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Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
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Name : |
KAKA LEATHER
LTD. |
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Registered Office : |
c/o Asia Secretarial Services Ltd. Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.06.2009 |
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Com. Reg. No.: |
50765947 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in trading all kinds of finished leather and crust leather such as the followings:- · Cow – finish leather for handbags and shoes; · Pig – nappa and suede for garment and hand bags; & · Sheep – W/B, crust, finish garment nappa |
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No of Employees : |
No Employees in Hong Kong (It is to be noted
that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong
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Payment Behaviour : |
Unknown |
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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.
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Source
: CIA |
KAKA LEATHER LTD.
c/o Asia Secretarial Services Ltd.
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Kowloon, Hong Kong.
PHONE: 852-8102 2592
FAX: 852-8102 2593
Managing Director: Mr. Riyaz Ahmed Malayalam
Incorporated on: 9th June, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Leather Material Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Asia Secretarial Services Ltd.
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Kowloon, Hong Kong.
Associated
Company:-
China Kaka Leather Ltd.
Room 808, 8/F., Champs Elysees Building, Tiyu Road, Houjie, Dongguan City, Guangdong Province, China.
[Tel: 86-1341 6399 583]
50765947
1344226
Managing Director: Mr. Riyaz Ahmed Malayalam
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry
dated 09-06-2013)
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Name |
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No.
of share |
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Riyaz Ahmed MALAYALAM |
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1 = |
(As per registry
dated 09-06-2013)
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Name (Nationality) |
Address |
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Riyaz Ahmed
MALAYALAM |
Old No. 2 New No. 5 Ritharden
Road, Church Avinu Chennai, 600 007 Tamilnadu, India. |
(As per registry dated
09-06-2013)
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Name |
Address |
Co.
No. |
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Asia Business Service Ltd. |
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road,
Tsimshatsui, Kowloon, Hong Kong. |
0871994 |
The subject was incorporated on 9th June, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 813, 8/F., Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong where was the operating address of a commercial service provider Asia Business Service Ltd. The subject moved to the present address in March 2011 as it has changed its commercial service provider since then. However, the new and old commercial service providers belong to the same group of companies.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Wholesaler.
Lines: All kinds of leather materials.
Employees: Nil. (Hong Kong)
2. (China)
Commodities Imported: India, etc.
Markets: China, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly 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.
Incorporated in June 2009, Kaka Leather Ltd. is wholly owned by Mr. Riyaz Ahmed Malayalam who is an India merchant. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject. Most of the time, he is in China.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Kowloon, Hong Kong known as Asia Secretarial Services Ltd. which is handling its correspondences and documents.
The subject has no employees in Hong Kong.
The subject is a leather material trader. It is trading in all kinds of finished leather and crust leather such as the followings:-
· Cow – finish leather for handbags and shoes;
· Pig – nappa and suede for garment and hand bags; &
· Sheep – W/B, crust, finish garment nappa.
Raw materials are chiefly imported from India and China is its prime market. The subject has had an office in Dongguan City, Guangdong Province, China known as China Kaka Leather Ltd. [China Kaka]. The China firm has 2 employees. Most of its customers are leather shoe manufacturers.
Mr. Riyaz Ahmed Malayalam currently is in China administering the business of China Kaka. He can be reached at his China mobile phone number 86-13416399583. China Kaka’s business is normal. However, it is trying to penetrate the China market further in the years ahead.
The subject’s business in Hong Kong is not active. History in Hong Kong is about five years.
Since the subject does not have its own operating office and has no employees in Hong Kong, on the whole, consider it good for business engagements on L/C basis.
NOTE :
It is to be noted that the company does not have its own operating
office in Hong Kong. The company uses the address of its secretariat as its
correspondence address only. Subject operates from some other country and does
not have a base in Hong Kong. Such companies are registered in Hong Kong just
to tax benefit purpose and due to the strict privacy laws prevailing in the
country. In such cases, the companies are not required to have any employees in
Hong Kong nor do have an office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.47 |
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|
1 |
Rs.99.70 |
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Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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 |
-- |
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.