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Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
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Name : |
HOSLEY CHINA INDUSTRIES LTD. |
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Registered Office : |
Room 1, 7/F., Hong Kong International Trade & Exhibition Centre, 1 Trademart
Drive, Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.02.2002 |
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Com. Reg. No.: |
32395554 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Metal and wrought iron
accessories, ceramics, porcelain, earthenware, other arts and crafts,
fragrance, decoration products, other consumer products. |
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|
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No of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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 |
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Very High |
C1 |
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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 |
HOSLEY CHINA
INDUSTRIES LTD.
ADDRESS: Room 1, 7/F., Hong Kong International
Trade & Exhibition Centre, 1 Trademart Drive, Kowloon Bay, Kowloon,
Hong Kong.
PHONE: 852-2620 0203
FAX: 852-2620 0177
E-MAIL: sales@hosleychina.com
Managing Director: Mr. Piush
Kumar
Incorporated on: 1st February, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$2.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 25.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1, 7/F., Hong Kong International Trade & Exhibition Centre,
1 Trademart Drive, Kowloon Bay, Kowloon, Hong Kong.
Associated Companies:-
Hausela Capital Partners Ltd., Hong Kong.
Hosley China Industries Ltd., China.
Hosley Group Industries, US.
Hosley India Pvt. Ltd., India.
Hosley International Inc., US.
Hosley International Trading Corporation, US.
32395554
0785064
Managing Director: Mr. Piush
Kumar
Nominal Share Capital: HK$100,000.00
(Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 01-02-2014)
|
Name |
|
No. of shares |
|
Shivlee Holdings Ltd. 263 Main Street, P.O. Box 2196, Road Town, Tortola,
British Virgin Islands. |
|
1 |
|
Hoysala Holdings Ltd. 263 Main Street, P.O. Box 2196, Road Town, Tortola, British Virgin Islands. |
|
1 |
|
|
|
–– |
|
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Total: |
2 = |
(As per registry dated 28-08-2014)
|
Name (Nationality) |
Address |
|
Piush KUMAR |
Flat E, 17/F., Block 3, Estoril Court, 55 Garden Road, Mid‑Levels,
Hong Kong. |
|
Great Peak Development Ltd. |
Room 1, 7/F., Kowloonbay International Trade & Exhibition Centre,
1 Trademart Drive, Kowloon Bay, Kowloon, Hong Kong.. |
(As per registry dated 01-02-2014)
|
Name |
Address |
Co. No. |
|
Wing On Business Consultants Ltd.. |
Room 1201, 12/F., Tai Sang Bank Building, 132 Des Voeux Road
Central, Hong Kong. |
0966178 |
The subject was incorporated on 1st February, 2002 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hosley
Industries Ltd., name changed to the present style on 9th July, 2003.
Formerly the subject was located at Unit 1261, 12/F., Hong Kong
International Trade & Exhibition Centre, 1 Trademart Drive, Kowloon Bay,
Kowloon, Hong Kong, moved to Unit 51-59, 12/F., Hong Kong International Trade
& Exhibition Centre, 1 Trademart Drive, Kowloon Bay, Kowloon, Hong
Kong in November 2011, and further moved to the present address in February
2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Metal and wrought iron
accessories, ceramics, porcelain, earthenware, other arts and crafts, fragrance,
decoration products, other consumer products.
Employees: 25.
Materials/Commodities: Imports raw
materials from European countries, some Asian countries and finished products
from China.
Markets: Asia, Europe,
Middle East, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, O/A, D/P, etc.
Nominal Share Capital: HK$100,000.00
(Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making active use of general
banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
Hosley China Industries Ltd. is equally held by two BVI-registered
firms: Shivlee Holdings Ltd. and Hoysala Holdings Ltd. The subject has just issued 2 ordinary shares
of HK$1.00 each while each of the holding companies holds one share.
The subject is a member of the Hosley Group [Hosley]. Being a leading vendor to major retailers in
the United States and Europe, Hosley has fully integrated to be a Distribution
Centre and act as a Vertical Supply Chain with factories in India and China.
The Group is trading in the following commodities: metal and wrought
iron accessories, ceramics, porcelain, earthenware, resin products, wood
products, glassware, housewares, candles and candle accessories. Its products are divided into three
categories:
The Hosley Group of companies was founded 30 years ago in Lynwood, IL.
the United States. Its current corporate
structure spans the globe to provide its customers with innovative air care
products and affordable decorating solutions.
Its alliances are in the United States, China and India.
With a 40,000 sq. ft. sales office/showroom, a 375,000 sq. ft.
distribution centre and two air care manufacturing facilities which have
received “green” ratings from major retailers all in the Chicago area, the
Hosley Group is well equipped to handle any supply chain requirement in the US
market.
Hosley works with factories in each of its key categories. Hosley India has two factories with over
200,000 sq.ft. of manufacturing space.
Hosley China has got a number of affiliated factories. Hosley China is specialized in designing and
manufacturing the above-mentioned products which includes a wide range of
ceramics, metal and glass products.
Hosley has fully operational teams in place in both India and China to
handle production, operational and logistics.
The subject’s China office in Dongguan City, Guangdong Province bears
the same name as the subject.
Holsey is presently consolidating and shipping products from all major
ports in India and China. With its high
shipping volumes, Holsey is able to negotiate good rates for sea shipment from
all ports.
Hosley is chiefly owned by the Kumar family. Kumar family is an Indian family but some of
its members have got US passports.
The Chairman of the subject is Piush Kumar. He is also President of Hausela Capital
Partners Ltd., also a Hong Kong-registered company.
The subject is fully supported by the Group. History in Hong Kong is over twelve years and
eight months.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.23 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
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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.