MIRA INFORM REPORT
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Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
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Name : |
HONG KONG BEST SELLER INTERNATIONAL CO. |
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Registered Office : |
Room C4B, 11/F., |
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Country : |
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Date of Incorporation : |
15.03.2010 |
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Com. Reg. No.: |
52133247 |
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Legal Form : |
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LINE OF BUSINESS : |
TRADING OF ELECTRONIC PRODUCTS |
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No of Employees : |
About 2 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Contact Points
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Company Name (in Chinese): |
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Company Name (in English): |
Hong Kong Best Seller International Co. |
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Supplied Name: |
HONG KONG BEST SELLER INTERNATIONAL CO. |
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Trading Address: |
Room C4B, 11/F., Wing Hing Industrial
Building, 14 Hingyip Street, Kwun Tong |
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Supplied Address: |
RM C 7B, 5/F, ING HING INDUSTRIAL BLD 14 HING,YIP STEET KWON TONG KOWLOON,
HONG KONG |
Note: The exact name and address are as above; the
supplied address belongs to subject’s former one.
Credit Summary
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Credit Opinion: |
Company Identification Details
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Registered Name: |
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Registered Address: |
Room C4B, 11/F.,
Wing Hing Industrial Building, 14 Hingyip Street, Kwun Tong |
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Telephone Number: |
+852-9612-8158 |
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Date of Registration: |
2010-3-15 |
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Business Registration No.: |
52133247 |
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Registered Capital: |
N/A |
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Legal Form: |
Sole Proprietorship |
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SITC Code: |
76412--Other apparatus for
transmission or reception of voice, images or other data, including apparatus
for communication in a wired or wireless network (such as a local or wide
area network) (no.) |
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Principal Activities: |
Trading of electronic products, etc |
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Staff: |
About 2 Employees |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
-- |
Notes: It is not required
for Sole Proprietorship to register capital in Hong Kong.
History
Subject was incorporated on 2010-3-15 with the business registration no. 52133247 as Sole Proprietorship in Hong Kong.
Corporate Structure
Major Related Company
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Name: |
Shenzhen Wan Shenglong Communication Equipments Co., Ltd. (Literal
Translation) |
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Address: |
Room 08D, Bldg A, The Window of Modern
Building, Huaqiang North Road, Futian District, Shenzhen City, Guangdong
Province, China |
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Tel: |
+86-755-8364-9311 |
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Fax: |
+86-755-8364-9391 |
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Date of Registration: |
2007-8-30 |
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Registration No.: |
440301102824343 |
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Registered Capital: |
CNY 500,000 |
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Paid-up Capital: |
CNY 500,000 |
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Legal Representative: |
Xianxi Lin |
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Shareholder |
Chunxiao Xie |
Owner
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Name: |
Rushan Xie |
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Address: |
No.501, Bldg 39, Nanhua Li, Liusha South
Street, Puning City, Guangdong Province, China |
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Incoming Date: |
2010-3-15 |
Personnel
Structure
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Total Employees |
Operation Information
Offices
& Factories
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Office |
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Address: |
Room C4B, 11/F.,
Wing Hing Industrial Building, 14 Hingyip Street, Kwun Tong |
Premises
Information
Office address:
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Address: |
C4 on 11th Floor Wing Hing Industrial
Building (Rear Block) No.14 Hing Yip Street Kowloon |
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Owners: |
Long Hak Kan |
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Memorial Number: |
UB3213742 Remarks: Assignment |
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Date of Instrument: |
1986-10-28 |
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Date of Registration: |
1986-11-24 |
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Consideration Value: |
HKD 375,375.00 |
History
of Premises Owners’
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1 |
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Memorial No.: |
13080501430033 |
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Date of Instrument: |
2013-7-17 |
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Date of Registration: |
2013-8-5 |
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Nature: |
Mortgage |
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In Favor of: |
The Hongkong and Shanghai
Banking Corporation Limited |
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Consideration: |
To secure all moneys in respect
of general banking facilities (PT.) |
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2 |
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Memorial No.: |
13080501430024 |
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Date of Instrument: |
2013-7-17 |
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Date of Registration: |
2013-8-5 |
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Nature: |
Rental assignment |
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In Favor of: |
The Hongkong and Shanghai Banking
Corporation Limited |
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3 |
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Memorial No.: |
UB7573108 |
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Date of Instrument: |
1998-8-28 |
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Date of Registration: |
1998-9-23 |
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Nature: |
Confirmatory receipt on
discharge |
Note: (PT.) means part of.
Production
Information
l Subject is a trader of electronic products, etc without any
production activities.
Purchase
Information
l Subject purchases products mainly in Mainland China.
l Subject’s major supplier is Shenzhen Kechaoda Technology Co., Ltd.
Sales
Information
l Subject is engaged in sale of electronic products, etc.
l Subject’s major products include mobiles, tablet PCs and mobile
accessories, etc.
l Subject has the radio dealer (unrestricted) licensee in Hong Kong.
l Subject’s sales region focuses on Asia and Africa.
Settlements
Purchase
1.
Domestic Purchase
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Products |
Electronic products, etc |
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Payment Terms |
Credit Sales, T/T, etc |
2.
Import
Subject has little import.
Sales
1.
Domestic Markets
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Product |
Electronic products, etc |
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Selling Terms |
Cash, T/T, etc |
2.
Export
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Product |
Electronic products, etc |
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Selling Terms |
L/C, T/T, etc |
Financial Information
The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff Mr. Xie rejected to disclose the financial information, from other sources we could not obtain such information, either.
Bankers
Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.
Public
Mortgage Record
No mortgage record of subject was found.
Lawsuits
Up to now, no present or latent litigation of the subject has been found.
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High Court Action: |
Clear |
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High Court Baukufty Bankruptcy
Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
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High Court Construction &
Arbitration Proceedings: |
Clear |
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High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
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Name |
Mr. Xie |
Industry Information
76412--Other apparatus for transmission or reception of voice, images or other data, including apparatus for communication in a wired or wireless network (such as a local or wide area network) (no.)
Unit: HKD/000
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2014.05 |
2014.01~2014.05 |
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Quantity |
Value |
Quantity |
Value |
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Imports |
||||
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Canada |
6,116 |
8,010 |
8,342 |
19,421 |
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Switzerland |
33 |
430 |
1,619 |
2,681 |
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The Mainland of China |
19,961,578 |
4,113,478 |
115,301,738 |
18,718,819 |
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Japan |
3,313,330 |
40,379 |
13,226,639 |
203,468 |
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South Korea |
19,388 |
81,968 |
120,512 |
217,902 |
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USA |
3,731,516 |
308,146 |
17,793,245 |
1,429,613 |
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Exports |
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Australia |
313,723 |
425,525 |
1,393,911 |
1,640,834 |
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Belgium |
32,382 |
18,498 |
105,114 |
71,584 |
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Canada |
220,074 |
268,604 |
648,829 |
1,169,942 |
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The Mainland of China |
5,385,582 |
847,549 |
24,177,243 |
4,037,062 |
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France |
231,490 |
94,228 |
903,214 |
340,378 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
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Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
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2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
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2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
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2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
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2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
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2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
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2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
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2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
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2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
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2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
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2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
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2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
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2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
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2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
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2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
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2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
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2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
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2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
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2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
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2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.
Attachment
Wing Hing Industrial Building, 14 Hingyip Street, Kwun Tong
Room C4B, 11/F., Wing Hing Industrial Building, 14 Hingyip Street, Kwun Tong
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.31 |
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|
1 |
Rs. 98.67 |
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Euro |
1 |
Rs. 78.10 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared by
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DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.