MIRA INFORM REPORT

 

 

Report No. :

338444

Report Date :

27.08.2015

 

 

 

 

Tel No.:

852 2724 1223

Fax No.:

852 2722 4373

 

 

IDENTIFICATION DETAILS

 

Name :

GARTEX OVERSEAS LTD.

 

 

Registered Office :

C/o North Asia Corporate Services Ltd., Suite 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

24.06.2002 (In British Virgin Islands)

 

 

Com. Reg. No.:

55113765

 

 

Legal Form :

Branch of A Foreign Registered Company

 

 

Line of Business :

Trading in machinery and equipment for textile, apparel and leather products production. 

 

 

No. of Employees :

No Employee in Hong Kong

 

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.

 

 

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 :

Not Registered 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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

 

Company name

 

GARTEX OVERSEAS LTD.

 

 

ADDRESS

 

Registered Office:-

C/o North Asia Corporate Services Ltd.

Suite 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

55113765

 

 

DATE OF INCORPORATION

 

24th June, 2002.  (In British Virgin Islands)

 

 

DATE OF ESTABLISHMENT

 

8th August, 2014.  (In Hong Kong)
(Registered as a Representative Office only)

 

 

BANKER

 

The Hongkong & Shanghai Banking Corporation Ltd., Hong Kong.

 

 

GENERAL

 

Gartex Overseas Ltd. [GOL] was incorporated on 24th June, 2002 in the British Virgin Islands under the BVI Business Companies Act.  The company has also established a representative office in Hong Kong on 8th August, 2014 under the Business Registration Regulations.

 

As a foreign representative office, GOL is not allowed to proceed any business dealing in Hong Kong.  It has set up a physical presence in Hong Kong only for the purposes of marketing search and development and liaison with suppliers and customers.

The director of GOL is Mr. Rajesh Kinra who is an India merchant.

 

Its registered correspondence address is located at Room 1005, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong.  Our on-site investigator reported that the above-mentioned address is occupied by a company known as North Asia Corporate Services Ltd. [NACSL] with details as follow:-

Name:  NACSL

Company File Number:  0430370

Date of Incorporation:  29th June, 1993.

Company Status:  Private

Active Status:  Live

Address:  Suites 1001-1002 & 1005, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong.

Phone Number:  852-2724 1223

Fax Number:  852-2722 4373

 

NACSI is engaged in the provision of a full range of corporate support services of its offshore company clients.  These management services including the following:-

·         Corporate administration & corporate secretarial services;

·         Corporate management and financial services;

·         Trade services;

·         Accounting and auditing services;

·         Trust and tax services;

·         Liquidation services;

·         Patent, trademark, copyright and ship registration services;

·         China business development services.

 

A staff of NACSL told us that GOL is just one of its clients.  GOL only uses their office address for correspondence purpose.

 

GOL is not listed in any available telephone and commercial directories, and is also unknown to other sources consulted.

 

Your given phone number: 852-2724 1223 belongs to NACSL.

 

We have found no derogatory information about GOL in our database.

 

As far as we know, GOL has been maintaining an active Business Vantage Account with Hongkong & Shanghai Banking Corporation in Hong Kong since 3rd May, 2005.

 

GOL is trading in machinery and equipment for textile, apparel and leather products production.  Hong Kong office is only responsible for the documentation, financing and accounting activities.  No business activities have been recorded in Hong Kong.

 

GOL’s history in Hong Kong is over eleven years and nine months.

 

Since GOL does not have its own operating office 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.66.16

UK Pound

1

Rs.103.87

Euro

1

Rs.75.89

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

               

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.