MIRA
INFORM REPORT
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Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
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Name : |
HARMONY INTERNATIONAL LTD. |
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Registered Office : |
Room 603-604, 6/F., Wing On Centre, 111 Connaught Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.08.2010 |
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Com. Reg. No.: |
53979852 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Business Services Consultant of Building Materials, Hardware, etc. |
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No. of Employees : |
10 |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
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
HARMONY INTERNATIONAL
LTD.
ADDRESS: Room
603-604, 6/F., Wing on Centre, 111 Connaught Road Central, Hong Kong.
PHONE: 3059
1789
FAX: 3010 1201
E-MAIL: contact@harmony-international.com
MANAGEMENT
Managing Director: Mr. Lai Chi Kin
SUMMARY
Incorporated on: 9th August, 2010.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$1.00
Business Category: Business
Services Consultant.
Employees: 10.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 603-604, 6/F., Wing On Centre, 111 Connaught Road Central, Hong
Kong.
Holding Company:-
Melenco Holding Ltd., Hong Kong.
Associated
Companies:-
Amicorp Hong Kong Ltd., Hong Kong.
Clearview Co. Ltd., Hong Kong.
Euto Capital Partners Ltd., Hong Kong.
(Same address)
Melenco Greater China Ltd., Hong Kong.
Melenco Hong Kong Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
53979852
COMPANY FILE NUMBER
1490706
MANAGEMENT
Managing Director: Mr. Lai Chi
Kin
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
SHAREHOLDER
(As per registry dated 09-08-2012)
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Name |
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No. of share |
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Melenco Holding Ltd., Hong Kong. |
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1 = |
DIRECTOR
As per registry dated 09-08-2012)
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Name (Nationality) |
Address |
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POON Kit Wah |
Flat 2, 20/F., Yee Lai House, Yee Nga Court, Tai Po, New Territories,
Hong Kong. |
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LAI Chi Kin |
Room D, 16/F., Block 7, Castello 69 Siu Lek Yuen Road, Shatin, New
Territories, Hong Kong. |
SECRETARY
(As per registry dated 02-04-2013)
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Name |
Address |
Co. No. |
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Mega Shine Service Ltd. |
Room 2103-2104, 21/F., Wing On Centre, 111 Connaught Road,
Central, Hong Kong. |
1838845 |
HISTORY
The subject was incorporated on 9th August, 2010 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.
OPERATIONS
Activities: Business Services Consultant.
Lines: Building Materials, Hardware, etc.
Commodities Imported: China,
other Asian countries, etc.
Markets: Asian countries, Europe, etc.
Employees: 10.
Terms/Services: As per contracted.
Terms Buying: As per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Harmony International Ltd. is a wholly-owned subsidiary of Melenco
Holding Ltd., a Hong Kong-registered firm located at the same building.
The subject has just issued one ordinary share of HK$1.00. Formerly the single share was held by Hansa
Mercator Ltd. which is a BVI-registered firm.
On 11th October 2011, Hansa Mercator transferred the single share to
Melenco Holding which is the present holding company.
The subject shares the same office with its associated company Euto
Capital Partners Ltd. which is a Hong Kong-registered firm.
The subject purchases and procures merchandise related to the
construction industry, such as building materials and hardware in general, from
suppliers located in China.
The subject also provides customers with products sourcing, procurement
and negotiations, product development and prototyping, legal services,
production and quality control, and logistics services.
The subject offers small and large businesses with its services
regardless of their geographical location.
Its global trade network and broad marketing experience, along with the
long-term relationships it has developed with its clients, enables it to offer
guidance to businesses seeking to expand to new markets or to procure equipment
or hardware merchandise for their businesses.
The subject is a member of the Amicorp Group.
Amicorp Group is specialized in business and knowledge process
outsourcing (BPO/KPO), company and trust management services. Working with trusted business partners, the
Group provide private wealth and estate planning, real estate property
management, and corporate, asset and project finance structuring. It delivers responsive administrative,
fiduciary and corporate structuring services to a broad range of corporate and
high net worth clients.
The history of the subject is over two years.
On the whole, consider it good for normal business engagements.
REMARKS
Brief personal profile of the managing director of the subject:-
Poon Kit Wah, CPA, FCCA, MBA
Poon is the managing director of the subject. Poon started his career in Hong Kong and
China in tax services with one of the Big Four international accounting firms
following his graduation from university.
He specialises in Hong Kong and China tax, and business regulatory
matters. He lived and worked in southern
China for a number of years, and has developed and maintains good relationships
with Chinese officials in various cities.
Poon has served as a Greater China tax advisor for the Hong Kong Trade
and Development Council, providing advice to Hong Kong Small to Medium
Enterprises [SMEs], and as an editorial member of the tax journal, China Tax
Intelligence.
Poon is a member of the Hong Kong Institute of Certified Public
Accountants and a fellow member of the Association of Certified Chartered
Accountants.
He is also a director of Melenco Hong Kong Ltd. which is located at the
same building.
Lai Chi Kin is a qualified accountant, FCCA, and holds a BA degree in economics
from Leicester University, the United Kingdom, and a master’s degree in
financial managerial controls from Southampton University, also the United
Kingdom.
His eight years of experience in fund management with listed and private
equity companies includes working with various financial instruments such as
convertible securities, fixed income products, stocks, options, futures, and
structured products, as well as real estate.
Before joining Amicorp in February 2006, Lai was financial controller of
a Hong Kong company with operations in Hong Kong, China and Germany.
He is also a director of Melenco Hong Kong Ltd.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.99 |
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1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.