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Report Date : |
16.07.2014 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL
TELECOMMUNICATION (HK) LTD. |
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Registered Office : |
C3, 4/F., |
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Country : |
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Date of Incorporation : |
22.08.2007 |
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Com. Reg. No.: |
38317728 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Engaged in trading all kinds of Mobile Phones and Accessories. Importer of GSM/PCS Mobile Phones and accessories from |
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No. of Employees |
01 |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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A1 |
A1 |
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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 has no tariffs on imported goods, and it
levies excise duties on only four commodities, whether imported or produced
locally: 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, its continued
reliance on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
|
Source
: CIA |
GLOBAL TELECOMMUNICATION (HK)
LTD.
Room C3, 4/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2311 0582
FAX: Not available.
Managing Director: Mr. Ishwor Prasad Dulal
Incorporated on: 22nd August, 2007.
Organization: Private Limited Company.
Issued Capital: HK$4,200,000.00
Business Category: Mobile Phone Trader.
Employee: 1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
C3, 4/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.
38317728
1160764
Managing Director: Mr. Ishwor Prasad Dulal
HK$4,200,000.00
(As per registry
dated 16-04-2014)
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Name |
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No.
of shares |
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Ishwor
Prasad DULAL |
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2,190,000 |
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Bhakta
Kumar RAI |
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2,000,000 |
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Imran Khan KHAN SAFI |
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10,000 |
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Total: |
––––––––– |
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4,200,000 ======== |
(As per registry
dated 21-03-2014)
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Name (Nationality) |
Address |
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Bhakta Kumar
RAI |
Flat 9, 1/F., Man Yuen Building,
8-16 Man Wai Street, Ferry Point, Jordan, Kowloon, Hong Kong. |
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Ishwor Prasad
DULAL |
Flat 114, 2/F., 112-114
Shanghai Street, Yau Ma Tei, Kowloon, Hong Kong. |
(As per registry
dated 22-08-2013)
|
Name |
Address |
Co.
No. |
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Gurung & Shum Business Solutions Ltd. |
Room 406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui
East, Kowloon, Hong Kong. |
1348317 |
The subject was incorporated on 22nd August as a private limited liability company under the Hong Kong Companies Ordinance.
The subject’s registered address moved to Flat A, 8/F., Kam Chung Commercial Building, 19-21 Hennessy Road, Wanchai, Hong Kong in September 2009. This address was the operating address of CBS Pacific Ltd. which was the old corporate secretary of the subject.
The subject’s registered address moved to Flat A1, Room C, 11/F., Vincent House, 89 Shanghai Street, Jordan, Hong Kong in October 2012 where was the residence of Mr. Ishwor Prasad Dulal. In early 2014, the subject moved to the present address.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of mobile phones & accessories.
Employee: 1.
Commodities Imported: China, etc.
Markets: India, other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Issued Capital: HK$4,200,000.00
Profit & Loss: Made very small profit in recent three years.
Condition: Business is improving in Hong Kong.
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 4.2 million ordinary shares, Global Telecommunication (HK) Ltd. is equally owned by Ishwor Prasad Dulal, Bhakta Kumar Rai and Imran Khan Khan Safi, who are Indian. Ishwor Prasad Dulal and Bhakta Kumar Rai are also directors of the subject. The former is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently while the latter is a Canada passport holder.
The subject moved to the present address in early 2014.
The subject is trading in all kinds of mobile phones and accessories. It is carrying GSM/PCS mobile phones and accessories chiefly imported from China, especially from Shenzhen Special Economic Zone. Commodities are chiefly exported to India and the other Asian countries.
The subject has registered with the Office of the Communications Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of RU00163371-RU.
The subject’s business is chiefly handled by the two shareholders in Hong Kong. History is about seven years.
On the whole, since the shareholders of the subject have been changed, consider it good for normal business engagements on L/C basis or in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.22 |
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UK Pound |
1 |
Rs.102.79 |
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Euro |
1 |
Rs.81.95 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
-- |
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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.