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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL
LAND ENTERPRISES LTD. |
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Registered Office : |
c/o Apple Commodities Ltd., Unit 1113A & 1115, 11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.10.2010 |
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Com. Reg. No.: |
53702025 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Building materials, machinery and equipment for building and construction, 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 |
|
|
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 : |
--- |
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
|
Country Name |
Previous Rating (31.03.2012) |
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 |
GLOBAL LAND ENTERPRISES LTD.
c/o Apple Commodities Ltd.
Unit 1113A & 1115, 11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road Central, Hong Kong.
PHONE: 2850 5799
FAX: 2821 2301
E-MAIL: amulmittal@hotmail.com
Managing Director: Mr. Amul Mohan Mittal
Incorporated on: 26th October, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer and Exporter.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Apple Commodities Ltd.
Unit 1113A & 1115, 11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road Central, Hong Kong.
Associated Company:-
Mohan Construction Co.
C-22, Ashok Vihar, Phase-I, Delhi, 110052 India.
53702025
1520105
Managing Director: Mr. Amul Mohan Mittal
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 26-10-2012)
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Name |
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No. of shares |
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Amul Mohan MITTAL |
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10,000 ===== |
(As per registry
dated 26-10-2012)
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Name (Nationality) |
Address |
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Amul Mohan MITTAL |
C-22, Ashok Vihar, Phase-I, Delhi, 110052 India. |
(As per registry
dated 26-10-2012)
|
Name |
Address |
Co.
No. |
|
HKBSS Ltd. |
5/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong. |
0838155 |
The subject was incorporated on 26th October, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at c/o HKBSS Ltd., Unit 3B, 20/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong, moved to the present address in October 2011. Your given phone and fax number 2155 0666 and 2155 0663 respectively belong to HKBSS Ltd.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: Building materials, machinery and equipment for building and construction, etc.
Employees: Nil.
Commodities Imported: China, Japan, Europe, North America, etc.
Markets: India, other Asian countries, 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$10,000.00
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 contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Global Land Enterprises Ltd. is wholly owned by Amul Mohan Mittal who is an Indian. 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 does not have its own operating office. Its registered office is in a Hong Kong-registered firm Unit 1113A & 1115, 11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road Central, Wanchai, Hong Kong known as Apple Commodities Ltd. [ACL] which is handling its correspondences and documents.
belongs to HKBSS Ltd. which is the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject has got an associated company in India known as Mohan Construction Co. [Mohan] which is also operated by Amul Mohan Mittal.
Mohan is in Delhi, India. It is an international purchaser taking part in the Canton Commodities Transaction Fair which is held in Guangzhou, Guangdong Province China twice a year.
Mohan is trading
in the following commodities:-
· Building Materials;
· Decoration Materials; &
· Machinery and Equipment.
Commodities are chiefly sourced from China. It also imports commodities from Japan, Europe, North America, etc. Prime markets are India and the other Asian countries.
It is likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The India firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over two years.
ACL is a member of the Apple Group of Companies which is one of the leading conglomerates of India and is also establishing its footholds in other parts of the world. It is trading in various forms of Iron & Steel, Coal & Iron Ore.
The Apple Group is engaged in diversified economy such as steel, coal, iron ore, mining, insurance, power & energy, commodities trading, activated carbon, etc. The Group is also engaged in building and construction, technology transference, retailing, real estate investment, etc.
Now, the network of the Group covers India, China, Hong Kong, Indonesia, Africa, etc.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.53 |
|
UK Pound |
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.