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Report No. : |
308677 |
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Report Date : |
04.03.2015 |
IDENTIFICATION DETAILS
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Name : |
HB TRADING COMPANY |
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Registered Office : |
Room B, 2/F., Stage 2, Kwun Tong Industrial Centre, 460-470 Kwun Tong Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.07.2010 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of Garment accessories such as lace, lace trimming, carpets, garments, textile products. |
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No. of Employee : |
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
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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 |
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 34.9 million in 2012, 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 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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.
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Source
: CIA |
HB TRADING COMPANY
Room B, 2/F., Stage 2, Kwun Tong Industrial Centre, 460-470 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2646 5611
Manager: Mr. Mohammad Abdus Shahid
Establishment: 15th July, 2010.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory
Head Office:- Room B, 2/F., Stage 2, Kwun Tong Industrial Centre, 460-470 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.
52679415-000-07
Manager: Mr. Mohammad Abdus Shahid
(Hong Kong mobile phone No.: 852-6114 2993)
Name: Mr. Mohammad Abdus SHAHID
Residential Address : Flat 3, 2/F., Block B, Green Wood Garden, 7-11 Sha Kok Street, Shatin, New
Territories, Hong Kong.
The subject was established on 15th July, 2010 as a sole proprietorship concern owned by Mr. Mohammad Abdus Shahid under the Hong Kong Business Registration Regulations.
Formerly the subject was located at Room C, 2/F., Stage 1, Kwun Tong Industrial Centre, 460-470 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong, moved to Room K, 7/F., Stage 3, of the same building in September 2013, moved to Room G, 7/F., Stage 2, of the same building in January 2014, and further to the present address in December 2014.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Garment accessories such as lace, lace trimming, carpets, garments, textile products.
Employees: 3.
Commodities Imported: China, other Asian countries
Markets: India, Pakistan, other Asian countries
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P,
Capital: Not disclosed.
Profit or Loss: Made small profits in 2013 & 2014.
Condition: Keeping in a normal 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.
HB Trading is a sole proprietorship set up and owned by Mr. Mohammad Abdus Shahid. He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently. He is also manager of the subject.
Shahid has been in Hong Kong for a very long time as he has got his Hong Kong ID before setting up the subject.
The subject is trading in the following products: Garment accessories such as lace, lace trimmings, embroidery sequin lace, Velvet sticker trimming, Spangle embroidery fabrics, carpets, garments, textile products,
Most of the commodities are sourced from China. Prime markets are India and the other Asian countries.
The subject’s business is chiefly handled by Mohammad Abdus Shahid himself. He can be reached at his Hong Kong mobile phone number 852‑6114 2993. Business is normal.
As the history of the subject is over four years and seven months in Hong Kong, on the whole, consider it good for normal credit requirements 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.61.85 |
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1 |
Rs.94.96 |
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Euro |
1 |
Rs.69.10 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared by
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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.