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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
COMPASS TEX LTD. |
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Registered Office : |
c/o ITA &
Co. Unit 1202A, 12/F., |
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Country : |
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Date of Incorporation : |
13.05.2013 |
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Com. Reg. No.: |
61427089 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is garments sourcing and exporting. Products are marketed in |
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No. of Employees : |
Not Available |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
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
|
Source
: CIA |
COMPASS
TEX LTD.
ADDRESS:
Registered
Office:-
c/o ITA & Co.
Unit 1202A, 12/F.,
Fortress Tower, 250 King’s Road, North Point, Hong Kong.
Associated
Company:-
GCi-Partners,
Vietnam.
61427089
1906504
13th May, 2013.
HK$2.00
(As
per registry dated 13-05-2014)
|
Name |
|
No.
of shares |
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Julius Wurtenberger |
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2 = |
(As
per registry dated 13-05-2014)
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Name (Nationality) |
Address |
|
Thi Huyen Trang
PHAN |
3/F., Sacombank Tower, Nguyen Thai Binh
Ward, Calmetter Street, Dist 1, Ho Chi Minh, Vietnam. |
(As
per registry dated 13-05-2014)
|
Name |
Address |
Co.
No. |
|
Compass
Nominees Ltd. |
Room 610, 6/F., Grand City Plaza, 1 Sai Lau Kok Road, Tsuen Wan, New
Territories, Hong Kong. |
0624387 |
Compass
Tex Ltd. was incorporated on 13th May, 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 an accountant firm located at Unit 1202A,
12/F., Fortress Tower, 250 King’s Road, North Point, Hong Kong known as ITA
& Co. which is handling its correspondences and documents. It has no employees in Hong Kong.
According
to the Companies Registry of Hong Kong, the subject has issued just two
ordinary shares of HK$1.00 each of which are wholly-owned by Mr. Julius
Wurtenberger.
Mr.
Julius Wurtenberger currently is in Hochiminh City of Vietnam. He is also Director of GCi-Partners which is
a consultant company. GCi-Partners is
engaged in making investments on diversified economies. One of its lines of business is garments
sourcing and exporting. Products are
marketed in Vietnam, exported to European countries, North America, etc. The subject is also a garment trader.
Before
setting up the subject, Julius Wurtenberger was the General Manager of Hermes-Otto
International Ltd. which is also in Vietnam.
Hermes-Otto is a large garment manufacturing company.
The
director of the subject Ms. Thi Huyen Trang Phan is the legal director of
GCi-Partners. She is the General
Director and assumes overall responsibility for the operation of the firm. With a background in business and trade law,
she has become a specialist in the field of investment and commercial
contracts. The diversity of her legal
practice includes but not limit to providing advices on projects and
transactions relating enterprise, investment project, intellectual
property. She is recognized as a
formidable advocate by police, prosecutors, opposing counsel and court staff.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over a years and three months.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
PDT |
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 |
-- |
|
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.