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Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
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Name : |
WHITE SWAN
LEATHERS |
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Registered Office : |
c/o Gurus & Lexes Consultants Ltd. Suite 1008, 10/F., Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.05.2009 |
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Com. Reg. No.: |
50710455-000-05 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
· Trader of leather material · Engaged in processing all kinds of leather and crust leather such as the followings:- § Cow — finish leather for handbags and shoes; § Pig — nappa and suede for garment and hand bags; & § Sheep — W/B, crust, finish garment nappa. |
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No of Employees : |
No Employees in
Hong Kong (It is to be noted that the concern does not have
its own operating office in Hong Kong. The concern 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
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
WHITE SWAN LEATHERS
Registered
Office:-
c/o Gurus & Lexes Consultants Ltd.
Suite 1008, 10/F., Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay, Hong Kong.
[Tel: 852-2838 8530, Fax: 852-2838 8535]
50710455-000-05
Sole Proprietorship
Name: Ms. ZHU Lei
Residential Address: 107/4 Wen Miao Kou Cun, Chonglong Town,
Zigong City, Sichuan Province, China.
White Swan Leathers is a sole proprietorship set up and owned by Ms. Zhu Lei who is a China businesswoman. She is a China passport holder and does not have the right to reside in Hong Kong permanently.
Zhu is the manager of the subject and currently residing in Zigong City, Sichuan Province, China.
The subject does not have its own operating office. Its registered office is in a consultant firm located at Suite 1008, 10/F., Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay, Hong Kong known as Gurus & Lexes Consultants Ltd. which is handling its correspondences and documents. Your given phone number 852-2838 8530 belongs to Gurus & Lexes Consultants Ltd. The contact person of the consultant concern is Ms. Anna Tang.
Business commenced on 25th May, 2009, the subject has no employees in Hong Kong.
To our knowledge, the subject is a leather material trader. It imports leather raw materials from India, Spain, Italy, other European countries, etc. and re‑exports to Sichuan Province, China.
The manager of the subject cannot be reached as she is in Sichuan Province, China.
It is likely that the subject has got an associated/affiliated concern in Zigong City, Sichuan Province, China which is also operated by Zhu Lei. This firm is a leather processing factory. It is processing all kinds of leather and crust leather such as the followings:-
· Cow — finish leather for handbags and shoes;
· Pig — nappa and suede for garment and hand bags; &
· Sheep — W/B, crust, finish garment nappa.
Processed leather materials are marketed in China, exported to the other Asian countries, Europe, etc.
The China firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The China firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over five years.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE :
It is to be noted that the concern does not have its own operating
office in Hong Kong. The concern 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.79 |
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|
1 |
Rs.102.66 |
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Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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 |
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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.