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MIRA INFORM REPORT
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Report No. : |
489374 |
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Report Date : |
31.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CENTURY EXPORTS LIMITED |
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Registered Office : |
Room 1002, 10/F., Houston Centre, 63 Mody Road,
Tsimshatsui East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.06.2009 |
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Com. Reg. No.: |
50813706 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter, Wholesaler and Retailer of Telecommunication equipment, Mobile Phone and all Accessories |
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No. of Employees : |
4. (Including
associates) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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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 and address
CENTURY EXPORTS
LIMITED
ADDRESS: Room 1002, 10/F., Houston Centre, 63 Mody
Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2199 7467, 2367 3062
FAX: 852-2125 8441
E-MAIL: info@centuryhkchina.com
MANAGEMENT:
Managing Director: Mr. Sandeep Kumar Dhanuka
SUMMARY
Incorporated on: 22nd
June, 2009.
Organization:
Private Limited
Company.
Issued Share Capital: HK$25,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$50~80
million (Including associates)
Employees:
4. (Including associates)
Main Dealing Banker: HBZ Finance Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1002, 10/F., Houston Centre, 63 Mody
Road, Tsimshatsui East, Kowloon, Hong Kong.
Associated Companies:-
Century Exports, Hong Kong. (Same address)
Century Traders, Hong Kong. (Same address)
Divine Global Ltd., Hong Kong. (Same address)
Galaxmial Predera International, Hong Kong.
Galaxmial Predera Trading (H.K.) Co. Ltd.,
Hong Kong. [Dissolved]
Galaxmial Telecom Ltd., Hong Kong. [Dissolved]
BUSINESS
REGISTRATION NUMBER
50813706
COMPANY
FILE NUMBER
1347386
MANAGEMENT
Managing Director: Mr. Sandeep Kumar Dhanuka
(Hong Kong Mobile: 852-9342 9600)
Contact Person: Mr. Singh Kulwinder
(Hong Kong Mobile: 852-9479 3030)
ISSUED
SHARE CAPITAL
HK$25,000,000.00
SHAREHOLDER
(As per registry dated 22-06-2017)
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Name |
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No. of shares |
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Sandeep Kumar DHANUKA |
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25,000,000 ======== |
DIRECTOR
(As per registry dated 22-06-2017)
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Name (Nationality) |
Address |
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Sandeep Kumar DHANUKA |
Flat C, 11/F., Windsor Mansion, 29-31
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 22-06-2017)
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Name |
Address |
Co. No. |
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Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux
Road Central, Sheung Wan, Hong Kong. |
1273165 |
HISTORY
The subject was incorporated on 22nd June, 2009
as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat C,
11/F., Windsor Mansion, 29‑31 Chatham Road, Tsimshatsui, Kowloon,
Hong Kong, moved to Room 1213, 12/F., Houston Centre, 63 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong with effect from 18th September,
2009. It moved to ‘Room 1002’ of
the same building in early August 2017.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter, Wholesaler and Retailer.
Lines: Telecommunication
equipment, mobile phone and all accessories.
Employees: 4. (Including associates)
Commodities Imported: Imported from Europe, China, other Asian countries, etc.
Markets: Southeast
East, Africa, the Middle East, India, etc.
Annual Turnover: HK$50~80 million
(Including associates)
Terms/Sales:
L/C or as per
contracted.
Terms/Buying:
L/C and T/T.
FINANCIAL
INFORMATION
Issued Share Capital: HK$25,000,000.00
Mortgage or Charge (since 2016): (See
attachment)
Profit & Loss: Made small profits in the past
years.
Condition:
Keeping
in a normal manner.
Facilities:
Rather
actively using general banking facilities.
Payment:
No
Complaints.
Commercial Morality: Satisfactory.
Bankers:-
HBZ Finance Ltd., Hong Kong.
Bank of Baroda, Hong Kong Branch.
Citibank, N.A., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
ICICI Bank Ltd., Hong Kong Branch.
Standing: Normal.
GENERAL
Having issued 25 million ordinary shares, Century Exports Limited
is wholly owned by Mr. Sandeep Kumar Dhanuka who is an Indian. He is a Hong Kong ID Card holder and has
got the right to reside in Hong Kong permanently. He is also the only director of the
subject. Dhanuka can be reached at his
Hong Kong mobile phone number 852-9342 9600.
The subject has had an affiliated company Century Traders which is
also located at the same address. The subject
and Century Traders are engaged in the same lines of business, more or less.
The subject is a telecommunication equipment and accessories
trader. It is also a trader, exporter
and distributor of a wide range of GSM, CDMA and Dual-Band mobile phones and
its original accessories like hand free kit, battery charger, battery pack,
etc.
The subject is trading in all major brands of Mobile phones like
Nokia, Samsung, Apple, Blackberry, Sony Ericsson, Motorola, HTC, LG along with
the leading Chinese brands like G’Five, Legend, and GLX.
It also trades in Apple watch, iPhone 6s, iPhone 6s Plus, MacBook
Air, iPad Pro, iPad Air2, iPad mini 4, etc.
In recent years, the subject has been putting emphasises on the
products of Apple, Samsung, Sony, BlackBerry, Galaxy, and HTC.
With its Headquarters in Hong Kong, the subject has its subsidiary
offices in Singapore, Guangzhou, Yiwu, Shenzhen (all are in China), New York
(US), New Delhi (India) and Calcutta (also in India).
The subject has registered with the Office of the Communications
Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of
China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of
RU00132922-RU (as at 15th August, 2017).
The subject’s registered address is also a retailing outlet. The two contact persons are Mr. Dharm and Mr.
Singh Kulwinder.
Besides, the subject has set up Century Exports-China Division
which is dealing in a vast variety of products ranging from furniture and
fittings, machinery, tiles and a whole lot of other sundry goods depending upon
the customers’ demands. This Division is
responsible for products sourcing and merchandising and going all the way to
inspections for quality control, shipping and other follow ups.
The annual sales turnover of the subject ranges from HK$50 to 80
million. Making a small profit every
year.
The history of the subject is over eight years and a month in
Hong Kong.
On the whole, consider it good for normal business engagements.
MORTGAGE
OR CHARGE
(Since 2016)
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Date |
Description of Instrument |
Mortgagee |
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18-03-2016 |
Assignment of
Life Insurance |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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29-08-2016 |
Mortgage or Life
Policy |
Citibank N.A., Hong Kong Branch. |
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29-09-2016 |
Assignment of
Assignor’s Rights under Agreements and Credit Instruments |
ICICI Bank Ltd., Hong Kong Branch. |
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29-09-2016 |
Charge Over Cash
Secured Assets |
ICICI Bank Ltd., Hong Kong Branch. |
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24-02-2017 |
General Letter
of Hypothecation |
Bank of Baroda, Hong Kong Branch. |
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21-03-2017 |
Mortgage |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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29-03-2017 |
Assignment of
Life Insurance |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.75 |
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1 |
INR 89.39 |
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Euro |
1 |
INR 78.54 |
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HKD |
1 |
INR 8.14 |
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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DIV |
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Report Prepared
by : |
TRU |
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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.