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Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
WINFUL TRADING LTD. |
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|
|
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Registered Office : |
Unit A2, 10/F., National Court, 242 Nathan Road, Jordan,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.03.2012 |
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Com. Reg. No.: |
59524287 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject was a diamond and jewellery importer, exporter
and wholesaler. It traded in loose,
polished and cut diamonds. |
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No. of Employees |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Dissolved by Deregistration |
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Payment Behaviour : |
--- |
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Litigation : |
--- |
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 |
WINFUL
TRADING LTD.
ADDRESS:
Registered Office:-
Unit A2, 10/F., National Court, 242 Nathan Road, Jordan, Kowloon, Hong Kong.
Associated Company:- (same address)
Able Bright International Trading Ltd., Hong Kong. [Dissolved]
59524287
1716985
Managing Director: Mr. Durgesh Sharma
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 15-03-2013)
|
Name |
|
No. of shares |
|
Durgesh SHARMA |
|
10,000 ===== |
(As per registry dated 15-03-2013)
|
Name (Nationality) |
Address |
|
Durgesh SHARMA |
275/3 Near Esi Luna Agency, Kalabagh, Ajmer Rajasthan, India. |
(As per registry dated 15-03-2013)
|
Name |
Address |
Co.
No. |
|
Global Associates Ltd. |
Unit A, 10/F., Tack Building, 48 Gilman Street, Central, Hong Kong. |
1695695 |
The subject was incorporated on 15th March, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at 14/F., Chun Wo Commercial Centre, 25 Wing Wo Street, Central, Hong Kong where was the operating address of a commercial service provider Gateway Registrations Ltd., moved to Unit A2, 10/F., National Court, 242 Nathan Road, Jordan, Kowloon, Hong Kong with effect from 27th March, 2012.
The subject was dissolved by deregistration on 12th July, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Please be advised that Winful Trading Ltd. is a private limited company which applied for deregistration in March 2013. It was formally dissolved by deregistration on 12th July, 2013.
Having issued 10,000 ordinary shares of HK$1.00 each, the subject was wholly owned by Mr. Durgesh Sharma who was an Indian. He was an India passport holder and did not have the right to reside in Hong Kong permanently. He was also the only director of the subject.
The subject commenced business in March 2012.
The subject’s registered address was in a private building located at “Unit A2, 10/F., National Court, 242 Nathan Road, Jordan, Kowloon, Hong Kong”. This seemed to be the residence of Sharma when he was in Hong Kong.
The residential building was not trespassed by outsiders.
The subject’s telephone number and fax number had not registered with local telephone company nor listed on telephone directories.
The subject was a diamond and jewellery importer, exporter and wholesaler. It traded in loose, polished and cut diamonds. Most of the commodities were imported from India. Prime markets were Hong Kong, China, the other Asian countries, Europe etc.
The subject’s business was chiefly handled by Sharma himself. History in Hong Kong was just about a year.
The subject had an associated company Able Bright International Trading Ltd. located at the same address. This firm was also operated by Sharma and engaged in the same lines of business. However, this firm was also dissolved by deregistration on 12th July, 2013.
Since the subject has been dissolved by deregistration, consider it not suitable for any business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.57 |
|
|
1 |
Rs.98.87 |
|
Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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
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.