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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
HENWAY GARMENTS
LTD |
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Registered Office : |
c/o KNG
Consultants Unit 605, 6/F., |
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Country : |
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Date of Incorporation : |
23.12.2010 |
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Com. Reg. No.: |
54136417 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Garment Trader of all kinds of garments, including knitted products. |
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No. of Employees : |
No employees in
Hong Kong NOTE: It is to be noted that
the company does not have its own operating office in |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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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 : |
No operating office in Hong Kong
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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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
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 |
|
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 |
HENWAY
GARMENTS LTD.
c/o KNG
Consultants
Unit 605, 6/F.,
Stag Building, 148-150 Queen’s Road Central, Hong Kong.
PHONE: 852-2541 4068
FAX: 852-2541 4069
E-MAIL: henwayltd@yahoo.co.uk
Managing
Director: Mr. Mohammed Riyaz Qureshi
Incorporated on: 23rd December, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Garment Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HENWAY
GARMENTS LTD.
Registered
Head Office:-
c/o KNG
Consultants
Unit 605, 6/F.,
Stag Building, 148-150 Queen’s Road Central, Hong Kong.
54136417
1543941
Managing
Director: Mr. Mohammed Riyaz Qureshi
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 23-12-2013)
|
Name |
|
No.
of shares |
|
Mohammed Riyaz QURESHI |
|
10,000 ===== |
(As
per registry dated 23-12-2013)
|
Name (Nationality) |
Address |
|
Mohammed Riyaz
QURESHI |
NL-6/5/2, Sector 09, Nerul Navi Mumbai
400706, India. |
(As
per registry dated 23-12-2013)
|
Name |
Address |
Co.
No. |
|
Central
Dynamic Secretarial Ltd. |
Unit 5-6, 7/F., Greenfield Tower, Concordia Plaza, 1 Science Museum
Road, Tsimshatsui, Kowloon, Hong Kong. |
0563433 |
The
subject was incorporated on 23rd December, 2010 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: Garment Trader.
Lines: All kinds of garments, including knitted products.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: UK, other European countries, Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
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.
Having
issued 10,000 ordinary shares of HK$1.00 each, Henway Garments Ltd. is wholly
owned by Mr. Mohammed Riyaz Qureshi who is an India merchant. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at Unit
605, 6/F., Stag Building, 148‑150 Queen’s Road Central, Hong Kong
known as KNG Consultants [KNG] which is handling its correspondences and
documents. Your given phone and fax
number belong to KNG.
The
subject has no employees in Hong Kong.
The
subject is a garment trader. It exports
garments to the United Kingdom, other European countries, etc. However, most of the products are exported to
foreign countries directly from India.
It
is likely that the subject has got an associated company in India which is also
operated by Qureshi. The India firm is
also a garment trader.
It
is also likely that the India firm deals with foreign parties under the name of
the subject and let foreign firms correspond with the subject’s registered
address in Hong Kong. The India firm
also exports commodities to foreign markets under the name of the subject and
its registered address or corresponding address in Hong Kong.
The
subject’s business is chiefly handled by Mohammed Riyaz Qureshi himself. Business is active in Hong Kong.
The
subject’s history in Hong Kong is just over three years and eight 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.
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.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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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.