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Report Date : |
21.07.2014 |
IDENTIFICATION DETAILS
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Name : |
WINCHMORE ENTERPRISES
(H.K.) |
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Registered Office : |
Flat E, 14/F., |
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Country : |
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Date of Incorporation : |
01.02.1997 |
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Com. Reg. No.: |
20669131-000-02 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
Engaged in trading of following commodities :- Car Safeguard Device (Including Burglar Alarm) (From Cassette
Player - Automobile (From Electronic
Components (Excluding Semiconductors ) (From Electronic
Lock (Central locking system from Equalizer
Amplifier - Automobile (From Radio
- Automobile (From Television
(Including LCD / Plasma Display / HDTV ) (From |
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No of Employees : |
03 |
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) |
|
Hong Kong |
A1 |
A1 |
|
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 |
WINCHMORE ENTERPRISES
(H.K.)
Flat E, 14/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2722 5470
FAX: 852-2722 7365
E-MAIL: winchmor@netvigator.com
sandeep_mahendra2004@yahoo.com
Manager: Ms. Lai Kwai Yuk, Pearlie
Establishment: 1st February, 1997.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong..
Banking Relation: Satisfactory.
Head Office:-
Flat E, 14/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon, Hong Kong.
20669131-000-02
Manager: Ms. Lai Kwai Yuk, Pearlie
Contact Person: Mr. Sandeep Mahendra
Name: Ms. LAI Kwai Yuk
Residential Address: Room
1615, 16/F., Mei Tao House, Mei Lam Estate, Shatin New Territories, Hong Kong.
Name: Mr. Kanwal Mohan PURI
Residential Address: Room E, 3/F., Hankow Mansion, 43-49 Hankow Road, Tsimshatsui, Kowloon, Hong
Kong.
The subject was established on 1st February, 1997 as a sole proprietorship concern owned by Ms. Lai Kwai Yuk under the Hong Kong Business Registration Regulations.
The following
table shows the changes of the partners:
|
Name |
Incoming Date |
Outgoing Date |
|
Lai Kwai Yuk |
01-02-1997 |
--- |
|
Kanwal Mohan Puri |
01-08-2002 |
--- |
|
Rajan Puri |
01-08-2002 13-03-2006 |
01-10-2014 15-06-2011 |
|
Ajay Puri |
13-03-2006 |
01-08-2008 |
Apart from these, neither material change nor amendment has been
ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Electronic products, automobile, electronic components
Employees: 3.
Commodities Imported: China, etc.
Markets: India, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
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: Bank of China (Hong Kong) Ltd., Hong Kong..
Standing: Normal
Winchmore Enterprises (H.K.) is a partnership jointly owned by Ms. Lai Kwai Yuk and Mr. Kanwal Mohan Puri.
The former is a Hong Kong businesswoman while the latter is an India merchant. Puri is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently.
The subject is a small trading concern set up in February 1997. It is trading in the following commodities:
· Car Safeguard Device (Including Burglar Alarm) (From China, to India);
Cassette Player -
Automobile (From China, to India);
Electronic Components
(Excluding Semiconductors ) (From China, to India);
Electronic Lock (Central
locking system from China, to India);
Equalizer Amplifier -
Automobile (From China, to India);
Radio - Automobile (From
China, to India); &
Television (Including
LCD / Plasma Display / HDTV ) (From China, to India).
Most of the commodities are sourced from China. Prime market is China. The business of the subject is chiefly handled by the two partners.
The Contact Person Mr. Sandeep Mahendra is also an Indian.
As the history of the subject is over 17 years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.33 |
|
UK Pound |
1 |
Rs.103.18 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.