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Report Date : |
17.07.2014 |
IDENTIFICATION DETAILS
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Name : |
GLOBE
PRODUCTS LTD. |
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Registered Office : |
Flat NC, 45/F., Tower 1, Festival City, Phase 3, 1 Mei Tin
Road, Taiwai, Shatin, New Territories |
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Country : |
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Date of Incorporation : |
18.07.2005 |
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Com. Reg. No.: |
35837585 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in trading of Digital Photo Frames; DVD Players;
LCD-TVs; Mobile Phones; Portable DVDs, Mobile phones, & MP3 players |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 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 |
GLOBE PRODUCTS
LTD.
Flat NC, 45/F., Tower 1, Festival City, Phase 3, 1 Mei Tin Road, Taiwai, Shatin, New Territories, Hong Kong.
PHONE: Not available.
FAX: Not available.
Managing Director: Mr. Sunil Manohar Paryani
Incorporated on: 18th July, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
Flat NC, 45/F., Tower 1, Festival City, Phase 3, 1 Mei Tin Road, Taiwai, Shatin, New Territories, Hong Kong.
Associated
Company:-
China Globe Products Ltd.
Room 905, C Block,
World Trade Plaza, Fu Hong Road, Futian District, Shenzhen Special Economic
Zone, China.
[Tel: 86-755-8375 7001 / 8375 7002 / 8939 2382 /
8939 2383
Fax: 86-755-83757002
E-mail: sunny@globeproducts.net
]
35837585
0983952
Managing Director: Mr. Sunil Manohar Paryani
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry
dated 18-07-2013)
|
Name |
|
No.
of shares |
|
Amit
Ramchand DHIRWANI |
|
50 |
|
Sunil Manohar PARYANI |
|
50 |
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|
–––– |
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Total: |
100 === |
(As per registry
dated 18-07-2013)
|
Name (Nationality) |
Address |
|
Sunil Manohar
PARYANI |
Flat 704, Kailash Tower,
Behind S.M. Shetty School, Powai, Chandivali, Mumbai 400 072, India. |
(As per registry
dated 18-07-2013)
|
Name |
Address |
Co.
No. |
|
Sunwell Accounting & Secretarial Ltd. |
Unit A-C, 25/F., Seabright Plaza, 9-23 Shell Street, North
Point, Hong Kong. |
0344808 |
The subject was incorporated on 18th July, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at c/o Sunwell Accounting & Secretarial Ltd., Unit A-C, 25/F., Seabright Plaza, 9-23 Shell Street, North Point, Hong Kong, moved to the present address in January 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Digital Photo Frames; DVD Players; LCD-TVs; Mobile Phones; Portable DVDs, Mobile
phones, & MP3 players
Employees: Nil.
Commodities Imported: China, other Asian countries, Europe, etc.
Markets: India, other Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active 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.
Globe Products Ltd. is equally owned by Mr. Amit Ramchand Dhirwani and Mr. Sunil Manohar Paryani, both of whom are Indian.
The subject has just issued 100 ordinary shares of HK$1.00 each while each of the shareholders holds 50 shares. The latter is also the only director of the subject. He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office has moved to a residential building located at “Flat NC, 45/F., Tower 1, Festival City, Phase 3, 1 Mei Tin Road, Taiwai, Shatin, New Territories, Hong Kong.” This is also the new residential address of Mr. Sunil Manohar Paryani in Hong Kong.
The subject has no employees in Hong Kong. Its main office in China is known as China Globe Products Ltd.
The subject and the
China firm are trading in the following commodities:-
· Digital Photo Frames;
· DVD Players;
· LCD-TVs;
· Mobile Phones;
· Portable DVDs.
· MP3 players
Most of the commodities are sourced from China suppliers. Prime markets are India, the other Asian countries, Europe, etc.
The China company is located at Futian District, Shenzhen Special Economic Zone, China. Business is chiefly handled by Sunil Manohar Paryani himself.
The subject’s business in Hong Kong is not active. History in Hong Kong is about nine years.
Since the subject is in a residential building 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
UK Pound |
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.