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MIRA
INFORM REPORT
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Report No. : |
507988 |
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Report Date : |
10.05.2018 |
IDENTIFICATION DETAILS
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Name : |
B & M GLOBAL LIMITED |
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Registered Office : |
Unit 9-10, 4/F., Kinglet Industrial Building, 21-23 Shing Wan Road, Tai Wai, Shatin,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.12.2011 |
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Com. Reg. No.: |
59221869 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Handbags, Travel Bags, Shopping Bags. |
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No. of Employees : |
13 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
B & M GLOBAL LIMITED
ADDRESS: Unit 9-10, 4/F., Kinglet Industrial
Building, 21-23 Shing Wan Road, Tai Wai, Shatin, New Territories, Hong
Kong.
PHONE: 852-2994 6294
FAX: 852-2793 5630
E-MAIL: info@travelbags.com.hk
MANAGEMENT
Managing Director: Mr. Li Chi Wah
SUMMARY
Incorporated on: 5th December, 2011.
Organization: Private Limited Company.
Issued Share Capital: HK$2.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 13.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
name
B & M GLOBAL LIMITED
ADDRESS
Registered Head
Office:-
Unit 9-10, 4/F., Kinglet Industrial Building, 21-23 Shing Wan Road, Tai Wai, Shatin,
New Territories, Hong Kong.
BUSINESS REGISTRATION NUMBER
59221869
COMPANY FILE NUMBER
1686894
MANAGEMENT
Managing Director: Mr. Li Chi Wah
ISSUED SHARE CAPITAL
HK$2.00
SHAREHOLDER
(As per registry dated 05-12-2017)
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Name |
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No. of shares |
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LI Chi Wah |
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1 |
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Hsiao Ping TAYLOR |
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1 |
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– |
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Total: |
2 = |
DIRECTORS
(As per registry dated 05-12-2017)
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Name (Nationality) |
Address |
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Hsiao Ping TAYLOR |
Haldon Priors Meadfoot Sea Road, Torquay Devon, TQ1 2LQ, England,
United Kingdom. |
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LI Chi Wah |
Unit 9-10, 4/F., Kinglet Industrial Building, 21-23 Shing Wan Road Tai
Wai, Shatin, New Territories, Hong Kong. |
SECRETARY
(As per registry dated 05-12-2017)
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Name |
Address |
Co. No. |
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Assets Advantages Consultancy Ltd. |
Room 1029, 10/F., Beverley Commercial Centre, 87-105 Chatham Road,
Tsimshatsui, Kowloon, Hong Kong. |
0656150 |
HISTORY
The subject was incorporated on 5th December, 2011 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: Handbags,
travel bags, shopping bags.
Employees: 13.
Commodities Imported: China, other
Asian countries, etc.
Markets: Other Asian countries, North
America, Europe, etc.
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$2.00
Profit or Loss: Made small profits in past three
years.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Slow but correct.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued just two ordinary shares of HK$1.00 each, B & M Global
Limited is equally owned by Mr. Li Chi Wah and Ms. Hsiao Ping Taylor. They are also directors of the subject. The former is a Hong Kong merchant while the
latter is a UK-passport holder. The
latter currently is residing in the United Kingdom.
The subject is engaged in manufacturing and exporting the following
products:
Handbags (OEM),
Backpacks, Purses, Straw Baskets,
Travel Bags & Luggage (OEM),
Shopping Bags (OEM),
Hotel / Airline Amenities (OEM), etc.
Prime markets are the other Asian countries, North America, Europe, etc.
The subject had an associated company located at the same address known
as B & M (Hong Kong) Ltd. [B&MHK] which was incorporated on 2nd June,
1992. However, B&MHK was dissolved
by member’s voluntary winding up on 29th October, 2015.
The business of the subject is chiefly handled by Mr. Li Chi Wah
himself. History in Hong Kong is just
over six years and five months.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.38 |
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1 |
INR 91.09 |
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Euro |
1 |
INR 79.75 |
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HKD |
1 |
INR 8.57 |
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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NIS |
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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.