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Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
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Name : |
GCC EXCHANGE
PRIVATE LTD. |
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Registered Office : |
Room 223A, 2/F., Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.11.2006 |
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Com. Reg. No.: |
37378810 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Money Transfer. |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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Payment Behaviour : |
No complaints |
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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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 levies excise duties on only four commodities, namely: hard alcohol,
tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping
laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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 |
GCC
EXCHANGE PRIVATE LTD.
Room 223A, 2/F.,
Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2366 6674, 6334 4401
FAX: Not available
E-MAIL: gccexchange@hotmail.com
Managing
Director: Mr. Mukesh Himatlal
Incorporated on: 18th November, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000.00
Business Category: Money Transfer.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
GCC
EXCHANGE PRIVATE LTD.
Registered
Head Office:-
Room 223A, 2/F.,
Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
Holding
Company:-
Universal
Commodity Trading DMCC, UAE.
Associated
Companies:-
Angre Hotels Pvt.
Ltd., India.
GCC Exchange UK
Ltd., UK.
N L Stores Pvt.
Ltd., India.
Nahalchand
Laloochand Pvt. Ltd., India.
37378810
1088659
Managing
Director: Mr. Mukesh Himatlal
Nominal Share
Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share
Capital: HK$1,000.00
(As per registry dated 18-11-2012)
|
Name |
|
No.
of shares |
|
Universal Commodity Trading DMCC Unit No. 44E, Almas Tower, 44/F., Jumeriah Lakes Tower, Dubai, UAE. |
|
100 === |
(As per registry dated 18-11-2012)
|
Name (Nationality) |
Address |
|
Mukesh HIMATLAL |
Kantilal House, 14 Mama Parmanand Marg,
Mumbai 400004, India. |
|
Rajesh
Himmalal |
Kantilal House, 14 Mama Parmanand Marg,
Mumbai 400004, India. |
(As per registry dated 18-11-2012)
|
Name |
Address |
Co.
No. |
|
DATT
Consultants |
Flat A-1, 7/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui,
Kowloon, Hong Kong. |
- |
The
subject was incorporated on 18th November, 2006 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Shop No.58, G/F., Mirador
Manson, 54‑64B Nathan Road,
Tsimshatsui, Kowloon, Hong Kong, moved to the present
address in December 2006.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities & Lines: Money Transfer.
Employees: 2.
Business Territories: Hong Kong, other foreign countries.
Terms/Sales/Services: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Is making 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.
Having
issued 100 ordinary shares of HK$10.00 each, GCC Exchange Private Ltd. is
wholly owned by Universal Commodity Trading DMCC which is a UAE-based firm.
The
directors of the subject are two Indian, Mr. Mukesh Himatlal and
Mr. Rajesh Himmalal, both are residing in Mumbai, India.
The
subject offers clients with money transfer services. It is an agent for Western Union.
The
subject was set up by the two directors of the subject. They are also the owners of NL Forex Ltd.,
India. Since 1991, NL Forex Ltd. has had
50 branches mostly located at the main airport in India.
Then
NL Forex Ltd. set up a branch company in the United Arab Emirates in 2008.
The
subject was set up in late 2006 in order to take the advantage of the rapidly
increase of commercial payments between the UAE and Hong Kong.
The
owners set up a branch in London in February 2009 and the second branch in
March of the same year.
The
business of the subject is active in Hong Kong.
History is over six years and five months.
On
the whole, consider the subject good for normal business engagements in
moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.32 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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 |
|
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.