MIRA
INFORM REPORT
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Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
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Name : |
M. M. INTERNATIONAL |
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Registered Office : |
Flat 1-N, 12/F., Century Centre, 44-46 Hung To Road, Kwun Tong, |
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Country : |
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Date of Incorporation : |
19.10.2000 |
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Com. Reg. No.: |
31114850-001-06 |
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Legal Form : |
Sole Ownership |
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LINE OF BUSINESS : |
THE
SUBJECT IS TRADING IN THE FOLLOWING COMMODITIES: GARMENTS, STATIONERY,
UMBRELLA, SHOES, TOYS, ELECTRONIC PRODUCTS, ELECTRIC APPLIANCES, SUNDRY
PRODUCTS, AGRICULTURAL PRODUCTS AND FOODSTUFFS, COMPUTERS AND RELATED
PRODUCTS. |
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No. of Employees |
Not Available |
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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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 |
Company name and address
M. M.
INTERNATIONAL
ADDRESS:
Registered Office:-
Flat 1-N, 12/F., Century Centre, 44-46 Hung To Road, Kwun Tong, Kowloon,
Hong Kong.
(Formerly located at:
Room C, 9/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong
Kong.)
Yiwu Representative Office:-
Room 501, Futain Apartment, 258 Chengbei Road, Yiwu City, Zhejiang
Province, China.
[Legal Representative: Mr.
Priyank Mangilal Bafna]
Guangzhou Representative Office:-
Room 02, 29A, 1/F., 98 Hengfu Road, Yuexiu District, Guangzhou City,
Guangdong Province, China.
[Legal Representative: Mr.
Priyank Mangilal Bafna]
BUSINESS REGISTRATION NUMBER
31114850-001-06
ESTABLISHMENT
19th October, 2000.
MANAGEMENT
Manager: Mr. Mangilal Khemchand
Bafna
SOLE OWNER
Amkay Co. Ltd., Hong Kong. (See
attachment)
HISTORY
The subject was established on 19th October, 2000 as a sole ownership firm
with Amkay Co. Ltd. as the proprietor under the Hong Kong Business Registration
Regulations.
At the very beginning the subject was located at Room A, 7/F., Shing Lee
Commercial Building, 6-12 Wing Kut Street, Central, Hong Kong, moved to Room A,
3/F. of the same building in April 2004; to Room A, 11/F., Gold Shine Tower,
346-348 Queen’s Road Central, Sheung Wan, Hong Kong in February 2006; to Room
C, 9/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong in
November 2006; to 20/F., Champion Building, 287-291 Des Voeux Road Central,
Sheung Wan, Hong Kong where was the operating office of a commercial service
provider Akin Professionals Ltd. in March, 2009 and moved to the present
address with effect from 2nd July, 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
GENERAL
M. M. International is owned and operated by Amkay Co. Ltd. [Amkay]
which is a Hong Kong-registered company located at the same address. The manager of the subject Mangilal Khemchand
Bafna is an India merchant.
The subject’s registered office is in a business centre located at Unit
1-N, 12/F., Century Centre, 44-46 Hung To Road, Kwun Tong, Kowloon,
Hong Kong which is handling its correspondences and documents. The subject usually does not have any
employees in the business centre where it has rented a booth.
We can reach nobody at your given Hong Kong phone number 852‑2723 2724
as this line is no longer in service.
The subject is engaged in the same lines of business as Amkay.
Having issued 500,000 ordinary shares, Amkay is wholly owned by Mangilal
Khemchand Bafna. The directors of the
subject are Mangilal Khemchand Bafna and Kalpesh Meghraj Bheemanee. The latter is also an India merchant. Both are India passport holders and do not
have the right to reside in Hong Kong permanently.
To our knowledge, Amkay has had a representative office in Yiwu City,
Zhejiang Province, China. The
representative of the Yiwu Office is Kalpesh Meghraj Bheemanee. The legal representative of the Office is
Priyank Mangilal Bafna.
The Yiwu Office was approved by Yiwu City Government on 19th June, 2013.
Besides the Yiwu Office, Amkay has another office in Guangzhou City,
Guangdong Province, China.
The Yiwu Office and Guangzhou Office have registered with Chinese
Government respectively.
The subject and Amkay are trading in the following commodities:
garments, stationery, umbrella, shoes, toys, electronic products, electric
appliances, sundry products, agricultural products and foodstuffs, computers
and related products.
Commodities are sourced from the suppliers of Yiwu City and Guangdong
Province of China. Prime market is
India. The buying terms are 10% deposit
and the balance 90% will be paid in a month after shipment.
According to Yiwu City Government, the Yiwu City Office of Amkay ships
eight containers of goods to foreign markets monthly.
The Yiwu City Office rents its office from 1st May, 2011 to 1st May,
2015. Rentals are paid in yearly.
It seems that Amkay also has set up another office in Chaozhou City,
Guangdong Province, China.
The subject’s business in Hong Kong is not active. History in Hong Kong is about 14 years.
On the whole consider it good for business engagements on L/C basis or
in very small credit amounts.
Company name and address
AMKAY CO. LTD.
ADDRESS: 20/F., Champion Building,
287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
BUSINESS REGISTRATION NUMBER
31114850
COMPANY FILE NUMBER
0719569
DATE OF INCORPORATION
9th June, 2000.
ISSUED CAPITAL
HK$500,000.00
SHAREHOLDER
(As per registry dated 09-06-2014)
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Name |
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No. of shares |
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Mangilal Khemchand BAFNA |
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500,000 ====== |
DIRECTORS
(As per registry dated 09-06-2014)
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Name (Nationality) |
Address |
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Priyank Mangilal BAFNA |
B/1001. Praatiksha Towers, R S Nimkar Marg., |
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Kalpesh Meghraj BHEEMANEE |
Navjivan Society Building 9, 4/Floor, Flat No. 22 Dr. D . B. Marg,
Mumbai-India. |
SECRETARY
(As per registry dated 09-06-2014)
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Name |
Address |
Co. No. |
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Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
REMARKS
It was originally registered under the name of Jumbo Profit Trading Ltd,
name changed to M. M. Watch Industries Ltd. on 26th July, 2000; and further to
the present style on 5th September, 2006.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.92 |
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UK Pound |
1 |
Rs.98.66 |
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Euro |
1 |
Rs.78.34 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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.