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MIRA INFORM REPORT
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Report No. : |
498861 |
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Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
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Name : |
BELMOND |
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Registered Office : |
Room F, 3/F., Anson House, 13-19 Lock Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.11.2004 |
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Com. Reg. No.: |
35119579-000-11 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of Diamonds, Imitate Jewellery, Mobile Phones. |
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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 : |
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 : |
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 & address
BELMOND
ADDRESS: Room F, 3/F.,
Anson House, 13-19 Lock Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2366
5075
FAX: 852-2366
2227
MANAGEMENT
Manager: Mr. Jalaludeen Ahamed
SUMMARY
Establishment: 10th November, 2004.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer,
Exporter and Wholesaler.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room F, 3/F., Anson House, 13-19 Lock Road, Tsimshatsui, Kowloon,
Hong Kong.
Affiliated
Companies:-
Bright Impex, Hong Kong.
[Business ceased]
Mega Star, Hong Kong. [Business
ceased]
BUSINESS
REGISTRATION NUMBER
35119579-000-11
MANAGEMENT
Manager: Mr. Jalaludeen Ahamed
SOLE
PROPRITOR
Name: Mr. Jalaludeen AHAMED
Residential Address: Flat A5, 7/F.,
Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was established on 10th November, 2004 as a sole
proprietorship concern owned by Mr. Mohamed Hanifa Mohamed Farock under the
Hong Kong Business Registration Regulations. It became a partnership when Mr. Jalaludeen
Ahamed joined on 3rd November, 2014.
Mohamed Hanifa Mohamed Farock outwent on 8th May, 2015 and the subject
has become a sole proprietorship concern since then.
Formerly the subject was located at Flat A, 4/F., 47 Hai Phong Road,
Tsimshatsui, Kowloon, Hong Kong, moved to the present address in October,
2012. The old address was the
residential address of the sole proprietor.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Diamonds,
imitate jewellery, mobile phones.
Employees: 2.
Commodities Imported: India, China,
other Asian countries, Europe, etc.
Markets: Hong
Kong, India, other Asian countries, Middle East, 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 the past years.
Condition: Business is normal.
Facilities: Adequate for current
running.
Payment: Slow but correct.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
GENERAL
Formerly Belmond was a sole proprietorship set up and owned by
Mr. Mohamed Hanifa Mohamed Farock who was an Indian. It had become a partnership jointly owned by
Mohamed Hanifa Mohamed Farock and Jalaludeen Ahamed as the latter joined on 3rd
November, 2014. Now the subject became a
sole proprietorship again as Mohamed Hanifa Mohamed Farock outwent on 8th May,
2015.
Jalaludeen Ahamed is the manager of the subject. He is a Hong Kong ID holder and has got the
right to reside in Hong Kong. Currently
he is residing in Hong Kong.
The subject’s old office was shared by at least two more diamond trading
firms, namely, Mega Star and Bright Impex which were Hong Kong‑registered
firms. However, both firms have ceased
business.
The subject moved to the present office in October 2012.
The subject is engaged in remittance business and acting as an agent for
certain kinds of commodities, including diamonds and jewellery, imitate
jewellery products, etc. According to
the documents of the subject, it is also engaged in general trading, handling
sundry goods and engaged in China trade.
The subject’s diamonds and jewellery are imported from India, other
Asian countries and Europe. Commodities
are wholesaled in Hong Kong and re-exported to China, India, the other Asian
countries, the Middle East, etc.
Business is normal.
In recent years, the subject has been engaged in mobile phones, iPad,
iPod trading as well.
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
RU00199477 – RU (as at 16th February, 2018).
It seems that the subject will further centre in mobile phones
trading. Products are mainly sourced
from Shenzhen Special Economic Zone, China.
The subject’s business is chiefly handled by Jalaludeen Ahamed
himself. History in Hong Kong is over 13
years and four months.
On the whole, consider it good for 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 64.87 |
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1 |
INR 90.49 |
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Euro |
1 |
INR 79.91 |
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HKD |
1 |
INR 8.29 |
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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VAR |
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Report Prepared
by : |
NIT |
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
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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.