|
|
|
MIRA INFORM REPORT
|
Report No. : |
506610 |
|
Report Date : |
05.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL ENTERPRISES |
|
|
|
|
Registered Office : |
Flat I, 7/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
01.04.1988 |
|
|
|
|
Com. Reg. No.: |
11758226-000-04 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Importer and Exporter of Mobile Phones, Electronic Products,
Piecegoods. |
|
|
|
|
No. of Employees : |
3 |
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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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
INTERNATIONAL
ENTERPRISES
ADDRESS: Flat I, 7/F., Far East Mansion, 5-6
Middle Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2721 7861, 2311 7427
FAX: 852-2311 3247
MANAGEMENT
Manager: Mr. Surekha Ashok
SUMMARY
Establishment: 1st April, 1988.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer
and Exporter.
Employees: 3
Annual Turnover: US$10-15 million.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Flat I, 7/F., Far East Mansion, 5-6 Middle Road,
Tsimshatsui, Kowloon, Hong Kong.
Mailing Address:
P.O. Box 90446, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
11758226-000-04
MANAGEMENT
Manager: Mr. Surekha Ashok
SOLE PROPRIETOR
Name: Mr. Surekha Ashok
Residential Address: 6/F.,
Dragon House, 7A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was
established on 1st April, 1988 as a sole proprietorship concern owned by Mr.
Surekha Ashok under the Hong Kong Business Registration Regulations.
Initially the subject
was located at 6/F., Dragon House, 7ACameron Road, Tsimshatsui, Kowloon, Hong
Kong where was the residence of the proprietor.
Move to the present address in January 1991.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: Mobile phones,
electronic products, piecegoods.
Employees: 3.
Commodities Imported: Mainly
imported from China.
Markets: The Middle East, India, Pakistan,
etc.
Annual Turnover: US$10-15 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various
terms.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a normal state.
Facilities: Making rather active use of
general banking facilities.
Payment: Met as contracted.
Commercial Morality:
Satisfactory.
Bankers:-
Indian Overseas Bank,
Hong Kong Branch.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
International
Enterprises is a sole proprietorship concern owned and set up by Mr. Surekha
Ashok who is an Indian.
He is a Hong Kong ID
holder and has got the right to reside in Hong Kong. He is also manager of the subject.
Business commenced in
early April 1988, the subject is just a small-sized trading firm.
The subject is
trading in the following commodities:
·
Piecegoods - Silk, Fabrics, Yarns, Cameras (
Excluding Digital / Disposable / Movie Camera) (From Japan),
·
Photographic goods,
·
Flash Unit,
·
Photo Film (From Japan),
·
Advertising Premium (Including
single-use/manual/motorized/digital camera & flash/mini tripod, monocular,
binocular),
·
Musical Instruments - Western Type,
·
Mobile Phones, Batteries,
·
Pharmaceutical Chemicals, Pharmaceuticals,
etc.
Formerly, the subject
had registered with the Office of the Communications Authority (OFCA), The
Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer
(Unrestricted) Licensee. The subject had
the licence No. of RU00115154–RU (as at 15th March, 2015). However, it name has not been found in the
latest name list of the ‘Radio Dealer (Unrestricted) Licensee’.
The annual sales
turnover of the subject ranges from US$10 to 15 million.
The subject’s
business is mainly handled by Mr. Ashok himself and his family members. History
in Hong Kong is over 30 years and a month.
On the whole, the
subject is considered good for normal business engagements in small credit
amounts.
REMARKS
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
July 1994 |
Citibank N.A. |
International Enterprises |
Amount due |
US$70,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.77 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
|
HKD |
1 |
INR 8.50 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.