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Report Date : |
21.06.2014 |
IDENTIFICATION DETAILS
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Name : |
FOXWOOD LTD. |
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Registered Office : |
Unit 6, 2/F., Casey Building, 38 Lok Ku Road, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.03.2006 |
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Com. Reg. No.: |
36572590 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in trading in Audio Equipment; DVD Player/Recorder; Earphone; Headphone; Kitchen Appliances - Electric; Loud Speaker (With Casing); & Television (including LCD/Plasma Display/HDTV). |
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No of Employees : |
04 |
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 |
|
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 |
FOXWOOD LTD.
Unit 6, 2/F., Casey Building, 38 Lok Ku Road, Sheung Wan, Hong Kong.
PHONE: 852-2905 8872, 2905 8873
FAX: 852-2854 2218
E-MAIL: info@foxwood.hk
Managing Director: Mr. Ata Malik
Incorporated on: 15th March, 2006.
Organization: Private Limited Company.
Issued Capital: HK$2.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 6, 2/F., Casey Building, 38 Lok Ku Road, Sheung Wan, Hong Kong.
Associated
Company:-
Sansui Hong Kong Ltd., Hong Kong.
Affiliated
Company:
Pharos Architectural Controls Ltd., Hong Kong. (Same address)
36572590
1030755
Managing Director: Mr. Ata Malik
HK$2.00
(As per registry
dated 15-03-2014)
|
Name |
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No.
of shares |
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Ata MALIK |
|
1 |
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Naheed A. MALIK |
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1 |
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– |
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Total: |
2 = |
(As per registry
dated 22-03-2012)
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Name (Nationality) |
Address |
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Naheed A.
MALIK |
Flat 68, 10/F., Block 3,
Middleton Towers, 140 Pokfulam Road, Pokfulam, Hong Kong. |
|
Ata MALIK |
Flat 68, 10/F., Block 3,
Middleton Towers, 140 Pokfulam Road, Pokfulam, Hong Kong. |
(As per registry
dated 15-03-2014)
|
Name |
Address |
|
TSIU Kwok Ying |
Room 2606, 26/F., Tak Yin House, Tak Keung Court, Lok Fu,
Kowloon, Hong Kong. |
The subject was incorporated on 15th March, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Audio Equipment; DVD Player/Recorder; Earphone; Headphone; Kitchen Appliances –
Electric; Loud Speaker (With Casing); & Television (including LCD/Plasma Display/HDTV
Employees: 4.
Commodities Imported: China, other Asian countries, etc.
Markets: Japan, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Issued Capital: HK$2.00
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: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued just two ordinary shares of HK$1.00 each, Foxwood Ltd. is equally owned by Naheed A Malik and Ata Malik. They are also directors of the subject. Both are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
The subject is
trading in the following commodities:-
· Audio Equipment;
· DVD Player/Recorder;
· Earphone;
· Headphone;
· Kitchen Appliances - Electric.;
· Loud Speaker (With Casing); &
· Television (including LCD/Plasma Display/HDTV).
Commodities are chiefly sourced from China and the other Asian countries. Prime markets are Africa, Australasia, Eastern Europe, Western Europe. Business is satisfactory.
To our knowledge, Ata Malik is also one of the directors of Sansui Hong Kong Ltd. [Sansui] which is located at a different address.
Sansui was incorporated in 1990 as a private limited company in Hong Kong. It is equally owned by Sansui Enterprises Ltd. and The Grande (Nominees) Ltd.. Both firms are registered in the British Virgin Islands and also are wholly-owned by The Grande Holdings Ltd. [GHL]. GHL is a Bermuda‑registered firm with shares listed on The Stock Exchange of Hong Kong Ltd. bearing stock code 186 since 1987. GHL also has set up a corporate office in Singapore.
Sansui is also trading in audio and video products such as stereo and classic audio equipment, car radio and hi-fi equipment, radio cassette recorders, DVD receivers, CD players, music centres, colour TVs, LCD TVs & plasmas,. Commodities, which are mainly imported from Japan, Taiwan, Korea and the PRC, are exported to North America, Europe, the other Asian countries, etc.
In recent years, Pharos Architectural Controls Ltd. [Pharos] has been using the subject’s office as its corresponding address. Pharos is incorporated in the United Kingdom. It was registered in Hong Kong on 12th April, 2013 as a non-Hong Kong company. The contact person in Hong Kong is Mr. Tony Symms. It seems that the subject is also an agent for Pharos’ products in the Asian Pacific region.
Pharos is committed to providing innovative lighting and audio visual control solutions for the architectural and entertainment industries. Its award-winning products are installed across the globe, running day and night in theme parks, shopping malls, state palaces, art installations, museums, airports and homes.
The subject’s business is chiefly handled by the two Maliks.
As the history of the subject is over eight years and three 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.60.28 |
|
|
1 |
Rs.102.77 |
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Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
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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 |
|
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.