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MIRA
INFORM REPORT
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Report No. : |
505259 |
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Report Date : |
25.04.2018 |
IDENTIFICATION DETAILS
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Name : |
ELITE TRADE HONGKONG PVT LIMITED |
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Registered Office : |
Room 1005A, 10/F., Harbour Crystal Centre,
100 Granville Road, Tsimshatsui East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.12.2014 |
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Com. Reg. No.: |
64213081 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
The subject is trading in fresh and frozen food products
like Buffalo meat (Halal), Beef (Halal), Poultry (Halal), Mutton (Halal),
Fish, Fruits, Vegetables, Spices, Timber Logs, Shoes, Toys, Clothes, Buckets
and all house hold general items for buyers all around the world |
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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
Since the late 1970s, China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
NOTE
[Formerly located at:
c/o Lianbang Int’l Business (HK) Ltd.
Unit 04, 7/F., Bright Way Tower,
33 Mong Kok Road, Kowloon,
Hong Kong.]
Company Name
ELITE TRADE
HONGKONG PVT LIMITED
ADDRESS
Registered Office:-
c/o Hong Kong Registration Service Co.
Room 1005A, 10/F., Harbour Crystal Centre,
100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
64213081
COMPANY FILE NUMBER
2183346
DATE OF INCORPORATION
19th
December, 2014.
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry dated 19-12-2017)
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Name |
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No. of shares |
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Sarfaraz Haji Mohamed LATIF |
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5,500 |
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Sabina Sarfaraz LATIF |
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4,500 |
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––––– |
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Total: |
10,000 ===== |
DIRECTOR
(As per registry dated 19-12-2017)
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Name (Nationality) |
Address |
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Sarfaraz Haji Mohamed LATIF |
198 Kambekar Street, Mumbai-400003, Zulekha
Manzil 3RD Flloe Flat No. 27, India. |
SECRETARY
(As per registry dated 19-12-2017)
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Name |
Address |
Co. No. |
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AP Comsec Ltd. |
Room 1101, 11/F., 299QRC, 299 Queen’s Road
Central, Hong Kong. |
2388486 |
HISTORY
The subject was incorporated on 19th
December, 2014 as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the subject’s registered address was
located at Unit 04, 7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon, Hong
Kong where was the operating address of a commercial service provider known as
Lianbang Int’l Business (HK) Ltd. The
subject’s registered office moved to the present address in December 2017 as it
has changed its commercial service provider since then.
Apart from these, neither material change nor
amendment has been ever traced and noted.
GENERAL
Elite Trade Hongkong Pvt Limited was
incorporated on 19th December, 2014 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 1005A, 10/F., Harbour Crystal Centre,
100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong’. This secretarial company is handling its
correspondences and documents. Its
Company Secretary is another company located at a different 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. Sarfaraz Haji Mohamed Latif, and 45% are owned by Mr.
Sabina Sarfaraz Latif.
The former is also director of the
subject. He is an India passport holder
and does not have the right to reside in Hong Kong. His registered address is in India.
To our knowledge, the main office of the
subject is in Mumbai, India. It also has
an office in China.
The subject is trading in fresh and frozen
food products like Buffalo meat (Halal), Beef (Halal), Poultry (Halal), Mutton
(Halal), Fish, Fruits, Vegetables, Spices, Timber Logs, Shoes, Toys, Clothes,
Buckets and all house hold general items for buyers all around the world. However, the subject is chiefly trading in
frozen meat such as the following:
Rump steak
Shink Shank
Silverside
Slice
Stripe loin
Tail
Thick-Flank
Tissue
Whole Raw Chicken
Chicken Wings
Chicken Drumstick
Boneless Chicken
Today, the subject is shipping numerous
containers every year to different international destinations
The subject has been developing good
relationship with major suppliers and international brands across the globe.
The business of the subject is handled by the
two shareholders who are most of the time in India.
The subject’s business in Hong Kong is not
active. History in Hong Kong is over
three years and four 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.
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 66.36 |
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1 |
INR 92.51 |
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Euro |
1 |
INR 81.05 |
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CNY |
1 |
INR 10.56 |
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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VIV |
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Report Prepared
by : |
KET |
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.