MIRA INFORM REPORT

 

 

Report Date :

06.06.2014

 

IDENTIFICATION DETAILS

 

Name :

BALATON AIR SERVICE LTD.

 

 

Registered Office :

c/o Aall & Zyleman Co. Ltd.

3/F., Jonsim Place, 228 Queen’s Road East, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

30.04.2013

 

 

Com. Reg. No.:

61363001

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Not Available

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

New Business

 

--

 

Status :

New Business

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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

 

 

 

 

Company name

 

BALATON AIR SERVICE LTD.

 

 

ADDRESS

 

Registered Office:-

c/o Aall & Zyleman Co. Ltd.

3/F., Jonsim Place, 228 Queen’s Road East, Wanchai, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBEr

 

61363001

 

 

COMPANY FILE NUMBEr

 

1900112

 

 

DATE OF INCORPORATION

 

30th April, 2013.

 

 

CAPITAL

 

Nominal Share Capital: HK$1,000.00

 

(Divided into 1,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 30-04-2014)

Name

 

No. of shares

Tibor BARNA

 

200

Csaba BOKOR

 

200

Attila GYURCSEK

 

200

Ferenc SUPLICZ

 

200

Jozsef VARI

 

200

 

 

–––––

 

Total:

1,000

====

 

 

DIRECTOR    

 

(As per registry dated 30-04-2014)

Name

(Nationality)

 

Address

Ferenc SUPLICZ

Polgardi, Liszt Ferenc Utca 1/A, 8154, Hungary.

 

 

SECRETARY

 

 (As per registry dated 30-04-2014)

Name

Address

Co. No.

Aall & Zyleman Co. Ltd.

3/F., Jonsim Place, 228 Queen’s Road East, Wanchai, Hong Kong.

0013784

 

 

GENERAL

 

Balaton Air Service Ltd. was incorporated on 30th April, 2013 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject does not have its own office.  Its registered office, located at 3/F., Jonsim Place, 228 Queen’s Road East, Wanchai, Hong Kong, is the operating office of a commercial service firm known as Aall & Zyleman Co. Ltd. [AZCL] which is handling the subject’s correspondences and documents.  AZCL is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject has issued 1,000 ordinary shares of HK$1.00 each which are equally-owned by five Hungary merchants.  One of the shareholders Mr. Ferenc Suplicz is the only director of the subject.

Ferenc Suplicz is a Hungary passport holder and does not have the right to reside in Hong Kong permanently.

The subject’s lines of business are unknown since the secretarial firm knows nothing about its business.

The director and shareholders of the subject cannot be reached as they are not in Hong Kong.

No information of the subject can be obtained from our secondary sources.

According to the name of the subject, it seems that it is offering clients with air services in Heviz-Balaton Airport which is an international airport in Hungary located west of Lake Balaton.

The subject’s business in Hong Kong is not active.  History in Hong Kong is over a year.

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.30

UK Pound

1

Rs.99.34

Euro

1

Rs.80.70

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NNA

 

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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