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Report Date : |
26.09.2014 |
IDENTIFICATION DETAILS
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Name : |
ENCHIEF ( |
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Registered Office : |
Room 810, 8/F., Kowloon Plaza, 485 Castle Peak Road, Lai Chi Kok, Kowloon |
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Country : |
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Date of Incorporation : |
27.10.2005 |
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Com. Reg. No.: |
36174714 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of Chemicals, pigments,
dyestuffs, piecegoods, plastic raw materials |
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No. of Employees : |
08 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
ENCHIEF (ASIA) INDUSTRIAL
LTD.
ADDRESS: Room 810, 8/F., Kowloon Plaza, 485 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 852-2730 6823
FAX: 852-2375 0151
E-MAIL: enchief1967@yahoo.com
enchief1967@gmail.com
Managing Director: Mr. Yau Kai Hing, Henry
Incorporated on: 27th October, 2005.
Organization: Private Limited Company.
Capital: Nominal:HK$2,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Manufacturer.
Annual Turnover: HK$50-55 million.
Employees: 8. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 810, 8/F., Kowloon Plaza, 485 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
Mailing Address:-
G.P.O. Box 4165, Central, Hong Kong.
Associated Companies:-
Boka Electronic Equipment (H.K.) Co. Ltd., Hong Kong. [Dissolved]
Enchief (Asia) Industrial Ltd., Hong Kong. (Same address)
Likai Merchandise Enterprises Ltd., Hong Kong. [Deregistration]
Mercantile Traders Corporation, Hong Kong. (Same address)
36174714
1003677
Managing Director: Mr. Yau Kai Hing, Henry
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS: (As per registry dated 27-10-2013)
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Name |
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No. of shares |
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YAU Kai Hing, Henry |
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500,000 |
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LAU Wan Hoi |
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500,000 |
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------------ |
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Total: |
1,000,000 ======= |
DIRECTORS: (As per registry dated 27-10-2013)
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Name (Nationality) |
Address |
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YAU Kai Hing, Henry |
Room B, 12/F., 15 Glee Path, Stage 2, Mei Foo Sun Chuen, Lai Chi Kok, Kowloon, Hong Kong. |
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LAU Wan Hoi |
Room B, 12/F., 15 Glee Path, Stage 2, Mei Foo Sun Chuen, Lai Chi Kok, Kowloon, Hong Kong. |
SECRETARY: YAU Kai Hing, Henry (As per registry dated 27-10-2013)
The subject was incorporated on 27th October, 2005 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: Importer, Exporter and Manufacturer.
Lines: Chemicals, pigments, dyestuffs, piecegoods, plastic raw materials,
Employees: 8. (Including associate)
Raw Materials: Imported from India, Europe.
Markets: China, other Asian countries, Europe, North America
Annual Turnover: HK$50-55 million.HK$50-55 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P,
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
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 1 million ordinary shares of HK$1.00 each, Enchief (Asia) Industrial Ltd. is equally owned by Mr. Yau Kai Hing, Henry and Mr. Lau Wan Hoi. Both are Hong Kong merchants. They are also Directors of the subject.
The subject has had an associated company Mercantile Traders Corporation [MTC] located at the same address.
The subject is trading in chemicals, pigments & dyestuffs, directs dyes, Deputy platoon PP, broken PP, plastic heed, TPO, TPR, EPDM, adhesive tape, HDPE, white PP, non-woven fabric, cotton yarn, metal scarp, cone yarn, textile wastes, etc.
Products are exported to Australia, Japan, South Korea, North America, Southeast Asia, Europe, etc. Business is normal.
The subject sourced its products from China, Europe, etc.
Business commenced in November 1967, MTC is trading in the following commodities:-
Piecegoods ‑ Vegetable Fibre;
Fabric ‑ Cotton, Knitted;
Piecegoods – Synthetic;
Fabric ‑ Synthetic, Knitted, Lycra and Spandex;
Yarn ‑ Blended (Excluding Polyester/Cotton) (T/C);
Yarn ‑ Vegetable Fibre;
Suit ‑ Ladies (OEM);
Dress and Skirt ‑ Children (OEM);
Shirt ‑ Children (OEM);
Shorts and Trousers ‑ Children (OEM), Blouses;
Blouse ‑ Embroidered (OEM);
Blouse ‑ Plain (OEM);
Others ‑ Jeans (OEM), Dresses and Skirts (OEM), Shirts, Trousers (OEM), Slacks (OEM), Tee and Sweat Shirts (OEM);
Raw Cotton (Including cotton waste from China, India, Pakistan, Bangladesh); &
Textile Waste (OEM).
Most of its commodities are exported to Western Europe and North America. Business is rather active.
The annual sales turnover of the subject and MTC ranges from HK$50 to 55 million. Making a small profit every year.
As the history of the subject is about nine years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.02 |
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1 |
Rs.99.42 |
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Euro |
1 |
Rs.77.84 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
NIS |
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 |
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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.