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MIRA
INFORM REPORT
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Report No. : |
495592 |
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Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
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Name : |
TRADEWELL ENTERPRISES HK |
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Registered Office : |
Flat C, 15/F., Hang Lung Bank Tsimshatsui Branch Building, 46 48
Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.01.1997 |
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Com. Reg. No.: |
20775904-000-01 |
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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 |
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No. of Employees : |
2 |
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 (30.09.2017) |
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 |
Company name and address
TRADEWELL
ENTERPRISES HK
ADDRESS: Flat C, 15/F., Hang Lung Bank Tsimshatsui Branch Building, 46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2369 1302, 2327 0648
FAX: 852-2366 5212
E-MAIL: meeranh@yahoo.com.hk
MANAGEMENT
Manager: Mr. Meeran Haroon Thaika
SUMMARY
Establishment: 15th January, 1997.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Jewellery Trader.
Annual Turnover: HK$50-100 million.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Flat C, 15/F., Hang Lung Bank Tsimshatsui Branch Building, 46 48 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Gulf Jewell DMCC, UAE.
Paragon Impex, India.
Tradewell Enterprises Co. Ltd., Thailand.
Tradewell Enterprises HK Ltd., Hong Kong. (Same address)
[Dissolved by deregistration]
Tradewell Enterprises Inc., US.
BUSINESS REGISTRATION NUMBER
20775904-000-01
MANAGEMENT
Manager: Mr. Meeran Haroon Thaika
SOLE PROPRIETOR
Name: Mr. Meeran Haroon THAIKA
Residential Address: Flat G, 30/F., Tower 6, Sorrento, 1 Austin Road West, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was established on 15th January, 1997 as a partnership concern jointly owned by Mr. Meeran Haroon Thaika and Ms. Sadhika Thaika Meeran Haroon under the Hong Kong Business Registration Regulations.
The subject changed to a sole proprietorship as Ms. Sadhika Thaika Meeran Haroon outwent on 15th June, 1997.
Originally the subject was registered under the name of Tradewell Enterprises, name changed to the present style on 17th July, 1997.
Initially the subject was located at 10A, Grand Right Centre, 10 Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 3/F., Hon Kwong Mansion, 25-29 Hankow Road, Tsimshatsui, Kowloon, Hong Kong in July 1997; to Room 1105, 11/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in December 2000; to Room 1101, 11/F. of the same building in May 2003; and further moved to the present address in February 2009.
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.
Employees: 2.
Commodities Imported: India, Belgium, US, other European countries, etc.
Markets: Hong Kong, China, South Korea, Japan, other Asian countries, etc.
Annual Turnover: HK$50 -100 million.
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: Making a small profit every year.
Condition: Keeping in an active manner.
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
Tradewell Enterprises HK is a sole proprietorship set up and owned by Mr. Meeran Haroon Thaika who is an India merchant. He has been in Hong Kong for a very long time. He is a Hong Kong ID holder and have got the right to reside in Hong Kong.
The subject is a jewellery diamond importer, exporter and wholesaler. According to the subject, it is also a “general trader”.
In November 2013, the subject increased its scope of business as a “Business & Project Consultant” in the field of jewellery and diamond manufacturing and trading.
The subject’s jewellery is manufactured by its affiliated factories in China. With associated sourcing office in Mumbai of India, the subject is trading in the following commodities:-
· 14KT, 18KT gold diamond jewellery;
· pt to 5.00 cts round diamond;
· pt to 5.00cts marquise, pear, princess diamond;
· Diamond studded watches; &
· Fancy cut diamond, etc.
It is also specialized in loose diamonds like Marquise, Pears, Tappers, Bagguets, Pears, etc. Commodities or raw materials are imported from India, Belgium, the United States, other European countries, etc.
The subject has customers in Japan, Hong Kong, Thailand, the other Asian countries, the United States, the United Arab Emirates, Saudi Arabia, Qatar, etc.
Currently the subject has got associated firms in India, Thailand, the United States and the United Arab Emirates.
The subject’s associated company in the United Arab Emirates is known as Gulf Jewell DMCC which is in Dubai. Meeran Haroon Thaika is also the operator of this company.
The subject had an associated company Tradewell Enterprises HK Ltd. also located the same address. However, this firm has been dissolved by deregistration. This firm was jointly owned by Mr. Meeran Haroon Thaika and Ms. Sadhika Thaika Meeran Haroon.
The annual sales turnover of the subject ranges from HK$50 to 100 million. Making a small profit every year. Overall business is active. Regular suppliers and customers have been maintained.
As the history of the subject in Hong Kong is over 21 years and a month, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.96 |
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1 |
INR 90.34 |
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Euro |
1 |
INR 80.75 |
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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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PRA |
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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
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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.