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MIRA INFORM REPORT
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Report No. : |
484401 |
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Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
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Name : |
HONGKONG LONCEN GROUP LIMITED |
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Registered Office : |
Room 803, 8/F., Easey Commercial Building, 235-261
Hennessy Road, Wanchai, Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.06.2009 |
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Com. Reg. No.: |
50839839 |
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Legal Form : |
Private limited liability |
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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 : |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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, 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.
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Source
: CIA |
Note
[Formerly located at
c/o Hong Kong Da Chang Accounting &
Secretarial Ltd.
Unit D, 16/F., Cheuk Nang Plaza,
250 Hennessy Road, Wanchai,
Hong Kong.
Company
Name And Address
HONGKONG LONCEN
GROUP LIMITED
ADDRESS:
Registered Office:-
c/o World Secretary Ltd.
Room 803, 8/F., Easey Commercial Building,
235-261 Hennessy Road, Wanchai, Hong Kong.
Associated Company:-
Shenzhen Loncen Technology Co. Ltd.
88 Fuqian Road, Guanlan Town, 518110 Shenzhen
Special Economic Zonje, China.
[Tel.: 86-755-8175 2005]
BUSINESS
REGISTRATION NUMBER
50839839
COMPANY
FILE NUMBER
1349330
DATE
OF INCORPORATION
29th June, 2009.
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 29-06-2017)
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Name |
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No. of shares |
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SHU Lang |
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10,000 ====== |
DIRECTOR
(As per registry dated 29-06-2017)
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Name (Nationality) |
Address |
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SHU Lang |
Room 304, Building 83, Minzhi Shayuanpu,
Bao’an District, Shenzhen, China. |
SECRETARY
(As per registry dated 29-06-2017)
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Name |
Address |
Co. No. |
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World Secretary Ltd. |
Shop 77, Basement, Maxibase City Garden,
Blocks 1-3, 233 Electric Road, North Point, Hong Kong. |
2147514 |
HISTORY
The subject was incorporated on 29th June,
2009 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was
located at ‘Unit D, 16/F., Cheuk Nang Plaza, 250 Hennessy Road, Wanchai, Hong
Kong’ where was the operating address of a commercial service provider known as
Hong Kong Da Chang Accounting & Secretarial Ltd. The subject’s registered office moved to the
present address in April 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
Hongkong Loncen Group Limited was
incorporated on 29th June, 2009 as a private limited liability company.
The subject does not have its own operating
office. Its registered office is in a
commercial service firm located at ‘Room 803, 8/F., Easey Commercial Building, 235-261
Hennessy Road, Wanchai, Hong Kong’ known as ‘World Secretary Ltd.’ [WSL] which
is handling its correspondences and documents.
WSL is also the corporate secretary of the subject. It has another office in Hong Kong.
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 which are
wholly-owned by Mr. Shu Lang who is a China merchant.
He is a China ID holder and does not have the
right to reside in Hong Kong permanently.
He is also the only director of the subject. His registered address is in Bao’an District,
Shenzhen SEZ, China.
The subject has had an associated company in
China known as Shenzhen Loncen Technology Co. Ltd. [Loncen].
Loncen has been engaged in producing
‘cleaning cards’ since 1996. Since then,
it has been developing new products and markets. Now, its cleaning cards have exceeded thirty
styles, including different design, different core, different cleaning layer,
different size and thickness. All
products can meet different need from various fields. They are suitable for any styles Card
Readers, ATMs, Bill Acceptors, Thermal Printers, Hotel Door Locks, Key Card
Readers, etc.
As a factory of cleaning card manufacturer,
its high quality products and services have been approved by many clients.
The products of Loncen have been exported to
the America, Europe, Africa and Asia.
Loncen is significant for the following
cards:
ATM Cleaning Card
ATM Encoded Cleaning Card
Thermal Printer Cleaning Card, etc.
Currently Loncen has about 35 employees in
China. The contact person is also Mr.
Shu Lang. Another contact person is Ms.
Jenny Wang.
The subject’s business in Hong Kong is not
active. History in Hong Kong is over eight
years and six month.
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 in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.34 |
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1 |
INR 85.89 |
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Euro |
1 |
INR 76.15 |
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HKD |
1 |
INR 8.11 |
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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PRA |
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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
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
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.