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MIRA
INFORM REPORT
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Report No. : |
498600 |
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Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
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Name : |
VLIT CO. LIMITED |
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Registered Office : |
C/o HK Kongwin Business Consulting Co. Ltd. Unit 2914, 29/F., Ho King Commercial Centre, 2-16 Fa Yuen Street,
Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.02.2014 |
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Com. Reg. No.: |
62773485 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a leading company specialized in selling used / second-hand
textile machinery and equipment which include rapier loom, air-jet loom,
water-jet loom from famous brand like Somet, Vamatex, Picanol, Dornier,
Toyota, Tsudkoma, Sulzer. |
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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 |
Note
(Formerly Located At:
C/o HK Xing Hong Registrations Ltd.
Flat B, 8/F., Chong Ming Building,
72 Cheung Sha Wan Road,
Kowloon, Hong Kong.)
Company name
VLIT CO. LIMITED
ADDRESS
Registered
Office:-
C/o HK Kongwin Business Consulting Co. Ltd.
Unit 2914, 29/F., Ho King Commercial Centre, 2-16 Fa Yuen Street,
Mongkok, Kowloon, Hong Kong.
Associated
Company:-
Vlit Co. Ltd.
No. 2013 Guomao Building, No. 1 Youyi Road, Zengcheng, Guangzhou,
Guangdong Province, China.
[Tel: 86-1364 2696 524
E-mail: vison0109@126.com]
BUSINESS REGISTRATION NUMBER
62773485
COMPANY FILE NUMBER
2040033
DATE OF INCORPORATION
21st February, 2014.
ISSUED SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDER
(As per registry dated 21-02-2018)
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Name |
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No. of shares |
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LIN Huanxi |
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1,000,000 ======= |
DIRECTOR
(As per registry dated 21-02-2018)
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Name (Nationality) |
Address |
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LIN Huanxi |
Guangtongshanpo Village, Genzi Town, Gaozhou City, Guangdong Province,
China. |
SECRETARY
(As per registry dated 21-02-2018)
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Name |
Address |
Co. No. |
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HK Kongwin Business Consulting Co. Ltd. |
Room 2914C, 29/F., Ho King Commercial Centre, 2-16 Fa Yuen Street,
Mongkok, Kowloon, Hong Kong. |
2136902 |
HISTORY
The subject was incorporated on 21st February, 2014 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Flat B, 8/F.,
Chong Ming Building, 72 Cheung Sha Wan Road, Kowloon, Hong Kong where was the
operating address of a commercial service provider known as HK Xing Hong
Registrations Ltd. The subject’s
registered office moved to the present address in February 2015 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
Vlit Co. Limited was incorporated on 21st February, 2014 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 2914C, 29/F., Ho King Commercial Centre, 2-16 Fa
Yuen Street, Mongkok, Kowloon, Hong Kong’ known as ‘HK Kongwin Business
Consulting Co. Ltd.’ which is handling its correspondences and documents. This consulting company 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
1 million ordinary shares of HK$1.00 each of which are wholly-owned by
Mr. Lin Huanxi, Vincent 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 Gaozhou City, Guangdong Province, China.
The subject’s main office is in Guangzhou, Guangdong Province, China
bearing the same name [Vlit].
Vlit was incorporated on 24th March, 2015. Mr. Lin Huanxi is the Director. He can be reached at his China mobile phone
number 86-1364 2696 524.
Vlit is a leading company specialized in selling used / second-hand
textile machinery and equipment which include rapier loom, air-jet loom,
water-jet loom from famous brand like Somet, Vamatex, Picanol, Dornier, Toyota,
Tsudkoma, Sulzer.
It also trades in China brand new weaving machines. Besides, it also sells all kinds of sizing
machines, warping machines, spinning machines, dyeing machines, etc.
Vlit has developed good relationship with the dealers/traders in India,
Bangladesh, Pakistan, Egypt, Turkey, Vietnam, etc.
The contact person is also Mr. Vincent Lin Huanxi. The business of Vlit in China is normal.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four years and a
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 65.06 |
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1 |
INR 92.06 |
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Euro |
1 |
INR 80.37 |
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HKD |
1 |
INR 8.31 |
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 : |
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
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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.