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MIRA INFORM REPORT
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Report No. : |
509561 |
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Report Date : |
21.05.2018 |
IDENTIFICATION DETAILS
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Name : |
BECONNECTED HONG KONG LIMITED |
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Registered Office : |
C/o Premium
Corporate Consulting Ltd., Unit A & B, 15/F., Neich Tower, 128 Gloucester
Road, Wanchai |
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Country : |
Hongkong |
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Date of Incorporation : |
15.08.2008 |
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Com. Reg. No.: |
39687027 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
· Subject trades in men’s, ladies’, kids’ and babies’ garments. It also trades in accessories such as hats, scarves, beachwear, swimwear and sportswear. · Subject also trades in fabrics. |
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No. of Employees : |
No Employees in Hong Kong. NOTE: It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence
address only. Subject operates from some other country and does not have a
base in Hong Kong. Such companies are registered in Hong Kong just to tax
benefit purpose and due to the strict privacy laws prevailing in the country.
In such cases, the companies are not required to have any employees in Hong
Kong nor do have an office there. |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.
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Source
: CIA |
Company name
BECONNECTED HONG KONG
LIMITED
ADDRESS
Registered Head
Office:-
C/o Premium Corporate Consulting Ltd.
Unit A & B, 15/F., Neich Tower, 128 Gloucester Road,
Wanchai, Hong Kong.
Holding Company:-
ERVE Buying N.V., Belgium.
Associated
Companies:-
Beconnected Shanghai Ltd., China
Beconnected Bangladesh, Bangladesh
Beconnected Africa Ltd., Ethiopia.
Beconnected India Ltd., India.
Beconnected Printing & Labelling PLC Ltd., Ethiopia.
Van der Erve NV, Belgium.
BUSINESS REGISTRATION NUMBER
39687027
COMPANY FILE NUMBER
1265336
DATE OF INCORPORATION
15th August, 2008.
ISSUED SHARE CAPITAL
10,000.00
SHAREHOLDERS
(As per registry dated 15-08-2017)
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Name |
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No. of shares |
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ERVE Buying N.V. Weiveldlaan 41 Bus 21 Zaventem 1930, Belgium. |
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7,500 |
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Van Alphen Maria Theodora |
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2,000 |
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Michele Ingrid Esther BOSCH |
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500 |
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–––––– |
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Total: |
10,000 ====== |
DIRECTORS
(As per registry dated 15-08-2017)
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Name (Nationality) |
Address |
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Michele Ingrid Esther BOSCH |
No. 45 Lane 418, Yun Jian Road, Pudong District,
Shanghai, China. |
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Martinus Robertus Nicolaas VAN DER ERVE |
Weiveldlaan 41, bus 21 Zaventem 1930, Belgium. |
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Silver Grade Ltd. |
Unit A & B 15/F., Neich Tower, 128 Gloucester Road,
Wanchai, Hong Kong. |
SECRETARY
(As per registry dated 15-08-2017)
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Name |
Address |
Co. No. |
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Premium Corporate Consulting Ltd. |
Unit A & B 15/F., Neich Tower, 128 Gloucester Road,
Wanchai, Hong Kong. |
0437436 |
GENERAL
Beconnected Hong Kong
Ltd. was incorporated on 15th August, 2008 as a private limited liability
company under the Hong Kong Companies Ordinance.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at “Unit A & B
15/F., Neich Tower, 128 Gloucester Road, Wanchai, Hong Kong” known as “Premium
Corporate Consulting Ltd.” [Premium] which is handling its correspondences and
documents. Premium is also the corporate
secretary of the subject.
The subject has no
employees in Hong Kong.
According to the
Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares
of HK$1.00 each of which are jointly owned by the following parties:-
ERVE Buying N.V.
----- 75% (Belgium company)
Mr. Van Alphen Maria
Theodora ----- 20%
Mr. Michele Ingrid
Esther BOSCH --- 5%
The second and third
seem to be Hollanders, however, their registered addresses are in Shanghai,
China.
The directors of the
subject are Mr. Michele Ingrid Esther BOSCH, Mr. Martinus Robertus
Nicolaas VAN DER ERVE and Silver Grade Ltd.
The third is a Hong Kong-registered company located at the address of
Premium. The first and second are
Holland passport holders.
It seems that the
main office of the subject is in Shanghai, China. Its associated company in China is known as
Beconnected Shanghai Ltd. which is a Shanghai-based company and registered in
China.
The subject is one of
the members of Beconnected Group of Companies [Beconnected].
The Beconnected Group
is engaged in manufacturing high-standard Jacquard woven and printed marks.
Beconnected is the
Asian and African sourcing division of Erve Group, which has offices in China
(Shanghai), Bangladesh (Dhaka), Ethiopia (Addis Abeba) India (Tirupur) and
Russia (Moscow), besides the subject.
Beconnected
Industrial is the latest branch of the Erve Group. It consists of two state-of-the-art
factories: Beconnected Labelling and Beconnected Printing. Both are located near Addis Abeba in Ethiopia
of Africa.
Beconnected Shanghai
trades in men’s, ladies’, kids’ and babies’ garments. It also trades in accessories such as
hats, scarves, beachwear, swimwear and sportswear. Besides, Beconnected
Shanghai, set up in April 2008, also trades in fabrics.
The subject is
trading in the same products of Beconnected Shanghai, more or less.
The subject has been
banking with KBC Bank N.V., Hong Kong Branch.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over nine years and nine months.
On the whole, since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis.
MORTGAGE OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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29-11-2010 |
Security Assignment of Receivables |
KBC Bank .N.V., Hong Kong Branch |
NOTE:
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.96 |
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1 |
INR 91.88 |
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Euro |
1 |
INR 80.28 |
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HKD |
1 |
INR 8.66 |
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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DIV |
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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
·
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.