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MIRA INFORM REPORT
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Report No. : |
500864 |
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Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
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Name : |
ADDA INNOVATION LIMITED |
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Registered Office : |
Room A27, 3/F., Lead On Industrial Building, 18 Ng Fong Street, San Po
Kong, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
18.03.2016 |
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Com. Reg. No.: |
65895909 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Containers and Packaging Products,
Premiums & Gifts. |
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No. of Employees : |
10 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Relatively New Business |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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 47.3 million in 2014, outnumbering visitors from all other countries combined. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
ADDA INNOVATION
LIMITED
ADDRESS: Room A27, 3/F., Lead On
Industrial Building, 18 Ng Fong Street, San Po Kong, Kowloon, Hong Kong.
PHONE: 852-2344 7078
FAX: 852-2343
3492
MANAGEMENT
Managing Director: Mr. Pierre Yves Azuelos
SUMMARY
Incorporated on: 18th March, 2016.
Organization: Private Limited Company.
Issued Share Capital: HK$2,001,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 10.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room A27, 3/F., Lead On Industrial Building, 18 Ng Fong
Street, San Po Kong, Kowloon, Hong Kong.
Holding Company:-
Do International Asia Ltd., Hong Kong.
Associated Companies:-
Adda Products Ltd., Hong Kong.
DAPY America, US.
Do International SAS, France.
BUSINESS REGISTRATION NUMBER
65895909
COMPANY FILE NUMBER
2350568
MANAGEMENT
Managing Director:
Mr. Pierre Yves Azuelos
Project Manager: Mr. Ivan Chan
ISSUED SHARE CAPITAL
HK$2,001,000.00 (1,001 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 18-03-2018)
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Name |
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No. of shares |
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KWOK Wai Kwan, Fanii |
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100 |
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LAM Siu Lai |
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150 |
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CHAN Chun Kit |
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250 |
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Do International Asia Ltd., Hong Kong. |
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501 |
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––––– |
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Total: |
1,001 ==== |
DIRECTOR
(As per registry dated 18-03-2018)
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Name (Nationality) |
Address |
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Pierre Yves AZUELOS |
10 Boulevard Des Sablons 92200, Neuilly Sur Seine,
France. |
SECRETARY
(As per registry dated 18-03-2018)
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Name |
Address |
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LAM Siu Lai |
Flat E, 30/F., Block 3, Fu Ning Garden, 25 Po Ning
Road, Tseung Kwan O, New Territories, Hong Kong. |
HISTORY
The subject was
incorporated on 18th March, 2016 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.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Containers and Packaging
Products, Premiums & Gifts, etc.
Employees: 10.
Commodities Imported: China,
other Asian countries, etc.
Markets: Hong Kong, Europe, other Asian
countries, North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Issued Share Capital: HK$2,001,000.00
(1,001 fully paid ordinary shares)
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Adequate for current running.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
GENERAL
Adda Innovation
Limited is jointly owned by the following parties:
Ms. KWOK Wai Kwan,
Fanii --- 9.99%
Ms. LAM Siu Lai ---
14.99%
Mr. CHAN Chun Kit ---
24.99%
Do International Asia
Ltd., Hong Kong. --- 50.03%
The director of the
subject Mr. Pierre Yves Azuelos is a France passport holder.
The subject is an
associated company of Adda Products Ltd. [APL] which is a Hong Kong-registered
company. APL was incorporated on 13th
June, 1996 and located at the same address.
The subject and APL are referred to Adda.
Adda has been
specialized in 3D Product Design and Production of POSM for nearly 20
years. Its products developed including
2D & 3D concept, prototypes & moulds construction, CNC, polishing and finishing treatment which
can adapt to prototypes made by
fabrication, vac-forming, injection, moulding, die casting of different
materials with PCB and other lighting & electrical services.
It is also able to offer prototypes replications to meet small volume
requirements.
With years of
experiences in producing high quality of POSM for Luxury perfume in Europe and
the United States, which include Giant Bottles for Window display, presentation
stands/kits, packaging and caps. For
Luxury wines and Spirits; Displays like Rituals, Glorifiers, display podium,
dummy bottles, service kits and Ice buckets.
Adda also provides
product development services for Household & Electrical products and
machine parts.
Adda moved to
Shenzhen, China ten years ago. The
Shenzhen office has been equipped with CNC, prototype workshops, engineering
service team, QC, packing and logistic departments. Now, Adda has integrated all services now
under the subject.
The main associated
company of the subject is Do International SAS, a France-based company. Its business name is DAPY Paris [Dapy].
Founded by
Pierre-Yves Azuelos in 1980, Dapy was a pioneer in the manufacturing of fashion
accessories in transparent plastic for large French and international houses. Aware of the potential development of plastic
materials in the luxury packaging and POS markets, Dapy has developed its
organisation towards this path.
Dapy was the first
company to create real transparent and rigid materials for the luxury packaging
industry. In 1992, Dapy was the first
European company in this sector to invest in production plants in Asia and
develop new technology for large-scale productions at better cost. Since then, Dapy has also delivered
small-scale and prototype productions.
Its strength is to
create and develop cases, boxes, displays and other items for the goods of its
clients.
Mastering the
requirements of luxury packaging, Dapy designs and manufactures packaging and
POS items for perfumes, cosmetics, champagnes, spirits and others. Dapy serves the main actors of the luxury
industry of the world.
The subject is
engaged in the same lines of business as Dapy, more or less.
The business of the
subject is chiefly handled by the shareholders.
History in Hong Kong is just over two years.
On the whole, since
the history of the subject is short, consider it good for normal business
engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.94 |
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1 |
INR 91.75 |
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Euro |
1 |
INR 79.90 |
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HKD |
1 |
INR 8.30 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.