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Report No. : |
351600 |
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Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
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Name : |
HU-TU TELECOM LTD. |
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Registered Office : |
c/o Buttar.HK Ltd. Unit H, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
01.09.2010 |
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Com. Reg. No.: |
52893134 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Subject is a mobile phone trader. It also trades in accessories of mobile phone such as batteries. |
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No. of Employee : |
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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong. |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
HU-TU TELECOM LTD.
Registered Head Office:-
c/o Buttar.HK Ltd.
Unit H, 1/F., Mau
Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
Associated Company:-
Telecom Link Ltd.,
Hong Kong. (Same address)
52893134
1500064
1st September,
2010.
Managing
Director: Mr. Kamal Kumar
HK$10,000.00
(As per registry
dated 01-09-2013)
|
Name |
|
No. of shares |
|
Kamal KUMAR |
|
10,000 ===== |
(As per registry
dated 01-09-2013)
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Name (Nationality) |
Address |
|
Kamal KUMAR |
WZB 57 A Krishna
Park Ext. Street, No. 11 Tilak Nagar, New Delhi 110018, India. |
|
Kishor AHUJA |
S-1/174 Section
1, Old Mahavia Nagar, Tilak Nagar, Delhi 110018, India. |
(As per registry
dated 01-09-2013)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam
Commercial Building, |
0975326 |
The subject was
incorporated on 1st September, 2010 as a private limited liability company
under the Hong Kong Companies Ordinance.
The subject did not
renew its Office of the Communications Authority [OFCA] in early 2015.
Formerly, the
subject’s registered office is in a commercial service firm located at ‘Unit H,
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong
Kong’ known as ‘Buttar.HK Ltd.’, it moved to the present address in late 2015
as it has changed its commercial service provider since then.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Having issued
10,000 ordinary shares of HK$1.00 each, Hu-Tu Telecom Ltd. is wholly owned by
Mr. Kamal Kumar who is an India merchant.
He is an India passport holder and does not have the right to reside in
Hong Kong permanently. He is also one of
the directors of the subject. The other
director is Mr. Kishor Ahuja.
The subject does
not have its own operating office. Its
registered office is in a secretarial company located at ‘Unit G, 10/F., Tack
Building, 48 Gilman Street, Central,, Hong Kong’ known as Global Associates Ltd.
[GAL] which is handling its correspondences and documents. ‘Unit G’ is the file number of the subject in
GAL.
The subject is a
mobile phone trader. It also trades in
accessories of mobile phone such as batteries.
Most of the products are sourced from China. Prime markets are India and the other Asian
countries, etc.
The subject had
registered with the Office of the Communications Authority [OFCA], The
Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer
(Unrestricted) Licensee. It bore the
licence No. of RU00142656-RU. However,
the name of the subject has not been found in the latest list issued by the
Hong Kong SAR Government.
The other director
of the subject Kishor Ahuja is also the shareholder of another firm known as
Telecom Link Ltd. [Telecom Link] which is located at the office of another
secretarial company known as Buttar.HK Ltd.
Telecom Link had
registered with the Office of the Communications Authority [OFCA], The
Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer
(Unrestricted) Licensee. It bore the
licence No. of RU00140866-RU. However,
the name of Telecom Link has not been found in the latest list issued by the
Hong Kong SAR Government.
The subject and
Telecom Link are trading in all kinds of mobile phones and accessories. They are carrying GSM/PCS mobile phones and
accessories chiefly sourced from Shenzhen Special Economic Zone, China.
The subject’s
business in Hong Kong is not active.
History is over five years and three months.
On the whole, since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.81 |
|
|
1 |
Rs.100.37 |
|
Euro |
1 |
Rs.70.68 |
|
HKD |
1 |
Rs.8.58 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
ANK |
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 |
|
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 |
-- |
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.