MIRA INFORM REPORT
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Report No. : |
318107 |
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Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
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Name : |
SOURCE WELL INTERNATIONAL LIMITED |
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Registered Office : |
Room 1201, Lap Fai Building 6-8 Pottinger Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
07-04-1995 |
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Com. Reg. No.: |
19054030 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in trading of diamond according to the supplied
name, but which is not confirmed by the subject. |
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No of Employees : |
Not Available |
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 : |
Moderate |
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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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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 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.
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Source
: CIA |
Contact
Points
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Company Name (in Chinese): |
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Company Name (in English): |
Source Well International Limited |
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Supplied Name: |
Sourcewell International Ltd |
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Trading Address: |
Room 1201, Lap Fai Building 6-8 Pottinger
Street, Central, Hong Kong |
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Supplied Address: |
Room No 1201, Lap Fai Building 6-8 Pottinger
Street, Central |
Note: The exact name and address are as above.
Credit
Summary
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Credit Opinion: |
In view of the absence
of information about subject’s operation status, caution should be exercised. |
Special
Note
We found two telephone numbers from public
files according to the supplied name. One is +852-3128-7666, another is
+852-31029119;
We dialed +852-3128-7666 and a lady answered
it. She introduced that her company’s name is Source Well Co. Ltd. and operation address
is “Block A, 8/F, Wah Hing Industrial Mansion, 36 Tai Yau Street, San Po Kong,
Kowloon, Hong Kong”. But she does not know any operation or contact information
about the subject.
Then we tried to contact the subject through another telephone number
+852-31029119 for several times in different time, but no one answered it.
We visited the supplied address (also the registered address) and found
the subject located on it. We tried to knock the door but no one answered it.
From public files, we found the subject is engaged in trading of diamond
according to the supplied name, but which is not confirmed by the subject.
Update to date of reporting, we failed to get in touch with the subject.
If you can supply further information such as current telephone number, we’d
like to have the investigation resumed.
We found subject’s registration information as follows for reference.
Company
Identification Details
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Registered Name: |
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Registered Address: |
Room 1201, Lap Fai Building 6-8
Pottinger Street, Central, Hong Kong |
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Date of Registration: |
1995-4-7 |
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Registered Number: |
510677 |
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Business Registration No.: |
19054030 |
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Paid-up Capital: |
HKD 2,000,000 (USD 258,000) = 2,000,000 Shares@ HKD 1 (As of 2015.4, 1 HKD = 0.129 USD) |
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Legal Form: |
Private Limited Liability Company |
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Principal Activities: |
N/A |
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Staff: |
N/A |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2014-4-17 |
Notes: Since we failed to
contact with the subject, the principal activities and staff number are not
available, and from other source we cannot obtain the information, either.
History
Subject was incorporated on 1995-4-7 with the registered number 510677 as
Private Limited Liability Company in Hong Kong.
Corporate
Structure
Subject did not register any subsidiaries or branches,
from other source we can not obtain the relevant information, either.
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
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Sham Lung Yat |
1,650,000 |
82.5% |
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Kwok Yin Ha |
350,000 |
17.5% |
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Total |
2,000,000 |
100% |
Major Shareholder
Information:
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1 |
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Name: |
Sham Lung Yat |
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Address: |
Flat A, 12/F., Block 1,
Scenecliff, 33 Conduit Road, Mid-levels, Hong Kong |
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2 |
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Name: |
Kwok Yin Ha |
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Address: |
Flat A, 12/F., Block 1,
Scenecliff, 33 conduit road, Mid-levels, Hong Kong |
Management
Information
Core
Management
Detailed
Information of Directors:
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1 |
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Name: |
Kwok Yin Ha |
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Address: |
Flat A, 12/F., Block 1,
Scenecliff, 33 conduit road, Mid-levels, Hong Kong |
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Position: |
Director |
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ID Number: |
P540241(0) |
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2 |
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Name: |
Sham Lung Yat |
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Address: |
Flat A, 12/F., Block 1,
Scenecliff, 33 Conduit Road, Mid-levels, Hong Kong |
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Position: |
Director & Secretary |
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Registered Number: |
A954803(6) |
Operation
Information
Offices
& Factories
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Office |
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Address: |
Room 1201, Lap
Fai Building 6-8 Pottinger Street, Central, Hong Kong |
Premises
Information
Office address:
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Address: |
Office A on 12/f Lap Fai Building Nos.6
& 8 Pottinger Street Hong Kong |
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Owners: |
HDL Investment Company Limited |
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Memorial Number: |
UB8524280 |
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Date of Instrument: |
2001-9-13 |
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Date of Registration: |
2001-10-31 |
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Consideration Value: |
HKD 30,900,000.00 (PT.) |
History
of Premises Owners’
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1 |
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Memorial No.: |
UB8533011 |
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Date of Instrument: |
2001-9-28 |
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Date of Registration: |
2001-11-13 |
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Nature: |
Rental Assignment |
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In Favor of: |
DBS Kwong On Bank Limited |
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Consideration: |
-- |
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2 |
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Memorial No.: |
UB8519176 |
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Date of Instrument: |
2001-9-28 |
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Date of Registration: |
2001-10-23 |
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Nature: |
Unlimited First Legal Charge To Secure Banking Facilities Remarks: by
HDL Investment Company Limited for consideration see memorial |
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In Favor of: |
DBS Kwong On Bank Limited |
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Consideration: |
- (PT.) |
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3 |
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Memorial No.: |
UB8506360 |
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Date of Instrument: |
2001-6-18 |
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Date of Registration: |
2001-10-6 |
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Nature: |
Sealed Copy of Order REMARKS: (in
H.C. Companies winding up No.643 of 1996) |
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In Favor of: |
Hwang Da-Lin "1st Petitioner"
Tai Lap Investment Company Limited "3rd
Respondent" |
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Consideration: |
-- |
Note: P.T means part of.
Operation
Information
From public files, we found the subject is engaged in trading of diamond according to the supplied name.
The major customers of the subject are manufacturers of jewelry and watch, etc.
Since we failed to contact the subject, the information as above is not confirmed by the subject.
Settlements
Since we failed to get in touch with subject, the settlement information is not available from any other sources.
Financial
Information
The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.
Since we failed to get in touch with subject, the relevant information is not available from any sources.
Bankers
Since we failed to get in touch with subject, the bank information is not available from any sources.
Public
Mortgage
Record
No mortgage record of subject was found.
Lawsuits
Up to now, no present or latent litigation of the subject has been found.
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High Court Action: |
Clear |
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High Court Baukufty Bankruptcy Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
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High Court Construction & Arbitration Proceedings: |
Clear |
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High Court Companies Winding-Up: |
Clear |
Attachment
Address: Room 1201, 12/F., Lap Fai Building, 6-8 Pottinger Street, Central, Hong Kong
Lap Fai Building,
6-8 Pottinger Street, Central, Hong Kong
Lap Fai Building,
6-8 Pottinger Street, Central, Hong Kong
12/F., Lap Fai Building, 6-8 Pottinger
Street, Central, Hong Kong
Room 1201, Lap Fai Building, 6-8 Pottinger Street,
Central, Hong Kong
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.61 |
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|
1 |
Rs. 96.55 |
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Euro |
1 |
Rs. 69.18 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
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 |
-- |
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.