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Report Date : |
18.10.2012 |
IDENTIFICATION DETAILS
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Name : |
GLOBE PRODUCTS LTD. |
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Registered Office : |
C/o Sunwell Accounting & Secretarial Ltd. Unit A-C, 25/F., Seabright Plaza, 9-23 Shell Street, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.07.2005. |
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Com. Reg. No.: |
35837585 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF MOBILE PHONES,
PORTABLE DVDS, MP3 PLAYERS, OTHER ELECTRONIC PRODUCTS, ETC. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 re-exports, is about
four times GDP. 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, helped it to make an initial
recovery more quickly than many observers anticipated, it again faces a
possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system
deposits in Hong Kong by the end of 2011, an increase of over 59% since the
beginning of the year. 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 exports 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 28 million in 2011,
outnumbering visitors from all other countries combined. Hong Kong has also
established itself as the premier stock market for Chinese firms seeking to
list abroad. In 2011 mainland Chinese companies constituted about 43% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply
conditions caused Hong Kong property prices to rise rapidly in 2010 and
inflation to rise 5.3% in 2011. Lower and middle income segments of the
population are increasingly unable to afford adequate housing. Hong Kong
continues to link its currency closely to the US dollar, maintaining an
arrangement established in 1983.
Source : CIA
GLOBE PRODUCTS
LTD.
ADDRESS: c/o Sunwell Accounting &
Secretarial Ltd.
Unit A-C, 25/F.,
Seabright Plaza, 9-23 Shell Street, North Point, Hong Kong.
PHONE: 2553 3828
FAX: 2553 9128
Managing Director: Mr. Sunil
Manohar Paryani
Incorporated on: 18th
July, 2005.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Sunwell Accounting & Secretarial Ltd.
Unit A-C, 25/F., Seabright Plaza, 9-23 Shell Street, North Point,
Hong Kong.
Associated Company:-
China Globe Products Ltd.
Room 905, C Block, World Trade Plaza, Fu Hong Road, Futian District,
Shenzhen Special Economic Zone, China.
Tel:
86-755-83757001/83757002 /89392382/89392383
Fax: 86-755-83757002
E-mail: sunny@globeproducts.net
35837585
0983952
Managing Director: Mr. Sunil
Manohar Paryani
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry dated 18-07-2012)
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Name |
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No. of shares |
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Amit Ramchand DHIRWANI |
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50 |
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Sunil Manohar PARYANI |
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50 |
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––– |
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Total: |
100 === |
(As per registry dated 18-07-2012)
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Name (Nationality) |
Address |
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Sunil Manohar PARYANI |
Flat 704, Kailash Tower, Behind S.M. Shetty School, Powai, Chandivali,
Mumbai 400 072, India. |
(As per registry dated 18-07-2012)
|
Name |
Address |
Co. No. |
|
Sunwell Accounting & Secretarial Ltd. |
Unit A-C, 25/F., Seabright Plaza, 9-23 Shell Street, North Point, Hong
Kong. |
0344808 |
The subject was incorporated on 18th July, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Mobile phones, portable
DVDs, MP3 players, other electronic products, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, Europe, etc.
Markets: India, other Asian countries,
Europe, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: As
per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100.00
Profit or Loss: Keeping a
balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general
banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Globe Products Ltd. is equally owned by Mr. Amit Ramchand Dhirwani and
Mr. Sunil Manohar Paryani, both of whom are Indian.
The subject has just issued 100 ordinary shares of HK$1.00 each while
each of the shareholders holds 50 shares.
The latter is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Unit A-C, 25/F., Seabright Plaza, 9‑23 Shell
Street, North Point, Hong Kong” known as “Sunwell Accounting & Secretarial
Ltd.” which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject.
The subject has no employees in Hong Kong. Its main office in China is known as China
Globe Products Ltd. The subject is
trading in the following commodities:-
·
Mobile Phones;
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Portable DVDs;
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DVD Players;
·
Digital Photo Frames; &
·
LCD-TVs.
Most of the commodities are sourced form China suppliers. Prime markets are India, other Asian
countries, Europe, etc.
The subject’s business in Hong Kong is not active. History in Hong Kong is about seven years.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.75 |
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1 |
Rs.85.07 |
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Euro |
1 |
Rs.69.04 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
-- |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.