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Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNITED ENTERPRISES |
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Registered Office : |
Flat D, 3/F., Fook Kiu Mansion, 34-36A Chameron Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.12.2013 |
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Com. Reg. No.: |
53926312-001-04 |
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Legal Form : |
Sole Ownership |
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LINE OF BUSINESS : |
TRADER
OF ALL KINDS OF DIAMONDS AND GEMSTONES |
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No of Employees : |
No Employees in Hong Kong [It is to be noted that the company does not
have its own operating office in Hong Kong. The company uses the address of its
secretariat as its correspondence address only. Subject operates from some
other country and does not have a base in Hong Kong. Such companies are
registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there.] |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
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Status : |
New Company |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 levies excise duties on
only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and
US slump. 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 9.1% of
total system deposits in Hong Kong by the end of 2012, an increase of 59% from
the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit
expansion and tight housing supply conditions caused Hong Kong property prices
to rise rapidly and inflation to rise 4.1% in 2012. 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.
|
Source
: CIA |
UNITED ENTERPRISES
ADDRESS: Flat D, 3/F., Fook Kiu Mansion,
34-36A Chameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3461 2449
Manager: Mr. M Ismail Wavoo Seyed
Abdur Rahman
Establishment: 10th December,
2013
Organization: Sole Ownership.
Capital: Not disclosed.
Business Category: Diamond &
Gem Trader.
Annual Turnover: Too early to
obtain figure.
Employees: Nil.
Main Dealing Banker: Hang Seng
Bank Ltd., Hong Kong.
Banking Relation: Too early to
comment.
UNITED ENTERPRISES
Head Office:-
Flat D, 3/F., Fook Kiu Mansion, 34-36A Chameron Road, Tsimshatsui,
Kowloon, Hong Kong.
[BR No.: 53926312-000-04]
Wafiya Gems, Hong Kong. (Same
address)
53926312-001-04
Manager: Mr. M Ismail Wavoo Seyed
Abdur Rahman
Wafiya Gems, Hong Kong.
The subject was established on 10th December, 2011 as a sole ownership
firm with Wafiya Gems as the proprietor under the Hong Kong Business
Registration Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Diamond & Gem Trader.
Lines: All kinds of diamonds and gemstones.
Employees: Nil.
Commodities Imported: India, etc.
Markets: Hong Kong, other Asian countries, etc.
Annual Turnover: Too early to obtain figure.
Terms/Sales: COD or as per
contracted.
Terms/Buying: L/C, T/T, Advance
payment, etc.
Capital: Not
disclosed.
Profit or Loss: Too early to offer an opinion.
Condition:
Business is under development.
Facilities: Making fairly active use of general
banking facilities.
Payment: Met trade
commitments as required.
Commercial Morality: Too early to
comment.
Banker: Hang
Seng Bank Ltd., Hong Kong.
Standing:
Small.
Established in December 2013, United Enterprises is owned and operated
by Wafiya Gems. Wafiya Gems is a is a
sole proprietorship set up on 16th April, 2011 and owned by Mr. M Ismail Wavoo
Seyed Abdur Rahman [Wavoo] under the Hong Kong Business Registration
Regulations. Wavoo is an India
merchant. He is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently. He is also manager of the subject and Wafiya
Gems.
The subject is a diamond and gemstone trader. Wavoo can be reached at his Hong Kong mobile
phone number 852-9329 8251 while the phone number of the subject is 852-3461
2449.
According to the subject, the subject is trading in the following
commodities: aquamarine, pink amethyst, rubylite, green amethyst, blue topaz,
lemon topaz, citrine, smokey topaz, kunzite, peridot, morganite, pink tourmalines,
amethyst, pink topaz, garnet, rose quartz, etc.
The subject also trades in loose diamonds but in small quantities. Commodities are marketed in Hong Kong,
exported to the other Asian countries, etc.
Business is still under development.
The subject has been banking with Hang Seng Bank Ltd., Hong Kong.
Business handled by Wavoo himself, the subject is just a one-man
company.
Since the history of the subject is just over two months in Hong Kong,
on the whole, consider it good for normal credit requirements on L/C basis.
NOTE :
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.28 |
|
|
1 |
Rs. 103.84 |
|
Euro |
1 |
Rs. 85.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.