MIRA INFORM REPORT

Report Date :

21.10.2013

IDENTIFICATION DETAILS

Name :	HOI PO I/E TRADING COMPANY
Registered Office :	Flat 611, 6/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon
Country :	Hong Kong
Date of Incorporation :	25.01.2010
Com. Reg. No.:	51744409-000-01
Legal Form :	Sole Proprietorship
Line of Business :	Importer, Exporter and Wholesaler of All kinds of dried marine products, fish maw
No. of Employees :	6

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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, 31^st, 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

HOI PO I/E TRADING COMPANY

ADDRESS

Flat 611, 6/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.

(Formerly located at:

Flat 601, 6/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.)

PHONE: Not Available.

MANAGEMENT

Manager: Ms. Wu Yin Yin

SUMMARY

Establishment: 25th January, 2010.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Importer, Exporter and Wholesaler.

Employees: 6.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

Company name

HOI PO I/E TRADING COMPANY

ADDRESS

Head Office:-

Flat 611, 6/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

51744409-000-01

MANAGEMENT

Manager: Ms. Wu Yin Yin

SOLE PROPRIETOR

Name: Miss WU Yin Yin

Residential Address: Room K, 17/F., Block 6, Harmony Garden, Siu Sai Wan, Hong Kong.

HISTORY

The subject was established on 25th January, 2010 as a sole proprietorship concern owned by Ms. Wu Yin Yin under the Hong Kong Business Registration Regulations.

At the very beginning, the subject was located at G/F., 4 Bonham Strand East, Sheung Wan, Hong Kong, moved to Flat 601, 6/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong in February 2011 and further moved to Flat 611 of the same building in December 2012.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of dried marine products, fish maw.

Employees: 6.

Commodities Imported: Japan, India, China, Southeast Asia, South America, etc.

Markets: Hong Kong, China, other Asian countries, etc.

Terms/Sales: L/C or as per contracted.

Terms/Buying: L/C, T/T, D/P, etc.

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Made a small profit in 2012.

Condition: Keeping in a satisfactory manner.

Facilities: Making rather active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Small.

GENERAL

Hoi Po I/E Trading Company is a sole proprietorship set up and owned by Ms. Wu Yin Yin who is a Hong Kong businesswoman. She is also manager of the subject.

The subject is engaged in wholesaling and retailing the following products:-

Shark’s fin, dried cuttle fish, Squid, octopus, abalone, beche-de-mer, mussels, oysters, scallops, shrimps, lobsters, fish maws, sea cucumber, dried fish skin, etc.

The subject’s registered address is a wholesaling centre as well as a retailing outlet.

The subject has had an associated company bearing the same name in Guangzhou City, Guangdong Province, China. The Guangzhou firm is also a retailing and wholesaling centre.

The subject’s associated factory is in Huizhou City, Guangdong Province, China. The factory is employing about 50 persons and is engaged in processing aquatic products.

The subject also imports commodities from Japan, India, Southeast Asia, South America, etc. apart from China.

The business of the subject is normal. Making a small profit in 2012.

As the history of the subject is over three years in Hong Kong, on the whole, consider it good for normal business engagements in small credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

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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