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MIRA INFORM REPORT
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Report No. : |
500349 |
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Report Date : |
04.04.2018 |
IDENTIFICATION DETAILS
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Name : |
GRAND TECH INTERNATIONAL DEVELOPMENT LIMITED |
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Registered Office : |
C/o ESTS
Co., Ltd. Unit 2214, 22/F., Mira Place, Tower A, 132 Nathan Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.01.2017 |
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Com. Reg. No.: |
67153204 |
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Legal Form : |
Private limited liability |
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Line of Business : |
The subject is trading in the following
electronic products: ·
Barcode reader ·
Barcode scanner ·
Cash registers ·
POS cash register system ·
Related products |
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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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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.
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, which took effect in 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 2.6% in 2016, but slowed to 2.0% in 2017. 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. In 2017, Chief Executive 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 and address
GRAND TECH
INTERNATIONAL DEVELOPMENT LIMITED
ADDRESS:
Registered Office:-
c/o ESTS Co., Ltd.
Unit 2214, 22/F., Mira Place, Tower A, 132
Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
67153204
COMPANY
FILE NUMBER
2475614
DATE
OF INCORPORATION
12th
January, 2017.
CAPITAL
HK$10,000.00 & US$1,995,000.00 (10,000 fully paid ordinary shares
and 133 fully paid preferred shares)
SHAREHOLDERS
(As per registry dated 12-01-2018)
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Name |
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No. of shares |
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Ordinary |
Preferred |
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XIAO Qi, Dillon |
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1,000 |
- |
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Nirmal PRAKASH |
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3,500 |
- |
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Arvind GUPTA |
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5,500 |
- |
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Aim Idea Ltd. Vistra Corporate Services Centre, WIckhars
Cay II, Road Town, Tortola, VG1110, British Virgin Islands. |
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- |
133 |
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–––––– |
–––– |
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Total: |
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10,000 ===== |
133 === |
DIRECTORS
(As per registry dated 12-01-2018)
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Name (Nationality) |
Address |
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Arvind GUPTA |
26 Jor Bagh Lodhi Road, Delhi-110003,
India. |
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Nirmal PRAKASH |
C2/2541 Vasant Kunj, New Delhi-110070,
India. |
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XIAO Qi, Dillon |
Room 14A, Block 1, Phase 3, Nanhai Rose
Garden, Shekou, Nanshan District, Shenzhen, Guangdong, China. |
SECRETARY
(As per registry dated 12-01-2018)
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Name |
Address |
Co. No. |
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Conson Secretarial Ltd. |
Room 703, 7/F., Kowloon Building, |
0726935 |
GENERAL
Grand Tech International Development Limited was incorporated on
12th January, 2017 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 2214, 22/F., Mira Place, Tower A, 132 Nathan
Road, Tsimshatsui, Kowloon, Hong Kong’ known as ‘ESTS Co., Ltd.’ which is
handling its correspondences and documents.
Its company secretary is Conson Secretarial Ltd. located at another
address.
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 55% are owned by
Mr. Arvind Gupta; 35% are owned by Mr. Nirmal Prakash, and 10% by
Mr. Xiao Qi, Dillon.
The directors of the subject are Arvind Gupta; Nirmal Prakash, and
Xiao Qi, Dillon. The former two are
India passport holders while the third is a Hong Kong ID holder.
We can reach Mr. Xiao Qi at your given Hong Kong mobile phone
number 852-6945 0652.
According to Mr. Xiao Qi, the main office of the subject is in
Shenzhen Special Economic Zone, China.
There are about ten employees in the Shenzhen SEZ office. The subject is trading in the following
electronic products:
Barcode reader, barcode scanner, cash registers, POS cash register
system, related products, etc.
Most of the products are sourced from China, India is its prime
market. The subject has been banking
with Citibank, Hong Kong.
The subject’s business is chiefly handled by Mr. Xiao Qi
himself. History in Hong Kong is just
over a year and two months.
Since the subject does not have its own operating office and its
history in Hong Kong is short, on the whole, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.02 |
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1 |
INR 91.46 |
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Euro |
1 |
INR 80.09 |
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HKD |
1 |
INR 8.29 |
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 : |
TRU |
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
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
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.