|
|
|
MIRA INFORM REPORT
|
Report No. : |
493148 |
|
Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
UNION BORDER TRADE LIMITED |
|
|
|
|
Registered Office : |
Workshop D6A, 6/F., TML Tower, 3 Hoi Shing Road, Tsuen Wan, New Territories |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
22.11.2010 |
|
|
|
|
Com. Reg. No.: |
53327073 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Importer, Exporter
and Wholesaler of all kinds of nutrition biscuits, low-fat biscuits and
children biscuits, other beverages, foodstuffs, other duty-free products,
cosmetics, pharmaceuticals, luxury products. |
|
|
|
|
No. of Employees : |
60. (Including Associates and
Warehouse) |
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 : |
Satisfactory |
|
|
|
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
Hongkong |
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 |
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.
|
Source
: CIA |
Company name and address
UNION BORDER TRADE
LIMITED
ADDRESS: Workshop D6A, 6/F., TML
Tower, 3 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2307
9338-84
FAX: 852-2387
6771
E-MAIL: cosmetics@uniondutyfree.com
MANAGEMENT
Managing Director:
Mr. Chiu Bun
SUMMARY
Incorporated on: 22nd November, 2010.
Organization: Private Limited Company.
Issued Share Capital: HK$1.00
Business Category: Importer,
Exporter and Wholesaler.
Group Turnover: US$300 - 350 million.
Employees: 60. (Including associates and warehouse)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation:
Satisfactory.
ADDRESS
Registered Head
Office:-
Workshop D6A, 6/F., TML Tower, 3 Hoi Shing Road, Tsuen
Wan, New Territories, Hong Kong.
Holding Company:-
Food and Beverage Holdings Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Brandstar Holdings Ltd., Cayman Islands/Hong Kong.
Associated
Companies:-
* Union
Camera Hong Kong Ltd., Hong Kong.
* Union
Camera Ltd., Hong Kong.
* Union
Computer Supplies Ltd., Hong Kong.
* Union
Duty-Free Ltd., Hong Kong.
Note: * Same address
BUSINESS REGISTRATION NUMBER
53327073
COMPANY FILE NUMBER
1530788
MANAGEMENT
Managing Director:
Mr. Chiu Bun
Contact Person: Ms. Palua Koo
ISSUED SHARE CAPITAL
HK$1.00
SHAREHOLDER
(As per registry dated 22-11-2017)
|
Name |
|
No. of share |
|
Food and Beverage Holdings Ltd. Jayla Place, Wickhams Cay I, Road Town, Tortola,
British Virgin Islands |
|
1 = |
DIRECTOR
(As per registry dated 22-11-2017)
|
Name (Nationality) |
Address |
|
CHIU Bun |
Flat D, 43/F. & 45/F., Tower 9, Island Harbourview,
11 Hoi Fai Road, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 22-11-2017)
|
Name |
Address |
Co. No. |
|
Amalgamated Secretarial Service Ltd. |
Room 604-607, 6/F., Dominion Centre, 43‑59 Queen’s
Road East, Hong Kong. |
0016791 |
HISTORY
The subject was incorporated
on 22nd November, 2010 as a private limited liability company under the Hong
Kong Companies Ordinance.
Formerly the subject
was located at ‘Room 603, 6/F., Yee Kuk Industrial Centre, 555 Yee Kuk Street,
Lai Chi Kok, Kowloon, Hong Kong’, moved to the present address in December
2016.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of nutrition
biscuits, low-fat biscuits and children biscuits, other beverages,
foodstuffs,
other duty-free products, cosmetics, pharmaceuticals, luxury products.
Employees: 60.
(Including associates and warehouse)
Commodities Imported: Europe,
Australia, New Zealand, Asian countries, etc.
Markets: Hong Kong, China, Asian countries,
Europe, North America, etc.
Group Turnover: US$300
- 350 million.
Terms/Sales: COD or as per contracted.
Terms/Buying: As per contracted.
FINANCIAL INFORMATION
Issued Share Capital: HK$1.00
Profit or Loss: Made small profits in past years.
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: Good.
GENERAL
Having issued just
one ordinary share of HK$1.00, Union Border Trade Limited formerly was wholly
owned by Mr. Chiu Bun who was a Hong Kong merchant. Now, the subject is a wholly-owned subsidiary
of Food and Beverage Holdings Ltd. which is a BVI-registered company.
The directors of the
subject were Chiu Bun and his wife Ms. Mak Kit Fong. Now, the latter has outgone while Mr. Chiu
Bun is the only director of the subject.
The subject has had a
main associated company located at the same address known as Union Duty-Free
Ltd. The ultimate holding company of
these two companies is Brandstar Holdings Ltd.
The subject is one of
the divisions of Union Group which is trading in all kinds of duty-free goods.
These include the following main divisions:
·
Cosmetic Division
·
Pharmacy Division
·
Luxury Product Division
·
Food & Beverages Division
The Group was founded in 1989 which was just a camera
importer and exporter. Now, the Group
has set up the following divisions:-
·
Union Camera;
·
Union Duty-Free;
·
Union Computer Suppliers; &
·
Union Border Trade.
The subject belongs
to the Union Border Trade division. The
subject is trading in variety of nutrition biscuits, low-fat biscuits and children
biscuits. The nutrition biscuits are in
high dietary fibre which provide supplement for daily demand of calcium. The super big crackers are crispy with
low-fat feature. For the children
biscuits, each piece comes with alphabet or numeric artwork that is designed to
appeal to children. These will become
one of the children’s favourite snacks.
Union Group is an
international distribution group serving over 1,000 business partners in over
100 countries worldwide.
Its main products are
computer IT products, digital cameras & accessories, cosmetics, and
duty-free store products, etc.
The Group’s global
head-office is based in Hong Kong. It
operates its regional offices and distribution logistics centres in New York,
the United States, Singapore, Guangzhou and Shenzhen Special Economic Zone of
China.
The Group serves its
business partners in a “dual-distribution system”. It operates as both a domestic distributor
where it has regional offices and as an international distributor delivering
product to the worldwide markets where the manufacturers have limited
distribution coverage.
International
Distribution customers include:-
·
Distributors;
·
Wholesalers;
·
Importers;
·
Large Resellers; &
·
Duty-Free Stores.
Domestic Distribution
customers include:-
·
Government and Education;
·
Office Towers;
·
Value-Added Resellers;
·
System Integrators;
·
Retailers; &
·
Web-Stores.
·
Suppliers include:-
·
Manufacturers;
·
Authorized Distributors; &
·
Authorized Wholesalers.
According to the
Group, it is handling about 70 order daily.
Its stock in hand amounts to US$25 million.
The history of the
subject is just over seven years and three months.
As the history of the
Group is over twenty-seven years in Hong Kong, on the whole, consider it good
for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.23 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
|
HKD |
1 |
INR 8.33 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NIT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.