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Report Date : |
25.04.2014 |
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Tel. No.: |
00852 36458129 |
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Fax No.: |
00852-35458092 |
IDENTIFICATION DETAILS
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Name : |
HONGKONG GARLAND INT'L LTD. |
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Registered Office : |
c/o Hong Kong Daiyan Registrations Ltd. Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.10.2009 |
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Com. Reg. No.: |
51331222 |
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Legal Form : |
Private Limited Liability Company |
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Line of business : |
Subject is a mobile phone and mobile phone accessory trader |
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No. of Employees |
No employees in Hong Kong 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’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 re-exports, 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'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, helped it to make an initial recovery more quickly 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 34.9 million
in 2012, outnumbering visitors from all other countries combined. Hong Kong has
also established itself as the premier stock market for Chinese firms seeking
to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4%
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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. Lower and middle income segments of the population are increasingly
unable to afford adequate housing. Hong Kong continues to link its currency
closely to the US dollar, maintaining an arrangement established in 1983. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
Source
: CIA
NOTE :
(FORMERLY LOCATED
AT:
c/o Regent CPA Ltd. / Hong Kong Daiyan Registrations Ltd.
Room 1613, 16/F., Tai Yau Building, 181 Johnston Road, Wanchai,
Hong Kong.
HONGKONG GARLAND
INT'L LTD.
Registered Office:-
c/o Hong Kong Daiyan Registrations Ltd.
Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong Kong.
51331222
1385135
28th October, 2009.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER: (As per registry dated 28-10-2013)
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Name |
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No. of shares |
|
LU Jianxin |
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10,000 ===== |
DIRECTOR: (As per registry dated 28-10-2013)
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Name (Nationality) |
Address |
|
LU Jianxin |
Room 1103, Block 10, Zhijin Garden, 215 Meiling Dadao, Baohe District, Hefei City, Anhui Province, China. |
SECRETARY: (As per registry dated 28-10-2013)
|
Name |
Address |
Co. No. |
|
Hong Kong Daiyan Registrations Ltd. |
Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong Kong. |
0952329 |
The subject was incorporated on 28th October, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 1613, 16/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong where was the old operating office of a commercial service provider known as Hong Kong Regent CPA Ltd. / Daiyan Registrations Ltd. The secretarial company moved to the present address in May 2013, so did the subject.
Apart from these, neither material change nor amendment has been ever traced and noted.
Hongkong Garland Int’l Ltd. was incorporated on 28th October, 2009 as a private limited liability company.
The subject does not have its own operating office. Its registered office is in a secretarial firm located at Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong Kong known as Daiyan Registrations Ltd. [Daiyan]. Daiyan is also the corporate secretary of the subject. Your given telephone and fax number, 852-3645 8129 and 852‑3545 8092 respectively, belong to Daiyan.
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 which are wholly-owned by Mr. Lu Jianxin who is a China merchant. Lu is also the only director of the subject. Being a China ID holder, he currently is residing in Anhui Province, China.
Formerly the shares held by Lu was held by Mr. Sun Jiyou who was also a China merchant. He transferred all his shares to Lu in September 2011.
The subject is a mobile phone and mobile phone accessory trader. It has 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 bears the licence No. of RU00137085-RU.
Commodities are sourced from China and exports to Japan, Southeast Asia, etc.
The subject has been banking with The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
It is likely that the subject has got an associated company in China which is also operated by LU Jianxin. The China company is also a mobile phone trader.
It is likely that the China firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The China firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four years.
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.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.07 |
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|
1 |
Rs.102.77 |
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Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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 and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.