MIRA INFORM REPORT

 

 

Report No. :

498368

Report Date :

21.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

WISDOM  (HONG  KONG)  INTERNATIONAL  LIMITED

 

 

Registered Office :

C/o Youfu Accountants Ltd. Room 1611B, 16/F., Ho King Commercial Centre, 2-16 Fa Yuan Street, Mongkok, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

05.10.2009

 

 

Com. Reg. No.:

58020119

 

 

Legal Form :

Private limited liability company

 

 

Line of Business :

The subject is trading in the following commodities:

·         Copper wire

·         Copper alloy wire (containing nickel, cobalt, manganese)

·         Iron & steel wire

 

 

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)

 

MIRA’s Rating :

C

 

Credit Rating

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

Status :

No operating office in Hong Kong

 

 

Payment Behaviour :

Unknown

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

Note

 

[Formerly located at: c/o C-H Business Consultancy Ltd. Unit 01A3, 10/F., Carnival Commercial Building,

18 Java Road, North Point, Hong Kong.]

 

 

Company name and address

 

WISDOM  (HONG  KONG)  INTERNATIONAL  LIMITED

 

ADDRESS:

 

Registered Office:-

c/o Youfu Accountants Ltd.

Room 1611B, 16/F., Ho King Commercial Centre, 2-16 Fa Yuan Street, Mongkok, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

  58020119

 

 

COMPANY FILE NUMBER

 

  1378773

 

 

DATE OF INCORPORATION

 

  5th October, 2009.

 

 

ISSUED SHARE CAPITAL

 

  HK$10,000.00

 

 

SHAREHOLDER

 

(As per registry dated 05-10-2017)

Name

 

No. of shares

JIANG Qinfen

 

10,000

=====

 

 

DIRECTOR

 

(As per registry dated 07-12-2017)

Name

(Nationality)

 

Address

ZHANG Yaming

Room 1901, No. 158, Zhangyang Road, Pudong, Shanghai, China.

 

 

SECRETARY

 

(As per registry dated 05-10-2017)

Name

Address

Co. No.

Youfu Accountants Ltd.

Room 1611B, 16/F., Ho King Commercial Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.

1150232

 

 

HISTORY

 

The subject was incorporated on 5th October, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject’s registered address was located at ‘Unit 01A3, 10/F., Carnival Commercial Building, 18 Java Road, North Point, Hong Kong’ where was the operating address of a commercial service provider known as C-H Business Consultancy Ltd.  The subject’s registered office moved to the present address in October 2011 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

 

Wisdom (Hong Kong) International Limited was incorporated on 5th October, 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 ‘Room 1611B, 16/F., Ho King Commercial Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong’ known as ‘Youfu Accountants Ltd.’ [Youfu] which is handling its correspondences and documents.  Youfu 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 Ms. Jiang Oinfen who is a China merchant.

The director of the subject Mr. Zhang Yaming is also 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 Pudong, Shanghai, 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:

1.     Copper wire

2.     Copper alloy wire (containing nickel, cobalt, manganese)

3.     Iron & steel wire

Most of the wire products are widely used in manufacturing household electric appliances.

Commodities are chiefly sourced from China.  Prime markets are the other Asian countries, Eastern Europe, Russia, South America, etc.

The business of the subject is handled by Mr. Zhang Yaming.

The subject’s business in Hong Kong is not active.  History in Hong Kong is over eight years and five months.

On the whole, 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

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.20

UK Pound

1

INR 91.49

Euro

1

INR 80.46

HKD

1

INR 8.31

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIK

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.