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MIRA INFORM REPORT
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Report No. : |
489415 |
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Report Date : |
05.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ABILITY TRADING CO. |
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Registered Office : |
Flat 9C, 9/F., Han Chung Mansion, 8 – 10 Hankow Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.10.2009 |
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Com. Reg. No.: |
51293149-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds and Jewellery Products. |
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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 Company |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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.
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Source
: CIA |
Company
name & address
ABILITY TRADING CO.
ADDRESS: Flat 9C, 9/F., Han Chung
Mansion, 8 – 10 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2721 7579,
9673 7624
FAX: 852-2209 6880
MANAGEMENT
Manager: Mr. Hamid Katheeb Abul
Kassim
SUMMARY
Establishment: 9th October, 2009.
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.
Name
ABILITY TRADING CO.
ADDRESS
Head Office:-
Flat 9C, 9/F., Han Chung Mansion, 8 – 10 Hankow Road, Tsimshatsui,
Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
51293149-000-10
MANAGEMENT
Manager: Mr. Hamid Katheeb Abul
Kassim
(Hong Kong mobile phone No.: 852-9673 7624)
SOLE
PROPRIETOR
Name: Mr. Hamid KATHEEB ABUL
KASSIM
Residential Address: Flat D-4,
10/F., Block D, Tsim Sha Tsui Mansion, 83‑97 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
HISTORY
The subject was established on 9th October, 2009 as a sole proprietorship
concern owned by Mr. Hamid Katheeb Abul Kassim under the Hong Kong
Business Registration Regulations.
Formerly the subject was located at Flat D-4, 10/F., Block D, Tsim Sha
Tsui Mansion, 83-97 Nathan Road, Tsimshatsui, Kowloon, Hong Kong, moved to Unit
B-3, Block B, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong
Kong in August 2013, and further moved to the present address in August 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products.
Employee: 1.
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Hong
Kong, India, other Asian countries, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit or Loss: Made
small profits in past years.
Condition: Business
is normal.
Facilities: Making
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
Ability Trading Co. is a sole proprietorship set up and owned by Mr. Hamid
Katheeb Abul Kassim who is an Indian. He
is a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
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.
He is the manager of the subject.
Business commenced in October 2009, the subject’s registered and
operating address is in a residential building located at “Flat 9C, 9/F., Han
Chung Mansion, 8 – 10 Hankow Road, Tsimshatsui, Kowloon, Hong Kong”.
The subject moved to this new address in August 2014 and has had an
employee in the office.
Mr. Hamid Katheeb Abul Kassim can be reached at his Hong Kong mobile
phone number 852-9673 7624.
The subject is a diamond importer, exporter and wholesaler. It is trading in single-cut diamond, fullcut
loose diamond, carat size diamonds, blue sapphire, etc. Most of the commodities are imported from
India, the other Asian countries and Europe.
The subject has got a number of regular suppliers in Mumbai, India. Prime markets are Hong Kong, India and the
other Asian countries. Business is
normal.
The business of the subject is chiefly handled by Mr. Hamid Katheeb Abul
Kassim himself. He has been engaged in
diamond trading for a very long time before setting up his own business.
The subject was able to make small profits in past years.
The history of the subject in Hong Kong is over eight years and three
months.
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 64.07 |
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1 |
INR 91.34 |
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Euro |
1 |
INR 80.03 |
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HKD |
1 |
INR 8.19 |
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 : |
TPT |
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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
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.