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Report Date : |
05.08.2013 |
IDENTIFICATION DETAILS
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Name : |
J & C ENTERPRISES CO. |
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Registered Office : |
Unit 713, 7/F., Block A, Hi-Tech Industrial Centre, 5-21 Pak Tin Par Street, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.03.1994. |
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Com. Reg. No.: |
17955228-000-03 |
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Legal Form : |
Partnership. |
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Line of Business : |
Trader of all kinds of leather materials for shoes and leather products. |
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No. of Employees : |
4. |
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 – 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 |
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High |
B2 |
|
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
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
J &
C ENTERPRISES CO.
ADDRESS: Unit 713, 7/F., Block A, Hi-Tech
Industrial Centre, 5-21 Pak Tin Par Street, Tsuen Wan, New Territories, Hong
Kong.
PHONE: 852-2425 9451
FAX: 852-2413 8511
E-MAIL: jcentcol@biznetvigator.com
jcentco@netvigator.com
Manager: Mr. John Sin Chi Ming
Establishment: 28th
March, 1994.
Organization: Partnership.
Capital:
Not
disclosed.
Business Category: Leather Trader.
Employees:
4.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Unit 713, 7/F., Block A, Hi-Tech Industrial Centre, 5-21 Pak Tin Par
Street, Tsuen Wan, New Territories, Hong Kong.
17955228-000-03
Manager: Mr. John Sin Chi Ming
Name: Mr. SIN Chi Ming, John
Residential Address: Room A,
8/F., Block 1, Tsuen Wan Plaza, 4-30 Tai Pa Street, New Territories, Hong Kong.
Name: Ms. CHAN Sau Ying
Residential Address: Room A, 8/F.,
Block 1, Tsuen Wan Plaza, 4-30 Tai Pa Street, New Territories, Hong Kong.
The subject was established on 28th March, 1994 as a partnership concern
owned by Mr. Sin Chi Ming, John and Ms. Chan Sau Ying under the Hong Kong
Business Registration Regulations.
At the very beginning, the subject was located at Unit 9A, 7/F., Well
Fung Industrial Centre, 58-76 Ta Chuen Ping Street, Kwai Chung, New
Territories, Hong Kong, moved to Room 1218, 12/F., Int’l Trade Centre, 11-19
Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong in August 1998, and
further to the present address in January 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Leather
Trader.
Lines: All
kinds of leather materials for shoes and leather products.
Employees: 4.
Commodities Imported: Italy, UK, Pakistan, India, etc.
Markets: China,
other Asian countries, etc.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C or as per
contracted.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Business is
steady.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
Bank of
China (Hong Kong) Ltd., Hong Kong.
Standing:
Small.
J & C Enterprises Co. is a partnership jointly owned by Mr. Sin Chi
Ming, John and Ms. Chan Sau Ying. Both
of whom are Hong Kong merchants.
The subject commenced business in March 1994.
The subject is a leather material trader. Most of the commodities are imported from
Italy, the United Kingdom, Pakistan, India, etc. Prime market is China. Most of its customers are factories engaged
in manufacturing leather shoes, leather garments and other leather products.
Regular foreign suppliers and China customers have been maintained. Overall business is satisfactory.
The subject’s business is profitable.
It has had sufficient working capital to support the current operating
level. Contact person is Mr. John Sin
Chi Ming.
The subject operates from a rented office.
As the history of the subject is over 19 years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
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 |
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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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.