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MIRA INFORM REPORT
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Report No. : |
501101 |
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Report Date : |
09.04.2018 |
IDENTIFICATION DETAILS
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Name : |
I TECHNOLOGY GLOBAL LIMITED |
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Registered Office : |
C/O Akin Professionals
Ltd., 20/F., Champion Building, 287-291 Des Voeux Road Central,
Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.01.2007 |
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Com. Reg. No.: |
37520667 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employees : |
The subject has 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
I TECHNOLOGY
GLOBAL LIMITED
ADDRESS
Registered Head
Office:-
c/o Akin
Professionals Ltd.
20/F., Champion
Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
Main Affiliated
Company:-
Shenzhen I Technology
Global Ltd.
Room No. 23A, 2nd
Building, Chengshijiezuo, Fuhua Road, Futian District, Shenzhen, 518033 China.
[Tel & Fax:
86-755-8836 6077]
BUSINESS
REGISTRATION NUMBER
37520667
COMPANY
FILE NUMBEr
1100030
MANAGEMENT
Managing
Director: Mr. Rachit Mrugendra Kamdar
Sales Manager: Ms. Linda Tan
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry
dated 05-01-2018)
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Name |
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No. of shares |
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Rachit Mrugendra
KAMDAR |
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10,000 ===== |
DIRECTOR
(As per registry
dated 05-01-2018)
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Name (Nationality) |
Address |
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Rachit Mrugendra
KAMDAR |
B Wing, 6A
Shivalaya, Mandpeshwar Road, Borivali (W), Mumbai-400092, India. |
SECRETARY
(As per registry
dated 05-01-2018)
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Name |
Address |
Co. No. |
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Akin Professionals
Ltd. |
20/F., Champion
Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong. |
1273165 |
HISTORY
The subject was
incorporated on 5th January, 2007 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly the
subject’s registered address was located at ‘Room 1508, 15/F., Hing Yip
Commercial Centre, 272-284 Des Voeux Road Central, Hong Kong’ where was
the operating address of a commercial service provider known as Brilliant
Bright Corporate Services Ltd. The
subject’s registered office moved to the present address in January 2013 as it
has changed its commercial service provider since then.
Apart from these,
neither material change nor amendment has been ever traced and noted.
MORTGAGE OR CHARGE: (See attachment)
GENERAL
Having issued 10,000
ordinary shares of HK$1.00 each, I Technology Global Ltd. is wholly owned by
Mr. Rachit Mrugendra Kamdar [R M Kamdar] who is an India merchant. He is a Hong Kong ID holder and has got the
right to reside in Hong Kong. Kamdar is
also the only director of the subject.
Most of the time, he is in Shenzhen SEZ, China.
We can reach R M
Kamdar at your given China mobile phone number 86‑18319050877.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at 20/F., Champion
Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong known as Akin
Professionals Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject.
The subject has no
employees in Hong Kong.
The subject has got a
main affiliated company in Shenzhen Special Economic Zone bearing the same name
(hereinafter is referred to “Shenzhen I Technology Global”).
Shenzhen I Technology
Global is engaged in sourcing the following commodities:
Hard disk drives,
memory products, DVD RWs, laptop bags, laptop accessories, printers, CPU, UPS,
power suppliers, computer peripherals, etc.
Commodities are
chiefly sourced from China. Most of the
commodities are exported to India, other Asian countries, Europe, North
America, etc.
The business of
Shenzhen I Technology Global is chiefly handled by Ms. Linda Tan who is
the Sales Manager. She can be reached at
her mobile phone number 15986776022.
According to R M
Kamdar the China Company has ten employees.
Shenzhen I Technology
Global deals with foreign parties under the name of the subject and let foreign
firms correspond with the subject’s registered address in Hong Kong. Shenzhen I Technology Global also exports
commodities to foreign markets under the name of the subject and its registered
address in Hong Kong.
The subject has been
banking with the following banks:
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Bank of India,
Shenzhen Branch, China.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is about eleven years and three 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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23-08/2012 |
Letter of Set Off and Appropriation |
Bank of India |
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05-11-2015 |
Assignment of Life Insurance |
The Hongkong &
Shanghai Banking Corp. Ltd., 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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 90.96 |
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Euro |
1 |
INR 79.51 |
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HKD |
1 |
INR 8.26 |
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 : |
SYL |
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.