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MIRA INFORM REPORT
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Report No. : |
486262 |
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Report Date : |
13.01.2018 |
IDENTIFICATION DETAILS
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Name : |
LONGCHEM INTERNATIONAL TRADING COMPANY LIMITED |
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Registered Office : |
Unit 2, LG 1, Mirror Tower, 181 Queen’s Road, 61 Mody
Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.10.2015 |
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Com. Reg. No.: |
65379745 |
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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 company declined to report us
about its business. |
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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 Baililai
International Group (HK) Ltd.,
Room 1501 C1, Grand
Millennium Plaza (Lower Block), 181 Queen’s Road, Central, Hong Kong.]
Company
name
LONGCHEM INTERNATIONAL
TRADING COMPANY LIMITED
ADDRESS
Registered Office:-
C/o Offshore Business Consultant (HK) Ltd.
Unit 2, LG 1, Mirror Tower, 181 Queen’s Road, 61 Mody
Road, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
65379745
COMPANY
FILE NUMBER
2299317
DATE
OF INCORPORATION
26th October, 2015.
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 26-10-2016)
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Name |
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No. of shares |
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WANG Zhou |
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10,000 ===== |
DIRECTOR
(As per registry dated 26-10-2016)
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Name (Nationality) |
Address |
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WANG Zhou |
7-2 Lane 3, Gongchen New Village, An’zhou Jiedao,
Xianju County, Taizhou City, Zhejiang Province, China |
SECRETARY
(As per registry dated 28-04-2017)
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Name |
Address |
Co. No. |
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Sbs Nominee Ltd. |
Unit 1002B, 10/F., Fortress Tower, 250 King’s
Road, North Point, Hong Kong. |
0809165 |
HISTORY
The company was
incorporated on as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the subject’s
registered address was located at Room 1501 C1, Grand Millennium Plaza (Lower
Block), 181 Queen’s Road, Central, Hong Kong where was the operating
office of a commercial service provider known as Baililai International Group
(HK) Ltd. The subject’s registered
office moved to the present address with effect from 28th 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
Longchem International
Trading Company Limited was incorporated on 26th October, 2015 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 ‘Unit 2, LG 1,
Mirror Tower, 61 Mody Road, Tsimshatsui, Kowloon, Hong Kong’ known as ‘Offshore
Business Consultant (HK) Ltd.’ which 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 which are wholly-owned by Mr. Wang Zhou 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
Xianju County, Taizhou City, Zhejiang Province, China.
The subject’s lines
of business are unknown since the secretarial company declined to report us
about its business.
The director of the
subject cannot be reached as he is not in Hong Kong.
No information of the
subject can be obtained from our secondary sources.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is just over a year and nine 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.11 |
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1 |
INR 85.54 |
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Euro |
1 |
INR 75.43 |
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HKD |
1 |
INR 8.13 |
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
·
Promoters
/ Management background
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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.