MIRA INFORM REPORT

 

 

Report No. :

352652

Report Date :

10.12.2015

 

IDENTIFICATION DETAILS

 

Name :

WINDIAM TRADING CO.

 

 

Registered Office :

Flat A, 8/F., Ashley Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

19.01.2006

 

 

Com. Reg. No.:

36383278-000-01

 

 

Legal Form :

Sole proprietorship concern

 

 

Line of Business :

The subject was a loose, cut and polished diamond importer, exporter and wholesaler

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Ceased

 

 

Payment Behaviour :

--

 

 

Litigation :

--

 

 

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

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

Company name and ADDRESS

 

WINDIAM  TRADING  CO.

 

Head Office:-

Flat A, 8/F., Ashley Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

 36383278-000-01

 

 

MANAGEMENT

 

Manager:  Mr. Ritesh Kailesh Chauhan

 

 

SOLE PROPRIETOR

 

Name:                           Ritesh Kailesh CHAUHAN

Residential Address:      602 Ramjharukha Building, Plot 116, Sector I, Charkop Kandivali (W), Mumbai-67, India.

 

 

HISTORY

 

The subject was established on 19th January, 2006 as a sole proprietorship concern owned by Mr. Nilesh Manharlal Chauhan under the Hong Kong Business Registration Regulations.

The following table shows the changes of the partners:-

Name

Incoming Date

Outgoing Date

Nilesh Manharlal CHAUHAN

19-01-2006

08-04-2006

YE Yongfeng

15-02-2006

13-05-2008

Ritesh Kailesh CHAUHAN

23-04-2008

01-07-2015

 

At the very beginning, the subject was located at Flat H, 13/F., Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to Room 2303, 23/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong in February 2006; and further moved to Flat A, 8/F., Ashley Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon, Hong Kong in May 2008.

The subject ceased business formally on 1st July, 2015.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

GENERAL

 

Please be advised that Windiam Trading Co. has ceased business since 1 July, 2015.

The subject was a sole proprietorship set up and owned by Mr. Ritesh Kailesh Chauhan who was an Indian.  He was an India passport holder.  He joined in the subject in April 2008.

Before cassation, the subject’s registered address was located at Flat A, 8/F., Ashley Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon, Hong Kong.  This office was not in a commercial building but a residential building.  This was also the residential address of R K Chauhan.

The subject was a loose, cut and polished diamond importer, exporter and wholesaler.  Products were chiefly imported from India, Thailand, Belgium.  Polished and cut diamonds were marketed in Hong Kong, China and exported to the other Asian countries, the United States, Belgium, other European countries.

The subject’s business was chiefly handled by Chauhan himself.  Formerly the subject had got a Chinese partner Mr. Ye Yongfeng who outwent on 13th May, 2008.  The Chinese partner had resided in Guangzhou City, Guangdong Province, China.

The history of the subject in Hong Kong was about nine years and five months.

Since the subject has ceased business, consider it not suitable for any business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.100.29

Euro

1

Rs.72.89

HKD

1

Rs.8.63

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TRU

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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%)

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