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Report Date : |
17.06.2014 |
IDENTIFICATION DETAILS
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Name : |
TRADEWELL ENTERPRISES HK |
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Registered Office : |
Flat C, 15/F., Hang Lung Bank Tsimshatsui Branch Building, 46-48 Granville Road, Tsimshatsui, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.01.1997 |
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Com. Reg. No.: |
20775904-000-01 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS AND
JEWELLERY |
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No. of Employees : |
02 |
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 – 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 |
TRADEWELL ENTERPRISES
HK
ADDRESS: Flat C, 15/F., Hang Lung Bank Tsimshatsui Branch Building, 46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2369 1302, 2327 0648
FAX: 852-2366 5212
E-MAIL: meeranh@yahoo.com.hk
Manager: Mr. Meeran Haroon Thaika
Establishment: 15th January, 1997.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Jewellery Trader.
Annual Turnover: HK$70-75 million.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat C, 15/F., Hang Lung Bank Tsimshatsui Branch Building, 46‑48 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Gulf Jewell DMCC, UAE.
Paragon Impex, India.
Tradewell Enterprises Co. Ltd., Thailand.
Tradewell Enterprises HK
Ltd., Hong Kong. (Same address)
[Commenced dormancy on 31st March, 2008]
Tradewell Enterprises Inc., US.
20775904-000-01
Manager: Mr. Meeran Haroon Thaika
Name: Mr. Meeran Haroon THAIKA
Residential Address: Flat G, 30/F., Sorrento Tower 6, 1 Austin Road West, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 15th January, 1997 as a partnership concern jointly owned by Mr. Meeran Haroon Thaika and Ms. Sadhika Thaika Meeran Haroon under the Hong Kong Business Registration Regulations.
The subject changed to a sole proprietorship as Ms. Sadhika Thaika Meeran Haroon retired on 15th June, 1997.
Originally the subject was registered under the name of Tradewell Enterprises, name changed to the present style on 17th July, 1997.
Initially the subject was located at 10A, Grand Right Centre, 10 Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 3/F., Hon Kwong Mansion, 25-29 Hankow Road, Tsimshatsui, Kowloon, Hong Kong in July 1997; to Room 1105, 11/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in December 2000; to Room 1101, 11/F. of the same building in May 2003; and further moved to the present address in February 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery.
Employees: 2.
Commodities Imported: India, Belgium, US, other European countries, etc.
Markets: Japan, other Asian countries, etc.
Annual Turnover: HK$70-75 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a rather active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Tradewell Enterprises HK is a sole proprietorship set up and owned by Mr. Meeran Haroon Thaika who is an Indian. He has been in Hong Kong for a very long time. He is a Hong Kong ID holder and have got the right to reside in Hong Kong permanently
The subject is a jewellery diamond importer, exporter and wholesaler. According to the subject, it is also a “general trader”.
In November 2013, the subject increased its scope of business as a “Business & Project Consultant”.
The jewellery is manufactured in the subject’s factories in China, with associates sourcing office in Mumbai of India. The subject is trading in the following commodities:-
14KT, 18KT gold diamond jewellery;
pt to 5.00 cts round diamond;
pt to 5.00cts marquise, pear, princess diamond;
Diamond studded watches; &
Fancy cut diamond, etc.
It is trading in loose diamonds like Marquise, Pears, Tappers, Bagguets, Pears, etc.
Commodities or raw materials are imported from India, Belgium, the United States, other European countries, etc. The subject has customers in Japan, Hong Kong, Thailand, other Asian countries, the United States, the United Arab Emirates, Saudi Arabia, Qatar, etc. Currently the subject has got associated firms in India, Thailand, the United States and the United Arab Emirates. The business of these firms is rather active.
The subject’s associated company in the United Arab Emirates is known as Gulf Jewell DMCC which is in Dubai. Meeran Haroon Thaika is also the operator of this company.
The subject has had an associated company Tradewell Enterprises HK Ltd. also located the same address. However, this firm has commenced dormancy since 31st March, 2008. This firm is jointly owned by Mr. Meeran Haroon Thaika and Ms. Sadhika Thaika Meeran Haroon.
The annual sales turnover of the subject ranges from HK$70 to 75 million. Making a small profit every year. Overall business is good.
As the history of the subject in Hong Kong is over seventeen years, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.01 |
|
|
1 |
Rs.101.99 |
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Euro |
1 |
Rs.81.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.