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Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
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Name : |
GREAT WELL ASIA PACIFIC LTD. |
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Registered Office : |
c/o Buttar.HK Ltd. Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.04.2013 |
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Com. Reg. No.: |
61199696 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of mobile phones, batteries, accessories |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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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 |
GREAT WELL ASIA
PACIFIC LTD.
ADDRESS: c/o Buttar.HK Ltd.
Unit G, 1/F., Mau Lam Commercial Building,
16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
PHONE: 852-2312 0148
FAX: 852-2375 6513
Managing Director: Mr. Parmod
Kumar Mavatwal
Incorporated on: 2nd April, 2013.
Organization: Private Limited Company.
Issued Capital: HK$10,000.00
Business Category: Mobile
Phone Trader.
Employees: Nil. (Hong Kong)
Main Dealing Banker: Bank of
China, Shenzhen Futian Branch, China.
Banking Relation: Satisfactory.
GREAT WELL ASIA
PACIFIC LTD.
Registered
Office:-
c/o Buttar.HK Ltd.
Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong.
Associated
Company:-
Shenzhen Great Well Asia Pacific Ltd.
Futian District, Shenzhen Special Economic Zone, China.
61199696
1883832
Managing Director: Mr. Parmod Kumar
Mavatwal
HK$10,000.00
(As per registry dated 02-04-2014)
|
Name |
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No. of shares |
|
Parmod Kumar MAVATWAL |
|
10,000 ===== |
(As per registry dated 02-04-2014)
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Name (Nationality) |
Address |
|
Parmod Kumar Mavatwal |
Ward No. 28, Raja Ram Ka Kwa Ke Pass, Nawalgarh, Jhunjhunu, Pin
333042, Rajasthan, India. |
(As per registry dated 02-04-2014)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 2nd April, 2013 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at 14/F., Chun Wo
Commercial Centre, 25 Wing Wo Street, Central, Hong Kong where was the
operating address of a secretarial firm known as GNL13 Ltd. The subject changed its registered address to
the present one with effect from 2nd May, 2013 as it has changed its commercial
service provider since then.
The subject changed its shareholder and director on 24th February, 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Mobile
Phone Trader.
Lines: All
kinds of mobile phones, batteries, accessories
Employees: Nil. (Hong Kong)
4. (China)
Commodities Imported: China
Markets: China,
India, Pakistan, South-east Asia
Terms/Sales: As
per contracted.
Terms/Buying: CAD or as per contracted.
Issued 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: Bank of China, Shenzhen Futian Branch, China.
Standing: Small.
Having issued 10,000 ordinary shares, Great Well Asia Pacific Ltd.
formerly was wholly owned by Ms. Zeng Nufeng who was a China
businesswoman. She was a China passport
holder and did not have the right to reside in Hong Kong permanently. She was also the only director of the
subject.
On 24th February, 2014 Zeng Nufeng transferred all her shares to
Mr. Parmod Kumar Mavatwal who is an India merchant. 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. He was appointed on 24th
February, 2014 as Zeng Nufeng retired on the same date.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau
Lam Street, Jordan, Kowloon, Hong Kong known as Buttar.HK Ltd. which is
handling its correspondences and documents.
Buttar.HK Ltd. is also the corporate secretary of the subject. “Unit G” is the file number of the subject.
The subject has no employees in Hong Kong.
The subject is 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 China as a
Radio Dealer (Unrestricted) Licensee.
The subject bears the licence No. of RU00161911-RU.
Besides operating the subject nominally in Hong Kong, Mavatwal is also
operating a China firm known as Shenzhen Great Well Asia Pacific Ltd. [GWAP] in
Futian District, Shenzhen Special Economic Zone, China.
The China firm has four employees.
Besides trading in mobile phone, the subject also trades in batteries,
outer shells of mobile phones and the other accessories. Most of the commodities are sourced from the
suppliers in Shenzhen Special Economic Zone, China. The subject’s mobile phones are exported to
India, Pakistan, South-east Asia, etc.
Business, chiefly handled by Mavatwal herself, is still under
development.
The subject has been banking with Bank of China, Futian Branch.
The history of the subject in Hong Kong is just a year
Since the subject does not have its own operating office and has no
employees in Hong Kong, on the whole, consider it good for business engagements
on L/C basis for the time being.
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.60.05 |
|
|
1 |
Rs.101.65 |
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Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NNA |
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 |
|
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 |
|
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.