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MIRA INFORM REPORT
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Report No. : |
485997 |
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Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
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Name : |
HANG CHEONG
ENTERPRISE LIMITED |
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Registered Office : |
C/o Walwick Registrations Ltd. Office 3A, 12/F., Kaiser Centre, 18 Centre Street, Sai Ying Pun |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.03.2010 |
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Com. Reg. No.: |
52000311 |
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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 Excel
Secretaries Ltd.
Room 1801A, 18/F., On Hong Commercial Building,
145 Hennessy Road, Wanchai,
Hong Kong.)
Company
name
HANG CHEONG ENTERPRISE LIMITED
ADDRESS
Registered Office:-
C/o Walwick Registrations Ltd.
Office 3A, 12/F., Kaiser Centre, 18 Centre Street, Sai Ying Pun,
Hong Kong.
BUSINESS
REGISTRATION NUMBER
52000311
COMPANY
FILE NUMBER
1436171
DATE
OF INCORPORATION
26th March, 2010.
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 26-03-2017)
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Name |
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No. of shares |
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HE Jile |
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10,000 ===== |
DIRECTOR
(As per registry dated 23-06-2017)
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Name (Nationality) |
Address |
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HE Jile |
602, Unit 3, Building 1, No. 49, Hengan Lane, Wenhua Road, Hecheng
Street, Gaoming District, Foshan City, Guangdong Province, China. |
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SECRETARY
As per registry dated 26-03-2017)
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Name |
Address |
Co. No. |
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Walwick Registrations Ltd. |
Office 3A-7, 12/F., Kaiser Centre, 18 Centre Street, Sai Ying Pun,
Hong Kong. |
0982700 |
HISTORY
The subject was incorporated on 26th March, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at ‘Room 1801A,
18/F., On Hong Commercial Building, 145 Hennessy Road, Wanchai, Hong Kong’
where was the operating address of a commercial service provider known as Excel
Secretaries Ltd. The subject’s
registered office moved to the present address in March, 2016 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
Hang Cheong Enterprise Limited was incorporated on 26th March, 2010 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 ‘Office 3A-7, 12/F., Kaiser Centre, 18 Centre
Street, Sai Ying Pun, Hong Kong’ known as ‘Walwick Registrations Ltd.’
[Walwick] which is handling its correspondences and documents. Walwick 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. He Jile
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 Gaoming District, Foshan City, Guangdong Province, China.
The subject’s lines of business are unknown since the secretarial
company declined to report us about its business.
To our knowledge, the subject had an associated company in China known
as Hang Cheong Trading Co. Ltd. [HCT] which was in Gaoming District, Foshan
City, Guangdong Province, China.
However, HCT revoked its registration in China on 25th November, 2015.
HCT had traded in general household furniture, office furniture,
building materials such as tiles, interior decoration materials, etc.
HCT was operated and owned by Mr. He Jile.
The subject’s business in Hong Kong is not active. History in Hong Kong is over seven years 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 63.97 |
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1 |
INR 88.13 |
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Euro |
1 |
INR 78.35 |
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HKD |
1 |
INR 8.16 |
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 : |
TPT |
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.