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Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
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Name : |
G.
SOURCE (HK) INT'L |
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Registered Office : |
c/o Buttar.HK Ltd. Block G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.11.2007 |
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Com. Reg. No.: |
38577762-000-11 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds
of mobile phones and accessories |
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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
|
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 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 |
G. SOURCE (HK) INT'L
c/o Buttar.HK Ltd.
Block G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
PHONE: 8107 8775
FAX: 8107 8776
Manager: Mr. Amit Luthra
Establishment: 2nd November, 2007.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Mobile Phone Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Buttar.HK Ltd.
Block G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
Shenzhen Branch:-
Room 32M, Block B, Xiandai Zhechuang, Huaqiang North Road, Futian District, Shenzhen Special Economic Zone, China.
[Tel: 86-755-6130 2026; Fax: 86-755-6130 2025]
38577762-000-11
Manager: Mr. Amit Luthra
Name Mr. Amit LUTHRA
Residential Address: T.650H/7A,
Road No. 21, Durga Mohalla Baljeet Nagar, New Delhi-110008, India.
The subject was established on 2nd November, 2007 as a sole proprietorship concern owned by Mr. Amit Luthra under the Hong Kong Business Registration Regulations.
Initially the subject was located at Room A14, 8/F., 58 Nathan Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in November 2009.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of mobile phones and accessories, etc.
Employees: Nil.
Commodities Imported: China, Europe, etc.
Markets: Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, pre-payment, etc.
Capital: Not disclosed.
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.
G. Source (HK) Int’l is a sole proprietorship set up and owned by Mr. Amit Luthra who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Being the manager of the subject, currently he is residing in New Delhi, India.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Block G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong known as Buttar.HK Ltd. which is handling its correspondences and documents.
Your given phone and fax number 8107 8775 and 8107 8776 respectively belongs to Buttar.HK Ltd.
The subject has no employees in Hong Kong.
The subject is trading in all kinds of mobile phones and accessories. It is carrying GSM/PCS mobile phones and accessories which are chiefly sourced from China.
The subject had registered with the Office of the Telecommunications Authority [OFTA], The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of RU00136588-RU. But this year, we cannot find its name in the list.
The subject has had a branch company in Shenzhen Special Economic Zone China which is responsible for sourcing commodities from local suppliers. Products are exported to India, other Asian countries, the Middle East, etc.
It is likely that the subject has got an associated company in India which is also operated by Luthra. The India firm is also a mobile phone trader.
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 five 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 secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
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UK Pound |
1 |
Rs.82.43 |
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Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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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.