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MIRA INFORM REPORT
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Report No. : |
500577 |
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Report Date : |
31.03.2018 |
IDENTIFICATION DETAILS
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Name : |
WANG KIT TRADING COMPANY |
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Registered Office : |
G/F., 133A Yu Chau Street, Sham Shui Po, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
01.11.2011 |
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Com. Reg. No.: |
54167878-000-11 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter, Wholesaler and Retailer of all kinds of Fabrics, Piecegoods. |
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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 : |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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Hongkong |
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 |
HONGKONG - 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
WANG KIT TRADING
COMPANY
ADDRESS: G/F., 133A Yu Chau Street, Sham Shui
Po, Kowloon, Hong Kong.
PHONE: Not available
MANAGEMENT
Manager: Ms. Liu Congli
SUMMARY
Establishment: 1st November, 2011.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer,
Exporter, Wholesaler and Retailer.
Employees: 2.
Main Dealing Banker: Not
available.
Banking Relation: Not applicable.
ADDRESS
Head Office:-
G/F., 133A Yu Chau Street, Sham Shui Po, Kowloon, Hong
Kong.
BUSINESS REGISTRATION NUMBER
54167878-000-11
MANAGEMENT
Manager: Ms. Liu Congli
SOLE PROPRIETOR
Name: Ms. LIU Congli
Residential Address: Flat
C, 40/F., Block 6, Belvedere Garden Phase 3, 625 Castle Peak Road, Tsuen
Wan, New
Territories, Hong Kong.
HISTORY
The subject was
established on 1st November, 2011 as a sole proprietorship concern owned by Mr.
Chan King Kit under the Hong Kong Business Registration Regulations.
However, Chan King
Kit outwent on 12th March, 2014 and his proprietorship was replaced by Ms. Liu
Congli who joined the subject on 6th March, 2014.
Formerly the subject
was located at G/F, 144 Yu Chau Street, Sham Shui Po, Kowloon, Hong Kong, moved
to the present address in February 2012.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter, Wholesaler and
Retailer.
Lines: All kinds of fabrics,
piecegoods.
Employees: 2.
Commodities Imported: China,
Taiwan, other Asian countries, etc.
Markets: Hong Kong (main), other
Asian countries, etc.
Terms/Sales: COD, CAD or as per contracted.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Made small profits in past three
years.
Condition: Business is normal.
Facilities: Adequate for current running.
Payment: Met as required.
Commercial Morality:
Satisfactory.
Banker: Not available.
Standing: Small.
GENERAL
Wang Kit Trading
Company is a sole proprietorship operated by Ms. Liu Congli who is a Hong Kong
ID holder. Formerly she was a China
merchant.
Liu Congli acquired
the subject in March 2014.
The subject is
engaged in retailing and wholesaling all kinds of fabrics, piecegoods.
According to our spot
investigation, the business name of the subject is also ‘Wang Kit Trading
Company’.
The area of the shop
is just about 250 sq.ft. Samples of fabric
are displayed in the shop. Walk-in
customers are usually served.
Fabrics are usually
imported from China, Taiwan, other Asian countries, Europe, etc.
The business of the
subject is chiefly operated by Ms. Liu Congli herself. History in Hong Kong is over six years and
four months.
On the whole,
consider the subject 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 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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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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DIV |
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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
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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.