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Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
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Name : |
DENZONG TRADE LINK |
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Registered Office : |
1/F., 266 Temple Street, Jordan, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.06.1998 |
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Com. Reg. No.: |
21790993-000-06 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF WATCH BANDS AND STRAPS,
CLOCKS, SILK, MOBILE PHONES, MOBILE PHONE ACCESSORIES |
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No. of Employees : |
02 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small 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 |
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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
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Source
: CIA |
DENZONG TRADE
LINK
ADDRESS: 1/F., 266 Temple Street, Jordan, Kowloon, Hong Kong.
PHONE: 852-2187 2345
E-MAIL: sales@cell-pacific.com
Manager: Mr. Gautam Kumar Sarraf
Establishment: 7th June, 1998.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: 2. (Including associates)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
1/F., 266 Temple Street, Jordan, Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 98696, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Associated
Companies:-
Cell Pacific Ltd., Hong Kong.
Denzong, Hong Kong.
Silver Sands Ltd., Hong Kong.
21790993-000-06
Manager: Mr. Gautam Kumar Sarraf
(Mobile Phone No.: 852-9770 0421)
Name: Mr. Gautam Kumar SARRAF
Residential Address: Flat 5E, Wah Fung Building, 17-23 Miden Avenue, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 7th June, 1998 as a sole proprietorship concern owned by Ms. Doma Tsering Sherpa under the Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Doma Tsering SHERPA |
07-06-1998 |
15-08-2000 |
|
Gautam Kumar SARRAF |
01-01-2000 |
--- |
Initially the subject was located at Flat C, 24/F., Silvervale Mansion, 18 Cross Street, Wanchai, Hong Kong, moved to Flat E, 5/F., Wah Fung Building, 17‑23 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong in August 1999; to Flat C, 14/F., Liberty Mansion, 26E Jordan Road, Jordan, Kowloon, Hong Kong in September 2001; moved to Room 1805, 18/F., Royal Commercial Centre, 56 Parkes Street, Jordan, Kowloon, Hong Kong in November 2007. The subject moved to the present address in July 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Watch bands and straps, clocks, silk, mobile phones, mobile phone accessories,
Employees: 2. (Including associate)
Commodities Imported: China, Taiwan, India, etc.
Markets: India, other Asian countries, Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Denzong Trade Link is a sole proprietorship owned by Mr. Gautam Kumar Sarraf who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Sarraf joined in the subject in January 2000.
The subject’s registered address is in a residential building located at 1/F., 266 Temple Street, Jordan, Kowloon, Hong Kong. This is also the new residential address of Gautam Kumar Sarraf.
We can reach the subject
at your given Hong Kong phone number
852-2187 2345.
The subject is a small company importing and exporting the following commodities:-
|
Product/Service |
Product/Service Remarks |
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Watches and Clocks |
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Watch Bands and Straps |
From China and Taiwan (Exporter) From China and Taiwan (Importer) |
|
Watch / Clock Parts |
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Watch Dial |
From China and Taiwan (Importer) From China and Taiwan (Exporter) |
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Watch Case – Metal |
From China and Taiwan |
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Watch / Clock Movement |
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Watch Movement |
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Clocks |
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Clock – Mechanical |
From China and Taiwan |
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Raw Materials |
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Textile Fibres (including Wool) |
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Silk, Raw Silk, Fabrics |
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Computer and Peripherals |
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Computer Peripherals and Accessories |
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Computer System |
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Mainframe |
CPU (Importer) CPU (Exporter) |
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Telecom Products |
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Mobile Phone and Mobile Phone Equipment |
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Mobile Phone Accessories |
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Mobile Phone |
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Religious Products |
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Religious Items and Offerings |
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Joss Paper |
Incense from India |
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Packaging Materials |
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Packaging Materials – Miscellaneous |
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Box – Presentation |
Watch and jewellery packing boxes from China |
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Building Materials and Building Facilities |
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Tiles and Coverings |
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The subject also carries artificial flowers, furniture, toys, mobile phone accessories, electrical fittings, sanitary fittings, hardware, embroidery and laces, gift items, etc. Products are sourced from China, India, Europe, other Asian countries, etc. However, China is the principal supplier. Commodities are re-exported to Taiwan, China, India, and the other Asian countries. Regular suppliers and foreign customers have been maintained. Business is normal.
The subject’s business is chiefly handled by Gautam Kumar Sarraf himself. It has had associated companies Silver Sands Ltd. [Silver Sands] and Cell Pacific Ltd. [Cell Pacific] located at its operating office. These two firm are trading in Jewellery, Artefacts, Diamonds, Precious Stones and Precious Metals. Commodities are imported India and marketed in Hong Kong and re-exported to the other Asian countries.
On the whole, since the history of the subject is over sixteen years and four months in Hong Kong, consider it good for normal business engagements in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.25 |
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|
1 |
Rs.98.93 |
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Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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 |
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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.