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Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MUNDI LTD. |
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Registered Office : |
c/o WBS
Secretaries Ltd. Room 1902, 19/F., |
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Country : |
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Date of Incorporation : |
17.03.1987 |
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Com. Reg. No.: |
10868571 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Handbags, Wallets,
Purses, Diary |
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No. of Employees : |
4 |
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 : |
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) |
|
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A1 |
A1 |
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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 |
MUNDI LTD.
Room 721, 7/F., Ocean
Centre, Harbour City, Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2366 3119
FAX: 852-2721 0134
E-MAIL: kable@mundi.com.hk
Managing
Director: Mr. John Florin
Incorporated on: 17th March, 1987.
Organization: Private Limited Company.
Capital: Nominal: US$1,000.00
Issued: US$500.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: The Bank of East Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
MUNDI LTD.
Registered
Office:-
c/o WBS
Secretaries Ltd.
Room 1902, 19/F.,
MassMutual Tower, 38 Gloucester Road, Wanchai, Hong Kong.
Head
Office:-
Room 721, 7/F., Ocean
Centre, Harbour City, Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Holding
Company:-
Westport
Corporation, US.
10868571
0185058
Managing
Director: Mr. John Florin
Contact Person: Ms.
Kable Ng
Nominal Share
Capital: US$1,000.00 (Divided into 1,000 shares of US$1.00 each)
Issued Share
Capital: US$500.00
(As
per registry dated 17-03-2014)
|
Name |
|
No.
of shares |
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Westport Corporation 331 Changebridge
Road, Pine Brook, New Jersey 07058, U.S.A. |
|
499 |
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John FLORIN |
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1 |
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––– |
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Total: |
500 === |
(As
per registry dated 17-03-2014)
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Name (Nationality) |
Address |
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Richard FLORIN |
331 Changebridge Road, Pine Brook, New
Jersey 07058, U.S.A. |
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John FLORIN |
331 Changebridge Road, Pine Brook, New
Jersey 07058, U.S.A. |
(As
per registry dated 17-03-2014)
|
Name |
Address |
Co.
No. |
|
WBC
Secretaries Ltd. |
Room 1902, 19/F., MassMutual Tower, 38 Gloucester Road, Wanchai,
Hong Kong. |
0018669 |
The
subject was incorporated on 17th March, 1987 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: Importer, Exporter and Wholesaler.
Lines: Handbags, Wallets, Purses, Diary.
Employees: 4.
Commodities Imported: China, other Asian countries, etc.
Markets: Japan, North America, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
Nominal Share Capital: US$1,000.00 (Divided into 1,000 shares of US$1.00 each)
Issued Share Capital: US$500.00
Mortgage or Charge:-
Date of Pledge of Time
Deposit Receipts or Goods: 30-12-1988
Amount: Banking facilities
Property: Confirmation of Deposit No.: SN308113 under Account No.: 14-30-07171-0 of Deposit No. 0001 for US$50,000.00 together with any renewal and conversion thereof, all deposit receipts or all goods, certificates for stock, shares, debentures and other securities of any kind belonging to the company are now or for the time being in the Bank’s possession.
Mortgagee: The Bank of East Asia Ltd., Hong Kong.
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 Bank of East Asia Ltd., Hong Kong.
Standing: Small.
Having
issued 500 ordinary shares of US$1.00 each, Mundi Ltd. is a subsidiary company
of Westport Corporation, a US-based company.
The
subject is trading in the following commodities: Handbags (OEM), Wallet - PVC
& PU (Include nylon, PU, OEM), Wallet & Purse - Leather (Wallet, OEM),
Diary / Address Book / Organiser (Agenda, Wallet, OEM), etc.
Products
are sourced from China, local suppliers or other Asian countries. Prime markets are the United States and
Japan.
The
subject is a member of Mundi Westport Group [MWG] which is in the United
States. Established in 1969, MWG is
trading in all kinds of leather products and bags. The Group is widely considered among
America’s leading manufacturers and distributors of handbags, personal leather
goods and belts.
Today,
American consumers purchase more than 20 million Westport products annually
from more than 30,000 points of sales.
Most
of the Group’s products bear the trade mark Mundi. However, it also receives OEM orders.
The
Group was founded by Richard Florin who is currently 82 years old and still
active in the business.
The
Group is manufacturing men’s and women’s accessories for many top brands and
retailers. Private labels manufactured
by the Group are Timberland, J. Fold, Andrew Marc, Greg Norman,
etc.
John
Florin is the Vice President of the Group and President is Mr. Kevin Ross.
In
Hong Kong, the subject’s business is chiefly handled by Ms. Kable Ng who is a
Hongkongnese.
As
the history of the subject is over 27 years and five months in Hong Kong, on
the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.42 |
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|
1 |
Rs.97.24 |
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Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
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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.