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MIRA INFORM REPORT
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Report No. : |
494343 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
KING ABRASIVES INDUSTRIAL LIMITED |
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Registered Office : |
C/O Global Ease Enterprises
Ltd., JQD1093, Room 2105, 21/F., Trend Centre, 29-31 Cheung Lee Street, Chai
Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.06.2009 |
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Com. Reg. No.: |
50768301 |
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Legal Form : |
Private Limited Liability Company |
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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 : |
The subject has 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 (30.09.2017) |
Current Rating (31.12.2017) |
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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, which took effect in 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 2.6% in 2016, but slowed to 2.0% in 2017. 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. In 2017, Chief Executive 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
Subject
is formerly located at:
c/o Global Ease
Enterprises Ltd.
JQD1093, Room 907,
9/F., Wing Tuck Commercial Centre,
177-183 Wing Lok
Street, Sheung Wan,
Hong Kong
Company
name
KING ABRASIVES
INDUSTRIAL LIMITED
ADDRESS
Registered
Office:-
c/o Global Ease
Enterprises Ltd.
JQD1093, Room 2105,
21/F., Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong.
Associated
Company:-
Zibo Jin Jing Chuan
Abrasives Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
50768301
COMPANY
FILE NUMBER
1343976
DATE
OF INCORPORATION
9th June, 2009.
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry
dated 09-06-2017)
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Name |
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No. of shares |
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ZHAO Jinliang |
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10,000 ===== |
DIRECTOR
(As per registry
dated 09-06-2017)
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Name (Nationality) |
Address |
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ZHAO Jinliang |
JQD1093, Room 2105,
21/F., Trend Centre, 29-31 Cheung Lee Centre, 29-31 Cheung Lee Street,
Chaiwan, Hong Kong. |
SECRETAry
(As per registry
dated 09-06-2017)
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Name |
Address |
Co. No. |
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Global Ease
Enterprise Ltd. |
Room 702, 7/F.,
Greenfield Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui East,
Kowloon, Hong Kong. |
2235925 |
HISTORY
The subject was
incorporated on 9th June, 2009 as a private limited liability company under the
Hong Kong Companies Ordinance.
Formerly the
subject’s registered address was located at JQD1093, Room 907, 9/F., Wing
Tuck Commercial Centre, 177-183 Wing Lok Street, Sheung Wan, Hong Kong where
was the old operating office of a commercial service provider known as Global
Ease Enterprises Ltd. The secretarial
company moved to the present address in June 2011, so did the subject.
Apart from these,
neither material change nor amendment has been ever traced and noted.
GENERAL
King Abrasive
Industrial Limited was incorporated on 9th June, 2009 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 ‘JQD1093, Room
2105, 21/F., Trend Centre, 29-31 Cheung Lee Street’ known as ‘Global Ease
Enterprises Ltd.’ [GEE] which is handling its correspondences and
documents. GEE is also the corporate
secretary of the subject. Currently GEE
has several offices in Hong Kong.
‘JQD1093’ is the file number of the subject in GEE.
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. Zhao Jinliang 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.
The subject has had
an associated company in China. According
to your given China mobile phone number, we have found the company is known as
Zibo Jin Jing Chuan Abrasives Co. Ltd.
Its brief information is as follow:
Name: Zibo Jin Jing Chuan Abrasives Co. Ltd. [JJC]
Address: Industrial Garden, Jiaowang Road, Zichuan
District, 255130 Zibo City, Shandong, China.
Telephone
Number: 86 533 5416837
Mobile
Number: 86-13869317952
Fax
Number: 86 533 5415637
Date of
incorporation:
Legal Status: Limited Liability
Company (owned by natural person)
Legal Representative: Mr. Zhao Jinliang
The
products of JJC are as follow:
Brown
Fused Alumina (FEPA, JIS and other standard)
White
Fused Alumina
Pink Fused
Alumina
Black
Silicon Carbide
Green
Silicon carbide
Grinding
wheel (Resin and vitrified bonded)
Abrasives
paper sheet and roll
The products are
marketed in China, exported to the other Asian countries, etc.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over eight years and eight 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 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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HKD |
1 |
INR 8.33 |
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 : |
SYL |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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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.