
per contracted.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making
a small profit in 2013.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank (Hong Kong) Ltd., Hong Kong
China Merchants Bank Co. Ltd., Hong Kong.
Nanyang Commercial Bank Ltd.,
Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Wellstar Asia Ltd.
is jointly owned by Ms. Pan Liyu, holding 70% interests; Ms. Wu Xiaodan,
holding 30%. Being China businesswomen,
both are also directors of the subject.
Wu Xiaodan is a Hong Kong ID holder and has got the right to reside in
Hong Kong permanently. She is also
managing director of the subject.
The subject has had an associated company known as Foshan Wantage Co.
Ltd. [Wantage] which is in Foshan City, Guangdong Province, China. The subject is trading in the same
commodities as Wantage.
Wantage was founded in 1997. It
is engaged international trading while the subject is its associated
company. It also has had an office in
Australia.
According to Wantage, its annual export turnover is more than US$150
million while its annual imports amount to US$40 million. It is carrying the following products:
Architectural ceramics: many sizes of polishing porcelain tiles, glazed
tiles, rustic tiles, stones and borders.
Bathroom hardware & accessories: advanced steam house, massage
bathtub, sanitary ware, shower room, shower screen and shower room accessories.
Electronic products & appliances:
Switch socket, breaker, ultrasonic cleaner, frequency converter, TV, LCD
TV, navigator, stereo system, CD player, etc.
Wantage has become a distributor of Toshiba for many kinds of frequency
converters.
It has taken part in local exhibitions or other trading activities in
order to penetrate the international market further. Its customers are in Australia, the Middle
East, South Africa, Southeast Asia, etc.
The business of Wantage is normal.
Its business is managed by Ms. Pan Liyu who is in China most of the
time.
The subject is a supporting office of Wantage. History in Hong Kong is just over four years
and ten months.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
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Date |
Particulars |
Amount |
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20-09-2011 |
Instrument: Charge on Cash Deposit(s) to secure
Liabilities of the Depositor(s) Property: (1) By way of first
fixed charge and agreement to charge: The Deposit and all right, title and interest of the Company
whatsoever, present and future, thereto and therein, together with any
certificates of deposit or other instruments or securities evidencing title,
or otherwise relating, thereto and any account to which the same is credited. (2) By way of set-off: Any sum standing to the credit of any one or more of the accounts of
the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities |
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01-12-2011 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as continuing security for the
payment of all Secured Liabilities: (a) Assigns and agrees to assign
absolutely to the Bank all the present and future rights, title, interests
and benefits of Borrower in and to the following assets: (i) The Bills of
Exchange; (ii) The Export Credits; (iii) The Export
Collection Bills; (iv) The Sales Contracts; (v) The Invoice
Receivables; (vi) The Insurances; (vii) The Trade Documents; (viii) The Related
Collaterals; & (ix) All claims, remedies
and proceeds in connection with any of the foregoing. (b) Charges and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights, title, interests and benefits of the Borrower in and to the following
assets: (i) The Goods together
with their proceeds; (ii) The Deposit; & (iii) To the extent any
Security Assets is not effectively assigned under sub-clause (a), such
Security Asset. (c) Pledges
and agrees to pledge to the Bank, the Bills of Exchange, the Pledged Goods
and the Trade Documents which are now or may in the future be in actual or
constructive possession of the Bank (d) Charges and agrees to
charge to the Bank by way of first floating charge all the present and future
rights, title, interests and benefits of the Borrower in and to any Security
Asset which is not effectively charged by way of fixed charge or assigned or
pledged under the above sub-clauses (a), (b) and (c). Mortgagee: China Merchants
Bank Co. Ltd., Hong Kong. |
All obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.48 |
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UK Pound |
1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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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 SCs 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.