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Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
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Name : |
F&FM EXPORT CO. LTD. |
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Registered Office : |
c/o Astrum HK Ltd. Room 1809, 18/F., Beverley Commercial Centre, 87-105 Chatham Road
South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.11.2013 |
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Com. Reg. No.: |
62299801 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading in commodities i.e Audio & video equipment, peripherals,
cable & connectors, adaptors, notebooks, mobility and accessories,
handsets, 3G tablets, modems, powerbanks, batteries, portable speakers,
multi-media speakers. |
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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 : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 31st, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 |
F&FM EXPORT
CO. LTD.
Registered
Office:-
c/o Astrum HK Ltd.
Room 1809, 18/F., Beverley Commercial Centre, 87-105 Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Companies:- (Same address)
Astrum HK Ltd., Hong Kong.
Astrum Holdings Ltd., Hong Kong.
62299801
1992882
7th November, 2013.
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 07-11-2013)
|
Name |
|
No. of shares |
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Indiandirectory.HK Ltd., Hong Kong. |
|
1 |
|
Segu Nada Jabarullah Khan Rashida Fathima |
|
8,000 |
|
R. Mohamed Fahim POELAKATTAI ABDUL |
|
1,999 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 07-11-2013)
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Name (Nationality) |
Address |
|
R. Mohamed Fahim POELAKATTAI ABDUL |
Room G, 7/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong
Kong. |
(As per registry dated 07-11-2013)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong. |
0975326 |
F&FM Export Co. Ltd. was incorporated on 7th November, 2013 as a private
limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a Hong Kong-based
company Astrum HK Ltd. [Astrum] located at “Room 1809, 18/F., Beverley
Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong”
which is handling its correspondences and documents.
The subject has no employees in Hong Kong. All the employees in the office belong to
Astrum.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each of which 80% are owned by Mr. Segu Nada
Jabarullah Khan Rashida Fathima, 20% are owned by Mr. R. Mohamed Fahim
Poelakattai Abdul. The latter is also
the director of the subject. The two
shareholders seem to be India merchants.
The managing director of the subject is R. Mohamed Fahim Poelakattai
Abdul.
The CEO of Astrum Mr. Manoj Kumar Pansari seems to be a business partner
of the subject. He is familiar with R.
Mohamed Fahim Poelakattai Abdul.
Astrum is trading in the following commodities:
Audio & video equipment, peripherals, cable & connectors,
adaptors, notebooks, mobility and accessories, handsets, 3G tablets, modems,
powerbanks, batteries, portable speakers, multi-media speakers.
Products are sourced from China, the other Asian countries or acquired
from local suppliers.
The subject is engaged in the same lines of business, more or less.
The subject’s business in Hong Kong is not active. Business, chiefly handled by Mr. R. Mohamed
Fahim Poelakattai Abdul himself, is still under development. History in Hong Kong is just over six months.
Since the history of the subject is short 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
UK Pound |
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
SDA |
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 |
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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 |
|
|
-- |
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.