|
|
|
MIRA INFORM REPORT
|
Report No. : |
498001 |
|
Report Date : |
24.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ALSCO ENTERPRISES LIMITED |
|
|
|
|
Registered Office : |
Flat D, 7/F., Yiko Industrial Building, 10 Ka Yip
Street, Chai Wan |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
18.03.1977 |
|
|
|
|
Com. Reg. No.: |
05065443 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Manufacturer of all kinds of Handbags, Travel
Bags, Games & Toys, Electronic Products, Giftware, Calculators. |
|
|
|
|
No. of Employees : |
14 |
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 : |
Regular |
|
|
|
|
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
ALSCO
ENTERPRISES LIMITED
ADDRESS: Flat D, 7/F., Yiko Industrial
Building, 10 Ka Yip Street, Chai Wan, Hong Kong.
PHONE: 852-2897 1033
FAX: 852-2897 1790
E-MAIL: info@alsco.com.hk
MANAGEMENT
Managing Director:
Mr. Lai Chan Wah
SUMMARY
Incorporated on: 18th March, 1977.
Organization: Private Limited Company.
Issued Share Capital: HK$545,200.00
Business Category: Importer,
Exporter and Manufacturer.
Annual Turnover: US$ 15 – 20 million.
Employees: 14.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head
Office:-
Flat D, 7/F., Yiko Industrial Building, 10 Ka Yip Street,
Chai Wan, Hong Kong.
Business Name:-
The Gourmet Wine Club, Hong Kong.
Associated/Affiliated
Companies:-
Alsco Enterprises (China) Ltd., Hong Kong.
Alsco Enterprises (International) Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
05065443
COMPANY FILE NUMBER
0052120
MANAGEMENT
Managing Director:
Mr. Lai Chan Wah
ISSUED SHARE CAPITAL
HK$545,200.00 (54,520 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 18-03-2017)
|
Name |
|
No. of shares |
|
LAI Chan Wah |
|
27,260 |
|
LAI YEUNG Wai Ching, Winnie |
|
10,904 |
|
LAI Chun Yin, Julian |
|
8,178 |
|
Jessie S. LAI |
|
8,178 |
|
|
|
–––––– |
|
|
Total: |
54,520 ===== |
DIRECTORS
(As per registry dated 01-03-2018)
|
Name (Nationality) |
Address |
|
LAI Chun Yin, Julian |
Unit B, 15/F., Fu King Court, 18-24 Ching Wah Street,
North Point, Hong Kong. |
|
LAI YEUNG Wai Ching, Winnie |
Flat C, 2/F., Block 46, Savanna Garden, No. 4283,
Taipo, New Territories, Hong Kong. |
|
LAI Chan Wah |
Flat C, 2/F., Block 46, Savanna Garden No. 4283 Tai Po,
New Territories, Hong Kong. |
SECRETARY
LAI YEUNG Wai Ching, Winnie (As per registry dated
18-03-2017)
HISTORY
The subject was
incorporated on 18th March, 1977 as a private limited liability company under
the Hong Kong Companies Ordinance.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Manufacturer.
Lines: All kinds of handbags,
travel bags, games & toys, electronic products, giftware, calculators.
Employees: 14.
Commodities Imported: China,
other Asian countries, etc.
Markets: Australasia, Central
& South America, Eastern Europe, North America, Scandinavia, Southeast Asia, Western Europe, etc.
Annual Turnover: US$
15 – 20 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$545,200.00
(54,520 fully paid ordinary shares)
Mortgage or Charge (since 2012): (See attachment)
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.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Good.
GENERAL
Having issued 54,520
ordinary shares of HK$10.00 each, Alsco Enterprises Limited is jointly owned by
the Lai family. The largest shareholder
Mr. Lai Chan Wah is holding 50% stake.
The directors of the
subject are Mr. Lai Chan Wah, his wife Mrs. Lai Yeung Wai Ching, Winnie, and
his son Mr. Lai Chun Yin, Julian.
Established in 1977,
the subject has been providing premium ideas and products for consumer
promotions.
Having experiences on
marketing promotional premiums and gifts, the subject provides one-stop service
from product development, product design to manufacturing, quality control and
shipping.
To cater the markets
of promotional premiums, the subject publishes a biannual 120-page catalogue
featuring around 1,200 items. For
business gift, our annual "Image Gift for Corporations" catalogue
provides a wide range of international brand products and trendy corporate
gifts for corporations and trade reference.
Alsco proved to be a trendsetter on supplying innovative electronic
gadgets for promotional premiums and business gifts, the subject develops
regularly new products for the demands of worldwide customers.
The subject has got
ISO 2000 quality management certification and its products are in conformity with
international safety standards.
The subject is
manufacturing the following products:
Handbags, Travel Bags
& Luggage, Games & Toys - Electronic (ICQ PDA, ICQ PDA), Timer -
Electronic (Including OEM), Giftware (Including porcelain ware, promotional
gifts, saving box for Euro coins), Souvenirs & Premiums (including food
grade premiums), Advertising Premium, Electronic Gadgets (Converters, saving
box for Euro coins, Euro Teller), Converters; saving box for Euro coins (Euro
Teller) including OEM), Calculators (Including OEM), Product Design (Premium
product design), etc.
The factory of the
subject is in China. The following
companies are some of its customers:
YAHOO!, 3M, KFC,
HSCB, Coca Cola, Standard Charter Bank, Colgate, Pepsi, Thai Airline, Pampers,
Kellogg’s, QANTAS, Postbank, XEROX, Hang Seng Bank, Canon, CLP, COPEC,
Frito-Lay, BNP PARIBAS, Shell, etc.
The business of the
subject is handled by the family of Lai.
History in Hong Kong is over 41 years.
On the whole,
consider it good for normal credit requirements.
MORTGAGE OR CHARGE
(Since 2012)
|
Date |
Particulars |
Amount |
|
05-01-2012 |
Instrument: Assignment of DC Proceeds Property: By way of assignment or agreement to assign in each
case as beneficial owner. All monies
in any currency representing proceeds payable or to be paid to the Customer
under the Documentary Credits, all the Customer’s right, title, benefit and
interest in the said Documentary Credits, the benefit of all powers and
remedies for enforcing the Documentary Credits and any payment made pursuant
to the contract for sale of goods in connection with which the Documentary
Credit is issued. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the
Bank to the Customer against documents submitted under a Documentary Credit,
all monies and liabilities in any currency owing by the Customer to the Bank
at any time, whether separately or jointly, actually or contingently, present
or future, interest on all loans and advances and such monies and all
expenses of the Bank if perfecting or enforcing the Assignment |
|
13-01-2012 |
Instrument: Mortgage Property: 11th/962nd parts or shares of and in Chaiwan Inland Lot
No. 126 (Workshop D on 7/F. of Yiko Industrial Building, Chaiwan, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all monies in respect of general banking
facilitites |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.13 |
|
|
1 |
INR 91.96 |
|
Euro |
1 |
INR 80.34 |
|
HKD |
1 |
INR 8.29 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
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.