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MIRA
INFORM REPORT
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Report No. : |
505965 |
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Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
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Name : |
MERCHANT (HONGKONG) HOLDINGS GROUP LIMITED |
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Registered Office : |
C/o Purota Accountants Service Co., Ltd. Unit 401, 4/F., Wanchai Central Building, 89 Lockhart Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.02.2011 |
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Com. Reg. No.: |
53789291 |
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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 : |
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.
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.
|
Source
: CIA |
Note
(Formerly Located At:
C/o Shanghai Yuwang Commercial Consultancy Co. Ltd.
Room 2103A, Easey Commercial Building,
253-261 Hennessy Road, Wanchai, Hong Kong.)
Company name
MERCHANT
(HONGKONG) HOLDINGS GROUP LIMITED
ADDRESS
Registered
Office:-
C/o Purota Accountants Service Co., Ltd.
Unit 401, 4/F., Wanchai Central Building, 89 Lockhart Road, Wanchai,
Hong Kong.
Associated
Company:-
Shanghai Merchant Industrial Co. Ltd., China.
BUSINESS REGISTRATION NUMBER
53789291
COMPANY FILE NUMBER
1564998
DATE OF INCORPORATION
24th February, 2011.
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 24-02-2018)
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Name |
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No. of shares |
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JIA Xiao Jun |
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10,000 ===== |
DIRECTOR
(As per registry dated 24-02-2018)
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Name (Nationality) |
Address |
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JIA Xiao Jun |
Room 102, No. 8, Lane 2280, Kaixuan Road, Xuhui District, Shanghai,
China. |
SECRETARY
(As per registry dated 24-02-2018)
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Name |
Address |
Co. No. |
|
Yuwang International Group Ltd. |
Room 1603, 16/F., The Phoenix, 23 Luard Road, Wanchai, Hong Kong. |
1623390 |
HISTORY
The subject was incorporated on 24th February, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 2103A,
21/F., Easey Commercial Building, 253-261 Hennessy Road, Wanchai, Hong Kong
where was the operating address of a commercial service provider known as
Shanghai Yuwang Commercial Consultancy Co. Ltd.
The subject’s registered office moved to the present address in February
2018 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
Merchant(Hongkong)Holdings Group Limited was incorporated on
24th February, 2011 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 401, 4/F., Wanchai Central Building, 89 Lockhart
Road, Wanchai, Hong Kong’ known as ‘Purota Accountants Service Co., Ltd.’ which
is handling its correspondences and documents.
Its company secretary is another company located at a different address.
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. Jia
Xiao-Jun.
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 Xuhui District, Shanghai, China.
The subject has had an associated company in China. Its brief information is as follow:
Name: Shanghai Merchant
Industrial Co. Ltd. [SMI]
Address: Room 201, Block 9, 579 Yuenan, Xinyu Village, Jiading District,
200126 Shanghai, China.
Phone: 86-21-3868 1565
Fax: 86-21-3868 1560
Date of Incorporation: 27th September, 2010.
Legal Status: Limited Liability
Company (owned by natural person)
Registered Capital: RMB3 million
Yuan
Duration: 27th September, 2010 to 26th September, 2020 (10 years)
United Social Credit Code:
913101145619493718
Shareholder: Mr. Jia Xiao-Jun
Legal Representative: Mr. Jia
Xiao-Jun
SMI is a trading company mainly engaged in the operation of synthetic
rubber. The company is located in Pudong New Area, Shanghai, with a registered
capital of RMB3 million Yuan. It deals
in natural rubber, nitrile, EPDM, butadiene, butyl-benzene and other products.
Chemical products synthetic rubber are marketed in China, exported to
the other Asian countries. The business
of SMI is chiefly handled by Mr. Jia Xiao-Jun himself.
The subject’s business in Hong Kong is not active. History in Hong Kong is over seven years and
two 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 66.66 |
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1 |
INR 90.66 |
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Euro |
1 |
INR 80.00 |
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HKD |
1 |
INR 8.49 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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
·
Company
background and operations size
·
Promoters
/ Management background
·
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.