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Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
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Name : |
FGBC
FINANCE LTD. |
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Registered Office : |
Suite 905, 9/F., Tung Shun Hing Commercial Centre, 20-22
Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.08.2006 |
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Com. Reg. No.: |
37356731 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
subject is a finance company |
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No. of Employees : |
07. (Including associate) |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 |
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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 |
FGBC FINANCE LTD.
Suite 905, 9/F., Tung Shun Hing Commercial Centre, 20-22 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2314 7526
FAX: 2314 9159
E-MAIL: barkathk@barkatinc.com
Managing Director: Mr. Shakir Ali
Incorporated on: 28th August, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$6,000,000.00
Issued: HK$4,900,000.00
Business Category: Financing Service Provider.
Employees: 7. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Suite 905, 9/F., Tung Shun Hing Commercial Centre, 20-22 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Fatech Group of Pakistan
Fateh Textile
Mills Ltd.
9/F., Adamjee House, I.I. Chundrigar Road, Karachi, Pakistan.
[Tel.: (92-21)
2412610-14; Fax: (92-21) 2416384]
Barkat (Pvt.) Ltd., Russia.
Barkat GmbH, Germany.
Barkat Inc., USA.
Barkat Ltd., Hong Kong.
Barkat Ltd., UK.
Fatech Group Ltd., Pakistan.
Fateh Construction Co. Ltd., Pakistan.
Fateh Food & Beverage Ltd., Pakistan.
Fateh Group Ltd., Pakistan.
Fateh Jeans Ltd., Pakistan.
Fateh Motors Ltd., Pakistan.
Fateh Muhammad Akbar Ltd., Pakistan.
Fateh Outerwear Ltd., Pakistan.
Fateh Trading Ltd., Pakistan.
FGBC Ltd., New Zealand.
Hero Pvt. Ltd., Pakistan.
Modes Ltd., Pakistan.
37356731
1070080
Managing Director: Mr. Shakir Ali
Nominal Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,900,000.00
(As per registry
dated 28-08-2012)
|
Name |
|
No.
of shares |
|
Gohar
ULLAH |
|
1,633,334 |
|
Humayun
BARKAT |
|
1,633,333 |
|
Assadullah BARKAT |
|
1,633,333 |
|
|
|
|
|
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Total: |
4,900,000 ======= |
(As per registry
dated 03-09-2012)
|
Name (Nationality) |
Address |
|
Gohar ULLAH |
Fateh House, Unit No. 3,
Latifabad, Hyderabad, Pakistan. |
|
Shakir ALI |
Flat A, 13/F., Dorfu Count,
5-6 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 28-08-2012)
|
Name |
Address |
Co.
No. |
|
Brauners Secretaries Ltd. |
Room B, 6/F., Cameron Plaza, 23 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong. |
0260756 |
The subject was incorporated on 28th August, 2006 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: Financing Service Provider.
Lines: Textile products, etc.
Employees: 7. (Including associate)
Commodities Imported: Not applicable.
Markets: Hong Kong, Pakistan, other Asian countries, etc.
Terms/Sales/Services: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,900,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather 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: Normal.
Having issued 4,900,000 ordinary shares of HK$1.00 each, FGBC Finance Ltd. is equally owned by three Pakistani, namely, Mr. Gohar Ullah, Mr. Umayun Barkat and Mr. Assadullah Barkat.
The director of the subject Mr. Shakir Ali is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Currently he is residing in Hong Kong.
The subject shares the same office with its associated company Barkat Ltd., a Hong Kong-registered firm.
The subject is a finance company. It is financing those companies which are doing business with the Fateh Group of Pakistan.
The subject belongs to Fateh Group of Pakistan. The Group is engaged in diversified economy. For instance, it is a fresh fruit and vegetable trader. According to the Group, it is a leading supplier of Pakistani fresh produce to markets around the world. It grows a wide range of high quality fresh fruit and vegetables, and can deliver them to its customers nearest port or cold store. Fatech mainly handles agricultural products specialized in processing and exporting fresh fruits and vegetables.
Fatech was formed in 1952 and now it is doing business as the largest wholesaler in Karachi Wholesale Fruits & Vegetables Market.
Besides trading in fruits and vegetables, the Group has had a significant associated company Fateh Textile Mills Ltd. [Fateh Textile].
Incorporated as a private company in 1952, Fateh Textile is the foundation stone of Fateh Group.
It was due to rapid growth and business expansion, Fateh Textile became a public limited in 1961 and since then has been listed on Karachi Stock Exchange. Its annual production capacity of fabrics is around 60 million meters. The cloth produced is particularly meant for export to international market either in the form of piece goods, ready-made garments or bed wears.
The Chairman of Fateh Textile is Mr. Gohar Ullah, CEO is Mr. Humayun Barkat. Both are the shareholders of the subject.
The subject also trades in the products of Fateh Textile. It is able to make a small profit every year.
As the history of the subject is over six years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
UK Pound |
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.37 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
---- |
This score serves as a reference to assess SCs 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.