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Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLINTS GLOBAL LTD. |
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Registered Office : |
Room 802, 8/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.12.2009. |
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Com. Reg. No.: |
51674163 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Metals, minerals, iron & steel, etc. |
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No. of Employees : |
6. (Including associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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
GLINTS GLOBAL
LTD.
ADDRESS: Room 802, 8/F.,
Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2369 9954,
2367 7704
FAX: 2369
9964
E-MAIL: rahuljain0090@gmail.com
HK@glintsglobal.com
Managing Director: Mr. Manoj
Kumar Garg
Incorporated on: 23rd
December, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$70,000,000.00
Issued: HK$40,865,751.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
6. (Including associates)
Main Dealing Banker: Union Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Office:-
Room 802, 8/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong
Kong.
Associated Companies:-
Glints Global General Trading LLC, UAE.
Glints Global Ventures Ltd., Congo.
Glints Global Pte. Ltd., Singapore.
MG Overseas Ltd., Hong Kong.
[Deregistration] (Same address)
51674163
1404537
Managing Director: Mr. Manoj
Kumar Garg
Nominal Share Capital: HK$70,000,000.00 (Divided into 70,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$40,865,751.00
(As per registry dated 23-12-2012)
|
Name |
|
No. of shares |
|
Manoj Kumar GARG |
|
40,865,751 ======== |
(As per registry dated 23-12-2012)
|
Name (Nationality) |
Address |
|
Manoj Kumar GARG |
F41 Milap Nagar, Uttam Nagar New Delhi - 110059, India. |
(As per registry dated 23-12-2012)
|
Name |
Address |
Co. No. |
|
Yesing Nominees Ltd. |
Unit A, 5/F., Wing Cheong Commercial Building, 19-25 Jervois Street,
Hong Kong. |
0606203 |
The subject was incorporated on 23rd December, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Ford Asia
International Ltd., name changed to the present style on 28th March, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Metals,
minerals, iron & steel, etc.
Employees: 6. (Including associates)
Commodities Imported: China, Asian countries, etc.
Markets: The
Middle East, Africa, other Asian countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$70,000,000.00 (Divided into 70,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$40,865,751.00
Mortgage or Charge (since 2012): (See attachment)
Profit or Loss: Keeping a balance account in 2012.
Condition: Business
is improving.
Facilities: Is
making use of general banking facilities.
Payment:
Met trade commitments
as required.
Commercial Morality: Satisfactory.
Bankers:-
Union Bank of India, Hong Kong Branch.
Bank of India, Hong Kong Branch.
Standing:
Small.
Having issued 40,865,751 ordinary shares of HK$1.00 each, Glints Global
Ltd. was jointly owned by Mr. Manoj Kumar Garg, holding 86.1% interests;
Mr. Rahul Jain, holding 13.9%. On
27th February, 2012, the latter transferred all his shares to the former. Now, the subject is wholly-owned by Mr. Manoj
Kumar Garg. He is also the only Director
of the subject. He is an India passport
holder and does not have the right to reside in Hong Kong permanently.
The subject belongs to Glints Global Group. It is trading in the Group’s commodities.
Glints Global Group, headquartered in Dubai, the United Arab Emirates,
is one of the world’s leading integrated trader and marketers of commodities.
The Group’s customers around the world are active in a wide range of
industries, such as manufacturing, power generation, steel production and food
processing. They rely upon the Group’s
established global network for the supply of metals and minerals, energy and
agricultural products.
The Group trades in ferrous as well as non-ferrous metals
worldwide. It supplies raw materials
used in the production process to steel producers in India and Southeast Asia.
The Group is trading in the following commodities:-
Bauxite/Alumina:
Description:-Bauxite,
alumina, aluminum fluoride;
Coal/Petcoke:
Description:-Steam
coal, metallurgical coal, petcoke, calcinated petcoke, coke, anthracite,
charcoal;
Cement/Aggregates:
Description:-Cement,
cement clinker, cement in bags, aggregates, gravel, limestone, dolomite,
gypsum, clay, cobbles, cobble stones, quicklime, sand, garnet sand, granite,
grit;
Coal/Petcoke:
Description:-Steam
coal, metallurgical coal, petcoke, calcinated petcoke, coke, anthracite,
charcoal;
Concentrates/Minerals:
Description:-Copper
concentrate, lead concentrate, zinc concentrate, bentonite, borates, talc,
sodium in bags, ilmenite, magnetite, charge chrome, deadburn manganese, ferro
chrome, ferro manganese, ferro silicon, manganese ore, silicon manganese,
rutile, silicon carbide, silica sand, slag, copper slag, spodumine, ferro
alloys, kaolin, mill scale, perlyte, uloxite, vermiculite, zircon, barytes,
lead dross;
Fertilizers:
Description:-Fertilizers,
DAP, MAP, TSP, potash, sulphur, ammonium nitrate, phosrock, phosphate,
sulphate, soda ash, urea;
Grain/Agriprods:
Description:
Soyabeans, Soyabean meal, soyabean pellets, heavy grains soja & sorghum
(HSS), wheat, rye, barley, malt barley, corn, bulk sugar, sugar in bags,
canola, maize, oats, peas, rice in bulk, rice in bags, sunflower seeds,
tapioca, fishmeal, cotton in bales, cottonseed, lupins, oil cakes, rapeseed,
sorghum, other grains and agricultural products;
Ore:
Description:-Iron
ore, iron ore pellets, iron ore fines, chrome ore, pig iron, chromium, chrome
fines, manganese ore;
Pipes/Windmills:
Description:-Windmill
towers, windmill blades, pipes, construction material, tanks, project cargo.
etc.
Steel/Aluminum:
Description:-Hot
rolled coils / plates / sheets, wire rods in coils, billets, slabs, rebars,
beams, plates, profiles, rails, blooms, cold rolled coils, debars, round bars,
gratings, hollow sections, galvanised steel, stainless steel, tin plates,
aluminium ingots / bars / wire, zinc ingots, lead ingots, copper wire / anodes
/ cathodes / blister. etc.
Scrap :
Description:-Scrap,
shredded scrap.
Glints Global Group also provides financing, logistics and other
value-added services to producers and consumers of commodities worldwide.
The Group is offering clients with following business scope:
Materials or Products Sourcing
Logistics Services
Warehousing
Product Delivery
Glints Global Group is a leading trader and exporter of ferrous as well
as non‑ferrous materials worldwide.
Over the years Glints Global Group has evolved from an organization
solely trading commodities to build a diversified portfolio of businesses
spanning the entire value chain of logistical efficiencies, upstream as well as
downstream, i.e. from sourcing to distribution.
The Group’s customer base is very broad and diverse in terms of
geography ranging from Latin America to Asia Pacific region. The Group’s business in India is active and
significant.
According to the Group, it aims to be a US$ one billion revenue company
by the year of 2015.
The subject’s business is still under development. History in Hong Kong is over three years and
three months. However, the subject is
fully supported by the Group.
On the whole, consider the subject good for normal business engagements
on L/C basis or in small credit amounts.
(Since 2012)
|
Date |
Particulars |
Amount |
|
17-01-2012 |
Instrument: Charge on Deposit Property: A sum of US$900,000.00 currently represented or evidenced by a
certificate of deposit dated 13-01-2012 bearing number 000013010000768 Mortgagee: Union Bank of India, Hong Kong
Branch. |
All moneys |
|
09-02-2012 |
Instrument: Charge on Deposit Property: A sum of US$900,000.00 currently represented or evidenced by a
certificate of deposit dated 01-02-2012 and 08-02-2012 bearing number
000013010000778 and 0000130100781 Mortgagee: Union Bank of India, Hong Kong
Branch. |
All moneys |
|
19-07-2012 |
Instrument: Floating Charge Property: (A) By way of first
floating charge, all of its (B) Security Assets (C) Financed Goods stocks
in trade owned by the chargor, and (D) Financed receivable all
present and future book debts and monetary claims due or owing to, the
chargor Mortgagee: Union Bank of India, Hong Kong
Branch. |
All monies in respect of banking facilities |
|
30-01-2013 |
Instrument: Proceeds of Assignment Property: All the Insured’s present and future rights to receive payments under
the Policy No. 16-430-163-12-7/349804 of Arab Orient Insurance Co. PSC to the
Payee Buyer Name: Sudar Industries Ltd. Country: India Amount: US$5,000,000 Mortgagee: ICICI Bank Ltd., Hong Kong
Branch. |
US$6,500,000 as a sub-limit to the BD/BP Facility vide a Credit
Arrangement Letter bearing number 23/IBGHKG/51678 dated 28th December,
2012 |
|
05-02-2013 |
Instrument: Charge Over Account(s) Property: As beneficial owner the Company hereby charges in favour of the Bank
by way of a first fixed charge, all its present and future rights in respect
of the sum(s) of money described below and all interest from time to time
accruing or payable thereon upto an amount of US$1.95 million (Current
Account Number:852013906) Mortgagee: ICICI Bank Ltd., Hong Kong
Branch. |
By way of continuing security for the due and punctual payment to the
Bank upto an amount of US$1.95 million, owing or payable to the Bank from or
by the Chargor |
|
04-03-2013 |
Instrument: Memorandum Property: Distinctive 91210300005474 01-03-2013 US$1,800,000 03-03-2014 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.10 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
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.