... and, aside from the various ways you can come unstuck as described above, whilst it may be "safe" once installed, that assume that it's fitted out of the way, on a ceiling for example. If fitted somewhere more accessible, on a wall, or in a tabletop lamp, it would be very easy to brush against it, and get a shock.
I'd also be very suspicious of a device designed and built to those lax standards. Either the manufacturer doesn't understand how it's unsafe, or doesn't care. Either way, I'd wonder what other gotchas may be lurking there, such as inadequately speced components (or even deliberately mismarked ones) that could fail in a dangerous fashion, and cause a fire, especially if the materials used are not adequately fireproof.
With something as iffy as this, there are so many potential failure mechanisms, that it's probably best thrown into the rubbish bin, rather than used on the mains.