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MIRA INFORM REPORT
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Report No. : |
486073 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL SIMRAN TRADING LIMITED |
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Registered Office : |
C/o HK Timely Corporation Ltd. Flat A,
9/F., Silvercorp International Tower, 703‑713 Nathan Road, Mongkok,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.07.2016 |
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Com. Reg. No.: |
66463537 |
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Legal Form : |
Private limited liability |
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Line of Business : |
Subject is trading in the following
commodities: LED Lights, Panel Lights, Lighting
Fittings, Spotlights, Illuminated Signs, Lamps, other kinds of lighting
products |
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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 Zhouxin
Accountants Ltd. Room 1902, 19/F., Easey Commercial Building,
253-261 Hennessy Road, Hong Kong.
Company
name and address
GLOBAL SIMRAN
TRADING LIMITED
ADDRESS:
Registered Office:-
c/o HK Timely Corporation Ltd.
Flat A, 9/F., Silvercorp International Tower,
703‑713 Nathan Road, Mongkok, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
66463537
COMPANY
FILE NUMBER
2406999
DATE
OF INCORPORATION
25th
July, 2016.
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry dated 25-07-2017)
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Name |
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No. of shares |
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Pradeep SINGH |
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10,000 ===== |
DIRECTOR
(As per registry dated 25-07-2017)
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Name (Nationality) |
Address |
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Pradeep SINGH |
Room 1001, Block A2, Liufang Garden,
Xingzhong Road, Guzhen, Zhongshan, China. |
SECRETARY
(As per registry dated 25-07-2017)
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Name |
Address |
Co. No. |
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HK Timely Corporation Ltd. |
Flat A, 9/F., Silvercorp International
Tower, 707-713 Nathan Road, Mongkok, Kowloon, Hong Kong. |
1896097 |
HISTORY
The subject was incorporated on 25th July, 2016 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at ‘Room
1902, 19/F., Easey Commercial Building, 253-261 Hennessy Road, Hong Kong’ where
was the operating address of a commercial service provider known as
Hong Kong Zhouxin Accountants Ltd
The subject’s registered office moved to the present address in July
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
Global Simran Trading Limited was incorporated on 25th July, 2016
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 ‘Flat A, 9/F., Silvercorp International Tower, 707-713
Nathan Road, Mongkok, Kowloon, Hong Kong’ known as ‘HK Timely Corporation Ltd.’
which is handling its correspondences and documents. This secretarial company is also the
corporate secretary of the subject.
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. Pradeep Singh who is an India merchant.
He is an India passport holder and does not have the right to
reside in Hong Kong. He is also the
only director of the subject. His
registered address is in Guzhen, Zhongshan City, Guangdong 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.
From our secondary sources, the subject is trading in the
following commodities:
LED Lights, Panel Lights, Lighting Fittings, Spotlights,
Illuminated Signs, Lamps, other kinds of lighting products, etc.
Glass beads, interior decoration materials, etc.
Two of the subject’s India customers are Sunshine International
and Rakshanda Impex.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over a year and
five 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 63.76 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 78.20 |
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HKD |
1 |
INR 8.18 |
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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DIV |
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Report Prepared
by : |
TRU |
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.