MIRA INFORM REPORT

 

 

Report Date :

16.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

BINARY NETWORK SOLUTIONS (HK) LTD.

 

 

Registered Office :

Room 801, 8/F., Chinachem Johnston Plaza, 178-186 Johnston Road, Wanchai

 

 

Country :

Hongkong

 

 

Date of Incorporation :

14.03.2007

 

 

Com. Reg. No.:

37763548

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

IMPORTER, EXPORTER AND WHOLESALER OF CPU, MOTHERBOARDS, MOUSE, USB, OTHER COMPUTER PERIPHERALS, GARMENTS.

 

 

No. of Employees :

No employees in Hongkong

 

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.

 

 

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 Hongkong

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hongkong

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

HONGKONG 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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.

 

Source : CIA

Company name and Address

 

BINARY  NETWORK  SOLUTIONS  (HK)  LTD.

 

ADDRESS:                   C/o Artwell Consultancy Ltd.

Room 801, 8/F., Chinachem Johnston Plaza, 178-186 Johnston Road, Wanchai, Hong  Kong.

PHONE:                        852-2869 8162

FAX:                             852-2824 4772

E-MAIL:                        info@binetsolution.com

 

 

MANAGEMENT

 

Managing Director:         Mr. Chang Man Ki

 

 

SUMMARY

 

Incorporated on:             14th March, 2007.

 

Organization:                 Private Limited Company.

 

Issued Capital:                HK$1,500.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   Nil.

 

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

 

Banking Relation:           Satisfactory.

 

 

ADDRESS

 

Registered Head Office:-

c/o Artwell Consultancy Ltd.

Room 801, 8/F., Chinachem Johnston Plaza, 178-186 Johnston Road, Wanchai, Hong Kong.

 

Shenzhen Office:-

26C, East Block, Guangye Building, Shenzhen Special Economic Zone, China.  [Tel: 86-755-8254 3739;  Fax: 86-755-8254 3739]

 

Associated Companies:-

Binary Network Solutions Pvt. Ltd., India.

Jay Enn Infotech Pvt. Ltd., India.

Ping Yeung International Ltd., Hong Kong.

[Tel: 852-3161 0107; Fax: 852-3154 7059]

 

 

BUSINESS REGISTRATION NUMBER

 

37763548

 

 

COMPANY FILE NUMBER 

 

1114936

 

 

MANAGEMENT

 

Managing Director:         Mr. Chang Man Ki

 

 

ISSUED CAPITAL

 

HK$1,500.00

 

 

SHAREHOLDERS

(As per registry dated 14-03-2014)

 

Name

 

No. of shares

CHANG Man Ki

 

500

Sunil JAIN

 

500

Priyanka JAIN

 

500

 

 

–––––

 

Total:

1,500

====

 

DIRECTORS

(As per registry dated 14-03-2014)

 

Name

(Nationality)

 

Address

Sunil JAIN

JA-15, Khirki Extention, Gupta Colony, Malviya Nagar, New Delhi-110017, India.

 

Priyanka JAIN

JA-15, Khirki Extention, Gupta Colony, Malviya Nagar, New Delhi-110017, India.

 

CHANG Man Ki

Flat B, 36/F., Block 9, Tung Chung Crescent, Tung Chung, Lantau Island, Hong Kong.

 

 

SECRETARY

(As per registry dated 14-03-2014)

 

Name

Address

 

Co. No.

Artwell Consultancy Ltd.

Room 801, 8/F., Chinachem Johnston Plaza, 178-186 Johnston Road, Wanchai, Hong Kong.

0374615

 

 

HISTORY

 

The subject was incorporated on 14th March, 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.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           CPU, Motherboards, Mouse, USB, other computer peripherals, garments

 

Brand Name:                 Binet.

 

Employees:                   Nil.

 

Commodities Imported:   China, other Asian countries, etc.

 

Markets:                       India, other Asian countries, Europe, etc.

 

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

 

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

 

 

FINANCIAL INFORMATION

 

Issued Capital:               HK$1,500.00

 

Profit or Loss:                Keeping a balance account in Hong Kong.

 

Condition:                      Business is not active in Hong Kong.

 

Facilities:                      Making fairly 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

 

Binary Network Solutions (HK) Ltd. was incorporated on 14th March, 2007.

 

Having issued 1,500 ordinary shares, the subject is equally owned by Mr. Chang Man Ki, Mr. Sunil Jain and Ms. Priyanka Jain.  The first is a Hong Kong merchant while the second and third are India merchants.  The three are also directors of the subject.  The managing director of the subject is Mr. Chang Man Ki.

 

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at “Room 801, 8/F., Chinachem Johnston Plaza, 178-186 Johnston Road, Wanchai, Hong Kong” known as “Artwell Consultancy Ltd.” which is handling its correspondences and documents.  This company is also the corporate secretary of the subject.

 

The subject has no employees in Hong Kong.  It has had an office [BNS] in Shenzhen Special Economic Zone, China.

 

The subject and BNS belong to the Binary Group.

 

BNS has been connected with IT industry since past 15 years.  It is dealing in computers and their accessories like CPU (microprocessors), Motherboard, DVDrW, CDrom, FDD, VGA cards, Mouse, USB flash drives and other USB products, HDD enclosures, TFT’s, PC Tablet, Keyboard, mobile phones, etc.  Most of the products bear the trade mark Binet.

 

BNS also sells the products of other manufacturers apart from its own branded products.  For instance, it is the agent of LG, Samsung, CRT monitors, etc.

 

The legal representative of BNS is Sunil Jain.

 

Now BNS has partners all over India, China, Singapore and Dubai of the United Arab Emirates.

 

The annual exports of computer products amount to RMB7 to 10 million Yuan.

 

Another extension of the group includes three factories which are engaged in manufacturing sweaters.  The group has more than 20 years of manufacturing experience in designing and creating jackets, pullovers, cardigans and sweaters for ladies and girls.  Recently, it has added men’s line in its products.  The group has three manufacturing plants in Punjab, where more than 1,000 workers are using Germany-made machines to manufacturer sweaters.

 

The Group has had two associates in India:-

 

·         Binary Network Solutions Pvt. Ltd.; &

Jay Enn Infotech Pvt. Ltd.

 

The directors of these companies are also Mr. Sunil Jain and Ms. Priyanka Jain.

 

The overall business of the group is active.

 

The subject’s business in Hong Kong is not active.  History in Hong Kong is over seven 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.61.06

UK Pound

1

Rs.101.84

Euro

1

Rs.81.56

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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