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Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
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Name : |
BHF INTERNATIONAL LTD. |
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Registered Office : |
Unit B, 7/F., Richwealth Industrial Building, 77-87 Wang Lung Street, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.08.2007 |
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Com. Reg. No.: |
38271223 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Bed linen, other textile products, etc. |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRAs 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 |
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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
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
BHF
INTERNATIONAL LTD.
ADDRESS: Unit B, 7/F., Richwealth Industrial
Building, 77-87 Wang Lung Street, Tsuen Wan, New Territories, Hong Kong.
PHONE: 2381 2223, 2308 1012
FAX: 2393 7912
E-MAIL: bhf@bhf-atx.com
bhf@hkstar.com
Managing
Director: Ms. Ho Yuen Man, Anita
Incorporated on: 1st August, 2007.
Organization: Private Limited Company.
Capital: Nominal:HK$1,930,000.00
Issued: HK$1,930,000.00
Business Category: Textile Product Trader.
Employees: 12.
Main Dealing Banker: Wells Fargo Bank N.A., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Office:-
36/F., Tower Two,
Time square, 1 Matheson Street, Causeway Bay, Hong Kong.
Head Office:-
Unit B, 7/F.,
Richwealth Industrial Building, 77-87 Wang Lung Street, Tsuen Wan,
New Territories, Hong Kong.
Holding Company:-
Britannica Home
Fashions Inc., USA.
Associated Companies:- (same address)
ATX Ltd., Hong
Kong.
[Trading as
Britannica Home Fashions] and [Dragoneer]
Britannica Home Fashions
Ltd., Hong Kong. [Dissolved]
38271223
1154975
Group
President: Mr. Harry Gross
Group
Vice President: Mr. Etai Gross
Managing
Director: Ms. Ho Yuen Man, Anita
Contact Person: Ms. Tladys Lui Miu Ying
Nominal Share Capital: HK$1,930,000.00 (Divided into 1,930,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,930,000.00
(As
per registry dated 01-08-2012)
|
Name |
|
No.
of share |
|
Britannica Home Fashions Inc. 214 West 39th
Street, Room 1203, New York, NY 10018-5523, USA. |
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1 = |
(As
per registry dated 12-09-2012)
|
Name (Nationality) |
Address |
|
Ronnie GROSS |
15 Elm Court Way, West Orange, NJ
07052-4927, USA. |
|
Etai GROSS |
214 West 39th Street, Room 1203, New York,
NY 10018-5523, USA. |
|
Harry GROSS |
121 Highland Avenue, Short Hills, NJ
07078, USA. |
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HO Yuen Man,
Anita |
Flat A, 13/F., Block 1, Flora Garden, 7
Chun Fai Road, Jardines Lookout, Hong Kong. |
(As
per registry dated 09-11-2012)
|
Name |
Address |
Co.
No. |
|
EQ
Secretaries Ltd. |
36/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong
Kong. |
0099444 |
The
subject was incorporated on 1st August, 2007 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Bed linen, other textile products, etc.
Employees: 12.
Commodities Imported: China, other Asian countries, etc.
Markets: North America, Europe, Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/A, etc.
Nominal Share Capital: HK$1,930,000.00 (Divided into 1,930,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,930,000.00
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$1,930,000.00 |
in |
April 2010 |
Alternation of Issued Capital:-
|
Intitially |
paid up |
HK$ 1.00 |
|
April 2010 |
paid up |
HK$1,929,999.00 |
|
|
|
|
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Total: |
paid up |
HK$1,930,000.00 ============= |
Mortgage or Charge:-
Date of Security Agreement (for limited company): 14-04-2008
Amount: Secured Liabilities
Property: (1) Security; (2) Negative Covenants; (3) Definitions and Interpretations
Mortgagee: Wells Fargo Bank N.A., Hong Kong Branch.
Profit & Loss: Making a small profit in the past years.
Condition: Business is normal.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Wells Fargo Bank N.A., Hong Kong Branch.
Standing: Normal.
BHF
International Ltd. is a wholly-owned subsidiary of Britannica Home Fashions
Inc. [BHFI] which is a US-based firm.
The
subject is trading in the following commodities: sheets, bedding products,
quilts, coverlets, comforters, window panels, throws, decorative pillows, rugs,
other bedding accessories, etc.
Commodities are acquired from the manufacturers in China or other Asian
countries. Prime markets are the United
States, Europe, the Middle East, Asian countries, China, etc. Business keeps on improving.
The
subject has got an affiliated company ATX Ltd. located at its operating
address. This firm has two business
names: Britannica Home Fashions and Dragoneer.
Established
in 1977, BHFI is in New York of the United States. It is marketing home furnishings. It was established in 1977 with other branch
office in Shanghai, Delhi and Bangalore.
BHFI
is dealing only with the largest United States retailers designing, developing,
producing and delivering products that are mainly on a made to order
basis. Its decades of experience has
earned the trust of some of the world largest retail partners including
Wal-Mart Stores, Target, JC Penney, Dollar General, etc.
The
President of BHFI is Mr. Harry Gross, Vice President is Mr. Etai Gross. The total employees of BHFI is 60. Annual sales turnover ranges from US$15 to 18
million. Business is normal.
Harry
Gross and Etai Gross are also directors of the subject.
The
subject is fully supported by BHFI.
History in Hong Kong is over five years.
On
the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.83.88 |
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Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
RATING EXPLANATIONS
|
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 |
-- |
This score serves as a reference to assess
SCs 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.