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MIRA INFORM REPORT
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Report No. : |
506060 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AKROS TRADING HONG KONG LIMITED |
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Registered Office : |
Unit 1611, 16/F., China Aerospace Tower, Concordia Plaza, 1 Science
Museum Road, Tsimshatsui East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.11.2007 |
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Com. Reg. No.: |
38669438 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Electrical Parts & Accessories, Cement, Industrial Chemicals, Plastic Materials (including Resins & Sheet) |
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No. of Employees : |
5 |
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 : |
No Complaints |
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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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Hong Kong |
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 |
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.
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.
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Source
: CIA |
Company name & address
AKROS TRADING HONG KONG LIMITED
ADDRESS: Unit 1611, 16/F., China Aerospace Tower,
Concordia Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2180 6930
FAX: 852-2180 6929
MANAGEMENT
Managing Director: Mr. Yukihiro
Nagasaki
SUMMARY
Incorporated on: 21st November, 2007.
Organization: Private Limited Company.
Issued Share Capital: HK$2,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Group Sales: ¥51,141 million (Year ended
31-03-2016)
Employees: 5.
Main Dealing Banker: The Bank
of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch
Banking Relation: Satisfactory.
Name
AKROS TRADING HONG KONG LIMITED
ADDRESS
Registered Head
Office:-
Unit 1611, 16/F., China Aerospace Tower, Concordia Plaza, 1 Science
Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
Holding Company:-
Akros Trading Co. Ltd., Japan.
Associated
Companies:-
Akros Trading (Thailand) Co. Ltd., Thailand.
Akros Trading China Co. Ltd., China.
Akros Trading India Pvt. Ltd., India.
Akros Trading Korea Co. Ltd., Korea.
Akros Trading Malaysia Sdn. Bhd., Malaysia.
Akros Trading Shanghai Co. Ltd., China.
Akros Trading Taiwan Co. Ltd., Taiwan.
PT. Hissan Trading Indonesia, Indonesia.
BUSINESS
REGISTRATION NUMBER
38669438
COMPANY
FILE NUMBER
1187407
MANAGEMENT
Managing Director: Mr. Yukihiro
Nagasaki
Assistant General Manager: Mr. Atsushi Iwai
ISSUED
SHARE CAPITAL
HK$2,000,000.00
SHAREHOLDER
(As per registry dated 21-11-2017)
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Name |
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No. of shares |
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Akros Trading Co. Ltd. 4-1, Shiba-koen, 2-chome, Minato-ku, Tokyo, Japan. |
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2,000,000 ======= |
DIRECTORS
(As per registry dated 21-11-2017)
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Name (Nationality) |
Address |
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Ryoichi YAMAMOTO |
4-10-8, Shibayama, Funabashi-shi, Chiba, Japan. |
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Shinji SUGIYAMA |
2-1-1205, 1-chome, Kamikizaki, Urawa-ku, Saitama City, Saitama, Japan. |
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Nobukatsu SHIONO |
Sunrafure-yurigaoka Room No. 601, Tower No. 9, |
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Yukihiro NAGASAKI |
Room 407, Shanghai Rainbow Plaza, No. 765-767 Tian Shan Road, Chang
Ning Area, Shanghai, China. |
SECRETARY
(As per registry dated 21-11-2017)
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Name |
Address |
Co. No. |
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Hojin SEC Ltd. |
Room 301, 3/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai,
Hong Kong. |
0612527 |
HISTORY
The subject was incorporated on 21st November, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hissan Trading
Hong Kong Ltd., name changed to the present style on 20th September, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Electrical
Parts & Accessories, Cement, Industrial Chemicals, Plastic Materials
(including
Resins &
Sheet)
Employees: 5.
Commodities Imported: China, Japan,
other Asian countries, etc.
Markets: China, other Asian countries, etc.
Group Sales: ¥47,746
million (Year ended 31-03-2012)
¥58,816 million (Year ended 31-03-2013)
¥57,697 million (Year ended 31-03-2014)
¥55,815 million (Year ended 31-03-2015)
¥51,141 million (Year ended 31-03-2016)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, O/A, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$2,000,000.00
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: No Complaints.
Commercial Morality: Satisfactory.
Banker: The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong
Kong Branch
Standing: Normal.
GENERAL
Having issued 2 million ordinary shares of HK$1.00 each, Akros Trading Hong
Kong Limited is a wholly-owned subsidiary of Akros Trading Co. Ltd. [Akros]
which is a Japan-based company.
The subject is trading in the following products:
Electrical Parts & Accessories, Cement, Industrial Chemicals,
Plastic Materials (including Resins & Sheet), etc.
Products are imported from Japan, China, other Asian countries, etc. and
re-exported to China and the other Asian countries. Business is normal.
The subject had two associated in Japan, namely, Hissan trading Co. Ltd.
founded in 1922 and Rokko Shoji Kabushiki Kaisha founded in 1965. Both companies had dealt in a variety of
products including synthetic resin, synthetic rubber, papermaking materials and
construction materials. In 2012, these
two trading companies merged to form Akros.
Based on the experiences and expertise of the two companies, Akros is
keen to expand its operation by developing new businesses and products. Now, Akros is the holding company of the
subject.
Apart from the subject, Akros has 10 overseas offices in Asian countries
including China, South Korea, Taiwan, India, Indonesia, Thailand, etc.
Akros is trading in the following products:
High Specialty Chemicals, etc.
Construction & Inorganic Materials
Plastics
Electronics Materials & Chemicals
The subject also trades in the above-mentioned commodities,
For the year ended 31st March, 2016, the gross sales of Akros Group
amounted to ¥51.1 billion (2015: ¥55.8 billion).
The business of the subject in Hong Kong is chiefly handled by Mr.
Atsushi Iwai who is the Assistant General Manager. The history of the subject in Hong Kong is
over ten years and five months.
On the whole, 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 67.08 |
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1 |
INR 91.14 |
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Euro |
1 |
INR 80.00 |
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HKD |
1 |
INR 8.58 |
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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VIV |
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Report Prepared
by : |
TPT |
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
·
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.