MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

 

IDENTIFICATION DETAILS

 

Name :

HONESTSON (HKG) INTERNATIONAL TRADING LTD.

 

 

Registered Office :

C/o Prime Star (HK) Ltd.

Unit 71, 2/F., Mirador Mansion, 54-64 Nathan Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

20.05.2011

 

 

Com. Reg. No.:

58394893

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS

 

 

No of Employees :

3

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

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

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

 

Company name & address

 

HONESTSON (HKG) INTERNATIONAL TRADING LTD.

 

 

ADDRESS:       C/o Prime Star (HK) Ltd.

Unit 71, 2/F., Mirador Mansion, 54-64 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:            852-2154 1171

 

FAX:                 852-2722 4807

 

E-MAIL:            honestsontradinginlnltd@gmail.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Manmohan Singh

 

 

SUMMARY

 

Incorporated on:  20th May, 2011

 

Organization:  Private Limited Company.

 

Issued Share Capital:     HK$1.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                     3.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

 

 

Name

 

HONESTSON  (HKG)  INTERNATIONAL  TRADING  LTD.

 

 

ADDRESS

 

Registered Office:-

C/o Prime Star (HK) Ltd.

Unit 71, 2/F., Mirador Mansion, 54-64 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

58394893

 

 

COMPANY FILE NUMBER

 

1604626

 

 

MANAGEMENT

 

Managing Director:  Mr. Manmohan Singh

 

 

ISSUED SHARE CAPITAL

 

HK$1.00

 

 

SHAREHOLDER

 

(As per registry dated 20-05-2014)

Name

 

No. of share

Manmohan SINGH

 

1

=

 

 

DIRECTOR

 

(As per registry dated 20-05-2014)

Name

(Nationality)

 

Address

Manmohan SINGH

C-182, Gali-1A, West Azad Nagar, Krishna Nagar, Delhi‑110051, India.

 

SECRETARy 

 

(As per registry dated 20-05-2014)

Name

Address

Co. No.

Prime Star (HK) Ltd.

Unit 71, 2/F., Mirador Mansion, 54-64 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.

1232627

 

 

HISTORY

 

The subject was incorporated on 20th May, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Originally the subject was registered under the name of Profit East Garment Ltd., name changed to the present style on 27th February, 2012.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:          Importer, Exporter and Wholesaler.

 

Lines:               All kinds of diamonds

 

Employees:       3.

 

Commodities Imported:   India, Sri Lanka, Africa, Europe

 

Markets:           Hong Kong, China, Japan, other Asian countries,

 

Terms/Sales:  L/C or as per contracted.

 

Terms/Buying:  L/C, T/T, D/P

 

 

FINANCIAL INFORMATION

 

Issued Share Capital: HK$1.00

 

Profit or Loss:    Made a small profit 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.

 

 

GENERAL

 

Having issued just one ordinary share of HK$1.00, Honestson (HKG) International Trading Ltd. is wholly owned by Mr. Manmohan Singh who is an India merchant.  He is an India passport holder and does not have the right to reside in Hong Kong permanently.  He is also the only director of the subject.  His registered address is in Delhi, India.

The predecessor of the subject Profit East Garment Ltd. was a garment trader.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at Unit 71, 2/F., Mirador Mansion, 54‑64 Nathan Road, Tsimshatsui, Kowloon, Hong Kong known as Prime Star (HK) Ltd. [Prime Star] which is handling its correspondences and documents.  Prime Star is also the corporate secretary of the subject.

We can reach Mr. Manmohan Singh at your given Hong Kong mobile phone number 852-6762 7327.

The subject’s operating address is located at a different address.

According to Mr. Singh, the subject is a diamond trader.  Its products are imported from India, Sri Lanka, Africa, Europe, etc.  Prime markets are Hong Kong, China, Thailand, the other Asian countries, etc.  Business has been improving.

The subject’s history in Hong Kong is over three years and six months.

On the whole, since the history of the subject is short in Hong Kong, consider it good for normal business engagements on L/C basis.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.