|
Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GREEN WORTH HONG KONG LTD. |
|
|
|
|
Registered Office : |
C/o High Sky Ltd. Unit B, 11/F., Winbase Centre, 208 Queen’s Road Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
24.10.2001 |
|
|
|
|
Com. Reg. No.: |
32157063 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of High Performance Metals and Alloy mill products, etc. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 |
|
Status : |
No Operating Office in Hong Kong |
|
Payment Behaviour : |
Unknown |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
GREEN WORTH
HONG KONG LTD.
ADDRESS: c/o High Sky Ltd.
Unit B, 11/F.,
Winbase Centre, 208 Queen’s Road Central, Hong Kong.
PHONE: 2121
1491
FAX: 2121 1492
E-MAIL: info@greenworth.net
Managing Director: Mr.
Venkateswari Ashok Kumar
Incorporated on: 24th
October, 2001.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,500,000.00
Issued: HK$1,200,000.00
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 High Sky Ltd.
Unit B, 11/F., Winbase Centre, 208 Queen’s Road Central, Hong Kong.
32157063
0773905
Managing Director: Mr.
Venkateswari Ashok Kumar
Nominal Share Capital: HK$1,500,000.00 (Divided into 1,500,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,200,000.00
(As per registry dated 24-10-2012)
|
Name |
|
No. of shares |
|
Ashok Kumar NARAYANAN |
|
700,000 |
|
Venkateswari, ASHOK KUMAR |
|
500,000 |
|
|
|
–––––––– |
|
|
Total: |
1,200,000 ======= |
(As per registry dated 24-10-2012)
|
Name (Nationality) |
Address |
|
Venkateswari ASHOK KUMAR |
No. 79, 2/F., Lake View Road, New World Garden, Dongguan City,
Guangdong Province, China. |
|
Ashok Kumar NARAYANAN |
14 Kalakshetra Road, Chennai-41, India. |
(As per registry dated 24-10-2012)
|
Name |
Address |
Co. No. |
|
High Sky Ltd. |
Unit B, 11/F., Winbase Centre, 208 Queen’s Road, Central, Hong Kong. |
0426584 |
The subject was incorporated on 24th October, 2001 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
and Exporter
Lines: High
Performance Metals and Alloy mill products, etc.
Employees: Nil.
Commodities Imported: China, India, Russia, etc.
Markets: Worldwide
countries, etc.
Terms/Sales: As per
contracted.
Terms/Buying: As
per contracted.
Nominal Share Capital: HK$1,500,000.00 (Divided into 1,500,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,200,000.00
Mortgage or Charge: (See
attachment)
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:
Unknown
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 1.2 million ordinary shares of HK$1.00 each, Green Worth
Hong Kong Ltd. is jointly owned by Mr. Ashok Kumar Narayanan, holding 58.3%
interests; Mr. Venkateswari, Ashok Kumar, holding 41.7%, both are Indian
merchant. They are also directors of the
subject. Currently the latter is
residing in Guangdong Province, China while the former in India.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Unit B, 11/F., Winbase Centre, 208 Queen’s Road,
Central, Hong Kong” known as “High Sky Ltd.” which is handling its
correspondences and documents. This firm
is also the corporate secretary of the subject.
High Sky has changed its office for several times, so did the subject.
The subject has no employees in Hong Kong. Its main office seems in India and has had an
office in Dongguan City, Guangdong Province, China. The Dongguan Office is administered by
Venkateswari Ashok Kumar.
The subject is trading in metals and alloy. It is an international processors and
exporters having their back office in China.
It is a regular exporter of High Performance Metals and Alloy mill
products to various manufacturers and stockists across the world. It is specialised in all grades of titanium
mill products. It carries the following
main products:-
titanium, tantalum, niobium, zirconium, nickel & nickel alloys,
molybdenum, tungsten, special steels and other specialty materials for
corrosion, etc.
The products should be heat resisting and other applications where
integrity of performance and/or unique properties is essential.
Its products are exported to North America, South America, Eastern
Europe, Southeast Asia, etc. Business is
not active in Hong Kong.
The subject has had an Indian Operations and Technical Cell located at
4th Cross Street, Nandanam, Chennai, India.
The subject’s business is chiefly handled by its Dongguan Office. History in Hong Kong is over eleven 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.
|
Date |
Particulars |
Amount |
|
29-08-2011 |
Instrument: Assignment of Life Insurance Property: (1) All the Assignor’s claims
under the Insurance: Insurance Policy No: 28003899-50 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Narayanan Ashok Kumar Assignor / Policy Owner: Green Worth Hong Kong Ltd. (2) All the Assignor’s claims
against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) All and any monies in any currency owing by the Assignor to the
Bank (ii) interest on such monies (iii) all monies paid by the Bank in
respect of the Policy |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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 |
|
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.