MIRA INFORM REPORT

Report Date :

18.08.2014

IDENTIFICATION DETAILS

Name :	INFINITY AUTO PARTS COMPANY

Registered Office :	Room 0027E, M/F., ATL Logistics Centre B, Kwai Chung Container Terminals, Berth 3, 8 Container Port Road South, Kwai Chung, New Territories

Country :	Hong Kong

Date of Incorporation :	16.07.2007

Com. Reg. No.:	38166642-000-07

Legal Form :	Sole Proprietorship Concern

Line of Business :	The subject was an auto-part trader.

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Business Ceased

Payment Behaviour :	--

Litigation :	--

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)

Hong Kong

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

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 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

Note:

(Formerly located at:

Flat A, 17/F., Kin Hing Industrial Building,

17-23 Shek Kin Street, Kwai Chung,

New Territories, Hong Kong.)

COMPANY NAME & ADDRESS

INFINITY AUTO PARTS COMPANY

ADDRESS:

Head Office & Retailing Outlet:-

Room 0027E, M/F., ATL Logistics Centre B, Kwai Chung Container Terminals, Berth 3, 8 Container Port Road South, Kwai Chung, New Territories, Hong Kong.

BUSINESS REGISTRATION NUMBER

38166642-000-07

MANAGEMENT

Manager: Mr. Cheung Chi Chiu

SOLE PROPRIETOR

Name: Mr. CHEUNG Chi Chiu

Residential Address: Room 3002, 30/F., Block A, Ching Wah Court, Tsing Yi, New Territories, Hong Kong.

HISTORY

The subject was established on 16th July, 2007 as a sole proprietorship concern owned by Mr. Cheung Chi Chiu under the Hong Kong Business Registration Regulations.

The predecessor of the subject, established in 2005 and located at the subject’s old operating address, was also known as “Infinity Auto Parts Co.” but bore a different BR No. 35801549. The old Infinity Auto Parts Co. changed hands on 16th July, 2007 and the subject took over the business of the old firm on that date.

Initially the subject was located at Flat A, 17/F., Kin Hing Industrial Building, 17-23 Shek Kin Street, Kwai Chung, New Territories, Hong Kong, moved to ‘Room 0027E, M/F., ATL Logistics Centre B, Kwai Chung Container Terminals, Berth 3, 8 Container Port Road South, Kwai Chung, New Territories, Hong Kong’ in July 2010.

The subject ceased business formally on 1st January, 2013.

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

GENERAL

Infinity Auto Parts Company was a sole proprietorship set up and owned by Mr. Cheung Chi Chiu who was a Hong Kong merchant.

The subject moved to the present address in July 2010.

The subject was an auto-part trader. Commodities were chiefly imported from Germany and other European countries. It had carried those auto-parts bear the brand names of “Mercedes Benz”, “Volvo”, “BMW”, “Scania”, “Man”, “Iveco”, etc. It also had carried auto-parts for trucks and coaches. Most of its customers were garages and auto-part retailers in Hong Kong.

The subject’s business was chiefly handled by Mr. Cheung Chi Chiu himself and his employee Mr. Harry Luk who was able to be reached at his Hong Kong mobile-phone number 852-9511 2367.

The history of the subject was just over five years and five months in Hong Kong.

It formally ceased business on 1st January, 2013.

On the whole, since the subject has ceased business, consider it not suitable for any business engagements.

REMARKS

Mr. Cheung Chi Chiu joined in another company known as ‘Infinity Auto Parts Co. Ltd.’ [IAPCL] which was incorporated on 17th November, 2010. Cheung Chi Chiu is the managing director of IAPCL.

IAPCL is located at a different address and owned by Ms. Tong Xiali who is the wife of Cheung Chi Chiu.

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 :	KAR

Report Prepared by :	SMN

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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