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Report Date : |
13.01.2014 |
IDENTIFICATION DETAILS
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Name : |
MIRPUR STORE |
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Registered Office : |
G/F, 6B, |
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Country : |
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Date of Incorporation : |
12.02.2002 |
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Com. Reg. No.: |
32384911-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is importing, wholesaling and retailing the following
commodities: |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No complaints |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
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 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.
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Source
: CIA |
MIRPUR STORE
ADDRESS: G/F, 6B, Tak Po Building, 24
Tai Pei Square, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2149 6826, 3520 4554
FAX: 852-2194 6959
E-MAIL: mirpurstore@live.com
Manager: Mr. Ansar Khan
Establishment: 12th February, 2002.
Organization: Sole Proprietorship.
Capital: Not
disclosed.
Business Category: Grocery.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
MIRPUR STORE
Head Office:-
G/F, 6B, Tak Po Building, 24 Tai Pei Square, Tsuen Wan,
New Territories, Hong Kong.
Branch Office:-
G/F, 11, Yi Pei Square, Tsuen Wan, New Territories, Hong Kong.
[Business ceased on 30th April, 2013]
32384911-000-02
Manager: Mr. Ansar Khan (Mobile: 852-9283 4683)
Name: Mr. Ansar KHAN
Residential
Address: Flat 1, 9/F., Block B, Foo
Yu Building, 269 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
The subject was established on 12th February, 2002 as a sole
proprietorship concern owned by Mr. Ansar Khan under the Hong Kong Business
Registration Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Grocery.
Lines: Indian
foodstuffs, Indian and Pakistan Products
Employees: 3.
Commodities Imported: India,
Pakistan
Markets: Hong
Kong
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T
The Pakistan Association of Hong Kong Ltd., Hong Kong.
Capital: Not disclosed.
Profit or Loss: Making a small
profit every year.
Condition: Keeping in a
satisfactory manner.
Facilities: Making rather 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.
Mirpur Store is a sole proprietorship set up and owned by Mr. Ansar Khan
who is a Pakistani. 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. He can be reached at his Hong Kong mobile
phone number 852-9283 4683. The subject
is a grocery. It claims to be a “General
Merchant & Provision Dealer”.
Business commenced in February 2002, the subject is importing,
wholesaling and retailing the following commodities:
India foodstuffs, India native produce, Pakistan foodstuffs and native
produce, Pakistan sundry products
The subject has had a number of regular suppliers in India and
Pakistan. It also has developed a number
of customers in Hong Kong while some of them are restaurants,
supermarkets. The subject also serves
walk-in customers. The subject’s
registered address is also a retailing outlet.
The subject had set up a branch company located at “G/F, 11, Yi Pei
Square, Tsuen Wan, New Territories, Hong Kong” in 1st May, 2012. However, this retailing outlet ceased
business on 30th April, 2013.
The subject is a member of The Pakistan Association of Hong Kong Ltd.
which is an association in Hong Kong.
The subject’s business is chiefly handled by Ansar Khan himself. History in Hong Kong is over eleven years.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.94 |
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|
1 |
Rs.102.06 |
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Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
---- |
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.