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Report No. : |
325670 |
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Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
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Name : |
SHEEKHA TRADING COMPANY |
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Registered Office : |
Shop No. 71, 1/F., Mirador Mansion, 58 Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.01.2005 |
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Com. Reg. No.: |
35301069-000-01 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Wholesaler and Retailer of All kinds of Indian foodstuffs, gourmets, accessories |
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No of Employees : |
2 |
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
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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 |
SHEEKHA TRADING
COMPANY
ADDRESS: Shop No. 71, 1/F., Mirador
Mansion, 58 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2721 1144
Manager: Mr. Jagjit Singh
Establishment: 26th January, 2005.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer,
Wholesaler and Retailer.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SHEEKHA TRADING
COMPANY
Head Office & Retailing Outlet:-
Shop No. 71, 1/F., Mirador Mansion, 58 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
35301069-000-01
Manager: Mr. Jagjit Singh
Name: Mr. Jagjit SINGH
Residential Address: A-13,
7/F., Mriador Mansion, 58-61 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 26th January, 2005 as a sole
proprietorship concern owned by Mr. Jagjit Singh under the Hong Kong Business
Registration Regulations.
Formerly the subject was located at Flat I, 1/F., Star Mansion, 3-5
Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Shop No. 60, 1/F., Mirador
Mansion, 58 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in March 2005 and
further to the present address in November 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Wholesaler and Retailer.
Lines: All
kinds of Indian foodstuffs, gourmets, accessories, etc.
Employees: 2.
Commodities Imported: India,
etc.
Market: Hong Kong.
Terms/Sales: COD or as per
contracted.
Terms/Buying: Various terms.
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 required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Sheekha Trading Company is a sole proprietorship set up and owned by
Mr. Jagjit Singh who is an Indian.
He is an India passport holder.
Business commenced in January 2005, the subject is an importer,
wholesaler and retailer. It is trading
in the following commodities: Indian foodstuffs, Indian gourmets, accessories,
etc.
All the commodities are imported from India. The subject is an Indian Grocery store.
The subject’s registered address is also a retailing outlet. Its products are sold to local Indian
restaurants, Indian Clubs and local walk-in customers.
The subject’s business is chiefly handled by Jagjit Singh himself. The contact person is Mr. Raju who is also an
Indian.
The subject now is a regular supplier of an Indian restaurant operated
by a Nepalese Mr. Byran. The restaurant
is in Kowloon City, Kowloon, Hong Kong.
The history of the subject in Hong Kong is over ten years and four
months. Business is satisfactory.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 63.89 |
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|
1 |
Rs. 97.97 |
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Euro |
1 |
Rs. 71.81 |
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.