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Report Date : |
13.01.2014 |
IDENTIFICATION DETAILS
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Name : |
G-BEST |
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Registered Office : |
Flat B, 15/F., Albert House, |
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Country : |
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Date of Incorporation : |
04.03.2011 |
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Com. Reg. No.: |
53816260-000-03 |
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Legal Form : |
Sole Proprietorship. |
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Line of business : |
Importer, exporter and wholesaler of all kinds of mobile
phones and accessories |
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No. of Employees : |
1 (Including
affiliate) |
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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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 |
G-BEST
Flat B, 15/F., Albert House,
PHONE: 852-3502 1986
FAX: 852-3502 1987
Manager: Mr. Palvinder Singh Joga
Establishment: 4th March, 2011.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employee: 1 (Including affiliate)
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat B, 15/F., Albert House, 26 Chengtu Road, Aberdeen, Hong Kong. Hong Kong. Hong Kong.
Affiliated Concern
:-
Kovtra, Hong Kong. (same address)
53816260-000-03
Manager: Mr. Palvinder Singh Joga
Name: Palvinder Singh JOGA
Residential Address: Harola
Khandiya Ki Gountiya Po Khandiya Ps Khanjriya The-Bilaspur Rampur U.P. India.
The subject was established on 4th March, 20114th March, 2011 as a sole proprietorship concern owned by Mr. Saran Pal Singh under the Hong Kong Business Registration Regulations. Saran Pal Singh retired on 7th September, 2011 while Palvinder Singh Joga joined in on 5th September, 2011.
Formerly the subject was located at Flat C, 12/F., Arthur Commercial Building, 33 Arthur Street, Yau Ma Tei, Kowloon, Hong Kong, moved to the present address in June 2011.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of mobile phones and accessories.
Employee: 1 (Including affiliate)
Commodities Imported: China, etc.
Markets: India, the other Asian countries, Middle East, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Capital: Not disclosed.
Profit or Loss: Kept a balance account in 2012.
Condition: Business is fairly active.
Facilities: Making fairly active use of general banking facilities.
Payment: Unknown
Commercial Morality: Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd.,
Standing: Small.
G-Best
is a sole proprietorship owned by Mr. Palvinder Singh Joga who is an
Indian. He is an
The founder of the subject Saran Pal Singh retired on 7 September, 2011.
The
subject’s registered address is in a private building located at Flat B, 15/F.,
Albert House,
The subject shares the same office with another firm known as Kovtra which is a mobile phone trader.
Kovtra can be contacted at its phone number 852‑3502 1986, so does the subject.
The residential building is not trespassed by outsiders. The subject has just one employee in Hong Kong.
Formerly the subject was located at Flat C, 12/F., Arthur Commercial Building, 33 Arthur Street, Yau Ma Tei, Kowloon, Hong Kong where is a commercial building.
Business
commenced in March 2011, the subject is also a mobile phone trader. It has registered with the Office of the
Communications Authority [OFCA], The Government of Hong Kong SAR, the People’s
Republic of
Its
affiliate Kovtra is also a mobile phone trader.
Kovtra also has registered with the Office of the Communications
Authority [OFCA], The Government of Hong Kong SAR, the People’s Republic of
The subject is trading in GSM/PCS mobile phones and accessories. Most of the products are sourced from China. Commodities are exported to India, the other Asian countries, the Middle East, etc. Business is fairly active in Hong Kong.
The subject’s business is chiefly handled by Joga himself. History in Hong Kong is just over two years.
Since the subject does not have its own operating office in Hong Kong and history is short, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.94 |
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1 |
Rs.102.06 |
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Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
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Report Prepared
by : |
NNA |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.