MIRA INFORM REPORT

 

 

Report Date :

05.05.2014

 

IDENTIFICATION DETAILS

 

Name :

GM INTERNATIONAL SERVICES CO. LTD.

 

 

Registered Office :

c/o Gurung & Shum Business Solutions Ltd.

Unit 406B, 4/F, Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

28.12.2009

 

 

Com. Reg. No.:

51608718

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is a furniture trader

 

 

No. of Employees

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

No Operating Office in Hong Kong

Payment Behaviour :

Unknown

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

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  High Risk

C1

High Risk

 

C2

Very High Risk

 

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

 

 

Company name

 

GM  INTERNATIONAL  SERVICES  CO.  LTD.

 

 

Company ADDRESS

 

Registered Office:-

c/o Gurung & Shum Business Solutions Ltd.

Unit 406B, 4/F, Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER 

 

51608718

 

 

COMPANY FILE NUMBER

 

1405521

 

 

DATE OF INCORPORATION 

 

28th December, 2009.

 

 

CAPITAL

 

Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$100,000.00

 

 

SHAREHOLDERS

(As per registry dated 28-12-2013)

Name

 

No. of shares

Gajanan Shrikrishna PHATE

 

95,000

Yadav Manoj Kumar

 

5,000

 

 

–––––––

 

Total:

100,000

======

 

 

DIRECTOR    

(As per registry dated 28-12-2013)

Name

(Nationality)

 

Address

Gajanan Shrikrishna PHATE

At Po Borgaun Manju, Malipura Akola. M. S 444102, India.

 

 

SECRETARY

(As per registry dated 28-12-2013)

Name

Address

Co. No.

Gurung & Shum Business Solutions Ltd.

Unit 406B, 4/F, Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.

1348317

 

 

GENERAL

 

GM International Services Co. Ltd. was incorporated on 28th December, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at “Unit 406B, 4/F, Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong” known as “Gurung & Shum Business Solutions Ltd.” [Gurung & Shum] which is handling its correspondences and documents.  This company is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject has issued 100,000 ordinary shares of HK$1.00 each of which 95% are owned by Mr. Gajanan Shrikrishna Phate, while 5% are owned by Mr. Yadav Manoj Kumar, both are India merchants.  The former is also the only director of the subject.  He is an India passport holder and does not have the right to reside in Hong Kong permanently.

Your given phone and fax number 852-3154 9450 and 852-3154 9461 respectively belongs to Gurung & Shum.  No management of the subject can be reached.

The subject is a furniture trader.  It also trades in the other wooden products.  Most of the products are sourced from China, the other Asian countries and acquired from Hong Kong suppliers.  Prime market is India.  One of its customers in India is known as Coral Impex which is in Akola, Maharashtra.

The subject’s business in Hong Kong is not active.  History in Hong Kong is over four years.

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.22

UK Pound

1

Rs.101.68

Euro

1

Rs.83.45

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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

 

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

 

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

 

--

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%)

 

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