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Report No. : |
328108 |
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Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
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Name : |
WINDIAM TRADING CO. |
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Registered Office : |
Flat A, 8/F., Ashley Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
19.01.2006 |
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Com. Reg. No.: |
36383278-000-01 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds |
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No. of Employees : |
02 |
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 : |
Small Company |
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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) |
|
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% 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.
|
Source
: CIA |
WINDIAM TRADING CO.
ADDRESS: Flat A, 8/F., Ashley
Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-5182 5254
FAX: 852-2369 3336
MANAGEMENT:
Manager: Mr. Ritesh Kailesh Chauhan
Establishment: 19th January, 2006.
Organization: Sole Proprietorship.
Capital: Not
disclosed.
Business Category: Diamond
Trader.
Employees: 2.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WINDIAM TRADING CO.
Head Office:-
Flat A, 8/F., Ashley Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon,
Hong Kong.
36383278-000-01
Manager: Mr. Ritesh Kailesh
Chauhan
Name: Ritesh Kailesh CHAUHAN
Residential Address: 602 Ramjharukha
Building, Plot 116, Sector I, Charkop Kandivali (W), Mumbai-67, India.
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 |
--- |
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 the present address in May 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds.
Employees: 2.
Commodities Imported:India, Belgium, other European countries.
Markets: Hong
Kong, Southeast Asia, Belgium, other European countries, Scandinavia.
Terms/Sales: L/C, T/T.
Terms/Buying: L/C, T/T, D/P.
Capital: Not disclosed.
Profit or Loss: Making
a very small profit in the past years.
Condition: Keeping in a normal
condition.
Facilities: Making
use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hong Kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Windiam Trading Co. is a sole proprietorship set up and owned by Mr.
Ritesh Kailesh Chauhan who is an Indian.
He is an India passport holder and does not have the right to reside in
Hong Kong permanently. He joined in the
subject in April 2008.
The subject’s registered address is located at Flat A, 8/F., Ashley
Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon, Hong Kong. This office is not in a commercial building
but a residential building. This is also
the residential address of R K Chauhan.
The subject is a loose, cut and polished diamond importer, exporter and
wholesaler. Products are chiefly
imported from India, Thailand, Belgium, etc.
Polished and cut diamonds are marketed in Hong Kong, China and exported
to the other Asian countries, the United States, Belgium, other European
countries, etc. Business is normal.
The subject’s business is chiefly handled by Chauhan himself. Formerly the subject had got a Chinese
partner Mr. Ye Yongfeng who retired on 13th May, 2008. The Chinese partner resided in Guangzhou
City, Guangdong Province, China. Now,
the subject is also selling its commodities to its China old partner in
Guangzhou, Guangdong Province, China.
Another old partner of the subject Mr. Nilesh Manharlal Chauhan
[N. M. Chauhan] and Mr. Sanket Bharat Shah set up a partnership HK
Export which was established on 7th March, 2006. Located at a different address, HK Export is
also a diamond trader. N. M. Chauhan’s
partner S. B. Shah is also an Indian.
R K Chauhan was the old partner of Fab Crystal which was established on
29th June, 2010. He retired from
Fab Crystal on 16th July, 2010 and has put emphasis on his own business since
then.
The history of the subject in Hong Kong is over nine years and three
months. A number of regular suppliers
and customers have been maintained. It
has had sufficient working capital to support current operating level.
Since the registered office of the subject is in a residential building,
on the whole, consider it good for normal business engagements in moderate
credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
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|
1 |
Rs.101.26 |
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Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
TPT |
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 |
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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.