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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
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Name : |
WEALTHY MARK
PRIVATE LTD. |
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Registered Office : |
c/o Buttar. HK Ltd. 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.12.2010 |
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Com. Reg. No.: |
53433367 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Jewellery, Diamonds & Gemstone |
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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
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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 |
WEALTHY MARK
PRIVATE LTD.
c/o Buttar. HK Ltd.
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
PHONE: 852-2312 0148
FAX: 852-2375 6513
E-MAIL: wealthymarkinfo@gmail.com
(Formerly located at:
c/o Excellent Luck Ltd.
Room 736, 7/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.)
Managing Director: Mr. Mohammed Mukhtar Shaikh
Incorporated on: 10th December, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Buttar. HK Ltd.
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
Affiliated
Companies:-
Adila Private Ltd., Hong Kong.
Elegant Gems Ltd., Hong Kong.
Excellent Luck Ltd., Hong Kong.
Interseas Trading Co., Hong Kong.
Interseas Trading Co., US.
53433367
1539109
Managing Director: Mr. Mohammed Mukhtar Shaikh
Contact Person: Mr. Syed Riyaz Syed Anwar
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 10-12-2013)
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Name |
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No.
of shares |
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Mohammed Mukhtar SHAIKH |
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10,000 ===== |
(As per registry
dated 10-12-2013)
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Name (Nationality) |
Address |
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Mohammed Mukhtar SHAIKH |
10/11 Imtiyaz Belding Piet
Road, Kurla, Mumbai, 400070, India. |
(As per registry
dated 10-12-2013)
|
Name |
Address |
Co.
No. |
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Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 10th December, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject was formerly located at Room 736, 7/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to present address in February 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Jewellery, Diamonds & Gemstone
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, Japan, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: Prepayment, L/C, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is fairly active in Hong Kong.
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: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Wealthy Mark Private Ltd. is wholly owned by Mr. Mohammed Mukhtar Shaikh who is an Indian. 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 and most of the time, he is in Mumbai, India.
The subject does not have its own operating office. Its registered office is in a commercial service provider located at Unit W, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong known as Buttar.HK Ltd. which is handling its correspondences and documents. This firm is also its corporate secretary. “Unit W” is the file number of the subject in Buttar.HK Ltd.
The subject has no employees in Hong Kong.
Your Room 736, 7/F., Beverley Commercial Centre, 87‑105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong was the old address of the subject. It is housed by the following firms:-
· Excellent Luck Ltd., Hong Kong.;
Interseas Trading Co.,
Hong Kong.
Your given Phone numbers 852-2375 2297, 2574 5118 and Fax numbers 852‑2375 2708, 2838 3196 belong to Excellent Luck.
The subject is a diamond, jewellery & Gemstone trader. Commodities are chiefly sourced from India. Prime markets are Hong Kong, other Asian countries.
The contact person of the subject Mr. Syed Riyaz Syed Anwar is also an Indian. Syed Anwar is the sole shareholder and director of a Hong Kong registered firm Adila Private Ltd. [Adila].
Registered in Hong Kong on 10th December, 2010, Adila also does not have its operating address in Hong Kong. Its registered office is in a commercial service firm located at Unit A, 6/F., Mau Lam Commercial Building, 16‑18 Mau Lam Street, Jordan, Kowloon, Hong Kong where is also an operating office of Buttar.HK Ltd. This firm is handling its correspondences and documents. It is also the corporate secretary of Adila. Buttar.HK Ltd. has had several offices in Hong Kong, including the above-mentioned ones.
Adila also has no employees in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over three years.
Since the subject does not have its own operating office and has no employees in Hong Kong, 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.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished diamonds.
But February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28 %. It means the industry
is on the track of recovery and round tripping of diamonds has stopped
completely.” Demand has started coming from the US, the UK, Japan and China.
India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.08 |
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1 |
Rs.99.20 |
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Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
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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 |
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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.