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Report No. : |
342475 |
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Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
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Name : |
JAMES WONG & COMPANY |
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Registered Office : |
Flat 12, 5/F., Kowloon Plaza, 485 Castle Peak Road, Lai Chi Kok,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.02.1989 |
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Com. Reg. No.: |
12541406-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Wholesaler and Re-exporter of All kinds of leather, leather materials |
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No. of Employee : |
4. |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 largestTRADING 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
JAMES WONG & COMPANY
ADDRESS: Flat 12, 5/F.,
Kowloon Plaza, 485 Castle Peak Road, Lai Chi Kok, Kowloon,
Hong Kong.
PHONE: 852-2310 9328
FAX: 852-2310 9596
E-MAIL: jameswon@hkstar.com
MANAGEMENT:
Manager: Mr. Wong Yiu Tong,
James
Establishment: 15th February,
1989.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Finished
Leather Trader.
Employees: 4.
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat 12, 5/F., Kowloon Plaza, 485 Castle Peak Road, Lai Chi Kok,
Kowloon, Hong Kong.
12541406-000-02
Manager: Mr. Wong Yiu Tong, James
Name: Mr. WONG Yiu Tong
Residential Address: Flat B,
9/F., Tak Sun Building, 442 Ma Tau Wai Road, Kowloon, Hong Kong.
The subject was established on 15th February, 1989 as a sole
proprietorship concern owned by Mr. Wong Yiu Tong under the Hong Kong Business
Registration Regulations.
Originally the subject was registered under the name of James Wong &
Associates, name changed to the present style in July 1990.
Initially the subject was located at Flat C, 18/F., Hung Cheong
Commercial Building, 193 Des Voeux Road West, Hong Kong, moved to Room 1701,
17/F., Wu Sang House, 655 Nathan Road, Mongkok, Kowloon, Hong Kong in May 1989,
to 7/F., Jim’s Commercial Building, 102 Des Voeux Road Centeral, Hong Kong in
November 1989, to Room 901B, 9/F., Witty Commercial Building, 1A-11 Tung Choi
Street, Mongkok, Kowloon, Hong Kong in July 1990, and further to the
present location in April 1992.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Wholesaler and Re-exporter.
Lines: All kinds of
leather, leather materials
Employees: 4.
Commodities Imported: Imported from
Italy, India
Markets: Hong Kong, China
and other Asian countries.
Terms/Sales: CAD or as per
contracted.
Terms/Buying: L/C, D/P, T/T
Capital: Not disclosed.
Profit or Loss: Made small profits
in the past years.
Condition: Keeping in a
normal state.
Facilities: Making rather
active use of general banking facilities.
Payment: Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing: Small.
James Wong & Company is a sole proprietorship concern set up and
owned by Mr. James Wong Yiu Tong who is a Hong Kong merchant. Formerly the subject was known as James Wong
& Associates which was a trade consultant, name to the present style and
began trading in leather in July 1990.
James Wong Yiu Tong is also manager of the subject.
The subject is the Hong Kong agent of Conti Conceria S.p.A. which is an
Italy-based company. Conti Conceria
S.p.A. is a leather provider. It has
been in the leather trade for over 80 years and has been the largest and
qualified producer of skiver (sheep grains).
This firm is specialised in tanning and finishing of all
kinds of leather. It handles the
following products:-
Cow hides for leathergoods;
PU water based cow split – can be labelled real leather; &
Skivers for garment, leather goods and footwear, lamb for garment.
The subject is wholesaling the above-mentioned leather in Hong Kong and
re‑exporting to China and the other Asian countries. It also imports printed dry milled leather,
cow waxy nappa from Calcutta or Chennai of India. In recent years, India has become its main
supplying country.
Most of its customers are garment, leather goods and footwear
manufacturers in China and the other Asian countries.
The subject’s business is rather steady as regular suppliers and
customers have been maintained. It has
had its affiliated factory in Guangdong Province, China. Its affiliated factory is engaged in leather
processing and distributing finished products in China.
The subject’s business is mainly handled by James Wong himself.
On the whole, having a history of over twenty-six years and seven months
in Hong Kong, the subject is considered good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.08 |
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|
1 |
Rs.100.32 |
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Euro |
1 |
Rs73.81. |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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.