MIRA
INFORM REPORT
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Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
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Name : |
WELLWISE FAR EAST LIMITED |
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Registered Office : |
Unit A1, 13F, |
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Country : |
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Date of Incorporation : |
24.01.2014 |
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Com. Reg. No.: |
2031439 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available
[We tried to confirm / obtain the detailed activity but the same is not available from any sources.] |
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No of Employees : |
Not Available [We tried to confirm the number of employees but no one is ready to
part any information from the company management.] |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
new Business |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
Contact
Points
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Company Name (in Chinese): |
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Company Name (in English): |
Wellwise Far East Limited |
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Supplied Name: |
WELL WISE FAR EAST LIMITED |
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Supplied Address: |
Not Supplied |
Note: The exact name and address are as above.
Credit
Summary
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Credit Opinion: |
In view of the
absence of information about subject’s operation, caution should be
exercised. |
Special
Note
We cannot obtain the operation or contact information of the subject from public files according to the supplied name.
We visited the registered address, and confirmed the subject locating on it. But the relevant staff declined to disclose any information.
Update to date of reporting, we failed to get the operation information of subject. If you can supply further information such as current telephone number, we’d like to have the investigation resumed.
We found subject’s registration information as follows for reference.
Company
Identification Details
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Registered Name: |
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Registered Address: |
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Date of Registration: |
2014-1-24 |
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Registered Number: |
2031439 |
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Business Registration No.: |
62686913 |
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Registered Capital: |
HKD 10,000 (USD 1,290) (As of 2014.12, 1 HKD = 0.129 USD) |
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Paid-up Capital: |
HKD 1.00 (USD 0.129) = 1.00 Shares@ HKD 1 |
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Legal Form: |
Private Limited Liability Company |
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Principal Activities: |
N/A |
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Staff: |
N/A |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
-- |
Notes: Since we
didn’t find subject, the principal activities and staff number are not
available from any sources.
History
Subject was incorporated on 2014-1-24 with the registered
number 2031439 as Private Limited Liability Company in
Corporate
Structure
Subject did not
register any subsidiaries or branches, from other source we can not obtain the
relevant information, either.
Shareholders
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Subscription Shares |
Proportion of Investment (%) |
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TSE Chi Chiu, Terry |
1.00 |
100% |
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Total |
1.00 |
100% |
Major Shareholder
Information:
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Name: |
TSE Chi Chiu, Terry |
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Address: |
Room C, 17F, Block 16, The Cairnhill, 108
Route Twisk, Tsuen Wan, New Territories, |
Management
Information
Core Management
Detailed
Information of Directors:
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1 |
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Name: |
TSE Chi Chiu, Terry |
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Address: |
Room C, 17F, Block 16, The Cairnhill, 108
Route Twisk, Tsuen Wan, New Territories, Hong Kong |
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Position: |
Director |
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ID Number: |
C446886(2) |
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2 |
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Name: |
Lam’s Management Services Limited |
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Address: |
Suites 1708-10, The Gateway, Tower 1, 25
Canton Rd., Tsimshatsui, Kowloon, Hong Kong |
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Position: |
Corporate Secretary |
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Registered Number: |
71974 |
Operation
Information
Offices &
Factories
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Office |
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Address: |
Unit A1, 13F,
Prince Industrial Building, 706 Prince Edward Rd. East, San Po Kong, Kowloon,
Hong Kong |
Premises
Information
Office address:
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Address: |
Unit A On 13/F Prince Industrial Building
No.706 Prince Edward Road East Kowloon |
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Owners: |
Sun-Tech International Group Limited |
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Memorial Number: |
08080100250138 Assignment |
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Date of Instrument: |
2008-7-3 |
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Date of Registration: |
2008-8-1 |
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Consideration Value: |
$8,547,000.00 |
History of
Premises Owners’
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1 |
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Memorial No.: |
08080100250150 |
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Date of Instrument: |
2008-7-3 |
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Date of Registration: |
2008-8-1 |
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Nature: |
Assignment Of Rentals |
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In Favor of: |
Bank Of Communications Co., Ltd. |
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Consideration: |
-- |
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2 |
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Memorial No.: |
08080100250143 |
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Date of Instrument: |
2008-7-3 |
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Date of Registration: |
2008-8-1 |
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Nature: |
Mortgage |
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In Favor of: |
Bank Of Communications Co., Ltd. |
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Consideration: |
All Sums Of Money |
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3 |
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Memorial No.: |
08041001480044 |
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Date of Instrument: |
2008-3-28 |
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Date of Registration: |
2008-4-10 |
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Nature: |
Agreement For Sale And Purchase |
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In Favor of: |
Sun-Tech International Group
Limited |
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Consideration: |
$8,547,000.00 |
Operation
Information
From public files, we cannot obtain the operation information of the
subject in Hong Kong or anywhere else. The relevant staff of the subject
declined to disclose the information when we visited the subject.
Settlements
Subject declined to disclose the detail information of settlement, and it
is introduced that the details of settlements are to be negotiated.
Financial
Information
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’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.
Bankers
Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.
Lawsuits
Up to now, no present or latent litigation of the
subject has been found.
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High Court Action: |
Clear |
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High Court Baukufty Bankruptcy Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
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High Court Construction & Arbitration
Proceedings: |
Clear |
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High Court Companies Winding-Up: |
Clear |
Industry
Information
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
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Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
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2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
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2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
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2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
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2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
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2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
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2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
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2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
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2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
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2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
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2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
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2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
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2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
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2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
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2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
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2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
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2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
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2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
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2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
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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.
Attachment
Address: Unit A1,
13F, Prince Industrial Building, 706 Prince Edward Rd. East, San Po Kong,
Kowloon, Hong Kong
Prince Industrial
Building, 706 Prince Edward Rd. East, San Po Kong, Kowloon, Hong Kong
13F, Prince
Industrial Building, 706 Prince Edward Rd. East, San Po Kong, Kowloon, Hong
Kong
Unit A1, 13F, Prince Industrial Building, 706 Prince Edward Rd. East,
San Po Kong, Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.95 |
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UK Pound |
1 |
Rs.97.16 |
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Euro |
1 |
Rs.76.75 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
MNL |
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.