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Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
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Name : |
LAXMI OVERSEAS HONGKONG LTD. |
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Registered Office : |
c/o Hong Kong Tax Service Ltd. Room 305, 3/F., Wing Tuck Commercial Centre, 177-183 Wing Lok Street, Sheung Wan |
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Country : |
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Date of Incorporation : |
13.10.2009 |
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Com. Reg. No.: |
51279301 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
TRADER OF ELECTRONIC PRODUCTS, ELECTRIC APPLIANCES, TEXTILE
PRODUCTS, GARMENTS |
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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
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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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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 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.
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Source
: CIA |
LAXMI OVERSEAS
HONGKONG LTD.
Registered
Office:-
c/o Hong Kong Tax Service Ltd.
Room 305, 3/F., Wing Tuck Commercial Centre, 177-183 Wing Lok Street,
Sheung Wan, Hong Kong.
51279301
1381274
13th 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
(As per registry
dated 13-10-2012)
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Name |
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No. of shares |
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Manoj Kumar KARNANI |
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10,000 ===== |
(As per registry
dated 25-03-2013)
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Name (Nationality) |
Address |
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Shalabh JALAN |
Room 401, Unit 6, Building 59, Yongsheng District, Yiwu City, Zhejiang
Province, China. |
(As per registry
dated 12-10-2013)
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Name |
Address |
Co. No. |
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Hong Kong Tax Service Ltd. [Resigned on 12-10-2013] |
Room 305, 3/F., Wing Tuck Commercial Centre, 177-183 Wing Lok Street,
Sheung Wan, Hong Kong. |
1202634 |
Laxmi Overseas Hongkong Ltd. was incorporated on 13th October, 2009 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 “Room 305, 3/F., Wing Tuck Commercial Centre, 177-183
Wing Lok Street, Sheung Wan, Hong Kong” known as “Hong Kong Tax Service
Ltd.” [Hong Kong Tax] which had handled its correspondences and documents. This firm was also the corporate secretary of
the subject. However, Hong Kong Tax
resigned on 12th October, 2013.
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. Manoj
Kumar Karnani who is an India merchant.
He is an India passport holder and does not have the right to reside in
Hong Kong permanently. The director of
the subject Shalabh Jalan is also an Indian.
He is also the only director of the subject. His registered address is Yiwu City, Zhejiang
Province, China.
The subject is trading in sundry products. It carries electronic products, electric
appliances, textile products, garments, etc.
Commodities are sourced from the suppliers in Yiwu City. India is its prime market.
Manoj Kumar Karnani has been dealing with the suppliers in Yiwu City
under the name of the subject. But the
name of Manoj Kumar Karnani in Yiwu City is notorious. It was reported that Karnani had not made any
payments to its suppliers. At least one
creditor is still looking for him and has reported to the Police of Yiwu City.
The subject’s Yiwu City Office has no employees and Karnani has back to
India, it was reported.
We are not sure whether the subject has been banking with The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong, or not.
On the other hand, the subject’s Hong Kong registered address “Room 305,
3/F., Wing Tuck Commercial Centre, 177-183 Wing Lok Street, Sheung Wan,
Hong Kong” is no long applicable as its corporate secretary Hong Kong Tax has
resigned.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on fully
secured terms.
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 61.24 |
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|
1 |
Rs. 103.01 |
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Euro |
1 |
Rs. 81.89 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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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 |
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-- |
NB |
New Business |
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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.