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Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MARCO WORLD
DEVELOPMENT LTD. |
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Registered Office : |
Unit 11, 5/F., Kinglet Industrial Building, 21-23 Shing Wan Road,
Tai Wai, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.06.2005 |
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Com. Reg. No.: |
35753682 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Furniture Trader & Interior Designer of all kinds of
furniture, hotel supplies |
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No. of Employees |
5 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
MARCO
WORLD DEVELOPMENT LTD.
ADDRESS:
Unit 11, 5/F.,
Kinglet Industrial Building, 21-23 Shing Wan Road, Tai Wai, Shatin, New
Territories, Hong Kong.
PHONE: 852-2577 6103, 2577 6003
FAX: 852-2577 6108
E-MAIL: marcoworld@marcoworld.com.hk
Managing
Director: Mr. Chow Kwing Chan
Incorporated on: 2nd June, 2005
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Furniture Trader & Interior Designer.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
MARCO
WORLD DEVELOPMENT LTD.
ADDRESS:
Registered
Head Office:-
Unit 11, 5/F.,
Kinglet Industrial Building, 21-23 Shing Wan Road, Tai Wai, Shatin, New
Territories, Hong Kong.
35753682
0974760
Managing
Director: Mr. Chow Kwing Chan
Nominal Share
Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share
Capital: HK$500,000.00
(As
per registry dated 02-06-2013)
|
Name |
|
No.
of shares |
|
LEE
Yee Ping |
|
400,000 |
|
CHOW Kwing Chan |
|
100,000 |
|
|
|
|
|
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Total: |
500,000 ====== |
(As
per registry dated 02-06-2013)
|
Name (Nationality) |
Address |
|
LEE Yee Ping |
Flat B, 6/F., Block 5, Parc Royale, 8 Hing
Tai Street, Tai Wai, Shatin, New Territories, Hong Kong. |
|
CHOW Kwing Chan |
Flat B, 6/F., Block 5, Parc Royale, 8 Hing
Tai Street, Tai Wai, Shatin, New Territories, Hong Kong. |
(As
per registry dated 11-06-2013)
|
Name |
Address |
Co.
No. |
|
First
Prestige Ltd. |
Suite 1203, 12/F., Wing On House, 71 Des Voeux Road Central, Hong
Kong. |
0990017 |
The
subject was incorporated on 2nd June, 200 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: Furniture Trader & Interior Designer.
Lines: All kinds of furniture, hotel supplies.
Employees: 5.
Commodities Imported: Europe, China, other Asian countries, etc.
Markets: Hong Kong, China, Europe, India, Middle East, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
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 500,000 ordinary shares of HK$1.00 each, marco World Development Ltd. is
jointly owned by Ms. Lee Yee Ping holding 80% interests; Mr. Chow Kwing Chan,
holding 20%. Being Hong Kong merchants,
Lee and Chow is a couple and they are also directors of the subject.
The
subject is a total contract furnishing resource. It is optimally positioned to meet the needs
of its clients, from turn-key projects for the hospitality industry to
individual manufacturing supply missions.
The
subject offers a one-stop solution that begins with the initial design concept
and follows through to contract specification, manufacturing of custom
furnishings and on-site installation. It
also supplies building materials for hotel development.
The
subject has had a number of customers while most of them are in Hong Kong,
China, Europe and especially India and the Middle East, etc.
The
subject is trading in the following commodities:
Loose
Furniture (Hotel Furniture, Banquet Furniture, Outdoor Furniture and Modern
Furniture), Stones (Marble, Granite and other such materials, also Tiles, Glass
Mosaics, etc.), Metal Elements, Special Glass, Decorative Glass, Fabrics,
Decorative Lighting Products, LED Lightings, Artefacts, Picture Frames, Wall
Paper, Leather Products, Sanitary ware, Tap Fixtures, Veneer, MDF, HDF, Faux
Veneer, etc.
Leather
products are made in China and raw materials originate China.
Sanitary
ware and Tap Fixtures, imported from China, are in conformity with
International standards.
The
subject also assists customers buy international products which have
representatives in China like Tabu Veneer, Hafele, Hettich, etc.
The
business of the subject is chiefly handled by Lee and Chow. History in Hong Kong is about nine years.
On
the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.87 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SCs 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.