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MIRA INFORM REPORT
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Report No. : |
502631 |
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Report Date : |
17.04.2018 |
IDENTIFICATION DETAILS
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Name : |
CONTINENTAL CONVERTERS CORPORATION LIMITED |
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Registered Office : |
C/o
Aall & Zyleman Co. Ltd. 3/F., Jonsim Place, 228 Queen’s Road East,
Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.09.1997 |
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Com. Reg. No.: |
21233210 |
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Legal Form : |
Private limited liability company |
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Line of Business : |
The subject’s lines of business are unknown
since the secretarial firm declined to divulge any information about it. |
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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 : |
-- |
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
CONTINENTAL CONVERTERS
CORPORATION LIMITED
ADDRESS:
Registered Address:-
c/o Aall & Zyleman Co. Ltd.
3/F., Jonsim Place, 228 Queen’s Road East,
Wanchai, Hong Kong.
BUSINESS
REGISTRATION NUMBER
21233210
COMPANY
FILE NUMBER
0622911
DATE
OF INCORPORATION
5th September, 1997.
ISSUED
SHARE CAPITAL
HK$22.00
SHAREHOLDERS
(As per registry dated 05-09-2017)
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Name |
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No. of shares |
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Margrith Elisabeth SCHMID, Switzerland. |
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1 |
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Liron SHARY MOHEL, Switzerland. |
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21 |
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–– |
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Total: |
22 == |
DIRECTORS
(As per registry dated 05-09-2017)
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Name (Nationality) |
Address |
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LEE Pui Yee, Anita |
3/F., 228 Queen’s Road East, Wanchai, Hong
Kong. |
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AU Wai Kwan |
3/F., 228 Queen’s Road East, Wanchai, Hong
Kong. |
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Margrith Elisabeth SCHMID |
Ruggstrasse 12, 8954 Geroldswil,
Switzerland. |
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Ines HOCHREUTENER |
Wissenbacherstrasse 7, 8932 Mettmenstetten,
Switzerland. |
SECRETARY
AU Wai Kwan
(As per registry dated 05-09-2017)
GENERAL
Continental Converters Corporation Limited was incorporated on
5th September, 1997 as a private limited liability company under the
Hong Kong Companies Ordinance.
The subject does not have its own office. Its registered office is located at
“3/F., Jonsim Place, 228 Queen’s Road East, Wanchai, Hong Kong” where
is the operating office of a commercial service firm known as Aall &
Zyleman Co. Ltd. [AZCL]. AZCL is
handling the subject’s correspondences and documents. The subject has no employees in Hong Kong.
Your given phone and fax number 852-2861 2222 and 852-2861 2266
respectively belong to AZCL.
According to the Companies Registry of Hong Kong, the subject has
just issued 22 ordinary shares of HK$1.00 each of which one share is held by
Mr. Margrith Elisabeth Schmid and 21 shares by Liron Shary Mohel. Both are Swiss.
The subject’s directors are Ms. Anita Lee Pui Yee, Ms. Au Wai
Kwan, Mr. Margrith Elisabeth Schmid, and Mr. Ines Hochreutener. The third and the fourth are Swiss, both of
whom are Switzerland passport holders.
The subject’s lines of business are unknown since the secretarial
firm declined to divulge any information about it.
The subject’s directors Ms. Anita Lee Pui Yee and Ms. Au Wai Kwan
are the CEOs of AZCL. Currently, Ms. Lee
is/was also the director of the following firms:-
Accessory Network Ltd. [Dissolved]
Astelian Ltd.
B & L Trading International Ltd. [Dissolved]
Berenson (Far East) Ltd.
China Group Trading Co. Ltd.
CSC Components Ltd.
Distri Global Ltd.
Eclipse Communications Ltd.
Golden China Enterprises Ltd.
Hills Commodities Ltd. [Dissolved]
Hohenloher Finance Ltd.
Innovative Resources Ltd.
Inter-Continental Marketing Corporation Ltd. [Dissolved]
Kennado Co. Ltd. [Dissolved]
Monarch Watch Ltd. [Dissolved]
Pak Tak Properties Co. Ltd. [Dissolved]
Pakson International Co. Ltd. [Dissolved]
Park Kong Industrial Ltd. [Dissolved]
Silverstan Resources Ltd. [Dissolved]
Sinocase Solutions Co. Ltd.
[Formerly R.P.S. International Ltd.]
Teleport Transactions Ltd. [Deregistration]
Tung Hoi World Trade Ltd.
Uniforce International Co. Ltd. [Dissolved]
Wah Fung Enterprises Asia Co. Ltd.
Yung Tai Trading Ltd.
etc.
Ms. Au is/was also the director of the following firms:-
Accessory Network Ltd. [Dissolved]
Astelian Ltd.
B & L Trading International Ltd. [Dissolved]
Brilliant Crystal Trading Ltd.
China Group Trading Co. Ltd.
CSC Components Ltd.
Distri Global Ltd.
Eclipse Communications Ltd.
Golden China Enterprises Ltd.
Golden Sun Enterprises Ltd.
Hills Commodities Ltd. [Dissolved]
Hohenloher Finance Ltd.
Inter-Continental Marketing Corporation Ltd. [Dissolved]
Kennado Co. Ltd. [Dissolved]
Mercury Technologies (H.K.) Ltd.
Monarch Watch Ltd. [Dissolved]
Pak Tak Properties Co. Ltd. [Dissolved]
Pakson International Co. Ltd. [Dissolved]
Park Kong Industrial Ltd. [Dissolved]
Silverstan Resources Ltd. [Dissolved]
Teleport Transactions Ltd. [Deregistration]
Tung Hoi World Trade Ltd.
Uniforce International Co. Ltd. [Dissolved]
Wah Fung Enterprises Asia Co. Ltd.
Yung Tai Trading Ltd.
etc.
Most of the above-mentioned firms are shelf companies and do not
have any business engagements in Hong Kong.
AZCL is one of the oldest management service companies in Hong
Kong providing a range of expertise to corporations and private investors
including corporate management, market research, financial, banking, legal, and
accounting areas. Supported by a global
network of representative offices, AZCL is able to provide rather efficient,
cost-effective services for clients in Hong Kong and throughout the world. Since its incorporation in 1967, related
firms in property, international trade, healthcare products and marketing have
been established under the AZCL banner operating in Hong Kong, China and
Southeast Asia. Now, AZCL has set up
over 20 representative offices around the world.
The subject seems to be a shelf company.
The subject’s business in Hong Kong is not active. History is over 20 years and seven months.
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 or other 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.45 |
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1 |
INR 93.28 |
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Euro |
1 |
INR 80.74 |
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HKD |
1 |
INR 8.35 |
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 : |
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
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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
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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.