MIRA INFORM REPORT

 

 

Report Date :

02.08.2013

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Undetermined

Payment Behaviour :

Unknown

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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

COMPANY NAME AND ADDRESS

 

JABIL  CIRCUIT  (GUANGZHOU)  LTD.

 

 

:                        Consolidation Centre, Tuen Muna/F Tuen Mun Distribution Agility Logistic Ltd. 3A Hung Cheung Road, Hong Kong.

(Should be written as Tuen Mun Distribution Centre, 9/F., 3A Hung Cheung Road, Tuen Mun, New Territories, Hong Kong.)

 

 

GENERAL

 

1.     As per Companies Registry, there is no such name registered in their file.  We found that there are 3 similar company names registered and headed with “Jabil Circuit ….” with details as follow:-

1)

Name:  Jabil Circuit Hong Kong Ltd.

Company File Number:  0737720

Date of Incorporation:  10th November, 2000.

Company Status:  Private

Active Status:  Live

Registered Office:  */F., York House, The Landmark, 15 Queen's Road Central, Hong Kong.

2)

Name:  Jabil Circuit Services Ltd.

Company File Number:  0174288

Date of Incorporation:  2nd September, 1986.

Company Status:  Private

Active Status:  Live

Registered Office:  */F., York House, The Landmark, 15 Queen's Road Central, Hong Kong.

3)

Name:  Jabil Circuit China Limited.

Company File Number:  0006342

Date of Incorporation:  24th November, 1960.

Company Status:  Private

Active Status:  Live

Registered Office:  */F., York House, The Landmark, 15 Queen's Road Central, Hong Kong.

However, the address of registered office of this 3 companies are not matched with your given address.

2.     According to Business Registration Office, the name of “Jabil Circuit (Guangzhou) Ltd.” is also not found in the database.

3.     Our on-site investigator revealed that your given address Tuen Mun Distribution Centre, 9/F., 3A Hung Cheung Road, Tuen Mun, New Territories, Hong Kong is the warehouse of Agility Logistics Ltd. [AGL].

4.     AGL is a logistics services provider engaged in the supply of Logistics & Supply Chain Management ( SCM ) Software Design, Air Freight Forwarding, Sea Freight Forwarding, Cross Border Trucking, Local Trucking, Warehousing, Logistic Management & Consultancy.  Staff from AGL told us that the captioned address was the warehouse of the company.  Most of its customers’ cargoes are allowed to enter the warehouse with the authorized warehousing serial number.  No office or mailing division is being kept in this address.  They have many customers to use this warehouse.  The staff is unable to check if “Jabil Circuit (Guangzhou) Ltd.” is one of their customers without the warehousing serial number.

5.     The name of “Jabil Circuit (Guangzhou) Ltd.” is not listed in any available telephone and commercial directories, and is also unknown to other sources consulted.

6.     No legal actions were traced against “Jabil Circuit (Guangzhou) Ltd.” during the course of this investigation.

7.     As far as we know, “Jabil Circuit (Guangzhou) Ltd.” is a company based in China.  The details of this China company are as follow:-

Name:  Jabil Circuit (Guangzhou) Ltd.

Address:  No. 128 Juncheng Road, Guangzhou ETDZ, Guangzhou City, Guangdong Province, China.

Phone:  (020) 8213-5000

Fax:  (020) 8226-6778

Nature of Business:  Manufacturer of circuit boards.

In view of the lack of information, we have no basis upon which to recommend credit dealings.  We suggest you ordering a separate report on “Jabil Circuit (Guangzhou) Ltd.” in CHINA as well.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.74

UK Pound

1

Rs.92.05

Euro

1

Rs.80.60

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.