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Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
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Name : |
DELIGHT TRADING |
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Registered Office : |
Room A4, Block A, 5/F., Burlington House, 90-94C, Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.06.2013 |
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Com. Reg. No.: |
54694120-000-06 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds. |
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No. of Employees : |
2 |
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 Company |
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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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
DELIGHT
TRADING
Room A4, Block A, 5/F.,
Burlington House, 90-94C, Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2311 3477
Manager: Mr. Kassim Mustafa
Establishment: 5th June, 2013.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation:
DELIGHT
TRADING
Head
Office:-
Room A4, Block A, 5/F.,
Burlington House, 90-94C, Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
54694120-000-06
Manager: Mr. Kassim Mustafa
(Mobile Phone No.:
852-9355 2350)
Name: Mr. Kassim MUSTAFA
Residential Address:
Flat A5, 13/F.,
Hankow Center, Block A, 47 Peking Road, Tsim Sha Tsui, Kowloon, Hong Kong.
Name: Mr. Mohamed Saabique AHMED FAROOK
Residential
Address:
Flat A5, 13/F.,
Hankow Center, Block A, 47 Peking Road, Tsim Sha Tsui, Kowloon, Hong Kong.
Name: Mr. Seted Aboobucker JAMAL MOHAMED
Residential
Address:
Flat A5, 13/F.,
Hankow Center, Block A, 47 Peking Road, Tsim Sha Tsui, Kowloon, Hong Kong.
The
subject was established on 5th June, 2013 as a partnership concern jointly owned
by Mr. Kassim Mustafa, Mr. Mohamed Saabique Ahmed Farook and Mr. Seted
Aboobucker Jamal Mohamed under the Hong Kong Business Registration Regulations.
Formerly
the subject was located at Flat A5, 13/F., Hankow Center, Block A, 47 Peking
Road, Tsim Sha Tsui, Kowloon, Hong Kong, moved to the present address in July
2014.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds.
Employees: 2.
Commodities Imported: India, etc.
Markets: Pakistan, Thailand, US, Europe, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
Capital: Not disclosed.
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: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Delight
Trading is a partnership jointly owned by three foreigners: Mr. Kassim Mustafa,
Mr. Mohamed Saabique Ahmed Farook and Mr. Seted Aboobucker Jamal Mohamed. All of them are Hong Kong ID holders and have
got the right to reside in Hong Kong permanently. The first is also manager of the
subject. All the partners have been in
Hong Kong for a very long time as they have got their ID cards before setting
up the subject in Hong Kong.
The
subject’s registered address is in a private building located at Room A4, Block
A, 5/F., Burlington House, 90-94C, Nathan Road, Tsimshatsui, Kowloon, Hong
Kong. This is also the new residence of
the partners.
We
can reach the subject at your given Hong Kong phone number
852-2311 3477. Besides, we can reach Mr.
Kassim Mustafa at his Hong Kong mobile phone number 852-9355 2350.
The
subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, Pakistan, Thailand, the other Asian countries, the United States,
Europe, etc. Business is still under
development.
The
subject is also a commission agent.
Business is chiefly handled by the three partners. History in Hong Kong is just over a year and
four months.
On
the whole, since the history of the subject is short, consider it good for
normal business engagements on L/C basis for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
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 |
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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 |
-- |
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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.