MIRA INFORM REPORT
|
Report No. : |
322447 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
WALASONS LIMITED |
|
|
|
|
Registered Office : |
Rm. 807, 8/F,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
01.08.2007 |
|
|
|
|
Com. Reg. No.: |
1154678 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Sale of Diamonds |
|
|
|
|
No of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 |
|
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% 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 |
Contact
Points
|
Company Name: |
Walasons Limited |
|
Supplied Name: |
WALASONS LTD |
|
Trading Address: |
Rm.806 and 807,
8/F, Hart Avenue Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong |
|
Supplied Address: |
ROMM 806, 8/F HART
AVENUE PLAZA, 5-9 HART AVENUE, TSIM SHA TSUI, KOWLOON, HONGKONG. |
Note: The exact
name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Rm. 807, 8/F, Hart Avenue Plaza,
5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong |
|
Telephone Number: |
+852-2311-5052 |
|
Fax Number: |
+852-2311-5053 |
|
Date of Registration: |
2007-8-1 |
|
Registered Number: |
1154678 |
|
Business Registration No.: |
38240773 |
|
Paid-up Capital: |
HKD 50,000 (USD 6,450) = 50,000 Shares@ HKD 1 (As of 2014.12, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
66729--Diamonds, non-industrial, otherwise worked, but not
mounted or set (cm) |
|
Principal Activities: |
Manufacturing and sale of diamonds, etc. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-8-1 |
Notes: Subject declined to disclose the number of staff, and from other source, we cannot obtain the
detail information.
History
Subject was incorporated on 2007-8-1 with the registered number 1154678 as Private Limited Liability Company in Hong Kong.
Corporate
Structure
Subject did not register any subsidiaries or branches, from other source we cannot obtain the relevant information, either.
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Katrodia
Pareshkumar Mansukhbhai |
500,000 |
100% |
|
Total |
500,000 |
100% |
Major Shareholder
Information:
|
Name: |
Katrodia
Pareshkumar Mansukhbhai |
|
Address: |
Flat C, 26F, Tower
4, The Greenwood of Laguna Verde Phase I, 8 Laguna Verde Avenue, Hunghom,
Kowloon, Hong Kong |
Management
Information
|
1
Core Management Detailed
Information of Directors: |
|
|
Name: |
Katrodia Pareshkumar Mansukhbhai |
|
Address: |
Flat C, 26F, Tower 4, The Greenwood of
Laguna Verde Phase I, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
R625022(9) |
|
2 |
|
|
Name: |
Lodestar Secretaries Limited |
|
Address: |
13F, Wah Kit Commercial Centre, 302 Des
Voeux Rd. Central, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
113023 |
Operation
Information
Offices &
Factories
|
|
Office |
|
Address: |
Rm. 806, 8/F, Hart Avenue Plaza, 5-9 Hart Avenue,
Tsim Sha Tsui, Kowloon, Hong Kong |
Premises
Information
Office address:
|
Address: |
Office No.6 On 8th Floor Hart Avenue Plaza
Nos.5, 5A, 7, 7A, 9 & 9A Hart Avenue Kowloon |
|
Owners: |
Broadrate Company Limited |
|
Memorial Number: |
UB4912226 |
|
Date of Instrument: |
1991-6-15 |
|
Date of Registration: |
1991-7-26 |
|
Consideration Value: |
-- |
History of
Premises Owners’
|
1 |
|
|
Memorial No.: |
UB5544624 |
|
Date of Instrument: |
1993-1-5 |
|
Date of Registration: |
1993-1-27 |
|
Nature: |
Declaration Of John Ho As To
Loss Of Title Deeds |
|
In Favor of: |
-- |
|
2 |
|
|
Memorial No.: |
UB5331445 |
|
Date of Instrument: |
1992-6-8 |
|
Date of Registration: |
1992-7-3 |
|
Nature: |
No-Objection Letter Re Kil 10579
Rp |
|
In Favor of: |
-- |
|
3 |
|
|
Memorial No.: |
UB5331444 |
|
Date of Instrument: |
1992-6-8 |
|
Date of Registration: |
1992-7-3 |
|
Nature: |
No-Objection Letter Re Kil 10524
Rp |
|
In Favor of: |
-- |
Production
Information
- Subject is engaged in manufacturing of diamonds, etc.
- It is introduced that subject has a factory in India for production, but we cannot obtain the detail information.
Purchase
Information
- It is introduced that subject’s raw materials for products are mainly purchased from India.
Sales Information
- Subject is engaged in sale of diamonds, etc.
- The major products of the subject are loose polished diamonds (0.80 mm to 7.00 mm), fine jewelry (earring, ring, pendant, etc.) and luxury watches, etc.
- The sales regions of the subject are domestic market, Japan, Korea, Southeast Asia, South America, Middle East, etc.
- Subject’s major customers are manufacturers of jewelry and watches, etc.
Settlements
Purchase
1.
Domestic
Purchase
Subject has little domestic market.
2. Import
|
Products |
Raw materials, etc. |
|
Payment Terms |
L/C, T/T, etc. |
1. Domestic Markets
|
Product |
Diamonds, etc. |
|
Selling Terms |
T/T, Cash, etc. |
2. Export
|
Product |
Diamonds, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Financial
Information
The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.
Bankers
Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.
Public
Mortgage Record
|
Company Name: |
Walasons Limited (“the Company”) |
|
Instrument of Creating Mortgage: |
Mortgage |
|
Date of Creating Mortgage: |
2014-2-19 |
|
Amount Secured: |
To secure general banking facilities to such
extent as the Lender may at its absolute discretion determine from time to time
granted or to be granted to the Company together with interest thereon. |
|
Name of Mortgagee: |
DBS Bank (Hong Kong) Limited (“the Lender”) |
|
Address of Mortgagee: |
11th Floor, The Center, 99 Queen’s Road
Central, Hong Kong |
|
Description of Property Mortgaged: |
All Those 1,673/2,201st parts or shares of
and in All Those 2,201/435,384m parts or shares of and in Section A of
Subsection 1 of Section F of Kowloon Marine Lot No.40, Section B of
Subsection 1 of Section F, of Kowloon Marine Lot No.40, The Remaining Portion
of Section G/of Kowloon Marine Lot No.40, Subsection 2 of Section F of
Kowloon Marine Lot No.40 and Subsection 3 of Section F of Kowloon Marine Lot
No.40 (Unit A1 on the 11st Floor of Summit Building (formerly known as Summit
Building), No.30 Man Yue Street and Nos.21 and 23 Tai Wan Road, Kowloon, Hong
Kong) |
Lawsuits
Up to now, no present or latent litigation of the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration
Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special
Note
Interview Details
|
Department: |
Sales Department |
Industry
Information
66729--Diamonds, non-industrial, otherwise worked, but not mounted or set (cm)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
96,110 |
728,817 |
662,210 |
4,475,744 |
|
Armenia |
-- |
-- |
461 |
1,049 |
|
Australia |
1,756 |
23,658 |
3,733 |
54,816 |
|
Belgium |
84,515 |
1,239,263 |
423,171 |
6,622,381 |
|
Canada |
476 |
2,771 |
2,771 |
48,195 |
|
Switzerland |
8,077 |
206,582 |
32,377 |
858,188 |
|
Germany |
709 |
2,321 |
12,087 |
20,158 |
|
Britain |
1,277 |
88,340 |
9,442 |
386,120 |
|
Israel |
65,772 |
1,433,655 |
360,130 |
8,238,886 |
|
India |
981,536 |
4,727,211 |
5,338,417 |
26,201,042 |
|
Malaysia |
3,860 |
18,103 |
19,791 |
137,275 |
|
USA |
129,016 |
1,115,405 |
703,068 |
6,169,441 |
|
The Mainland of China |
114,204 |
798,063 |
516,495 |
3,689,202 |
|
Exports |
||||
|
United Arab Emirates |
-- |
-- |
53 |
749 |
|
Israel |
-- |
-- |
50 |
24,803 |
|
-- |
-- |
3 |
116 |
|
|
Singapore |
-- |
-- |
17 |
208 |
|
Belgium |
13 |
4,441 |
249 |
67,929 |
|
Thailand |
-- |
-- |
251 |
732 |
|
USA |
33 |
924 |
465 |
35,419 |
|
The Mainland of China |
157 |
184 |
2,711 |
8,359 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.
Attachment
Address: Rm.806 and 807, 8/F, Hart Avenue Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong
8/F, Hart Avenue Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong
Rm.806, 8/F, Hart Avenue Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong
Rm.806 and 807, 8/F, Hart Avenue Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.