MIRA INFORM REPORT

 

 

Report No. :

489349

Report Date :

08.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ETERNAL  TECH  GROUP  (HONGKONG)  LIMITED

 

 

Registered Office :

Room B, 19/F., Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

31.05.2010.

 

 

Com. Reg. No.:

52355312

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer, Exporter and Wholesaler of Kitchen Electric Appliances

 

 

No. of Employees :

4

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

 

Company name and address

 

ETERNAL  TECH  GROUP  (HONGKONG)  LIMITED

 

 

ADDRESS:       Room B, 19/F., Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:            852-2411 0073

 

FAX:                 852-2405 4485

 

MANAGEMENT:

 

Managing Director:  Mr. Zhou Chuan Wei

 

 

SUMMARY

 

Incorporated on:            31st May, 2010.

 

Organization:                 Private Limited Company.

 

Issued Share Capital:     HK$10,000.00

 

Business Category:       Importer, Exporter and Wholesaler

 

Annual Turnover:           US$20 – 50 million.

 

Employees:                  4.

 

Main Dealing Banker:     Citibank, N.A., Hong Kong.

 

Banking Relation:          Good.

 

 

ADDRESS

 

Registered Head Office:-

Room B, 19/F., Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

 

Holding Company:-

Eternal Investment (China) Ltd., British Virgin Islands.

 

Associated Companies:-

Eternal (Guangdong) Electric Holding Ltd., China.

Eternal (Guangdong) Tech Electric Co. Ltd., China.

 

 

BUSINESS REGISTRATION NUMBER

 

  52355312

 

 

COMPANY FILE NUMBER

 

  1462619

 

 

MANAGEMENT

 

Managing Director:  Mr. Zhou Chuan Wei

 

 

ISSUED SHARE CAPITAL

 

  HK$10,000.00

 

 

SHAREHOLDER

 

(As per registry dated 31-05-2017)

Name

 

No. of shares

Eternal Investment (China) Ltd.

Quastisky Building, P.O. Box 4389, Road Town, Tortola, British Virgin Islands.

 

10,000

=====

 

 

DIRECTORS

 

(As per registry dated 31-05-2017)

Name

(Nationality)

 

Address

ZHOU Chuan Wei

No. 5, XiXi Daning Road, Longjiang Town, Shunde District, Foshan City, Guangdong Province, China.

 

ZHOU Wen Le

Changlong Residents Committee, Buji Town, Longgang District, Shenzhen City, Guangdong Province, China.

 

 

SECRETARY

 

(As per registry dated 31-05-2017)

Name

Address

Co. No.

Concord Asia Secretaries Ltd.

Room 2901, 29/F., Shui On Centre,
6-8 Harbour Road, Wanchai, Hong Kong.

0639738

 

 

HISTORY

 

The subject was incorporated on 31st May, 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.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler

 

Lines:                           Kitchen Electric Appliances, etc.

 

Employees:                  4.

 

Commodities Imported:  China, other Asian countries, etc.

 

Markets:                       Australasia, Central & South America, Eastern Europe, North America, Scandinavia, Southeast Asia, Western Europe, etc.

 

Annual Turnover:           US$20 – 50 million.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               Various terms.

 

 

FINANCIAL INFORMATION

 

Issued Share Capital: HK$10,000.00

 

Mortgage or Charge:  (See attachment)

 

Profit or Loss:               Made small profits in past years.

 

Condition:                     Business is normal.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      No Complaints.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

Citibank, N.A., Hong Kong.

Hang Seng Bank Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Eternal Tech Group (Hongkong) Limited is a wholly-owned subsidiary of Eternal Investment (China) Ltd. which is a BVI-registered company.

The directors of the subject are China merchants.

The subject and its holding company belong to Eternal Group of China.

According to the subject, it is trading in the following commodities:

Kitchen Appliances - Electrical (Food steamer include OEM), Coffee Maker - AC (Include OEM), Induction Cooker, Kettle - AC (Include OEM), etc.

Products are exported to Australasia, Central & South America, Eastern Europe, North America, Scandinavia, Southeast Asia, Western Europe, etc.  Business is active.

The subject has had the following two main associated companies in China:-

Eternal (Guangdong) Tech Electric Co. Ltd. [Eternal]

Eternal (Guangdong) Electric Holding Ltd.

Both companies are in Shunde District, Foshan City, Guangdong Province, China.  Eternal was set up in 1993.

Eternal Group is a large export-oriented joint venture company, which is specialized in research & development, designing, manufacturing and marketing kitchen appliances.  With a floor space about 110,000 square meters including 80,000 square meters of factory areas and 20,000 square meters of dormitory areas, Eternal is engaged in manufacturing the following products:

Water heaters, coffee pots, vacuum flasks, coffee brewing system, capsule machines, coffee makers, milk producers, soy bean producers, electronic cookers, juicers, tea making machines, electric pressure cookers, baby-caring electric appliances, etc.

It exports around 10 million sets of various kinds of home appliance to more than ten country and regions as such Europe, North America, Australia, Eastern Europe, Southeast Asia.

Its products are certified in accordance with international safety standards such as GS, EMC, UL, CUL, 3C and ISO9001 (2000 version).

Eternal has hundreds of professional and technical personnel who are led by American and European’s senior engineers.  They have researched and developed more than ten types of new products which have been launched in Europe, the United States and in domestic market.

Eternal has 6 patents of product development, 28 patents of utility models, 23 patents of design.  The current senior professionals & technical and management staff account for 25% of the total employees.

Eternal has a first-class injection moulding machine, advanced moulding and metal proceeding equipment and its annual production capacity is more than 10 million units of products.

Eternal Group has an international and modern production & operation system, and it has been conferred many titles, such as “National High-Tech Enterprise”, “China Famous brand Products”, “National Laboratory”, “Ten Million Yuan Taxpayer”, “AAA bank's Credit Rating Enterprise”, etc.

The contact person of Eternal is also Mr. Zhou Chuan Wei.

The subject is fully supported by Eternal.  History in Hong Kong is over seven years and eight months.

On the whole, consider it good for normal credit requirements.

 

 

MORTGAGE OR CHARGE

 

Date

Description of Instrument

Mortgagee

15-10-2012

Deposit Deed

Citibank N.A., Hong Kong Branch.

19-04-2016

Assignment of DC Proceeds

Hang Seng Bank Ltd., Hong Kong.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.14

UK Pound

1

INR 89.50

Euro

1

INR 79.43

HKD

1

INR 8.23

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.