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Report No. : |
315014 |
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Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL
ENTERPRISES |
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Registered Office : |
Flat I, 7/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
01.04.1988 |
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Com. Reg. No.: |
11758226-000-04 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of Mobile Phones, Electronic Products, Piecegoods. |
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No. of Employees : |
4 |
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 : |
-- |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hongkong |
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 |
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 |
INTERNATIONAL
ENTERPRISES
ADDRESS: Flat
I, 7/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2721
7861, 2311 7427
FAX: 852-2311
3247
Manager: Mr. Surekha Ashok
Establishment: 1st April, 1988.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer
and Exporter.
Employees: 4.
Annual Turnover: US$25-35 million.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat I, 7/F., Far East Mansion, 5-6 Middle Road,
Tsimshatsui, Kowloon, Hong Kong.
Tsimshatsui P.O. Box 90617, Kowloon, Hong Kong.
11758226-000-04
Manager: Mr. Surekha Ashok
Name: Mr. Surekha Ashok
Residential Address: 6/F.,
Dragon House, 7A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was
established on 1st April, 1988 as a sole proprietorship concern owned by Mr.
Surekha Ashok under the Hong Kong Business Registration Regulations.
Initially the subject
was located at 6/F., Dragon House, 7ACameron Road, Tsimshatsui, Kowloon, Hong
Kong where is the residence of the proprietor.
Move to the present address in January 1991.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer
and Exporter.
Lines: Mobile
phones, electronic products, piecegoods
Employees: 4.
Commodities Imported: Mainly
imported from China.
Markets: The
Middle East, India, Pakistan, etc.
Annual Turnover: US$25-35 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
Capital: Not
disclosed.
Profit & Loss: Making
a small profit every year.
Condition: Keeping in a normal state.
Facilities: Making rather active use of
general banking facilities.
Payment: Met as contracted.
Commercial Morality:
Satisfactory.
Bankers:-
Indian Overseas Bank,
Hong Kong Branch.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
International
Enterprises is a sole proprietorship concern owned and set up by Mr. Surekha
Ashok who is an Indian.
He is a Hong Kong ID
holder and has got the right to reside in Hong Kong permanently. He is also manager of the subject.
Business commenced in
early April 1988, the subject is just a small-sized trading firm.
The subject is
trading in the following commodities: Piecegoods - Silk, Fabrics, Yarns,
Cameras ( Excluding Digital / Disposable / Movie Camera ) (From Japan),
Photographic goods, Flash Unit, Photo Film (From Japan), Advertising Premium
(Including single-use/manual/motorized/digital camera & flash/mini tripod,
monocular, binocular), Musical Instruments - Western Type, Mobile Phones,
Batteries, Pharmaceutical Chemicals, Pharmaceuticals, etc.
The subject has
registered with the Office of the Communications Authority (OFCA), The
Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer
(Unrestricted) Licensee. The subject
bears the licence No. of RU00115154–RU (as at 15th March, 2015).
The annual sales
turnover of the subject ranges from US$25 to 35 million.
The subject’s
business is mainly handled by Mr. Ashok himself and his family members. History in Hong Kong is over 27 years.
On the whole, the
subject is considered good for normal business engagements.
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
July 1994 |
Citibank N.A. |
International Enterprises |
Amount due |
US$70,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.26 |
|
|
1 |
Rs.92.49 |
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Euro |
1 |
Rs.66.99 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.