MIRA INFORM REPORT

 

 

Report Date :

12.11.2014

 

IDENTIFICATION DETAILS

 

Name :

HONEYTEK  INSTRUMENT  (HK)  COMPANY

 

 

Registered Office :

Unit 7H, Wang Kwong Industrial Building, 45 Hung To Road, Kwun Tong, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

19.10.2005

 

 

Com. Reg. No.:

36111221-000-10

 

 

Legal Form :

Sole Proprietorship

 

 

LINE OF BUSINESS :

IMPORTER, EXPORTER AND MANUFACTURER OF ALL KINDS OF INSTRUMENTS AND METRES

 

 

No of Employees :

4

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hong Kong

A1

A1

 

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 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 & ADDRESS

 

HONEYTEK  INSTRUMENT  (HK)  COMPANY

 

 

ADDRESS:                   Unit 7H, Wang Kwong Industrial Building, 45 Hung To Road, Kwun Tong, Kowloon, Hong Kong.

 

PHONE:                        852-2191 3218

 

FAX:                             852-3007 5013

 

 

MANAGEMENT

 

Manager:                      Ms. Wong Ting Ting, Grace

 

 

SUMMARY

 

Establishment:                          19th October, 2005.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:       Importer, Exporter and Manufacturer.

 

Employees:                  4.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

ADDRESS

 

Head Office:-

Unit 7H, Wang Kwong Industrial Building, 45 Hung To Road, Kwun Tong, Kowloon, Hong Kong.

 

Associated Companies:-

Gold Ring Prosperous Ltd., Hong Kong.

Shanghai Honeytek Electronic Instrument Co. Ltd., China.

Shenzhen Honeytek Electronic Instrument Co. Ltd.

1/F., Building, Xilihu Industrial District, Shenzhen, China.

[Tel: 86-755-26621809

Fax: 86-755-26736516

E-mail: china@honeytek.com]

 

 

BUSINESS REGISTRATION NUMBER

 

36111221-000-10

 

 

MANAGEMENT

 

Manager:                      Ms. Wong Ting Ting, Grace

 

 

SOLE PROPRIETOR

 

Name:                           Ms. WONG Ting Ting

Residential Address:     Room 108, Kwong Yat House, Kwong Tin Estate, Lam Tin, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was established on 19th October, 2005 as a sole proprietorship concern owned by Ms. Wong Ting Ting under the Hong Kong Business Registration Regulations.

At the very beginning, the subject was located at Room 108, Kwong Yat House, Kwong Tin Estate, Lam Tin, Kowloon, Hong Kong, moved to Room 413, 4/F., House of Corona, 50 Hung To Road, Kwun Tong, Kowloon, Hong Kong in January 2011, and further moved to the present address in May 2014.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Manufacturer.

 

Lines:                           All kinds of instruments and metres

 

Employees:                  4.

 

Commodities Imported: China, etc.

 

Markets:                        Japan, other Asian countries, Europe, North America, etc.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:               Making a small profit every year.

 

Condition:                     Keeping in a satisfactory manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Honeytek Instrument (HK) Co. is a sole proprietorship set up and owned by Ms. Wong Ting Ting, Grace who is a Hong Kong businesswoman.  She is also manager of the subject.

The subject is trading in all kinds of instruments and metres.  Its associated company Shenzhen Honeytek Electronic Instrument Co. Ltd. [Honeytek] is in Shenzhen, China.

Honeytek is a high-tech enterprise which is specialized in digital instrumentation R & D, designing, manufacturing, and marketing.  All its products bear the trade mark Honeytek brand both at home and abroad.

The main products are digital multimeters, automotive instrumentation, electrical testing instruments, environmental protection, and thermal analysis instruments, safety regulations instrumentation, universal testing instrument, measuring instrument calibration and other products.  In total, there are nearly 120 varieties.

The production base of Honeytek is located in Shenzhen, China.  The company has standard automatic flow-through debugging assembly production lines and advanced production equipment.  It strictly follows ISO9001 standards and it has a sophisticated system in product development, manufacturing, production process, QC, PMC materials control, etc.  Products are in complete accordance with international quality certification standards of CE, UL, ROHS, etc.  The China company has received many safety certification such as the Europe CE, the United States UL, and China CMC.

The products of Honeytek brand is well sold in Europe, the United States and in the domestic market.  It has established distribution organizations and service network in more than 60 cities of China.  In order to better serve its customers, Honeytek founded the Shanghai company in Shanghai in 2006, which is specialized in servicing domestic and international customers.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities.  For instance, it is going to take part in Hong Kong Electronics Fair (Autumn Edition) which will be held in Hong Kong Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 13 to 16 October, 2015.

The history of the subject in Hong Kong is over nine years.

On the whole, consider it good for normal credit requirements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.55

UK Pound

1

Rs.97.53

Euro

1

Rs.76.48                  

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.