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Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SPARKLING HONG KONG LTD. |
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Registered Office : |
A3, 6/F., Wing Cheung Industrial Building, 58-70 Kwai Cheong Road, Kwai Hing, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.06.2008 |
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Com. Reg. No.: |
39421142 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of mobile
phones and accessories. |
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|
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No. of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
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 |
SPARKLING
HONG KONG LTD.
A3, 6/F., Wing
Cheung Industrial Building, 58-70 Kwai Cheong Road, Kwai Hing, New
Territories, Hong Kong.
PHONE: 852-2311 1940
Managing
Director: Mr. Mohammed Zafar Ul Haq
Incorporated on: 5th June, 2008.
Organization: Private Limited Company.
Paid Up Capital: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SPARKLING
HONG KONG LTD.
Registered
Head Office:-
A3, 6/F., Wing
Cheung Industrial Building, 58-70 Kwai Cheong Road, Kwai Hing, New Territories,
Hong Kong.
39421142
1244580
Managing
Director: Mr. Mohammed Zafar Ul Haq
HK$10,000.00
(As
per registry dated 05-06-2014)
|
Name |
|
No.
of shares |
|
Mohammed Zafar Ul HAQ |
|
10,000 ===== |
(As
per registry dated 05-06-2014)
|
Name (Nationality) |
Address |
|
Mohammed Zafar
Ul HAQ |
Front, 7/F., Ocean View Court, 33 Mody
Road, Tsimshatsui, Kowloon, Hong Kong. |
(As
per registry dated 05-06-2014)
|
Name |
Address |
Co.
No. |
|
S
& F Secretarial Services Ltd. |
Unit D, 9/F., Kai Centre, 36 Hung To Road, Kwun Tong, Kowloon, Hong
Kong. |
1863894 |
The
subject was incorporated on 5th June, 2008 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Starsell Hong Kong Ltd., name
changed to the present style on 29th July, 2009.
Formerly
the subject was located at Room 705A, 7/F., Tower A, Hunghom Commercial Centre,
39 Ma Tau Wai Road, Hung Hom, Kowloon, Hong Kong, moved to the present
address in November 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of mobile phones and accessories.
Employees: 2.
Commodities Imported: China, etc.
Markets: India, other Asian countries, 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: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather 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, Sparkling (HK) Ltd. is wholly
owned by Mr. Mohammed Zafar Ul Haq 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 moved to the present address in November 2011.
The
subject is a mobile phone and accessory trader.
Most of the commodities are sourced from Shenzhen Special Economic Zone,
China. Prime markets are India and the
other Asian countries.
The
subject has registered with the Office of the Communications Authority (OFCA),
The Government of Hong Kong SAR, the People’s Republic of China as a Radio
Dealer (Unrestricted) Licensee. The
subject bears the licence No. of RU00134089 - RU.
The
subject also trades in other electronic products such as iPads, iPhones,
etc. Overall business is normal.
The
subject’s registered address is also a warehouse. Business is chiefly handled by Mohammed Zafar
Ul Haq himself. History in Hong Kong is
over six years and three months.
The
subject has got a number of regular customers in India.
On
the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.97.51 |
|
Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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 |
|
|
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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.