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Report Date : |
04.09.2014 |
IDENTIFICATION DETAILS
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Name : |
GIMAJASA LTD. |
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Registered Office : |
Unit 1207, 12/F., Tower A, New |
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Country : |
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Date of Incorporation : |
12.05.1987 |
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Com. Reg. No.: |
11068631 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Toy Cars, Optical Equipment, Stationery and Office Equipment, Electric and Electronic Products |
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No of Employees : |
7 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
GIMAJASA LTD.
ADDRESS: Unit 1207, 12/F., Tower A, New
Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2534 8888, 2805 2808
FAX: 852-2805 2390, 2805 2392
E-MAIL: info@gimajasa.com
MANAGEMENT:
Managing
Director: Mr. Girdhar Hardasmal
Jethmalani
Incorporated on: 12th May, 1987.
Organization: Private Limited Company.
Paid Up Capital: HK$22,500,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$45-50 million.
Employees: 7.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
GIMAJASA LTD.
Registered Head
Office:-
Unit 1207, 12/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
Mailing Address:-
G.P.O. Box 10296, Hong Kong.
Subsidiaries:-
Gimajasa (Curacao) B.V., Netherlands.
Gimajasa (Deutschland) GmbH., Germany.
Gimajasa (EA) Ltd., Tanzania.
Associates:-
El-Rey S.A., Chile.
Gimajasa (Thailand) Ltd., Thailand.
Imp-Exp Gimajasa Ltda., Chile.
11068631
0188799
Managing Director: Mr. Girdhar Hardasmal Jethmalani
Contact Person: Ms. Ada Tsang
HK$22,500,000.00
(As per registry dated 12-05-2014)
|
Name |
|
No. of shares |
|
Girdhar Hardasmal JETHMALANI |
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11,250,000 |
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Partheev Ramswarup GODIWALA |
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5,625,000 |
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Jagdish Hardasmal JETHMALANI |
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4,500,000 |
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Vandana Girdharlal JETHMALANI |
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1,125,000 |
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Total: |
22,500,000 ======== |
(As per registry dated 12-05-2014)
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Name (Nationality) |
Address |
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Vandana Girdharlal JETHMALANI |
Flat B2, 10/F., Park View Court, 1 Lyttelton Road, Hong Kong. |
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Partheev Ramswarup GODIWALA |
Flat B2, 10/F., Park View Court, 1 Lyttelton Road, Hong Kong. |
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Girdhar Hardasmal JETHMALANI |
Flat B2, 10/F., Park View Court, 1 Lyttelton Road, Hong Kong. |
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Jagdish Hardasmal JETHMALANI |
Flat A, 27/F., Block 9, South Horizons, Ap Lei Chau, Hong Kong. |
(As per registry dated 12-05-2014)
|
Name |
Address |
Co. No. |
|
Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong. |
1273165 |
The subject was incorporated on 12th May, 1987 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Finsburg Trading Ltd., name changed to the present style on 21st August, 1987.
Formerly the subject was located at Flat A, 17/F., Winbase Centre, 208‑220 Queens Road Central, Hong Kong, moved to the present address in October 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Toy cars, Optical equipment, stationery and office equipment, electric and electronic products
Employees: 7.
Commodities Imported: China, Japan, other Asian countries.
Markets: Europe, Middle East, North America, Africa, etc.
Annual Turnover: HK$45-50 million.
Terms/Sales: L/C, T/T
Terms/Buying: As per contracted.
MEMBERSHIP: Federation of Hong Kong Industries, Hong Kong.
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$17,500,000.00
Mortgage or Charge (since 2007): (See attachment)
Profit & Loss: Making a profit every year.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Canara Bank, Hong Kong Branch.
Indian Overseas Bank, Hong Kong Branch.
Bank of India, Hong Kong Branch.
HBZ Finance Ltd., Hong Kong.
Standing: Good.
Having issued 22.5 million ordinary shares of HK$1.00 each, Gimajasa Ltd. is jointly owned by four Indian while the largest sharesholder is Mr. Girdhar Hardasmal Jethmalani who is holding 50% interest.
The subject is trading in the following commodities: Toy Car - Plastic , Freewheel (Sample), Camcorder, Household Products - Plastic, Facsimile Machine (Fax Machine from Japan), Audio Equipment (From Japan), Hi-Fi Equipment, Television ( include LCD / Plasma Display / HDTV ) (From Japan), Video Cassette Recorder (From Japan), Video Cassette Tape - Blank (From Japan), Shaver - B/O, Telephone & Telephone Equipment (Excl Mobile Phone) (From Japan), Intercom, Calculators, Health Food, Household Ware, Kitchenware, Garments, Textile Products, Leather Products, Stationeries
The subjects commodities are exported to India, other Asian countries, Germany, Poland, other European countries, South America
The subject now has set up a number of associated companies in Asia, Europe, South and Latin America and in Africa.
For instance, Gimajasa (Deutschland) GmbH [Gimajasa] is the official distributor for telecommunication products for GE brand telecommunications products for the German market. GE is a brand name from General Electric of the USA and is used under licence by ATLINKS a subsidiary of THOMSON of France. Other brand names sold by ATLINKS include names such as THOMSON, ALCATEL and RCA.
GE telephones are made under the strictest quality standards as demanded by GE for which it is renowned and respected worldwide. Besides the distribution of GE telecommunication products in Germany, Gimajasa is also specialised in selling branded consumer electronics worldwide.
Gimajasa (Thailand) Ltd. is trading in ready-made garments and textiles.
Imp-Exp Gimajasa Ltda., a Chile-based company, is trading in China origin commodities such as household products, sundry items, etc. Its prime markets are South America.
Gimajasa (EA) Ltd., a Tanzania-based company, is engaged in the same lines of business as Imp-Exp Gimajasa Ltda. However, its prime markets are the neighbouring countries of Tanzania.
The annual sales turnover of the subject ranges from HK$45 to 50 million. Business is active.
The history of the subject in Hong Kong is over 27 years and three months.
On the whole, consider the subject good for normal business engagements.
Brief personal profile of directors:-
Mr. Girdhar Hardasmal JETHMALANI (Chief Executive Officer) is the founder and Chief Executive Officer of the Gimajasa Group of companies. He has over 40 years of experience of which nearly 30 years in branded consumer electronics. He has worked in India, Hong Kong and Japan. He is responsible for overall control of the Gimajasa Group of companies. He is based in Hong Kong, married with two children.
Mr. Jagdish Hardasmal JETHMALANI (Director broadly responsible for China Goods Section) is the co-founder of Gimajasa and has over 30 years of experience in export of ready made garments and sundry items from China. He has worked in the UAE, Nigeria, Thailand and Hong Kong. He is responsible for the purchasing of sundry articles from China and Far East and for its stocking in its offices in Chile, Curacao and Tanzania. He is based in Hong Kong, married with two children.
Mr. Partheev (Peter) Ramswarup GODIWALA (Director broadly responsible for branded electronics) has over 24 years of experience in the export of branded consumer electronics. He has worked in India, Hong Kong, Poland and Germany. He is responsible for the European market and for global trade of branded consumer electronics. He is based in Berlin, married with two children.
Court Cases: None as per our.
Property information
of the company:-
Property Location: Flat
B2 on 10/F. and Parking Space No. 66 on G/F.,
Park View Court, 1 Lyttelton Road, Hong Kong.
Owner: Gimajasa Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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28-05-2008 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
(Since 2007)
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Date |
Particulars |
Amount |
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24-07-2007 |
Instrument: Undertaking Relating to Deposits Property: Amount Rate of Maturity KD41.2007 06-06-2007 138,036.97 4.75% 06-12-2007 Mortgagee: Canara Bank, Hong Kong Branch. |
General credit facility |
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23-04-2008 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. Date
of Amount Rate of Maturity MU 281749 28-03-2008 102,761.73 2.55% 30-06-2008 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
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28-05-2008 |
Instrument: Mortgage Property: 18/2,670th parts or shares of and in The Remaining Portion of Inland Lot No. 930 (Flat B2 on 10/F. and Parking Space No. 66 on G/F. of Park View Court, 1 Lyttelton Road, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure general banking facilities |
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21-08-2008 |
Instrument: Letter of Set-Off and Appropriation Property: Fixed Deposit Deal No. 146324 dated 20-08-2008 for HK$360,000 of A/C No. 037308 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
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09-11-2010 |
Instrument: Undertaking Relating To Deposits Property: Distinctive Date
of Amount Rate of Maturity 2010 FD 322 1 18.10.2010 US$644,246.88 0.70% 18.04.2011 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
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27-05-2011 |
Instrument: Undertaking Relating To Deposits Property: Distinctive Date
of Amount Rate of Maturity 2008 FD 163 23.02.2011 US$ 46,788.30 0.79% 23.02.2012 2008 FD 187 17.12.2010 US$ 51,749.21 0.78% 16.12.2011 2008 FD 65 24.05.2011 US$ 53,012.69 0.40% 21.11.2011 2008 FD 67 25.05.2011 US$149,867.97 0.40% 21.11.2011 2009 FD 201 10.12.2010 US$101,013.89 0.45% 08.06.2011 2010 FD 43 07.04.2011 US$105,813.70 0.775% 06.04.2012 2011 FD 62 20.05.2011 US$ 30,000.00 0.40% 16.11.2011 Mortgagee: Canara Bank, Hong Kong Branch. |
All and any liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.54 |
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|
1 |
Rs.99.73 |
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Euro |
1 |
Rs.79.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
-- |
This score serves as a reference to assess SCs 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.