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MIRA INFORM REPORT
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Report No. : |
502489 |
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Report Date : |
13.04.2018 |
IDENTIFICATION DETAILS
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Name : |
ASIA GREEN AGENCY |
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Registered Office : |
C/O Admiralty Business
Centre, Room 503, 5/F., Tower 2, Lippo Centre, 89 Queensway, Admiralty |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.05.1994 |
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Com. Reg. No.: |
18106826-000-05 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Trader of all kinds of loose diamonds. |
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No. of Employees : |
1 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Small concern |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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 47.3 million in 2014, outnumbering visitors from all other countries combined. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source : CIA |
Note
We are not sure whether the subject is also located at your ‘Flat F,
7/F., Golden Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon, Hong Kong’
as this office is in a residential building which is not trespassed by
outsiders.
Company
name and addres
ASIA GREEN AGENCY
ADDRESS: c/o Admiralty Business Centre
Room
503, 5/F., Tower 2, Lippo Centre, 89 Queensway, Admiralty, Hong Kong.
PHONE: 852-2235 9000
FAX: 852-2865 4177
MANAGEMENT
Manager: Mr.
Shafi Syed Abdul Ghafur Ahmed
SUMMARY
Establishment: 17th
May, 1994.
Organization: Sole
Proprietorship.
Capital: Not
disclosed.
Business Category: Diamond Trader.
Employee: 1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Head Office:-
c/o Admiralty
Business Centre
Room 503, 5/F., Tower
2, Lippo Centre, 89 Queensway, Admiralty, Hong Kong.
Associated Company:-
Brilliant Trading
Impex, Hong Kong. (Same address)
BUSINESS
REGISTRATION NUMBER
18106826-000-05
MANAGEMENT
Manager: Mr.
Shafi Syed Abdul Ghafur Ahmed
SOLE
PROPRIETOR
Name: Mr. Shafi Syed ABDUL
GHAFUR AHMED
Residential Address: Room A5, 8/F., Loke Road, Tsimshatsui,
Kowloon, Hong Kong.
HISTORY
The subject was established
on 17th May, 1994 as a sole proprietorship concern owned by Mr. Shafi Syed
Abdul Ghafur Ahmed under the Hong Kong Business Registration Regulations.
At the very
beginning, the subject’s registered address was located at ‘Room A5, 8/F.,
Loke Road, Tsimshatsui, Kowloon, Hong Kong’, moved to the present address in
September, 2015. However, the subject’s
operating address is still located at the old address.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Diamond Trader.
Lines: All kinds of loose
diamonds.
Employee: 1.
Commodities Imported: India, etc.
Markets: Hong Kong, other Asian
countries, Middle East, etc.
Terms/Sales: CAD
or as per contracted.
Terms/Buying: Prepayment,
L/C, etc.
FINANCIAL
INFORMATION
Capital: Not disclosed.
Profit or Loss: Made small profits in past years.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
rather active use of general banking facilities.
Payment: Slow
but correct.
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Asia Green Agency is
a sole proprietorship set up and owned by Mr. Shafi Syed Abdul Ghafur
Ahmed who seems to be an India merchant.
Now, he is a Hong Kong ID Card holder and has got the right to reside in
Hong Kong. He is also manager of the
subject. He has been in Hong Kong for a
very long time as he has got his Hong Kong ID card before setting up the
subject.
The subject’s
registered office is in a commercial service firm located at “Room 503, 5/F.,
Tower 2, Lippo Centre, 89 Queensway, Admiralty, Hong Kong” known as
“Admiralty Business Centre” which is handling its correspondences and
documents.
The subject has 1
employee in Hong Kong. The subject’s
operating office is in the residence of Mr. Shafi Syed Abdul Ghafur Ahmed in
Hong Kong.
We are not sure
whether the subject is also located at your given address ‘Flat F, 7/F.,
Golden Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon, Hong Kong’ as this
office is in a residential building which is not trespassed by outsiders.
The subject is a
diamond importer, exporter and wholesaler.
It is trading in loose, polished and cut diamonds. Most of the commodities are imported from
India. Prime markets are Hong Kong, and
the other Asian countries.
Besides operating the
subject, Mr. Shafi Syed Abdul Ghafur Ahmed is also operating another company
known as Brilliant Trading Impex which is also a diamond trader. This company is also in the office of
“Admiralty Business Centre”. Brilliant
Trading Impex was established on 6th October, 2011.
The subject’s
business is chiefly handled by Mr. Shafi Syed Abdul Ghafur Ahmed himself. History in Hong Kong is about 24 years.
On the whole,
consider it good for normal business engagements 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 |
INR 65.35 |
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1 |
INR 92.70 |
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Euro |
1 |
INR 80.80 |
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HKD |
1 |
INR 8.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.