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Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL CONNEXIONS PVT. LTD |
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Registered Office : |
Flat F, 26/F., Sung |
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Country : |
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Date of Incorporation : |
09.02.2011 |
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Com. Reg. No.: |
53727071 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
trader of PC Peripherals including a wider range of Mouse, Keyboards, Web cameras, Headphones, Card Readers, Casings, Cabinets, digital photo frames, TV Tuners, MID/Tablets, Laptop Cooling Solutions, PCI & USB solutions and an entire range of cables and connectors. |
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No. of Employees : |
no employees
in (It is to
be noted that the company does not have its own operating office in |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
No Operating Office in Hong Kong |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
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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 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.
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Source : CIA |
GLOBAL CONNEXIONS PVT. LTD.
Registered
Office:-
Flat F, 26/F., Sung Fung Court, 1-5 Fook Yum Road, North Point, Hong Kong.
(Your enquiry at:
c/o Multi-Chain Ltd.
Room 301, 3/F., Kam On Building,
176A Queen’s Road Central,
Hong Kong.
is the operating address of the subject’s Corporate Secretary.)
China Office:-
1317, Huishang Zhongxin Building, Futian District, Shenzhen SEZ, China.
[Tel: +86-13510285595]
Associated
Company:-
Sure Exports, Hong Kong.
53727071
1560097
9th February, 2011.
Nominal Share Capital: HK$1,500,000.00 (Divided into 1,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry
dated 20-05-2013)
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Name |
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No.
of shares |
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Karan
Pramod ARORA |
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375,000 |
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Tina Karan ARORA |
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125,000 |
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––––––– |
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Total: |
500,000 ====== |
(As per registry
dated 09-02-2013)
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Name (Nationality) |
Address |
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Tina Karan
ARORA |
1317, Huishang Zhongxin
Building, Futian District, Shenzhen, China. |
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Karan Pramod
ARORA |
1317, Huishang Zhongxin
Building, Futian District, Shenzhen, China. |
(As per registry
dated 09-02-2013)
|
Name |
Address |
Co.
No. |
|
Multi-Chain Ltd. |
Room 301, 3/F., Kam On Building, 176A Queen’s Road
Central, Hong Kong. |
0209214 |
(See
attachment)
Global Connexions Pvt. Ltd. was incorporated on 9th February, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject’s registered address is in a private building located at Flat F, 26/F., Sung Fung Court, 1-5 Fook Yum Road, North Point, Hong Kong.
The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.
The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.
The subject’s Corporate Secretary Multi-Chain Ltd. is located at “Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Hong Kong” where is your given address.
According to the Companies Registry of Hong Kong, the subject has issued 500,000 ordinary shares of HK$1.00 each which are wholly jointly owned by Mr. Karan Pramod Arora, holding 75% interests; and Mrs. Tina Karan Arora, holding 25%. Both are India merchants. They are India passport holders and do not have the right to reside in Hong Kong permanently. Currently, both are residing in Shenzhen Special Economic Zone, China. The two Indian is a couple.
The subject has had a sister company known as Sure Exports with its main office in Shenzhen SEZ, China.
The subject and Sure Exports belong to SureeXports Group.
SureeXports Group is a group of companies managing the supply chain for high-volume, short lead-time consumer goods. SureeXports Group covers the following categories of computer and electronic goods: Accessories, Cabinets, Laptop Accessories, etc.
SureeXports’ international business operations span over forty countries, major markets include India, South Africa, the United Arab Emirates and Australia.
The subject is trading in PC Peripherals. Its main product line includes a wider range of Mouse, Keyboards, Web cameras, Headphones, Card Readers, Casings, Cabinets, digital photo frames, TV Tuners, MID/Tablets, Laptop Cooling Solutions, PCI & USB solutions and an entire range of cables and connectors.
Commodities are chiefly sourced from China. Prime markets are India, South Africa, the Middle East and the other Asian countries.
The subject has been banking with Bank of India Shenzhen Branch.
The subject’s business in Hong Kong is not active. History in Hong Kong is over two years and eight months.
The business of the subject is chiefly handled by the Indian couple.
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.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
|
Date |
Particulars |
Amount |
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11-03-2013 |
Instrument: Letter of Set off and Appropriation Property: Date: 08-03-2013 Mortgagee: Bank of India, Hong Kong Branch. |
To secure all monies in respect of banking facilities owing
at any time plus interest and all expenses |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.69 |
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1 |
Rs.98.59 |
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Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
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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 |
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<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 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.