|
Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
INFINITY AUTO PARTS CO. LTD. |
|
|
|
|
Registered Office : |
Room A-C, 21/F., Kwai Wan Industrial Building, 2 Wing Kin Road, Kwai Chung, New Territories |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
17.11.2010 |
|
|
|
|
Com. Reg. No.: |
53295305 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trader of all kinds of Auto Parts. |
|
|
|
|
No. of Employees : |
10 (Including
Branch Office and Warehouses) |
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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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 |
INFINITY AUTO
PARTS CO. LTD.
ADDRESS: Room A-C, 21/F., Kwai Wan
Industrial Building, 2 Wing Kin Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2421
9000
FAX: 852-2421
9292, 852-3011 5289
E-MAIL: infautoparts@biznetvigator.com
Managing Director: Mr. Cheung Chi Chiu
Incorporated on: 17th November, 2010.
Organization: Private Limited Company.
Capital: Nominal:
HK$10,000.00
Issued: HK$10,000.00
Business Category: Auto Part
Trader.
Employees: 10. (Including branch office and warehouses)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room A-C, 21/F., Kwai Wan Industrial Building, 2 Wing Kin Road, Kwai
Chung, New Territories, Hong Kong.
Branch Office and
Retailing Outlet:-
Room 0027E, M/F., ATL Logistics Centre B, Kwai Chung Container
Terminals, Berth 3, 8 Container Port Road South, Kwai Chung,
New Territories, Hong Kong.
53295305
1529337
Managing Director: Mr. Cheung Chi Chiu
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 17-11-2013)
|
Name |
|
No. of shares |
|
TONG Xia Li |
|
10,000 ===== |
(As per registry
dated 17-11-2013)
|
Name (Nationality) |
Address |
|
CHEUNG Chi Chiu |
Room 3002, 30/F., Block A, Wah Woon Mansion, Ching Wah Court,
Tsing Yi, New Territories, Hong Kong. |
(As per registry
dated 17-11-2013)
|
Name |
Address |
|
Tong Xia Li |
Room 3002, 30/F., Block A, Wah Woon Mansion, Ching Wah Court,
Tsing Yi, New Territories, Hong Kong. |
The subject was incorporateed on 17th November, 2010 as a private
limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Auto
Part Trader.
Lines: All kinds of auto
parts
Employees: 10. (Including branch office and warehouses)
Commodities Imported: Europe,
Japan, etc.
Markets: Hong Kong, China, other Asian countries, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
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.
Having issued 10,000 ordinary shares of HK$1.00 each, Infinity Auto Parts
Co. Ltd. is wholly owned by Ms. Tong Xia Li who is a China businesswoman. The director of the subject Mr. Cheung Chi
Chiu is the husband of Tong.
The subject is the successor to Infinity Auto Parts Co. which was set up
by Cheung Chi Chiu on 16th July, 2007.
However the business of this company ceased formally on 1st January,
2013 and its business has taken over by the subject since then.
The subject is an auto-part trader.
Commodities are chiefly imported from Germany and other European
countries. It is carrying those
auto-parts bearing the brand names of “Mercedes Benz”, “Volvo”, “BMW”,
“Scania”, “Man”, “Iveco”, etc. It also carries auto-parts for trucks and
coaches. Most of its customers are
garages and auto-part retailers in Hong Kong. It also exports its auto-parts to China, the
other Asian countries, etc. Business is
normal.
The subject has had a retailing outlet and two warehouses in Hong Kong.
The subject’s business is chiefly handled by Mr. Cheung Chi Chiu and his
wife. The contact person of the subject
Mr. Harry Luk is able to be reached at his Hong Kong mobile-phone number
852-9511 2367.
The scale of the subject is larger than its predecessor.
As the history of the subject is about four years in Hong Kong, on the
whole, consider it good for normal business engagements in moderate credit
amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.