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MIRA
INFORM REPORT
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Report No. : |
503638 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
MICRO GROUP LIMITED |
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Registered Office : |
Unit B, 7/F., Style Factory Building, 9 Elm Street, Tai Kok Tsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.03.2015 |
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Com. Reg. No.: |
64514805 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter, Wholesaler and
Retailer of all kinds of candles, resin products |
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No. of Employees : |
5 |
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 : |
Small Company |
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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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Hong Kong |
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 |
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 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 |
Note
[Long time ago located at:
c/o Boardroom Corporate Services (HK) Ltd.
31/F., 148 Electric Road, North Point,
Hong Kong.]
Company name
MICRO GROUP
LIMITED
ADDRESS: Unit B, 7/F.,
Style Factory Building, 9 Elm Street, Tai Kok Tsui, Kowloon,
Hong Kong.
PHONE: 852-3568 1281
FAX: 852-3568 6283
MANAGEMENT: Managing Director: Mr. Tse Yiu Ka
SUMMARY
Incorporated on: 19th March, 2015.
Organization: Private Limited
Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter, Wholesaler and Retailer.
Employees: 5.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS:
Registered Head Office:-
Unit B, 7/F., Style Factory Building, 9 Elm Street, Tai Kok Tsui,
Kowloon, Hong Kong.
Affiliated Companies:-
Creative Impulse Ltd., Hong Kong.
(Same address)
Micro Group UK Ltd., U.K.
BUSINESS REGISTRATION NUMBER
64514805
COMPANY FILE NUMBER
2213327
MANAGEMENT
Managing Director: Mr. Tse Yiu Ka
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry dated 19-03-2017)
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Name |
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No. of shares |
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KAN Ka Chun |
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3,000 |
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TSE Yiu Ka |
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3,000 |
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CHEUNG Yuk Shing |
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2,000 |
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WU Tsz Ching |
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2,000 |
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–––––– |
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Total: |
10,000 ====== |
DIRECTOR
(As per registry dated 04-01-2018)
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Name (Nationality) |
Address |
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TSE Yiu Ka |
Room 1005, 10/F., Hang Chi House, Cheung Hang Estate, Tsing Yi,
New Territories, Hong Kong. |
SECRETARY
(As per registry dated 19-03-2017)
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Name |
Address |
Co. No. |
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Moral Consultants Ltd. |
Unit B, 7/F., Style Factory Building, 9 Elm Street, Tai Kok Tsui, Kowloon,
Hong Kong. |
1146606 |
HISTORY
The subject was incorporated on 19th March, 2015 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Creative Impulse
Design Ltd., name changed to the present style on 8th November, 2016.
Long time ago, the registered address of the subject was located at
‘31/F., 148 Electric Road, North Point, Hong Kong’ where was the operating
address of Boardroom Corporate Services (HK) Ltd., moved to ‘Unit 1103C, 11/F.,
Join-In Hang Sing Centre, 2-16 Kwai Fung Crescent, Kwai Chung, New Territories,
Hong Kong’ in September 2017 and further moved to the present address with
effect from 1st March, 2018.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter, Wholesaler and Retailer.
Lines: All kinds of
candles, resin products
Employees: 5.
Commodities
Imported: China, other
Asian countries, etc.
Markets: Hong Kong, other
Asian countries, Europe, US, etc.
Terms/Sales: CAD, or as per
contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Made a very small
profit in 2017.
Condition: Business keeps on
improving.
Facilities: Adequate for
current running.
Payment: Slow but Correct.
Commercial Morality: Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Micro Group Limited was incorporated on 19th March, 2015 as a private
limited liability company.
The subject’s operating office is also the office of its secretarial
company ‘Moral Consultants Ltd.’ [Moral] which is handling its correspondences
and documents.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each which are jointly-owned by Mr. Kan Ka
Chun, holding 30% interests, Mr. Tse Yiu Ka, holding 30%; Mr. Cheung Yuk Shing,
20% and Mr. Wu Tsz Ching, also 20%.
Mr. Tse Yiu Ka is the only director of the subject.
The subject shares the office with its associated company Creative
Impulse Ltd. [CIL].
The subject and CIL are engaged in the same lines of business, more or
less.
CIL is trading in all kinds of candles and resin products. Most of the products are designed by the
designers of the subject. Apart from
candles, the subject also trades in other related products such as fragrances,
birthday and wedding candles, basic pillars, taper and tea-light, daily
accessories, general household products, etc.
Most of the products bear the trade mark ‘Creative Impulse’.
The business hour of the subject ranges from 13:00 to 20:00, from Monday
to Saturday. Walk in customers are
served. Customers usually make their
payments in cash.
The area of the subject ranges from 200 to 300 sq.ft.
The contact person of the subject is Ms. Ivy Wong Wai Man. The history of the subject in Hong Kong is
just over three years.
The subject has had an associated company in the United Kingdom.
On the whole, consider it good for normal business engagements in very
small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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HKD |
1 |
INR 8.38 |
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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NIS |
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Report Prepared
by : |
KET |
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.