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MIRA
INFORM REPORT
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Report No. : |
497262 |
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Report Date : |
14.03.2018 |
IDENTIFICATION DETAILS
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Name : |
TRANSCEND SOURCING LIMITED |
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Registered Office : |
Unit T, 1/F., Mau Lam Commercial Building,
16-18 Mau Lam Street, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.05.2009 |
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Com. Reg. No.: |
50689018 |
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Legal Form : |
Private
Limited Liability |
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Line of Business : |
The subject is supplying Garment Trims and Accessories |
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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 (30.09.2017) |
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 |
Company Name
TRANSCEND SOURCING
LIMITED
ADDRESS
Registered Office:-
c/o Buttar.HK Ltd./Buttar Secretarial Ltd.
Unit T, 1/F., Mau Lam Commercial Building,
16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
Associated Companies:-
Nexxbase Marketing Pvt. Ltd., India.
Noise Retail Pvt. Ltd., India.
BUSINESS REGISTRATION NUMBER
50689018
COMPANY FILE NUMBER
1339080
DATE OF INCORPORATION
19th
May, 2009.
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 19-05-2017)
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Name |
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No. of shares |
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Amit KHATRI |
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10,000 ===== |
DIRECTOR
(As per registry dated 19-05-2017)
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Name (Nationality) |
Address |
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Amit KHATRI |
Z-114, Tatvam Villas, Sohna Road, Gurgaon,
Pin: 122018, Haryana, India. |
SECRETARY
(As per registry dated 19-05-2017)
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Name |
Address |
Co. No. |
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Buttar Secretarial Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei
Muk Road, Kwai Chung, New Territories, Hong Kong. |
2086550 |
MORTGAGE OR CHARGE
Date of Security Over Deposits with the Bank
(Fixed Deposits):
19-08-2009
Amount: (i)
all monies in any currency owing by the Company to the chargee at any time,
actually or contingently, in any capacity, alone or jointly with any other
person, (ii) interest on such monies, to the date on which the chargee receives
payment, at the rates payable by the Company or which would have been payable
but for any circumstance which restricts payment and (iii) all expenses of the
chargee in perfecting or enforcing the charge
Property: A
deposit with chargee in the amount of HK$30,000 under Deposit A/C No.
491-877577 (0001)
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
GENERAL
Transcend Sourcing Limited was incorporated
on 19th May, 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 ‘Unit T, 1/F., Mau Lam Commercial Building,
16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong’ known as ‘Buttar Secretarial
Ltd.’ which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject. ‘Unit T’ is the file number
of the subject in the secretarial company.
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 of which
are wholly-owned by Mr. Amit Khatri 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. His registered address is in New
Delhi, India.
The subject is a division of Nexxbase
Marketing Pvt. Ltd. Its main office is
located at Spaze IT Park Gurgaon, Haryana, India.
The subject is supplying Garment Trims and
Accessories. According to the subject,
the trims provided by it are ‘Nickel free, Lead free, PVC free, Phthalate free,
and meet international standards’.
The subject is specialized in the production
of Lace (cotton, nylon, spandex, rayon) Lace Fabric, Chemical lace, Lace
collar, Mesh Fabric, Embroidery mesh fabric, Hot fix, Rhinestones, ABS button
and beads, Pom-Pom, Tassels, Elastics, Metal buttons, eyelets, rivets &
D-rings.
According to the subject, it has had the
following customers:
H&M, Next, Calvin Klein, Gap, M&S,
C&A, AEO, ONLY, Vero Moda, etc.
The annual sales turnover of the subject
ranges from HK$20 to 40 million. It has
had associated companies in India. Amit
Khatri is also the director of the India companies.
The subject has been banking with The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
The subject’s business in Hong Kong is not
active. History in Hong Kong is over
eight 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 or 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 64.96 |
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1 |
INR 90.23 |
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Euro |
1 |
INR 80.09 |
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HKD |
1 |
INR 8.27 |
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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VIV |
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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.