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MIRA INFORM REPORT
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Report No. : |
507965 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL SOURCES (HK) LIMITED |
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Registered Office : |
Room 1501-02, 15/F., Golden Dragon Centre, 28-40 Cameron Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.04.2009 |
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Com. Reg. No.: |
50587690 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Garments, Footwear, Furniture, Gift Items, Iron & Steel, General Merchandise. |
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No. of Employees : |
2 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
Company
Name & address
GLOBAL SOURCES (HK) LIMITED
ADDRESS: Room 1501-02, 15/F., Golden Dragon
Centre, 28-40 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
MANAGEMENT
Managing Director: Mr. Habeeb
Rahmathulla Bahurudeen
SUMMARY
Incorporated on: 21st April, 2009.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 2.
Main Dealing Banker: Not
available.
Banking Relation: Not applicable.
Name
GLOBAL SOURCES (HK) LIMITED
ADDRESS
Registered Head
Office:-
Room 1501-02, 15/F., Golden Dragon Centre, 28-40 Cameron Road,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Star Trade Links (HK) Ltd., Hong Kong.
Star Trade Links (Thailand) Ltd., Thailand.
Star Trade Links (UK) Ltd., United Kingdom.
Star Trade Links (Yiwu) Ltd., China.
Star Trade Links, India.
BUSINESS
REGISTRATION NUMBER
50587690
COMPANY
FILE NUMBER
1333452
MANAGEMENT
Managing Director: Mr. Habeeb
Rahmathulla Bahurudeen
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 21-04-2018)
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Name |
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No. of shares |
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Habeeb Rahmathulla BAHURUDEEN |
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10,000 ===== |
DIRECTOR
(As per registry dated 21-04-2018)
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Name (Nationality) |
Address |
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Habeeb Rahmathulla BAHURUDEEN |
Room 102, Unit 1, Building No. 4, Guoji Garden, Dadu Chengzhong Road,
Yi Wu, Zhejiang Province, China. |
SECRETARY
(As per registry dated 02-05-2018)
|
Name |
Address |
Co. No. |
|
Apex Start Ltd. |
Room D, 4/F., Century Centre, 33-35 Au Pui Wan Street, Fotan, Hong
Kong. |
2381799 |
HISTORY
The subject was incorporated on 21st April, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at ‘Flat A5, 9/F.,
Silvercorp International Tower, 707-713 Nathan Road, Mongkok, Kowloon, Hong
Kong’ where was the operating address of a commercial service provider known as
International Management Co. The
subject’s registered office moved to the present address with effect from 2nd
May, 2018.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Garments,
footwear, furniture, gift items, iron & steel, general merchandise.
Employees: 2.
Commodities Imported: China, other
Asian countries, etc.
Markets: Other
Asian counties, Europe, US, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: CAD or as per contracted.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Made
very small profits in past years.
Condition: Keeping in a normal manner.
Facilities: Adequate for current
running.
Payment: Slow but correct.
Commercial Morality: Satisfactory.
Banker: Not available.
Standing: Small.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Global Sources
(Hk) Limited is wholly owned by Mr. Habeeb Rahmathulla Bahurudeen [H R Bahurudeen]
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.
The subject has had an associated company located at the same address
known as Star Trade Links (HK) Ltd. [Star Trade], a Hong Kong-registered
company also owned by H R Bahurudeen.
The main office of the subject is in Yiwu City, Zhejiang Province,
China. The subject and Star Trade are
engaged in the same lines of business, more or less.
The subject has had an associated company known as Star Trade Links
(Yiwu) Ltd. [STL Yiwu] which is a China-based company. Currently, H R Bahurudeen is administering
the business of STL Yiwu.
The subject is trading in the following commodities: Adhesive tapes,
Agricultural, Air freshener, Artificial flowers, Automobile spares, Baby Care
Products, Bin Bags, Chemicals, Coal & Coke, Computer hardware, Construction
material, Cosmetics, Cutlery & crockery, Electrical, Lighting, Foil,
Footwear, Furniture, Garments, Gas generators, Gift items, Hardware, Home
appliances, Iron & steel, Metals, Jewellery, Kitchen & sanitary ware,
Leather, Machineries, Medical Products, Mobile accessories, Paper, Paper bags,
Pedicure, Photo print papers, Pillows, Plywood, Particle board, Power tools,
Sanitary pads, Security system, Sewing machines, Stationery, Sunglasses &
Frames, Tires, Towels & handkerchief, Toys, Travel Bags, Umbrellas, Wall
clock & watches, Wall frames, Water dispensers, etc.
Most of the commodities are chiefly sourced from China. Prime markets are India, the United Kingdom,
Thailand, etc.
The subject’s history in Hong Kong is over nine years.
On the whole, consider it good for normal business engagements 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 67.08 |
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1 |
INR 91.14 |
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Euro |
1 |
INR 80.00 |
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HKD |
1 |
INR 8.58 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIS |
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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.