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Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
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Name : |
H.S. INDUSTRIES (H.K.) LTD. |
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Registered Office : |
Room 801, 8/F., Landwide Commercial Building, 118-120 Austin Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.12.2005 |
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Com. Reg. No.: |
36313926 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Electrical and electronic products, accessories, etc. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 re-exports, is about
four times GDP. 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, helped it to make an initial
recovery more quickly than many observers anticipated, it again faces a possible
slowdown as exports to the Euro zone and US slump. 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 7.8% of total system
deposits in Hong Kong by the end of 2011, an increase of over 59% since the
beginning of the year. 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 exports 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 28 million in 2011,
outnumbering visitors from all other countries combined. Hong Kong has also
established itself as the premier stock market for Chinese firms seeking to
list abroad. In 2011 mainland Chinese companies constituted about 43% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply
conditions caused Hong Kong property prices to rise rapidly in 2010 and
inflation to rise 5.3% in 2011. Lower and middle income segments of the
population are increasingly unable to afford adequate housing. Hong Kong
continues to link its currency closely to the US dollar, maintaining an
arrangement established in 1983.
Source : CIA
H.S. INDUSTRIES
(H.K.) LTD.
ADDRESS: Room 801, 8/F., Landwide Commercial
Building, 118-120 Austin Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2721 8941
FAX: 2724 1506
E-MAIL: neeta@hsindshk.com
sukhjit@hsindshk.com
Managing Director: Mr. Gurvinder
Kaur Neeta
Establishment: 16th
April, 1996. (Partnership)
Incorporated on: 22nd
December, 2005.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$30~35
million.
Employees: 6.
Main Dealing Banker: HBZ Finance Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 801, 8/F., Landwide Commercial Building, 118-120 Austin Road,
Tsimshatsui, Kowloon, Hong Kong.
Mailing Address: P, O. Box 91883,
Tsimshatsui, Kowloon, Hong Kong.
China Offices:-
Shenzhen Office
70,
7/F., Yijing Huaqiang Building, 6 Shannon Road, Futian District, Shenzhen,
China. [Tel: 86-755-8251 8925]
Guangzhou Office
806B,
Hengjing Building, 205 Huanshi Middle Road, Guangzhou, Guangdong Province,
China. [Tel: 86-20-2832 0488]
Associated Companies:-
H.S. Industries (China) Ltd., China.
H.S. Industries (H.K.), Hong Kong.
[Business ceased]
Unique Interseas, Hong Kong.
(Same address)
36313926
1015460
Managing Director: Mr. Gurvinder
Kaur Neeta
Contact Person: Mr. Sukhjit Singh
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry dated 22-12-2011)
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Name |
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No. of shares |
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Gurvinder Kaur NEETA |
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2,000,000 ======= |
(As per registry dated 22-12-2011)
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Name (Nationality) |
Address |
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Gurvinder Kaur NEETA |
7A, 7/F., Grandview Mansion, 119 Chatham Road, Tsimshatsui, Kowloon,
Hong Kong. |
(As per registry dated 22-12-2011)
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Name |
Address |
Co. No. |
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Chung’s Nomiees Ltd. |
Unit 14B, 14/F., Hing Wing Commercial Building, 450-454 Shanghai
Street, Mongkok, Kowloon, Hong Kong. |
1550063 |
The subject was incorporated on 22nd December, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance. It was set up to take over the business of
H.S. Industries (H.K.) which was established on 16th April, 1996 as a
partnership concern jointly owned by Mr. Sukhjit Singh and Mr. Gurvinder Kaur
Neeta. The business registration number
of the partnership was 19789075.
However, H.S. Industries (H.K.) has ceased business since
1st September, 2007
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Electrical
and electronic products, accessories, etc.
Employees: 6.
Commodities Imported: China, India, other Asian countries, etc.
Markets: Asian
countries, Middle East, etc.
Annual Turnover: HK$30~35 million.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge:-
Date of Lien and Set-off Agreement: 14-12-2006
Amount: For
securing general credit facility
Property: Fixed
Deposit Receipt No.: DFN6101409
Principal Amount: US$53,645.12
Maturity Date: 18-01-2007
Mortgagee: HBZ
Finance Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory condition.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker: HBZ Finance Ltd., Hong Kong.
Standing: Small.
Having issued 2 million ordinary shares of HK$1.00 each, H.S. Industries
(H.K.) Ltd. is wholly owned by Mr. Gurvinder Kaur Neeta 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.
The subject’s predecessor H.S. Industries (H.K.) was a partnership
concern jointly owned by Mr. Sukhjit Singh and Mr. Gurvinder Kaur Neeta. Established on 16th April, 1996 and located
at its operating address, H.S. Industries (H.K.) was engaged in the same lines
of business as the subject. However,
this firm has ceased business since 1st September, 2007.
The subject is trading in the following main commodities:-
Auto Accessories — Audio-Visual (Car stereo from China, South Korea and
Taiwan);
Button Cell (From China);
Daily Accessories, etc.;
Integrated Circuit (IC) (From Taiwan, Japan and Germany);
Mobile Phone (From Western Europe);
Necktie Material — Polyester, Woven (Polyester from China and Taiwan);
Pharmaceutical Chemicals (From Europe);
Printed Circuit Board [PCB] (From Taiwan, Japan and Germany);
Television (including LCD/Plasma Display/HDTV) (From China, South Korea
and Taiwan);
Walkman Cassette Player/Recorder (From China, Korea and Taiwan); &
Watch/Clock Parts (From China).
The subject has set up showrooms in China and Hong Kong displaying a
wide variety of commodities such as houseware/tableware, footwear, garments,
luggage, novelties, gifts/premiums, toys, electronics, seasonal items,
etc. According to the subject, currently
it is trading in over 5,000 different item of products. Most of the commodities are sourced from
China, the other Asian countries and Europe.
Prime markets are Asian countries, the Middle East, etc. Overall business is satisfactory.
Currently, the subject has set up two offices in China, one in Shenzhen
Special Economic Zone while one in Guangzhou, Guangdong Province. The China offices are administered by H.S.
Industries (China) Ltd. which is a China-based firm.
The subject is a buying and sourcing office for overseas companies. At present, it has had developed business
ties with a number of manufacturers and suppliers in China. Business is active. The contact person Mr. Sukhjit Singh is also
an Indian.
The subject has had an associated company Unique Interseas, a
Hong Kong‑registered firm located at its operating address. Unique Interseas is engaged in the same lines
of business as the subject.
The contact person of Unique Interseas is Ms. Neeta Lee who is a family
member of Gurvinder Kaur Neeta.
The annual sales turnover of the subject ranges from HK$30 to 35 million. Making a small profit every year.
Including the history of its predecessor, the subject has a history of
over sixteen years in Hong Kong.
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 |
Rs.55.08 |
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1 |
Rs.89.53 |
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Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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 and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.