|
|
|
%20INTERNATIONAL%20TRADING%20LIMITED%20-%20491716%2023-Feb-2018_files/image002.jpg){kind=small}
%20INTERNATIONAL%20TRADING%20LIMITED%20-%20491716%2023-Feb-2018_files/image004.jpg)
%20INTERNATIONAL%20TRADING%20LIMITED%20-%20491716%2023-Feb-2018_files/image006.gif)
MIRA
INFORM REPORT
|
Report No. : |
491716 |
|
Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
GRACE (HONG KONG)
INTERNATIONAL TRADING LIMITED |
|
|
|
|
Registered Office : |
C/o Global-Fortune Irap Ltd. GCCD0494, Room B, 14/F., Wah Hen Commercial Centre, 383 Hennessy Road,
Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
26.07.2012 |
|
|
|
|
Com. Reg. No.: |
60145890 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
|
|
|
|
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)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
No Operating Office in Hong Kong |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
Company name
GRACE (HONG KONG)
INTERNATIONAL TRADING LIMITED
ADDRESS
Registered Head
Office:-
C/o Global-Fortune Irap Ltd.
GCCD0494, Room B, 14/F., Wah Hen Commercial Centre, 383 Hennessy Road,
Wanchai, Hong Kong.
Holding Company:-
Yibin Grace Group Co. Ltd., China.
Associated
Companies:-
Chengdu Grace Fibre Co. Ltd., China.
Hmei Thread Co. Ltd. of Yibin Sichuan, China.
Yibin Changxin Industrial Co. Ltd., China.
Yibin Changyi Pulp Co. Ltd., China.
Yibin Grace Land Co. Ltd., China.
Yibin Hiest Fibre Ltd., China.
Yibin Jinxilai Liquor Co. Ltd., China.
Yibin Spark Fine Spinning Tech Co. Ltd., China.
BUSINESS REGISTRATION NUMBER
60145890
COMPANY FILE NUMBER
1778893
ISSUED SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDER
(As per registry dated 26-07-2017)
|
Name |
|
No. of shares |
|
Yibin Grace Group Co. Ltd. Hangtian Road, Nan’an Economic & Technology Development Area,
Yibin, China. |
|
1,000,000 ======= |
DIRECTORS
(As per registry dated 26-07-2017)
|
Name (Nationality) |
Address |
|
DENG Ming |
No. 11, Building 9, Xingfu Village, No. 13 Changjiang Avenue (West
Section), Cuiping District, Yibin, Sichuan, China. |
|
DENG Hua |
No. 8, Unit 2, No. 43, Xianfu Street, Cuiping District, Yibin Sichuan,
China. |
|
DENG Chuandong |
No. 9, Building 9, Xingfu Village, No. 13 Changjiang Avenue (West
Section), Cuiping District, Yibin, Sichuan, China. |
|
SONG Wei |
No. 2, 3/F., Unit 5, Building 61, Longwan Village, No. 13 Changjiang
Avenue (West Section), Cuiping District, Yibin, Sichuan, China. |
|
LI Rongling |
62-12, Liujia Street, Cuiping District, Yibin, Sichuan, China. |
SECRETARY
(As per registry dated 26-07-2017)
|
Name |
Address |
Co. No. |
|
Global-Fortune Irap Ltd. |
Room B, 14/F., Wah Hen Commercial Centre, 383 Hennessy Road, Wanchai,
Hong Kong. |
1169967 |
GENERAL
Grace (Hong Kong) International Trading Limited was incorporated on
26th July, 2012 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 “GCCD0494, Room B, 14/F., Wah Hen Commercial Centre,
383 Hennessy Road, Wanchai, Hong Kong” known as “Global-Fortune Irap Ltd.”
[GFIL] which is handling its correspondences and documents. GFIL is also the corporate secretary of the
subject. “GCCD0494” is the file number
of the subject in GFIL.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
1 million ordinary shares of HK$1.00 each of which are wholly-owned by
Yibin Grace Group Co. Ltd. [Group], a China-based company.
The subject has 5 directors. All
of them are China ID holders and do not have the right to reside in Hong Kong
permanently. Their registered addresses
are in China.
The Vice President of the Group is Mr. Deng Chuandong. He is also a director of the subject.
Located in Yibin, the Group has established Yan Ping Ba Textile
Industrial Park and Chang Xin Pioneer Park.
The Group is engaged in manufacturing viscose fibre, embroidery thread,
cotton pulp, etc. It is also engaged in
real estate, paper-making, energy, chemicals, alcohols and liquor trading and
investments. However, the Group is
significant for its viscose filament.
Most of the Group’s textile products bear the brand name of Grace.
Now, Grace Group has become one of the worldwide largest suppliers of
viscose filament yarn. It is also one of
the “top 500 competitive enterprises in China” and one of the “Sichuan rapidly
cultivated developing Companies”.
The main products of the Group are as follow:
Viscose Rayon Filament Yarn
Viscose Embroidery Thread
Viscose Staple Fibre
Ring Spun Yarn
Vortex Yarn
Open End Yarn
The Group has created a national post-doctoral science and research
centre, a national–appointed enterprise technology development and test centre.
The Group has claimed it has registered more than 100
international-level technologies, over 200 national-level technologies, and
over 100 intellectual property rights.
Its products are exported to over 40 countries and regions such as North
America, East Europe, South Korea, Japan, etc.
According to the Group, the domestic market share has occupied to more
than 33%, and more than 25% abroad. The export volume accounts for about 50% of
its total sales.
The Group has won such honours as National Export Name Brand, National
Labour Award, National Scientific Textile Enterprise Award, National Torch-Plan
Project, China Qualified Real Estate, National Advanced Company-Affair Opening
Unit, National Sci-Tech Textile Company, and so on.
The Group has got the following certifications: ISO9001: 2000 Standard
Quality System, ISO14001:2004 Environment Management System and Swiss Oeko-Tex
Standard, and 100 Environment Textile Standard Certification.
Apart from textile yarn, the Group has diversified its business into the
following sectors:
Packing Materials
Liquor Trading
Real Estate
All kinds of commodities trading, etc.
The subject has been banking with the following banks in Hong Kong:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong
DBS Bank (Hong Kong) Ltd., Hong Kong
Overseas-Chinese Banking Corporation Ltd., Hong Kong
The subject’s business in Hong Kong is not active. History in Hong Kong is over five years and
six 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.
MORTGAGE OR CHARGE
|
Date |
Description of
Instrument |
Mortgagee |
|
18-07-2013 |
Trade Finance Security Assignment |
Industrial & Commercial Bank of China Ltd. |
|
19-08-2013 |
Charge on Cash Deposit(s) to secure
Liabilities of the Depositor (s) (Charge) |
DBS Bank Ltd., Hong Kong Branch. |
|
15-09-2015 |
Trade Finance Security Agreement |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
08-12-2015 |
Assignment of Hedging Contracts |
Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch. |
|
08-12-2015 |
Charge on Cash Deposit(s) |
Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch. |
|
08-12-2015 |
Trade Finance Security Assignment |
Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch. |
|
01-09-2016 |
Assignment of Contracts |
Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch. |
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
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 90.41 |
|
Euro |
1 |
INR 79.83 |
|
HKD |
1 |
INR 8.28 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
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.