|
Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
WORLD TIME (CHINA) LIMITED |
|
|
|
|
Registered Office : |
Unit B, 3rd Floor, Chun Wah Commercial Building,
No. 30 Minden Avenue, T.S.T. Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
16.05.2012 |
|
|
|
|
Com. Reg. No.: |
59812822 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
LINE OF BUSINESS : |
NOT AVAILABLE (NOTE: WE TRIED TO CONFIRM OBTAIN THE DETAILS ACTIVITY BUT
THE SAME IS NOT AVAILABLE FROM ANY SOURCE.) |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Offshore Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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.
|
Source
: CIA |
|
Company
Name: |
World Time (China)
Limited |
|
Supplied
Name: |
World Time China Ltd. |
|
Supplied
Address: |
Unit B, 3rd Floor, Chun Wah Commercial Building, 30 Minden Avenue,
T.S.T. Kowloon, Hong Kong |
Note: The exact name is
as above.
We cannot find subject’s any operation
information or valid contact information in Hong Kong through public files
according to supplied name.
We tried to contact the subject through the
supplied telephone number (+886- 13434273786),
Mr. Husain answered the phone said the subject does not have office in Hong
Kong, and he introduced that subject is locating at Guangzhou City of the
Mainland of China which is engaged in sale of cell phones, etc.
Since the supplied address which is also
subject’s registered address is that of subject’s corporate secretary (Hashmi
Secretarial Services Limited), we cannot obtain any information of the subject
according to it.
Based on subject’s registered files and our
investigation, we consider subject as an offshore company.
We found subject’s registered files from local
registry, supplying as following for reference.
|
Registered Name: |
|
|
Registered Address: |
Unit B, 3rd Floor, Chun Wah Commercial
Building, No. 30 Minden Avenue, T.S.T. Kowloon, Hong Kong |
|
Date of Registration: |
2012-5-16 |
|
Registered Number: |
1745727 |
|
Business Registration No.: |
59812822 |
|
Paid-up Capital: |
HKD 100,000 (USD 12,900) = 100,000 Shares@ HKD 1 (As of 2014.12, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-5-16 |
Subject was incorporated on 2012-5-16 with the
registered number 1745727 as Private Limited Liability Company in Hong Kong.
Subject did not register
any subsidiaries or branches, from other source we can not obtain the relevant
information, either.
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Mohamed Yousuf Haji Noor Mohamed |
100,000 |
100% |
|
Total |
100,000 |
100% |
Major Shareholder Information:
|
Name: |
Mohamed Yousuf Haji Noor Mohamed |
|
Address: |
Room 910, No. 36 Fengning St., Hongde Road,
Guangzhou, China |
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Mohamed Yousuf Haji Noor Mohamed |
|
Address: |
Room 910, No. 36 Fengning St., Hongde Road, Guangzhou,
China |
|
Position: |
Director |
|
Passport Number: |
Z2373789 |
|
Issuing Country: |
India |
|
2 |
|
|
Name: |
Hashmi Secretarial Services Limited |
|
Address: |
Unit B, 3rd Floor, Chun Wah Commercial Building,
No. 30 Minden Avenue, T.S.T. Kowloon, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
770656 |
|
E-mail: |
|
Subject does not have business entity in Hong
Kong.
The subject has no
obligation to supply its financial statement to the third party according to
the relevant policy in Hong Kong and the only source from which we can obtain the
information is the subject itself.
Subject does not have business entity in Hong
Kong, thus we cannot obtain the relevant information.
|
Name: |
HSBC Bank |
|
Address: |
1 , Queen Road, Central Hong Kong |
Note: The above information
is from public files, which is not confirmed by the subject.
Mortgage Record
No mortgage record of subject was found.
Up to now, no present or latent litigation of
the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
External Trade
Information:
External
Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.