MIRA
INFORM REPORT
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RATING
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STATUS
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PROPOSED CREDIT LINE
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<10
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C
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Absolute credit risk exists. Caution needed to be exercised
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Credit not
recommended
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Status :
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No Trace
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Payment Behaviour :
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--
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Litigation :
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--
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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
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Previous Rating
(31.12.2012)
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Current Rating
(31.03.2013)
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Hong Kong
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A2
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A2
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Risk Category
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ECGC
Classification
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Insignificant
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A1
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Low
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A2
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Moderate
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B1
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High
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B2
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Very High
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C1
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Restricted
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C2
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Off-credit
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D
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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
SAFFRON
INTERNATIONAL LTD.
GIVEN ADDRESS
Room 1302, 13/F., CRE
Building, 303 Hennessy Road, Wanchai, Hong Kong.
GENERAL
Please be advised that there is no such a firm known as
Saffron International Ltd. registered with the Companies Registry of Hong Kong.
However, there is a firm known as Saffron International
Property Ltd. registered with the Companies Registry of Hong Kong but this
company is located at a different address.
The captioned firm’s name has not registered with the local
telephone company.
According to our spot investigation, your given address
1302, 13/F., CRE Building,
303 Hennessy Road,
Wanchai, Hong Kong is vacant.
To our knowledge, formerly this address was occupied by an
accountant firm known as JBL & Co. [JBL].
Now, it has moved to a new address located at Room 2107-2109, 21/F., C C
Wu Building, 308 Hennessy Road,
Wanchai, Hong Kong. The phone number of this accountant firm is
852-2138 1668. We had reached this firm
asking information about the subject.
JBL reported us that they had a client bearing the same initial Saffron,
but its name does not have the word “International”.
Please confirm the name and address of the subject for
re-investigation.
Important Note:
Kindly provide us with additional information such as Correct
Name, Address, Contact Details, Name of Contact Person or a copy of the Upper
Part of Letterhead within 15 days of receiving this report, a would be sent
without any additional cost.
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.
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