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Report No. : |
318126 |
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Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
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Name : |
PENTA TRADES |
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Registered Office : |
Flat 6, 5/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
18.09.2001 |
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Com. Reg. No.: |
32073518-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Commission Agent of all kinds of Diamonds and
Jewellery Products, Emerald, Precious Stones. |
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No. of Employees : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hongkong |
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 |
HONGKONG - 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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy protests that
began in late September probably will have some adverse effects on economic
growth, particularly retail sales.
|
Source
: CIA |
PENTA
TRADES
ADDRESS: Flat
6, 5/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2724
4759
FAX: 852-2724
4766
Manager: Mr. Abdul Razzak M. I.
Hassan Riyash
Establishment: 18th September, 2001.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer,
Exporter, Commission Agent, etc.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat 6, 5/F., Star Mansion, 3-5 Minden Row, Tsimshatsui,
Kowloon, Hong Kong.
Associated Company:-
Orient HK, Hong Kong.
(Same owner and address)
32073518-000-09
Manager: Mr. Abdul Razzak M. I.
Hassan Riyash
Name: Mr. Abdul Razzak M. I.
HASSAN RIYASH
Residential Address: Flat
B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was
established on 18th September, 2001 as a sole proprietorship concern owned by
Mr. Abdul Razzak M. I. Hassan Riyash under the Hong Kong Business
Registration Regulations.
At the very
beginning, the subject was located at Flat B7, 11/F., Hankow Centre, 4A Ashley
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat C2, 6/F. of the same
building in July 2003; moved to Flat 8, 16/F., Star Mansion, 3-5 Minden Row,
Tsimshatsui, Kowloon, Hong Kong in November 2005; and further moved to
Room 6, 5/F. of the same building in October 2011.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter, Commission Agent.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones.
Employee: 1.
Commodities Imported: India,
European countries, other Asian countries, etc.
Markets: Japan,
Southeast Asia, Europe, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making
a very small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Penta Trades is a
sole proprietorship set up and owned by Mr. Abdul Razzak M. I. Hassan Riyash
who is an Indian. He is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently.
The subject’s
registered address is located at Flat 6, 5/F., Star Mansion, 3‑5 Minden
Row, Tsimshatsui, Kowloon, Hong Kong.
This office is not in a commercial building but a residential
building. This is the new residential
address of Hassan Riyash. He moved to
this address in October 2011.
Business commenced in
September 2001, the subject is a diamond importer, exporter and
wholesaler. It is trading in single-cut
diamond, fullcut loose diamond, carat size diamonds, etc. Most of the loose diamonds are polished and
cut in its affiliated factories in India.
Business commenced in
September 2001, the subject is also engaged in the following business scope
besides trading in diamonds:-
·
Remittance agent
·
Money exchanger
·
Commission agent
·
Importer, exporter and wholesaler of other
commodities as entrusted by customers
Diamond products and
jewellery are marketed in Hong Kong, and exported to Japan, Taiwan, China,
India and the other Asian countries.
The subject’s
business is chiefly handled by Hassan Riyash himself. Keeping a balance account or just making a
very small profit in most of the past years.
The subject has got
an associated company Orient HK located at its operating office. Established on 24th June, 2010, Orient HK is
a Hong Kong-registered firm also owned by Mr. Abdul Razzak M. I. Hassan
Riyash. Orient HK is also a diamond
trader.
The history of the
subject in Hong Kong is over thirteen years and seven months.
On the whole,
consider it good for business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.82 |
|
|
1 |
Rs.93.85 |
|
Euro |
1 |
Rs.67.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.