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MIRA INFORM REPORT
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Report No. : |
506975 |
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Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
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Name : |
JET INTERNATIONAL LIMITED |
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Registered Office : |
C/o Baihui International Business (HK) Ltd., Unit 04,
7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
10.03.2017 |
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Com. Reg. No.: |
67375573 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject’s lines
of business are unknown since the secretarial company declined to report us
about its business. |
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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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Hongkong |
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 |
HONGKONG - 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.
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Source
: CIA |
Company
name
JET INTERNATIONAL
LIMITED
ADDRESS
Registered Office:-
C/o Baihui International Business (HK) Ltd.
Unit 04, 7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon,
Hong Kong.
BUSINESS
REGISTRATION NUMBER
67375573
COMPANY
FILE NUMBER
2497714
DATE
OF INCORPORATION
10th March, 2017.
ISSUED
SHARE CAPITAL
HK$500,000.00
SHAREHOLDER
(As per registry dated 10-03-2018)
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Name |
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No. of shares |
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HE Jiao Long |
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500,000 ====== |
DIRECTORS
(As per registry dated 10-03-2018)
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Name (Nationality) |
Address |
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LIU Jin Song |
The Shaw Village Group, New River Village, Shantangpu
Town, Shuangfeng County, Hunan, China. |
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HE Jiao Long |
The Group of villagers, Shizui Long Village, Huamen
Town, Shuangfeng County, Hunan, China. |
SECRETARY
(As per registry dated 10-03-2018)
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Name |
Address |
Co. No. |
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Baihui International Business (HK) Ltd. |
Unit 04, 7/F., Bright Way Tower, 33 Mongkok Road,
Kowloon, Hong Kong. |
1367966 |
GENERAL
JFT International
Limited was incorporated on 10th March, 2017 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 04, 7/F., Bright Way
Tower, 33 Mongkok Road, Kowloon, Hong Kong’ known as ‘Baihui International
Business (HK) Ltd.’ [BIB] which is handling its correspondences and documents. BIB 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 500,000 ordinary shares
of HK$1.00 each which are wholly-owned by Mr. He Jiao-Long who is a China merchant.
The directors of the
subject are Mr. He Jiao Long and Mr. Liu Jin-Song. Both are China ID holders and do not have the
right to reside in Hong Kong permanently.
Their registered addresses are in Shuangfeng County, Hunan Province,
China.
The subject’s lines
of business are unknown since the secretarial company declined to report us
about its business.
The directors of the
subject cannot be reached as they are not in Hong Kong.
We can reach a
representative of the subject who is a female at your given China mobile phone
number 86-13631598845. However, she declined to disclose further information about the
subject. She just reported us that the
main office of the subject is in China.
The manager of the subject is not in the office.
The subject’s business
in Hong Kong is not active. History in
Hong Kong is over a year and a month.
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 67.22 |
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1 |
INR 90.88 |
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Euro |
1 |
INR 80.09 |
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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
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VIV |
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Report Prepared
by : |
NIT |
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
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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.