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MIRA INFORM REPORT
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Report No. : |
500167 |
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Report Date : |
30.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SHURE ASIA LIMITED |
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Registered Office : |
22/F., 625 King’s Road, North Point, Island East |
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Country : |
Hongkong |
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Date of Incorporation : |
09.10.1998 |
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Com. Reg. No.: |
22028400 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Audio Electronic Products. |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
SHURE ASIA LIMITED
ADDRESS: 22/F., 625 King’s Road, North Point,
Island East, Hong Kong.
PHONE: 852-2893 4290
FAX: 852-2893 4055
E-MAIL: info@shure.com.hk
MANAGEMENT
Managing Director:
Ms. Christine Marie Schyvinck
SUMMARY
Incorporated on: 9th October, 1998.
Organization: Private Limited Company.
Issued Share Capital: HK$140,610,500.00
Business Category: Importer,
Exporter and Wholesaler.
Turnover of Holding Company: US$223.4 million (Year ended 31-05-2017)
Employees: 15.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
22/F., 625 King’s Road, North Point, Island East, Hong
Kong.
Holding Company:-
Shure Europe Holdings Ltd., United Kingdom.
Associated/Affiliated
Companies:-
Shure Europe Group of Companies
Danish Interpretation Systems Ltd., Thailand.
DIS Thailand Holdings Ltd., Thailand.
Progress Well Ltd., British Virgin Islands.
Shure Asia Holdings Ltd., British Virgin Islands.
Shure Distribution Benelux B.V., Netherlands.
Shure do Brazil, Brazil.
Shure Electroics (Suzhou) Co. Ltd., China.
Shure France Sarl., France.
Shure Japan Ltd., Japan.
Shure MEA DMCC, UAE.
Shure Scandinavia A/S, Denmark.
Shure South Asia Ltd., Hong Kong.
Shure UK Ltd.,U.K.
Suzhou Shure Trading Co. Ltd., China.
BUSINESS REGISTRATION NUMBER
22028400
COMPANY FILE NUMBER
0656464
MANAGEMENT
Managing Director:
Ms. Christine
Marie Schyvinck
ISSUED SHARE CAPITAL
HK$140,610,500.00 (10,100 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 09-10-2017)
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Name |
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No. of shares |
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Shure Europe Holdings Ltd. Unit 2, The 10 Center, Lea Road, Waltham Abbey, Essex
EN9 1AS, U.K. |
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10,099 |
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Shure Asia Holdings Ltd. Drake Chambers, Tortola, British Virgin Islands. |
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1 |
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–––––– |
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Total: |
10,100 ===== |
DIRECTORS
(As per registry dated 09-10-2017)
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Name (Nationality) |
Address |
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Raymond Joseph CRAWFORD |
404 S Cumberland Avenue, Park Ridge, IL 60068-4014,
U.S. |
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Mark Donald HUMRICHOUSER |
5 Westwind CT, Harthorn Woods IL 60047-7700, U.S. |
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Christine Marie SCHYVINCK |
815 South Brockway Street, Palatine, IL 60067, U.S. |
SECRETARY
(As per registry dated 09-10-2017)
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Name |
Address |
Co. No. |
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Tricor Secretaries Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong
Kong. |
0014900 |
HISTORY
The subject was
incorporated on 9th October, 1998 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: All kinds of audio
electronic products.
Employees: 15.
Commodities Imported: China,
other Asian countries, etc.
Markets: Other Asian countries, Europe, North
America, etc.
Turnover of Holding
Company: US$234.5 million (Year ended
31-05-2016)
US$223.4 million
(Year ended 31-05-2017)
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, O/A, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$140,610,500.00
(10,100 fully paid ordinary shares)
Profit of Holding
Company: US$25.4
million (Year ended 31-05-2016)
US$17.1
million (Year ended 31-05-2017)
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: Normal.
GENERAL
Shure Asia Limited is
a subsidiary company of Shure Europe Holdings Ltd. [Shure] which is a UK-based
company.
Shure is a holding
company. The subject is trading in the
products of Shure. It is also engaged in
designing, developing, manufacturing and selling various audio products, conference,
voting, and interpretation solutions to businesses, organisations and
government institutions worldwide under the brand name of Shure.
Its main products are
as follow:
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Microphones
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Wireless Systems
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In-Ear Monitoring
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Earphones
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Headphones
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Software
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Conference & Discussion
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Mixers & DSP
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DJ Phono
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Bundles
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Accessories, etc.
From a humble start
as a radio parts wholesaler in 1925 Shure has grown to become a global leader
in audio electronics. Shure products have been everywhere.
Now, the President
and CEO of Shure is Ms. Christine Marie Schyvinck.
For the year ended
31st May, 2017, the turnover of Shure amounted to US$223.4 million, decreased
by 4.7% as compared with US$234.5 million in previous year. Its profit was
US$17.1 million, decreased by 32.7% as compared with US$25.4 million in
previous year.
The history of the
subject in Hong Kong is over 19 years and five months. It is fully supported by Shure.
On the whole, in view
of the background of the subject, consider it good for normal credit
requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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HKD |
1 |
INR 8.29 |
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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PRA |
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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.