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Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
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Name : |
BOUSTAN IMPORT
& EXPORT CO. LTD. |
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Registered Office : |
c/o HK Dragon Flying Int’l Invest Consultant Ltd. Flat B07, 23/F., Hover Industrial Building, 26‑38 Kwai Cheong Road, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.08.2012 |
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Com. Reg. No.: |
60211475 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Natural date series products, pre-packaged food and bulk foodstuffs, garments, native produce, machinery & equipment, chemicals, mineral products, iron & steel as well as oil equipment |
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No of Employees : |
No Employees in Hong Kong (It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence
address only. Subject operates from some other country and does not have a
base in Hong Kong. Such companies are registered in Hong Kong just to tax
benefit purpose and due to the strict privacy laws prevailing in the country.
In such cases, the companies are not required to have any employees in Hong
Kong nor do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong
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Payment Behaviour : |
Unknown |
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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) |
|
Hong Kong |
A1 |
A1 |
|
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.
|
Source
: CIA |
BOUSTAN IMPORT &
EXPORT CO. LTD.
Registered
Office:-
c/o HK Dragon Flying Int’l Invest Consultant Ltd.
Flat B07, 23/F., Hover Industrial Building, 26‑38 Kwai Cheong Road, New Territories, Hong Kong.
[Formerly located
at:
c/o Hong Kong United Accounting & Secretarial Ltd.
Unit D, 16/F., Cheuk Nang Plaza,
250 Hennessy Road, Wanchai,
Hong Kong.]
Associated
Companies:-
EFA International Trading Co. Ltd., Hong Kong.
Ningxia Bornstein Import & Export Co. Ltd., Guangzhou Branch
Room 729, 7/F., Meibo Garment City, 202-3 Huanshi West Road, Guangzhou, Guangdong Province, China.
[Tel: 86-20-8668 5329, Fax: 86-20-8668 5330]
60211475
1785420
10th August, 2012.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 10-08-2013)
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Name |
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No. of shares |
|
HAO Xiuyan |
|
10,000 ===== |
(As per registry
dated 10-08-2013)
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Name (Nationality) |
Address |
|
HAO Xiuyan |
22, Er Team, Tonghui Village, Huangqu Qiao Town, Pingluo
County, Ningxia, China. |
(As per registry
dated 10-08-2013)
|
Name |
Address |
Co.
No. |
|
HK Dragon Flying Int’l Invest Consultant Ltd. |
Flat B07, 23/F., Hover Industrial Building, 26‑38
Kwai Cheong Road, New Territories, Hong Kong. |
1126601 |
The subject was incorporated on 10th August, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Unit D, 16/F., Cheuk Nang Plaza, 250 Hennessy Road, Wanchai, Hong Kong where was the operating office of a commercial service provider Hong Kong United Accounting & Secretarial Ltd. It moved to the present address in August 2013 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Boustan Import & Export Co., Ltd. is wholly owned by Ms. Hao Xiuyan who is a China businesswoman. She is a China ID holder and does not have the right to reside in Hong Kong permanently. She is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Flat B07, 23/F., Hover Industrial Building, 26‑38 Kwai Cheong Road, New Territories, Hong Kong” known as “HK Dragon Flying Int’l Invest Consultant Ltd.” which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject has had a main associated company in China known as Ningxia Bornstein Import & Export Co. Ltd. [Ningxia Bornstein], a China-based company which is in Ningxia. Founded in summer of 2011, Ningxia Bornstein has set up a branch company in Guangzhou, Guangdong Province, China.
Your given phone and fax number 86-20-8668 5329, 86-20-8668 5330 respectively belong to Ningxia Bornstein Guangzhou Branch.
The subject is engaged in the same lines of business as Ningxia Bornstein. The legal representative of Ningxia Bornstein is also Ms. Hao Xiuyan.
Ningxia Bornstein in fact is a joint venture between Efa International Trade Co. Ltd. [Efa] and a Iran company. Efa is a China company.
Ningxia Bornstein is dealing with Iran and the other Islamic countries. Its annual sales turnover is over US$30 million.
Ningxia Bornstein
is trading in the following commodities:
Natural date series products, pre-packaged food and bulk foodstuffs, garments, native produce, machinery & equipment, chemicals, mineral products, iron & steel as well as oil equipment
In recent years, Ningxia Bornstein has been emphasised in Iran date series, date liquid sugar, halal foodstuffs & dry nuts series
Efa and Ningxia Bornstein Guangzhou Branch are located at the same address in Guangzhou. Both have about 20 employees.
The contact person of Ningxia Bornstein Guangzhou Branch is a Ms. Qi.
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.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.58 |
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|
1 |
Rs.98.66 |
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Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.