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Report No. : |
325666 |
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Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
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Name : |
MIRPUR STORE |
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Registered Office : |
G/F, 6B, Tak Po Building, 24 Tai Pei Square, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.02.2002 |
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Com. Reg. No.: |
32384911-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is importing, wholesaling and retailing the following
commodities: India foodstuffs, India native produce, Pakistan foodstuffs and
native produce, Pakistan sundry products. |
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No. of Employees : |
3 |
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) |
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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 |
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.
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Source
: CIA |
MIRPUR STORE
ADDRESS: G/F, 6B, Tak Po Building, 24 Tai Pei Square, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2149 6826, 3520 4554
FAX: 852-2194 6959
E-MAIL: mirpurstore@live.com
MANAGEMENT:
Manager: Mr. Ansar Khan
Establishment: 12th February, 2002.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Grocery.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
G/F, 6B, Tak Po Building, 24 Tai Pei Square, Tsuen Wan, New Territories, Hong Kong.
Branch Office:-
A K Supermarket
G/F, 11, Yi Pei Square,
Tsuen Wan, New Territories, Hong Kong.
[Business ceased on 30th April, 2013]
32384911-000-02
Manager: Mr. Ansar Khan
(Mobile: 852-9283 4683)
Name: Mr. Ansar KHAN
Residential Address: Flat 1, R/F., Block B, Foo Yu Building, 269 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
The subject was established on 12th February, 2002 as a sole proprietorship concern owned by Mr. Ansar Khan under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Grocery.
Lines: Indian foodstuffs, Indian and Pakistan Products
Employees: 3.
Commodities Imported: India, Pakistan
Markets: Hong Kong
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T
The Pakistan Association of Hong Kong Ltd., Hong Kong.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory 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.
Mirpur Store is a sole proprietorship set up and owned by Mr. Ansar Khan who is a Pakistani. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also manager of the subject. He can be reached at his Hong Kong mobile phone number 852-9283 4683.
The subject is a grocery. It claims to be a “General Merchant & Provision Dealer”. It is a grocery.
Business commenced in February 2002, the subject is importing, wholesaling and retailing the following commodities: India foodstuffs, India native produce, Pakistan foodstuffs and native produce, Pakistan sundry products
The subject has had a number of regular suppliers in India and Pakistan. It also has developed a number of customers in Hong Kong while some of them are restaurants, supermarkets. The subject also serves walk-in customers. The subject’s registered address is also a retailing outlet.
The subject set up a branch company known as A K Supermarket located at “G/F, 11, Yi Pei Square, Tsuen Wan, New Territories, Hong Kong” on 1st May, 2012. However, this retailing outlet ceased business formally on 30th April, 2013.
The subject is a member of The Pakistan Association of Hong Kong Ltd. which is an association in Hong Kong.
The subject has been named as a ‘Friendly Enterprise’ in Hong Kong.
The subject’s business is chiefly handled by Ansar Khan himself. History in Hong Kong is over thirteen years and three months.
On the whole, consider the subject good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.90 |
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|
1 |
Rs.97.97 |
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Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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 |
-- |
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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.