MIRA INFORM REPORT

 

 

Report Date :

18.06.2014

 

IDENTIFICATION DETAILS

 

Name :

HARRIS FREEMAN ASIA LTD.

 

 

Registered Office :

c/o Laracy Gall

Room 801, 8/F., Dina House, Ruttonjee Centre, 11 Duddell Street, Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

Not Available

 

 

Legal Form :

Not Available

 

 

Line of Business :

Not Available

 

 

No. of Employees :

Not Available

 

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 :

Not Registered in Hong Kong

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

 

HARRIS FREEMAN ASIA LTD.

 

 

ADDRESS

 

:-

c/o Laracy Gall

Room 801, 8/F., Dina House, Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong.

 

Associated Companies:-

Harris Freeman & Co. Inc., US.

Harris Freeman Vietnam Co. Ltd., Vietnam.

Harris Freeman & Co. LP, US.

Harris Spice Co. Inc., US.

Harris Tea Co., US.

Keith Spicer Ltd., UK.

Madhu Jayanti International Ltd., India.

 

 

GENERAL

 

Please be advised that there is no such a firm known as Harris Freeman Asia Ltd. registered with the Companies Registry of Hong Kong.

Located at your given address Room 801, 8/F., Dina House, Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong is a law firm known as Laracy Gall.  According to Laracy Gall, the subject is one of its clients.

The subject is an associated company of Harris Freeman & Co. Inc. which is a US-based company.

Harris Freeman & Co. Inc., through its subsidiaries, produces and supplies private label black, green, decaf, herbal, and specialty teas and iced tea mixes for retail and wholesale grocers, specialty food stores, drug chains, and mass merchandisers in the United States and internationally.  It also offers teas in custom blends and packaging formats; English tea, lemon green and honey lemon green iced tea mixes, and Assam teas; and private label teas for food services.  In addition, the company manufactures black and white, red pepper, and turmeric spices; seed spices, including cumin, fennel, coriander, and celery seed; and other spices, including ginger, cinnamon/cassia, nutmegs, cloves, or herbs for retail, food service, or industrial customers.

Further, the company offers flexible packaging products for erosion control, agriculture, nursery, and construction industries.

Harris Freeman & Co. Inc. was founded in 1981 and is based in Anaheim, California with tea blending and packing plants in Anaheim, California; Moorestown, New Jersey; Marietta, Georgia; and the United Kingdom.  It also has spice processing plants in Coimbatore, India; and Binh Duong Province, Vietnam.  Harris Freeman & Co. Inc. operates as a subsidiary of Jayanti Group.

The subject exists nominally in Hong Kong.

Since the subject has not registered in Hong Kong, consider it not suitable for any business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.37

UK Pound

1

Rs.102.48

Euro

1

Rs.81.87

 

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%)

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.