MIRA INFORM REPORT

 

 

Report Date :

07.11.2013

 

IDENTIFICATION DETAILS

 

Name :

GREAT ASIAN EXPORTS

 

 

Registered Office :

c/o Buttar.HK Ltd.        

Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

17.09.2004

 

 

Com. Reg. No.:

34921210-000-09

 

 

Legal Form :

Sole Proprietorship

 

 

LINE OF BUSINESS :

THE SUBJECT’S LINES OF BUSINESS ARE UNKNOWN SINCE THE SECRETARIAL FIRM ALSO DOES NOT KNOW ANY INFORMATION ABOUT ITS ACTIVITIES.

NO INFORMATION OF THE SUBJECT CAN BE OBTAINED FROM OUR SECONDARY SOURCES.

 

 

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 – 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

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 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

Company name

 

GREAT  ASIAN  EXPORTS

 

 

Company ADDRESS

 

Registered Office:-

c/o Buttar.HK Ltd.        

Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

34921210-000-09

 

 

DATE OF ESTABLISHMENT 

 

17th September, 2004.

 

 

LEGAL FORM

 

Sole Proprietorship

 

 

SOLE PROPRIETOR

 

Name:  Abhay GUPTA

Residential Address:                                  

Mhmo 43, Ward No. 12 Mohalla Paramjit Gani, Opp surj Da Depot Kapurthala, India.

 

 

HISTORY

 

The subject was established on 17th September, 2004 as a sole proprietorship concern owned by Mr. Sanjay Kumar Gautam under the Hong Kong Business Registration Regulations.

Mr Abhay Gupta joined in as a partner on 1st February, 2006 while Sanjay Kumar Gautam retired on 1st March, 2006.

Formerly the subject was located at Unit 734, 7/F., Beverley Commercial Centre, 87-105 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2005 where is the operating office of a commercial service provider Buttar.HK Ltd.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

GENERAL

 

Great Asian Exports is a sole proprietorship owned by Mr. Abhay Gupta who is an Indian.  Gupta joined in the subject in February 2006.  He is an India passport holder and does not have the right to reside in Hong Kong permanently.  He is also manager of the subject.  His registered address is in India.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at “Room 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.  It is likely that this company is also the secretarial firm of the subject.

The subject’s lines of business are unknown since the secretarial firm also does not know any information about its activities.

No information of the subject can be obtained from our secondary sources.

Gupta cannot be reached as he is in India.

It is likely that the subject has had an associated company in Kapurthala, India which is also operated by Gupta.  The India firm is engaged in the same lines of business as the subject.

We are not sure whether the subject has been banking with The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong or not.

The subject’s business in Hong Kong is not active.  History in Hong Kong is over nine 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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.99.59

Euro

1

Rs.83.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.