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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
GEOMINERALS LTD. |
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Registered Office : |
Room 1002B, 10/F., Sunbeam Centre, 27 Shing Yip Street, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.03.2012 |
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Com. Reg. No.: |
59547663 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of minerals |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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
GEOMINERALS LTD.
ADDRESS: Room 1002B, 10/F., Sunbeam
Centre, 27 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2343 8381
FAX: 852-2343 5595
Managing Director: Mr. Basil
Nicholas Starr
Incorporated on: 22nd
March, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Room 1002B, 10/F., Sunbeam Centre, 27 Shing Yip Street, Kwun Tong,
Kowloon, Hong Kong.
Holding Company:-
Kulangsu Ltd., British Virgin Islands.
59547663
1719308
Managing Director: Mr. Basil
Nicholas Starr
Contact Person: Ms. Susana Wong
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 22-03-2013)
|
Name |
|
No. of share |
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Kulangsu Ltd. c/o East Asia Corporate Services (BVI) Ltd. East Asia Chambers, P. O. Box 901, Road Town, Tortola, British Virgin Islands. |
|
1 = |
(As per registry dated 22-03-2013)
|
Name (Nationality) |
Address |
|
Basil Nicholas STARR |
Flat 4D, 23 Repulse Bay Road, Repulse Bay, Hong Kong. |
(As per registry dated 22-03-2013)
|
Name |
Address |
Co. No. |
|
Rocky Shek Secretarial Ltd. |
Room 901, 9/F., Yip Fung Building, 2‑12 D’Aguilar Street,
Central, Hong Kong. |
0105477 |
The subject was incorporated on 22nd March,
2012 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: All kinds of minerals.
Employees: 2.
Commodities Imported: India, other Asian countries, South America, etc.
Markets: Asian countries, Russia, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Too early to
offer an opinion.
Condition: Business is under development.
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.
Geominerals Ltd. is a wholly-owned subsidiary of Kulangsu Ltd. which is
a BVI-registered firm. The subject has
just issued just one ordinary share of HK$1.00 which is held by the
BVI-registered firm.
The director of the subject Mr. Basil Nicholas Starr is a Hong Kong ID
Card holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject. Currently, Starr is residing in Hong Kong.
Incorporated in March 2012, the subject is sharing the office with the
following firms:-
·
Escale Holding Inc. Ltd. [EHICL], Hong Kong.;
·
Escale Natura Ltd., Hong Kong.;
·
Glee Path Trading Ltd., Hong Kong.; &
·
Senate Trading Ltd., Hong Kong.
The subject’s business is chiefly handled by a Hongkongnese Ms. Susana
Wong. She can be reached at the phone
number 852-2343 8381.
The subject is trading in minerals.
Products are sourced from India, the other Asian countries, South
America, etc. Prime markets are China,
Russia, the other Asian countries, etc.
Business is still under development.
The other companies are engaged in different lines of business. For instance, EHICL is trading in Travel
& Airline Bag, Cosmetic Bag, Giftware, Souvenirs & Premiums, Writing
Equipment, Packaging Materials - Paper, Packaging Materials - Plastic.
The history of the subject in Hong Kong is just over a year.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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 |
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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.