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Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
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Name : |
GLR GLOBAL IMPEX HK LTD. |
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Registered Office : |
Unit 431, 4/F., Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.09.2012 |
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Com. Reg. No.: |
60321527 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Fresh Vegetables, Coir Products,
coconut shell charcoal and Float glass |
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No. of Employees : |
5. (Including associate) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 |
GLR GLOBAL IMPEX
HK LTD.
ADDRESS: Unit 431, 4/F., Hankow
Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2316 2343, 2311 9397,
2311 9822
FAX: Not Applicable
Managing Director: Mr. Raja
Aravindhan Natchiyappan
Incorporated on: 5th September, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 5.
(Including associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
GLR GLOBAL
IMPEX HK LTD.
Registered Head
Office:-
Unit 431, 4/F., Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon, Hong
Kong.
Business Name:-
GLR Money Exchange & Remittances
Shop 56, Chung King Mansion, 37-40 Nathan Road, Tsimshatsui, Kowloon,
Hong Kong.
[Tel: 852-2732 2619]
Associated
Company:-
GLR International General Trading LLC, UAE.
60321527
1796369
Managing Director: Mr. Raja
Aravindhan Natchiyappan
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 05-09-2013)
|
Name |
|
No. of shares |
|
Raja Aravindhan NATCHIYAPPAN |
|
10,000 ===== |
(As per registry dated 05-09-2013)
|
Name (Nationality) |
Address |
|
Raja Aravindhan NATCHIYAPPAN |
1/121B Bharathi Nagar Kallur, Thiruvadanai TK, Ramanathapuram, Pin:
623407, Tamil Nadu, India. |
(As per registry dated 05-09-2013)
|
Name |
Address |
Co. No. |
|
Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
The subject was incorporated on 5th September, 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: Fresh
Vegetables, Coir Products, coconut shell charcoal and Float glass
Employees: 5. (Including associate)
Commodities Imported: India,
other Asian countries
Markets: China,
Japan, US, Singapore, UK, Germany, France, the Middle East
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$10,000.00
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.
Having issued 10,000 ordinary shares of HK$1.00 each, GLR Global Impex
HK Ltd. is wholly owned by Mr. Raja Aravindhan Natchiyappan who is an
Indian. He is an India passport holder
and does not have the right to reside in Hong Kong permanently. He is also the only director of the
subject. Currently, he is residing in
Tamil Nadu, India.
The operating office of the subject is located at Unit 431, 4/F., Hankow
Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
Incorporated in September 2012, the subject is an agricultural product
trader. Most of the agricultural
products are produced in India.
The subject has had an associated company known as GLR Impex which is in
India. Its history in India is over
twenty years.
GLR Impex is exporting fresh vegetables (such as cabbages, carrots),
eggs, coir products, coconut shells charcoal and even float glass. The products are exported to more than 33
countries globally and the major markets include the United States, China,
Singapore, the United Kingdom, Germany, France, Japan and the Middle East.
The subject is trading in the same commodities as GLR Impex. Besides, the subject in Hong Kong has had a
subsidiary company known as GLR Money Exchange & Remittances. This company is engaged in money exchange and
forex remittance.
Including the staff members in GLR Money Exchange & Remittances, the
subject has about five employees in Hong Kong.
The subject also has had an associated company in Dubai, the United Arab
Emirates known as GLR International General Trading LLC. This company is also engaged in the same
lines of business as GLR Impex.
The business of the subject in Hong Kong is still under
development. History 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 for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
|
1 |
Rs.103.47 |
|
Euro |
1 |
Rs.84.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
|
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NB |
New Business |
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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.