MIRA INFORM REPORT

 

 

Report Date :

17.12.2014

 

IDENTIFICATION DETAILS

 

Name :

QUICK CARGO (HK) LIMITED

 

 

Registered Office :

Room 51, 2nd Floor, Mirador Mansion, 58 Nathan Road, Tsim Sha Tsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

25.03.2004

 

 

Com. Reg. No.:

891725

 

 

Legal Form :

Private Limited Liability Company

 

 

LINE OF BUSINESS :

PROVIDING LOGISTIC SERVICE.

 

 

No of Employees :

About 10

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Exist

 

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

Contact Points

 

Company Name:

QUICK CARGO (HK) LIMITED

Supplied Name:

QUICK CARGO HK LTD

Trading Address:

Room 51, 2nd Floor, Mirador Mansion, 58 Nathan Road, Tsim Sha Tsui, Kowloon, Hong Kong

Supplied Address:

2/F, NO - 51, MIRADOR MANSION, 58 NATHAN ROAD, T S T, KOWLOON, HONGKONG.

 

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

Quick Cargo (HK) Limited

Registered Address:

Room 51, 2nd Floor, Mirador Mansion, 58 Nathan Road, Tsim Sha Tsui, Kowloon, Hong Kong

Telephone Number:

+852-2366-3961

Fax Number:

+852-2367-3050

Date of Registration:

2004-3-25

Registered Number:

891725

Business Registration No.:

34457647

Paid-up Capital:

HKD 10,000 (USD 1,290)

(As of 2014.12, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

Principal Activities:

Providing logistic service

Staff:

About 10 Employees (Observed)

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-3-25

 

 

History

 

Subject was incorporated on 2004-3-25 with the registered number 891725 as Private Limited Liability Company in Hong Kong.

 

 

Corporate Structure

 

Subject did not introduce whether it has any subsidiaries or branches; from other source we could not obtain the relevant information, either.

 

 

Shareholders

 

Unit: HKD

Name

Subscription Amount

Proportion of Investment (%)

Mohammad Ilyas

5,000

50%

Muhammad Tanweer Qureshi

5,000

50%

Total

10,000

100%

 

Major Shareholder Information:

1

Name:

Mohammad Ilyas

Address:

Unit A14, 5th Floor, Mirador Mansion, 58 Nathan Road, T.S.T., Kowloon, Hong Kong

2

Name:

Muhammad Tanweer Qureshi

Address:

Unit A13, 3rd Floor, Mirador Mansion, 58 Nathan Road, T.S.T., Kowloon, Hong Kong

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Mohammad Ilyas

Address:

Unit A14, 5th Floor, Mirador Mansion, 58 Nathan Road, T.S.T., Kowloon, Hong Kong

Position:

Director

ID Number:

P127504(5)

2

Name:

Muhammad Tanweer Qureshi

Address:

Unit A13, 3rd Floor, Mirador Mansion, 58 Nathan Road, T.S.T., Kowloon, Hong Kong

Position:

Director

ID Number:

R586633(1)

3

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:

hashmi@netvigator.com

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Room 51, 2nd Floor, Mirador Mansion, 58 Nathan Road, Tsim Sha Tsui, Kowloon, Hong Kong

 

Premises Information

 

Office address:

Address:

Shop 51, On 2/F Mirador Mansion, No.58 Nathan Road, Kowloon

Owners:

Mohammad, Ilyas

Memorial Number:

11081800930098

Assignment

Date of Instrument:

2011-8-1

Date of Registration:

2011-8-18

Consideration Value:

HKD 1,000,000.00

 

 

History of Premises Owners’

 

1

Memorial No.:

UB2910726

Date of Instrument:

1985-10-15

Date of Registration:

1985-11-6

Nature:

Declaration of Lee Ping Kwok otherwise spelt as Li Ping Kwok

Remarks: Re 1/4 share

2

Memorial No.:

UB1027385

Date of Instrument:

1973-10-26

Date of Registration:

1973-10-26

Nature:

Government notice no.2805 of 1973 pursuant to section 22(2)

Remarks: The crown rent and premium (apportionment) ordinance

3

Memorial No.:

UB315244

Date of Instrument:

1960-4-28

Date of Registration:

1960-5-14

Nature:

Deed of covenant with plan

 

Operation Information

 

Subject is engaged in providing logistic service.

The major services provided by subject include ocean freight forwarding, air freight forwarding and customs clearance, etc.

It is introduced that subject has its own warehouse in Hong Kong.

Subject’s mainly routes in advantaged include South East Asia Japanese basic line, Europe and Africa, etc.

Subject’s service region focuses on Hong Kong, Southeast Asia, Europe and America, etc.

 

Settlements

 

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

 

Name:

HSBC BANK

SWIFT Code:

HSBCHKHHHKH

Account No.:

004 636 3872243 00

Note: The SWIFT Code belongs to HSBC Bank. While subject’s relevant staff declined to disclose its bank details, we cannot confirm the relevant information by any other sources.

 

 

Public

 

Civil Litigation

 

1

Date:

2010-06-09

Court Name:

High Court Civil Action

Court No.:

HCPI27

Claimant:

Changaiz Khan

(HCPI27/2007)

Defendant:

Quick Cargo (HK) Ltd

Reason:

Pre-Trial Review

2

Date:

2007-11-26

Court Name:

High Court Civil Action

Court No.:

HCPI27

Claimant:

Changaiz Khan

(HCPI27/2007)

Defendant:

Quick Cargo (HK) Ltd

Reason:

Pre-Trial Review

3

Date:

2007-01-12

Court Name:

District Court Personal Injury Case

Court No.:

27

Claimant:

Changaiz Khan

(HCPI)

Defendant:

Quick Cargo (HK) Ltd

Reason:

Damage

4

Date:

2006-07-21

Court Name:

District Court Personal Injury Case

Court No.:

629

Claimant:

Abid Mahmood

(HCPI)

Defendant:

Quick Cargo (HK) Ltd

Reason:

Damages for Personal Injuries

5

Date:

2005-09-21

Court Name:

Labour Tribunal

Court No.:

2470

Claimant:

Quick Cargo (HK) Limited

(LBTC)

(Parties)

Defendant:

Abid Mahmood

(LBTC)

(Parties)

Reason:

Not Stated

6

Date:

2005-08-03

Court Name:

District Court ECC

Court No.:

938

Claimant:

Abid Mahmood

c/o

Messrs. Hoosenally & Neo

(DCEC)

(Applicant)

Defendant:

Quick Cargo (HK) Ltd

c/o

Room 51, 2/F, Mirador Mansion, 58 Nathan Road, Tsim Sha Tsui, Kln

(Respondent)

Reason:

Injury

7

Date:

2005-06-08

Court Name:

Labour Tribunal

Court No.:

2470

Claimant:

Quick Cargo (HK) Limited

(LBTC)

(Parties)

Defendant:

Abid Mahmood

(LBTC)

(Parties)

Reason:

Not Stated

8

Date:

2005-05-11

Court Name:

Labour Tribunal

Court No.:

1941

Claimant:

Hussain Altaf

(LBTC)

(Parties)

Defendant:

Quick Cargo (HK) Limited

(LBTC)

(Parties)

Reason:

Not Stated

9

Date:

2005-04-30

Court Name:

District Court ECC

Court No.:

558

Claimant:

Changaiz Khan

c/o

Burke, Fung & Li

(DCEC)

(Applicant)

Defendant:

Quick Cargo (HK) Ltd

Shop No 57, 2/F, Mirador Mansion, 58 Nathan Road, Kln

(Respondent)

Reason:

Injury

10

Date:

2005-04-27

Court Name:

Labour Tribunal

Court No.:

1662

Claimant:

Raziq Sabir

(LBTC)

(Parties)

Defendant:

Quick Cargo (HK) Limited

(LBTC)

(Parties)

Reason:

Not Stated

 

Mortgage Record

 

No mortgage record of subject was found.

 

 

Special Note

 

Interview Details

Department:

Sales Department

Note: Subject’s relevant staff didn’t introduce her name.

 

 

Industry Information

 

Hong Kong External Trade Information:

 

Hong Kong 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.

 

 

Attachment

 

Mirador Mansion, 58 Nathan Road, Tsim Sha Tsui, Kowloon, Hong Kong

IMG_1

 

Room 51, 2nd Floor, Mirador Mansion, 58 Nathan Road, Tsim Sha Tsui, Kowloon, Hong Kong

IMG_3

Room 51, 2nd Floor, Mirador Mansion, 58 Nathan Road, Tsim Sha Tsui, Kowloon, Hong Kong

IMG_2

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.41

UK Pound

1

Rs.99.31

Euro

1

Rs.79.00

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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