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Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
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Name : |
GLITTERS HK |
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Registered Office : |
Room 1001, 10/F., |
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Country : |
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Date of Incorporation : |
24.03.2009 |
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Com. Reg. No.: |
50442866-000-03 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ELECTRONIC PRODUCTS,
MOBILE PHONES, LCD TVS, MACHINERY AND EQUIPMENT, GARMENTS, DIAMONDS,
JEWELLERY, OTHER PRODUCTS ENTRUSTED BY CUSTOMERS |
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No. of Employees |
09 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – 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
|
Source
: CIA |
GLITTERS HK
ADDRESS: Room 1001, 10/F., Kwong Fat Commercial Building, 582-588 Canton Road, Yau Ma Tei, Kowloon, Hong Kong.
PHONE: 852-2783 7456, 9808 7245
FAX: 852-2783 7457
E-MAIL: info@midnightsungroup.com
midnightsunhkltd@yahoo.com
monju@midnightsungroup.com
monjuhk@yahoo.com
Manager: Mr. Monju Ahmed
Establishment: 24th March, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: 9. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 1001, 10/F., Kwong Fat Commercial Building, 582-588 Canton Road, Yau Ma Tei, Kowloon, Hong Kong.
Associated Companies:-
Good Hope Trading, Hong Kong. (Same address)
Kheatari HK, Hong Kong. (Same address)
LinkGlobal Logistics Co. Ltd., Hong Kong. [Dissolved]
Midnight Sun (HK) Ltd., Hong Kong. (Same address)
Midnight Sun Consultant Ltd., Hong Kong.
Midnight Sun Diamond Crafts Ltd., Hong Kong.
Midnight Sun Employment Agency, Hong Kong.
Midnight Sun Jewels Ltd., Hong Kong.
Midnight Sun Network Technology, Hong Kong.
Midnight Sun Universe Ltd., Hong Kong.
Monju Foundation, Hong Kong.
Rare Stones HK, Hong Kong.
Sparkle HK, Hong Kong.
Trade Empire Worldwide (HK) Ltd., Hong Kong.
50442866-000-03
Manager: Mr. Monju Ahmed
Contact Person: Mr. Ayesha Ahmed
Name: Mr. Monju AHMED
Residential Address: Flat B, 5/F., Lee Loy Mansion, 333-338 Canton Road, Yau Ma Tei, Kowloon, Hong Kong.
The subject was established on 24th March, 2009 as a sole proprietorship concern owned by Mr. Monju Ahmed under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Logistic Service Provider.
Lines: Electronic products, mobile phones, LCD TVs, machinery and equipment, garments, diamonds, jewellery, other products entrusted by customers.
Employees: 9. (Including associates)
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Bangladesh, Africa, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Capital: Not disclosed.
Profit or Loss: Made a small profit in 2013.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Good.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Glitters HK is a sole proprietorship set up and owned by Mr. Monju Ahmed who is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject had an associated company WinBiz (HK) Pvt. Ltd. [WinBiz (HK)] located at its operating address. WinBiz (HK) was wholly‑owned by Mr. A.T.M. Golam Rabbani Raza who was a businessman in Bangladesh. He was also the Chief Executive Officer of WinBiz Pvt. Ltd. [WinBiz] which was a Bangladesh-based firm. The managing director of WinBiz (HK) was also Mr. Monju Ahmed. But WinBiz (HK) has been dissolved.
The subject is a logistic services provider and electronic products trader. It also trades in other commodities as entrusted by WinBiz. It also trades in mobile phones, LCD TVs, machinery and equipment, garments, diamonds, jewellery, other products entrusted by customers.
The subject’s business is chiefly handled by Mr. Monju Ahmed himself.
The subject has had three associates located at its operating address, namely, Good Hope Trading, Kheatari HK and Midnight Sun (HK) Ltd. [Midnight Sun]. These firms are also controlled by Mr. Monju Ahmed and engaged in the same lines of business, more or less.
Midnight Sun was founded in Hong Kong in 2007 to provide a wide range of company formation and business services to individuals and organizations operating in Hong Kong.
The followings are the business scope of Midnight Sun:-
Accounting and arrangement of audits;
Bank introductions and assistance with opening bank accounts;
Company formation;
Company secretarial services;
Consultancy regarding China market entry;
Consultancy regarding the use of Hong Kong tax -free companies;
Preparation of trade documentation and other trade support;
Tax planning and administration; &
Virtual office facilities in Hong Kong.
Its clients include entrepreneurs, privately owned companies and listed corporations.
Besides, Midnight Sun Group also trades in the following commodities:
Electrical and Electronics products, Computer and Network Accessories, LCD-Plasma TV/Monitors, Digital Audio-Video Systems, Lightings, USB Drives, MP3, MP4, GSM, Fixed Phones and Accessories, PDA, GPS, Memory Card, Digital Camera, Multimedia Projector, CCTV Cameras, CCTV Accessories and all kinds of Security Products, Solar Systems and Panels, All kind of Cables and Adaptors, PCB and PCB Making Machineries, Used and Brand New Notebooks (Laptop), Toys, Mobile Phones, Games Accessories, Jewellery, Diamonds, etc.
On the whole, since the history of the subject is just over five years, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.95 |
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1 |
Rs.102.78 |
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Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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.