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Report No. : |
318230 |
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Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
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Name : |
S.S. HONG KONG LTD. |
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Registered Office : |
Flat D, 3/F., Lyton Building, 36-38 Mody Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
07.11.2012 |
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Com. Reg. No.: |
60582583 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is a diamond importer, exporter and wholesaler. It is
trading in loose, polished and cut diamonds. |
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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 |
|
|
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 : |
Business is Under Development |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
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 - 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 |
·
The subject is not located at your “Unit 1403,
14/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.”
·
Located at this address is a company known as S.S.
Diam (H.K.) Ltd. which has nothing to do with the subject.
S.S. HONG KONG LTD.
Registered
Office:-
Flat D, 3/F., Lyton Building, 36-38 Mody Road, Tsimshatsui, Kowloon,
Hong Kong.
60582583
1822368
7th November, 2012.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 07-11-2012)
|
Name |
|
No. of share |
|
Jaychandran Karunakaran PANIKAR |
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1 = |
(As per registry dated 07-11-2012)
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Name (Nationality) |
Address |
|
Jaychandran Karunakaran PANIKAR [Resigned on 04-02-2014] |
Flat 1405, 14/F., Liu Fat Building, 115-119 Queen’s Road West, Sheung
Wan, Hong Kong. |
(As per registry dated 07-11-2012)
|
Name |
Address |
Co. No. |
|
Gurung & Shum Business Solutions Ltd. |
Room 406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong. |
1348317 |
The subject was incorporated on 7th November, 2012 as a private limited liability
company under the Hong Kong Companies Ordinance.
The subject did not submit its annual return to the Companies Registry
on time in 2013.
The director of the subject Jaychandran Karunakaran Panikar resigned on
4th February, 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued just one ordinary share of HK$1.00, S. S. Hong Kong Ltd.
is wholly owned by Mr. Jaychandran Karunakaran Panikar. He is a Hong Kong ID holder and has got the
right to reside in Hong Kong permanently.
He was also the only director of the subject, however, he resigned on
4th February, 2014. So far, new director
of the subject has not been appointed.
The subject’s registered address is located at ‘Flat D, 3/F., Lyton
Building, 36-38 Mody Road, Tsimshatsui, Kowloon, Hong Kong’ where is in a
residential building. The residential
building is not trespassed by outsiders.
The subject’s telephone number and fax number have not registered with
local telephone company nor listed on telephone directories.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds.
The business of the subject is still under development.
It is abnormal for the resignation of an old director in a limited
company without appointing a new one.
The business of the subject may be still handled by Mr. Jaychandran
Karunakaran Panikar himself. History in
Hong Kong is just over two years and five months.
On the whole, since the history of the subject is short in Hong Kong and
its director has resigned, consider it good for normal credit requirements on
L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.19 |
|
|
1 |
Rs.94.94 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
TPT |
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.