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Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN WELL CORPORATION LTD. |
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Registered Office : |
Room 1302-3, 13/F., Knutsford Commercial Building, 4-5 Knutsford Terrace, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
11.07.2012 |
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Com. Reg. No.: |
60072645 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Garments. |
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No. of Employees : |
8 (Including
associated company) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
|
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 : |
Business is under development |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 |
HONGKONG - 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 |
GOLDEN WELL
CORPORATION LTD.
ADDRESS: Room 1302-3, 13/F., Knutsford
Commercial Building, 4-5 Knutsford Terrace,
Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2369
7227
FAX: 852-2368
1798
Managing Director: Mr. Li Chi Kin
Incorporated on: 11th July, 2012.
Organization: Private Limited Company.
Paid Up Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 8. (Including associated
company)
Main Dealing Banker: Wing Hang
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1302-3, 13/F., Knutsford Commercial Building, 4-5 Knutsford
Terrace, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Unitrade Pacific Ltd., Hong Kong.
(Same address)
60072645
1771610
Managing Director: Mr. Li Chi Kin
Contact Person: Ms. Connie Wong
HK$10,000.00
(As per registry
dated 11-07-2014)
|
Name |
|
No. of shares |
|
LI Chi Kin |
|
10,000 ===== |
(As per registry dated
11-07-2014)
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Name (Nationality) |
Address |
|
LI Chi Kin |
Room 1302-1303, 13/F., Knutsford
Commercial Building, |
(As per registry
dated 11-07-2014)
|
Name |
Address |
Co. No. |
|
C & R Secretaries Ltd. |
Room 902, 9/F., Nan Fung Centre, 264-298
Castle Peak Road, Tsuen Wan, New Territories, Hong Kong. |
0630084 |
The subject was incorporated on 11th July, 2012 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: Importer,
Exporter and Wholesaler.
Lines: All
kinds of garments
Employees: 8. (Including associated company)
Commodities Imported: China,
Bangladesh, Malaysia, etc.
Markets: Asian
countries, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Paid Up Capital: HK$10,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Wing Hang Bank Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Golden Well
Corporation Ltd. is wholly owned by Mr. Li Chi Kin who is a Hong Kong
merchant. He is also the only director
of the subject.
The subject is a garment trader.
It is trading in the following commodities: Jacket - Men ( Excluding
Ski-Jacket ) (From China, Bangladesh, Malaysia); Suits & Jackets – Women’s
(From China, Bangladesh, Malaysia); Children’s Wear (From China, Bangladesh, Malaysia);
Blouses (From China, Bangladesh, Malaysia); Jeans (From China, Bangladesh,
Malaysia); Dresses & Skirts (From China, Bangladesh, Malaysia); Shirts
(From China, Bangladesh, Malaysia); Trousers (From China, Bangladesh,
Malaysia); Slacks (From China, Bangladesh, Malaysia); Cardigan, Sweater &
Pullover (From China, Bangladesh, Malaysia); Tee & Sweat Shirts (From
China, Bangladesh, Malaysia); Sport Suits (From China, Bangladesh, Malaysia);
Winter Sports Apparel (From China, Bangladesh, Malaysia), etc.
Products are exported to Asian countries, Europe, North America,
etc. Business is still under
development.
The contact person is Ms. Connie Wong who is a Hongkongnese.
The subject has had an associated company Unitrade Pacific Ltd., a
Hong Kong-registered company located at the same address.
The history of the subject is just over two years and three months.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.23 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
Report Prepared
by : |
NIT |
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 |
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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 |
|
|
<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.