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MIRA INFORM REPORT
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Report No. : |
516409 |
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Report Date : |
28.06.2018 |
IDENTIFICATION DETAILS
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Name : |
ITSS LIMITED |
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Registered Office : |
Room 8B, Block A, Tak Lee Industrial Centre, 8 Tsing Yeung Circuit,
Tuen Mun, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.02.2001 |
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Com. Reg. No.: |
31582425 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler Iron ores, scraps, electronic
products, electric appliances, other light industrial products. |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual
Recognition of Funds, and the Bond Connect scheme are all important steps towards
opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as
China’s leading offshore RMB market. Additional connect schemes such as ETF
Connect (for exchange-traded fund products) are also under exploration by Hong
Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to
increase government spending on research and development, education, and
technological innovation with the aim of spurring continued economic growth
through greater sector diversification.
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Source
: CIA |
Note:
(Formerly located at:
Room 6, Block B, 9/F., Tak Lee Industrial Centre,
8 Tsing Yeung Circuit, Tuen Mun,
New Territories, Hong Kong.)
Company
name
ITSS LIMITED
ADDRESS
Room 8B, Block A, Tak Lee Industrial Centre, 8 Tsing Yeung
Circuit, Tuen Mun, New Territories, Hong Kong.
PHONE : 852-2377 3113
FAX : 852-3020 5064
MANAGEMENT
Managing Director : Mr.
Ramchandra Joshi
SUMMARY
Incorporated on : 7th
February, 2001.
Organization : Private
Limited Company.
Issued Share Capital : HK$15,000,000.00
Business Category : Importer, Exporter and Wholesaler
Employees : 3.
Main Dealing Banker : The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Banking Relation : Satisfactory.
ITSS LIMITED
ADDRESS
Registered Head
Office:-
Room 8B, Block A, Tak Lee Industrial Centre, 8 Tsing
Yeung Circuit, Tuen Mun, New Territories, Hong Kong.
BUSINESS
REGISTRATION NUMBER
31582425
COMPANY
FILE NUMBER
0746298
MANAGEMENT
Managing Director:
Mr. Ramchandra Joshi
ISSUED
SHARE CAPITAL
HK$15,000,000.00
SHAREHOLDERS
(As per registry dated 07-02-2018)
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Name |
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No. of
shares |
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Ramchandra JOSHI |
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15,000,000 ======== |
DIRECTORS
(As per registry dated 02-07-2018)
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Name
(Nationality) |
Address |
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Ramchandra JOSHI |
VPO, Bhathrda Khurd, Udaipur, Raj., India. |
SECRETARY
(As per registry dated 07-02-2018)
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Name |
Address |
Co. No. |
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DN Cony. Ltd. |
Room 602, 6/F., The L Plaza, 367-375 Queen’s Road
Central, Hong Kong. |
1654346 |
HISTORY
The subject was incorporated on 7th February, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Divam International Ltd., name changed to the present style on 26th January, 2006.
Long time ago, the subject was located at ‘Flat J, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong’, moved to ‘Room 6, Block B, 9/F., Tak Lee Industrial Centre, 8 Tsing Yeung Circuit, Tuen Mun, New Territories, Hong Kong’ and further moved to the present address in May 2007.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities : Importer, Exporter and Wholesaler
Lines : Iron
ores, scraps, electronic products, electric appliances, other light
industrial products.
Employees : 3.
Commodities Imported : India, China, other Asian countries,
etc.
Markets : India, Europe, North America, etc.
Terms/Sales : L/C
or as per contracted.
Terms/Buying : L/C,
T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital :
HK$15,000,000.00
Profit or Loss : Making a very small profit every
year.
Condition : Keeping
in a normal manner.
Facilities : Adequate
for current running.
Payment : Met
trade commitments as required.
Commercial Morality : Satisfactory.
Banker : The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing : Small.
GENERAL
Having issued 15 million ordinary shares of HK$1.00 each, ITSS Limited is wholly owned by Ramchandra Joshi who is an India merchant.
He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
Incorporated in February 2001, long time ago, the subject was engaged in purchasing products on behalf of its customers based in Europe, North America, the Middle East and India. It traded in iron ores, scraps, electronic products, electric appliances, other light industrial products, etc. However, the subject changed hands on 21st
November, 2017 and the new shareholder and director is Ramchandra Joshi. We are not sure whether he is engaged in the same lines of business or not.
The business of the subject is handled by Ramchandra Joshi himself. Business is normal in Hong Kong. History is over 17 years and four months.
On the whole, consider the subject good for normal business engagements 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 68.52 |
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1 |
INR 90.60 |
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Euro |
1 |
INR 79.86 |
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HKD |
1 |
INR 8.78 |
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 : |
SUJ |
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.