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Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
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Name : |
PRIME WELL INC LTD. |
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Registered Office : |
Room B, 5/F., Hang Lung Building, 46-48 Granville Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.12.2012 |
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Com. Reg. No.: |
60751728 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Plywood, Bar - Steel (For
Construction), Industrial Chemicals |
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No. of Employees : |
Not Available |
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 : |
Moderate |
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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) |
|
Hong Kong |
A2 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source
: CIA |
PRIME WELL INC
LTD.
ADDRESS: Room B, 5/F., Hang Lung
Building, 46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE/FAX: Not available.
Managing Director: Mr. Suresh
Verma
Incorporated on: 14th December, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
PRIME WELL INC
LTD.
Registered Head
Office:-
Room B, 5/F., Hang Lung Building, 46-48 Granville Road, Tsimshatsui,
Kowloon, Hong Kong.
Affiliated
Companies:-
Prime Well International Ltd.
Suite 805, 8/F., Ocean Centre, Canton Road, Tsimshatsui, Kowloon, Hong
Kong
[Tel: 852-2730 8440, Fax:
852-2736 8965
E-mail: sales@primewellintl.com]
Tecwin Engineering Co. Ltd., Hong Kong.
Tecwin Trading Co. Ltd., Hong Kong.
60751728
1839227
Managing Director: Mr. Suresh
Verma
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 14-12-2012)
|
Name |
|
No. of share |
|
Company Kit Secretarial Services Ltd., Hong Kong. |
|
1 = |
(As per registry dated 26-03-2013)
|
Name (Nationality) |
Address |
|
Suresh VERMA |
H.No. 606 Sanskrity Apts, Sector-46, Faridabad, Haryana, India. |
(As per registry dated 26-03-2013)
|
Name |
Address |
Co. No. |
|
Hashmi Secretarial Services Ltd. |
Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
0770656 |
The subject was incorporated on 14th December, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered office of the subject was in a commercial service
provider located at Unit A, 3/F., Cheong Sun Tower, 116-118 Wing Lok Street,
Sheung Wan, Hong Kong known as Company Kit Secretarial Ltd. which had handled
its correspondences and documents. The
subject changed its registered address to the present one with effect from 26th
March, 2013. Apart from these, neither
material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Plywood, Bar - Steel (For Construction), Industrial
Chemical.
Employees: Nil.
Commodities Imported: India
Markets: China,
South Korea, other Asian countries
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
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: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued just one ordinary share of HK$1.00, Prime Well Inc Ltd. is
set up and owned by Company Kit Secretarial Services Ltd. which is a
Hong Kong registered secretarial company.
The only director of the subject Mr. Suresh Verma is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently.
The subject’s registered address is in a private building located at
Room B, 5/F., Hang Lung Building, 46-48 Granville Road, Tsimshatsui, Kowloon,
Hong Kong. This is the residence of
Verma when he is in Hong Kong.
The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.
The subject’s telephone number and fax number have not registered with
local telephone company nor listed on telephone directories.
Your given phone number 852-2730 8440 and a mobile phone number 852‑9317
0155 does not belong to the subject.
They belong to a Hong Kong-registered company known as Prime Well
International Ltd. [PWI], a Hong Kong-registered company located at a
different address. Incorporated on
25th September, 2002, PWI is jointly owned by two Korean and a
Hong Kong merchant Mr. Li Ki.
PWI is also the Hong Kong office of the Korindo Group based in
Indonesia. The Group is trading in
plywood, paper, palm oil
The subject and PWI are engaged in the same lines of business, more or
less. PWI is trading in the following
commodities:
Giftware, Souvenirs & Premiums, Newsprint, Plywood, Bar - Steel (For
Construction ), Iron & Steel Materials, Industrial Chemicals
However, the subject is chiefly trading in iron and steel materials,
chemicals. Commodities are chiefly
imported from India while prime markets are China, South Korea, other Asian
countries. Business is still under
development.
The subject is just a one-man company.
Business is chiefly handled by Verma himself. History, which is short in Hong Kong, is just
over a year.
Since the registered office of the subject is in a residential building,
on the whole, consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
<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.