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Report No. : |
324206 |
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Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
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Name : |
ATM TRADE INTERNATIONAL LTD. |
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Registered Office : |
C/o Midnight Sun (HK) Ltd., Room 1001, 10/F., Kwong Fat Commercial Building, 582-588 Canton Road, Yaumatei, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.02.2009 |
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Com. Reg. No.: |
50266595 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is
trading in the following commodities:- Building hardware, Furniture & Furniture Hardware Fittings;
Sanitary wares, Tiles, Marble stones, Bath fittings, Bags, Shoes,
Watches, Mobile & Mobile accessories,
LCD TV, LCD Monitor, Laptop, Computer, Gift items & other small
commodities, |
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No. of Employees : |
No employees in Hong Kong It is to
be noted that the company does not have its own operating office in Hong Kong.
The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 |
HONGKONG - 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.
|
Source
: CIA |
ATM TRADE
INTERNATIONAL LTD.
Registered Office:-
C/o Midnight Sun (HK) Ltd.
Room 1001, 10/F., Kwong Fat Commercial Building, 582-588
Canton Road, Yaumatei, Kowloon, Hong Kong.
[Phone: 2783 7456;
Fax: 2783 7457;
E-mail: Monju@Midnightsungroup.com ]
Associated
Companies:-
ATM Technology (BD) Ltd., Bangladesh.
Tofazzal Trading, Bangladesh.
Tumpa Moni Trade Syndicate, Bangladesh.
50266595
1305573
9th February, 2009.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000
shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 09-02-2014)
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Name |
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No. of shares |
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Tofazzal ISLAM |
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10,000 |
(As per registry
dated 09-02-2014)
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Name (Nationality) |
Address |
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Tofazzal ISLAM |
138, Raza Bazar, Tejgaon, Dhaka-1215, Bangladesh. |
(As per registry dated
09-02-2014)
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Name |
Address |
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Monju AHMED |
Flat B, 6/F., Lee Loy Mansion, 332-338 Canton Road,
Yaumatei, Kowloon, Hong Kong. |
ATM Trade
International Ltd. was incorporated on 9th February, 2009 as a private limited liability
company under the Hong Kong Companies Ordinance.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at ‘Room 1001, 10/F.,
Kwong Fat Commercial Building, 582-588 Canton Road, Yaumatei, Kowloon,
Hong Kong’ known as ‘Midnight Sun (HK) Ltd.’ which is handling its
correspondences and documents.
The subject has no
employees in Hong Kong.
According to the
Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares
of HK$1.00 each which are wholly-owned by Mr. Tofazzal ISLAM who is a
Bangladesh merchant. He is a Bangladesh
passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the
subject. His registered address is in
Dhaka, Bangladesh.
The subject is
trading in the following commodities:-
Building hardware,
Furniture & Furniture Hardware Fittings; Sanitary wares, Tiles, Marble
stones, Bath fittings, Bags, Shoes, Watches, Mobile & Mobile
accessories, LCD TV, LCD Monitor,
Laptop, Computer, Gift items & other small commodities.
Most of the products
bear the brand name of ATM.
Commodities are
sourced from China, other Asian countries, etc.
Prime markets are Asian countries and Bangladesh.
Besides, the subject
is an experienced industrial project’s service provider such as major
generation power plants, equipment to include project design, construction,
operation and maintenance. Solar power
projects, Mini Cement plants, Tiles projects, etc.
The subject has had associated
companies in Bangladesh which are also operated by Tofazzal ISLAM.
According to the
subject, it has had over 2,000 suppliers in Asia while most of them are in
China. It is able to provide customers
with about 10,000 kinds of household products at ‘factory price’.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over five years and eight months.
Since the subject
does not have its own operating office and has no employees in Hong Kong,
consider it good for business engagements on L/C basis.
NOTE:
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.67 |
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Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Report Prepared by
: |
TPT |
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.