MIRA INFORM REPORT

 

 

Report Date :

01.10.2013

 

IDENTIFICATION DETAILS

 

Name :

ENCORE SOURCING ASIA LTD.

 

 

Registered Office :

c/o HKBSS Ltd.

Unit 3B, 5/F., Far East Consortium Building, 121 Des Voeux Road, Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

14.08.2009

 

 

Com. Reg. No.:

51029035

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The subject is a buying office for China stores and boutiques.  It is carrying fashion apparels and accessories.

Its areas of specialization include the entire spectrum of Fashion Apparel, Fashion Accessories, Promotional Items and Textiles.  Its services cover the whole gamut of:-

·         Logistics;

·         Merchandising; &

·         Quality Assurance.

 

 

No. of Employees :

No Employees in Hong Kong

 

[It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.]

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

No Operating office in Hong

 

 

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

 

ENCORE SOURCING ASIA LTD.

 

 

ADDRESS

 

Registered Office:-

c/o HKBSS Ltd.

Unit 3B, 5/F., Far East Consortium Building, 121 Des Voeux Road, Central, Hong Kong.

 

India Office:-

M-93, Sector 25, Noida, U.P. 201301, India.

[Fax: +91 120 2548318

E-mail: mail@encoresourcing.com]

 

 

BUSINESS REGISTRATION NUMBER 

 

51029035

 

 

COMPANY FILE NUMBER

 

1362594

 

 

DATE OF INCORPORATION

 

14th August, 2009.

 

 

CAPITAL

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10,000.00

 

SHAREHOLDER

 

(As per registry dated 14-08-2013)

Name

 

No. of shares

Chitra GOSWAMY

 

10,000

=====

 

 

DIRECTOR          

 

(As per registry dated 14-08-2013)

Name

(Nationality)

 

Address

Chitra GOSWAMY

M-93, Sector 25, Noida, India.

 

 

SECRETARY

 

(As per registry dated 14-08-2013)

Name

Address

Co. No.

HKBSS Ltd.

5/F., Far East Consortium Building, 121 Des Voeux Road, Central, Hong Kong.

0838155

 

 

GENERAL

 

Encore Sourcing Asia Ltd. was incorporated on 14th August, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.

 

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at “Unit 3B, 5/F., Far East Consortium Building, 121 Des Voeux Road, Central, Hong Kong” known as “HKBSS Ltd.” which is handling its correspondences and documents.  HKBSS Ltd. is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

 

According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares of HK$1.00 each of which are wholly-owned by Mr. Chitra Goswamy who is an Indian.  He is an India passport holder and does not have the right to reside in Hong Kong permanently.  He is also the only director of the subject.  the main office of the subject is in India.

 

The subject is a buying office for China stores and boutiques.  It is carrying fashion apparels and accessories.

Its areas of specialization include the entire spectrum of Fashion Apparel, Fashion Accessories, Promotional Items and Textiles.  Its services cover the whole gamut of:-

Logistics;

·         Merchandising; &

·         Quality Assurance.

The subject undertakes 3 differing roles for its clients.  These are:-

Buying office/Agent – Where it represents, buys and controls the processes on behalf of its clients as per their specifications.

Production office – Where it acts as a de-facto liaison office between the various production inputs, i.e. factories, artisans and craftsmen.

Supplier - Where customers prefer a one-stop shop all purchase orders and Letters of credit (LCs) are opened on the subject.

 

The subject is a service provider.  Mr. Chitra Goswamy can be reached at his India mobile phone number +91 9810344866.

 

The subject is purely a service company.  It does not take financial positions with suppliers or in the goods it sourced on behalf of its clients.

 

According to the subject, the India company has over 10 years of international business experience.  It is recognized by a diverse client base of prominent Importers in the EU for handling their buying requirements from India.  It also sources Fashion Merchandise without involving wholesalers, trading companies and other unnecessary service providers.

 

The subject’s business in Hong Kong is not active.  History in Hong Kong is over four years.

 

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

 

 

NOTE:

 

It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.78

UK Pound

1

Rs.101.42

Euro

1

Rs.84.67

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

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