|
Report Date : |
02.01.2014 |
RATING & COMMENTS
|
MIRA’s Rating : |
c |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
No Trace |
|
|
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
STANDARD EXPO
(HK) LTD.
Unit B, 9/F Lock Hart centre, 301 307 Lockhart Road, Hong Kong.
(Should be written as Unit B, 9/F., Lockhart Centre, 301-307 Lockhart Road, Wan Chai, Hong Kong.)
As per Companies Registry, there is no such name registered in their file. We found that there is no company name registered and headed with “Standard Expo …..” in the Registry.
According to Business Registration Office, the name of “Standard Expo (HK) Ltd.” is not found in the database.
Our on-site investigator reported that your given address Unit B, 9/F., Lockhart Centre, 301-307 Lockhart Road, Wan Chai, Hong Kong was the office address of a business consultant firm known as MB Consultants (HK) Ltd. [MB]. The details of MB are as follow:-
Name: MB
Address: Unit B, 9/F., Lockhart Centre, 301-307 Lockhart Road, Wan Chai, Hong Kong.
Telephone Number: 3568 6651
Fax Number: 3568 6625
Nature of Business: Business Consultant & Corporate Secretarial Service
As far as we know, MB is a business consultant offering the corporate secretarial service for its clients. MB is specializing in company registration, sale of shelf companies, annual maintenance of companies registration, providing nominee directors, shareholders and secretaries, registered office, virtual office, mail forwarding, opening bank accounts, etc. services.
A staff from MB informed us that they have thousands of customers in their database. Many customers are using the office address as the registered office. However, she refused to check if the subject company is one of their customers.
The name of “Standard Expo (HK) Ltd.” is not listed in any available telephone and commercial directories and also is unknown to other sources consulted.
No legal actions were traced against “Standard Expo (HK) Ltd.” during the course of this investigation.
“Standard Expo (HK) Ltd.” is likely to be an offshore company registered somewhere outside Hong Kong. It appears to be using the office address of MB for their international trading purpose.
In view of the lack of information, we have no basis upon which to recommend credit dealings.
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 supplementary report would be sent without any additional cost.
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.