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Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ANK |
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Registered Office : |
PH-1A, House 1, Forest Hill, 31 Lo Fai Road, Tai Po, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.12.2005 |
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Com. Reg. No.: |
36360363-000-12 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
· Manufacturer, Importer and Exporter of Toys, gifts, baby care products, health care products, general household accessories & decoration materials. subject offers clients with the
following services:- · OEM Development and Manufacturing; Products outsourcing. · subject is also engaged in price negotiation, concept designing, prototype development, tooling development, pre-production sample approval, purchase order, production plan, quality control, shipping arrangement and payment. |
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No of Employees : |
02 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 |
ANK
Unit 107, G/F., Tai Yuen Commercial Centre, Tai Po, New Territories, Hong Kong.
PHONE: 852-2601 9817
FAX: 852-2601 9881
E-MAIL: ankglobalsource@gmail.com
Manager: Mr. Tsang Chun Biu, Andy
Establishment: 1st December, 2005.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Manufacturer, Importer and Exporter.
Annual Turnover: HK$30-35 million.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Address:-
PH-1A, House 1, Forest Hill, 31 Lo Fai Road, Tai Po, New Territories, Hong Kong.
Head Office:-
Unit 107, G/F., Tai Yuen Commercial Centre, Tai Po, New Territories, Hong Kong.
Associated
Concern:-
ANK Global Ltd., Hong Kong.
36360363-000-12
Manager: Mr. Tsang Chun Biu, Andy (Mobile: 852-9192 3966)
Name: Mr. TSANG Chun Biu, Andy
Residential Address: PH-1A,
House 1, Forest Hill, 31 Lo Fai Road, Tai Po, New Territories, Hong Kong.
The subject was established on 1st December, 2005 as a sole proprietorship concern owned by Mr. Andy Tsang Chun Biu under the Hong Kong Business Registration Regulations.
In 2013, the subject moved to a new office but its registered address remains unchanged.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Manufacturer, Importer and Exporter.
Lines: Toys, gifts, baby care products, health care products, general household accessories &
decoration materials.
Employees: 2.
Commodities Imported: China or acquired locally.
Markets: Japan, India, Southeast Asia, Europe, Central America, etc.
Annual Turnover: HK$30-35 million.
Terms/Sales: L/C, T/T, O/A, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Made very small profit in past years.
Condition: Business is fairly active.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
ANK is a sole proprietorship set up and owned by Mr. Andy Tsang Chun Biu who is a Hong Kong merchant. The subject commenced business in December 2005.
The subject’s registered address is located at PH-1A, House 1, Forest Hill, 31 Lo Fai Road, Tai Po, New Territories, Hong Kong where is the residence of Andy Tsang. However, its operating office has moved to Unit 107, G/F., Tai Yuen Commercial Centre, Tai Po, New Territories, Hong Kong.
The operating office is also the retailing outlet of the subject.
The subject has had an associated concern ANK Global Ltd. which is a Hong Kong-registered firm.
Andy Tsang can be reached at his Hong Kong mobile phone number 852-9192 3966.
The subject is set up to provide comprehensive service of products sourcing, OEM products development and manufacturing, and offering consultancy services in international marketing.
Andy Tsang has over twenty years working experience in the fields of toys, gifts, die-cast models, baby care, and home decoration items. He had been the sales director of a number of companies before setting up the subject.
The subject has established strategic alliance with a number of high quality manufacturers in China in order to provide clients with suitable services.
The subject offers
clients with the following services:-
· OEM Development and Manufacturing;
Products
outsourcing.
The subject is also engaged in price negotiation, concept designing, prototype development, tooling development, pre-production sample approval, purchase order, production plan, quality control, shipping arrangement and payment.
Currently, the
subject is chiefly involved in the following sectors:-
· Aircraft Models;
Baby
beddings and Baby Care supplies (such as Diapers);
Bags;
Clocks
and watches;
Computer
electronics and accessories;
Consumer
Electronics;
Decoration
Products;
Gift
and premiums;
Office
supplies;
Oral
Hygiene items;
Polyresin
models;
Shoes
and sandals;
T-shirts
and socks; &
Toiletries.
The subject’s customers are in Japan, India, Southeast Asian, Europe, South America, etc.
The subject has been distributing Sealer baby diapers and Dr P adult diapers to the Central America countries since 2005. Sealer baby diapers are manufactured by Everbeauty Corporation in Taiwan.
Annual sales turnover ranges from HK$30 to 35 million. Business is chiefly handled by Mr. Andy Tsang himself.
It has had sufficient working to support the current operating level.
As the subject’s history in Hong Kong is over eight years, on the whole, consider the subject good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.58.72 |
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|
1 |
Rs.99.02 |
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Euro |
1 |
Rs.80.57 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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 |
-- |
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.