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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

469331.2

Report Date :

02.01.2018

 

IDENTIFICATION DETAILS

 

Name :

SOUTH OCEAN INTERNATIONAL LIMITED

 

 

Registered Office :

C/o FCCL & Co., Room 8, 19/F., Ricky Centre, 36 Chong Yip Street, Kwun Tong, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

02.11.2001

 

 

Com. Reg. No.:

32195089

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is trading in general household accessories, kitchen products such as tableware (stainless), cooking utensils.

 

(Activities carried out from China)

 

 

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 :

--

 

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

(30.06.2017)

Current Rating

(30.09.2017)

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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.

 

Source : CIA

 

Company name

 

SOUTH OCEAN INTERNATIONAL LIMITED

 

 

ADDRESS

 

Registered Office:-

C/o FCCL & Co.

Room 8, 19/F., Ricky Centre, 36 Chong Yip Street, Kwun Tong, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

32195089

 

 

COMPANY FILE NUMBER

 

0774988

 

 

DATE OF INCORPORATION

 

2nd November, 2001.

 

 

ISSUED SHARE CAPITAL

 

HK$5.00

 

 

SHAREHOLDERS

 

(As per registry dated 02-11-2016)

Name

 

No. of shares

GUAN Jintian

 

3

HE Yinghua

 

2

 

 

–

 

Total:

5

=

 

 

DIRECTORS

 

(As per registry dated 02-11-2016)

Name

(Nationality)

 

Address

HE Yinghua

Room 701, 11 Huiya Block, Lakeview Holiday Garden, Songgang, Nnahai, Foshan, Guangdong, China.

 

GUAN Jintian

Room 701, 11 Huiya Block, Lakeview Holiday Garden, Songgang, Nanhai, Foshan, Guangdong, China.

 

 

SECRETARY

 

(As per registry dated 02-11-2016)

Name

Address

HO Kitwa

Flat E, 21/F., Block T6, Grand Waterfront, 38 San Ma Tau Street, To Kwa Wan, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 2nd November, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Formerly the subject’s registered address was located at ‘Room C, 16/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai, Hong Kong’ where was the operating address of a commercial service provider known as Professional Registration (HK) Ltd.  The subject moved to the present address in November 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

 

Date of Security Over Deposits with the Bank Limited Company – Under Hand:  26-02-2008

Amount:            To secure all monies in respect of banking facilities owing at any time plus interest and all expenses

Property:          Initially HK$30,000 and all monies whether now or hereafter standing to the credit of the Company’s deposit with the Bank under deposit number 809-424476

Mortgagee:       The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

 

GENERAL

 

South Ocean International Limited was incorporated on 2nd November, 2001 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 an accounting company located at ‘Room 8, 19/F., Ricky Centre, 36 Chong Yip Street, Kwun Tong, Kowloon, Hong Kong’ known as ‘FCCL & Co.’ which is handling its correspondences and documents.

The subject has no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject has issued just 5 shares of HK$1.00 each of which 3 are owned by Mr. Guan Jintian, 2 are owned by Ms. He Yinghua.  Guan Jintian and He Yinghua is a couple.

The two shareholders are China passport holders and do not have the right to reside in Hong Kong permanently.  They are also directors of the subject.  Their registered addresses are in Nanhai District, Foshan City, Guangdong Province, China.

We can reach Mr. Guan Jintian at his China phone number 86-757-8520 8898.

According to Guan Jintian, the subject is trading in general household accessories, kitchen products such as tableware (stainless), cooking utensils. Commodities are sourced from the suppliers in Guangdong Province, China.  Products are exported to Europe (including Italy), North America, and the other Asian countries.

The subject has been banking with The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

The subject’s business is chiefly handled by the two shareholders.  Its business in Hong Kong is not active.  History in Hong Kong is over five years and eleven 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.

 

 

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 63.67

UK Pound

1

INR 85.90

Euro

1

INR 76.41

HKD

1

INR 8.16

 

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

 

 

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)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.