MIRA INFORM REPORT

Report No. :	351606
Report Date :	03.12.2015

IDENTIFICATION DETAILS

Name :	G.R.G. CORPORATION

Registered Office :	3/F., Bel Trade Commercial Building, 1-3 Burrows Street, Wanchai

Country :	Hong Kong

Date of Incorporation :	11.05.1995

Com. Reg. No.:	14011441-001-10

Legal Form :	Sole Ownership

Line of Business :	Importer, Wholesaler and Re-exporter of Watch Bands, Watch Cases, Watch Movements, Watch-Analogues.

No. of Employees :	8

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
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

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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.

Source : CIA

Note

The subject is not located at ‘Unit D, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong’ where is the operating office of Buttar.HK Ltd. which is a secretarial company.

Company Name & address

G.R.G. CORPORATION

ADDRESS: 3/F., Bel Trade Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong.

PHONE: 852-2893 1628

FAX: 852-2838 0596

E-MAIL: rani@netvigator.com

MANAGEMENT:

Manager: Mr. Gurmit Singh

SUMMARY

Establishment: 11th May, 1995.

Organization: Sole Ownership.

Capital: Not disclosed.

Business Category: Importer, Wholesaler and Re-exporter.

Employees: 8.

Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.

Banking Relation: Satisfactory.

Name

G.R.G. CORPORATION

ADDRESS

Head Office:-

3/F., Bel Trade Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong.

Mailing Address:-

G.P.O. Box 11523, Hong Kong.

Parent Company:-

G R G (H.K.) Ltd., Hong Kong. (See attachment)

BUSINESS REGISTRATION NUMBER

14011441-001-10

MANAGEMENT

Manager: Mr. Gurmit Singh

Sales Contact: Ms. Chan Wing Yee, Annie

SOLE OWNER

G R G (H.K.) Ltd., Hong Kong.

HISTORY

The subject was established on 11th May, 1995 as a sole ownership firm with G R G (H.K.) Ltd. as the proprietor under the Hong Kong Business Registration Regulations.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Wholesaler and Re-exporter.

Lines: Watch bands, watch cases, watch movements, watch-analogues.

Employees: 8.

Commodities Imported: Imported from Japan, Europe, China.

Markets: Bangladesh, India, Middle East, Pakistan, Philippines.

Terms/Sales: L/C, T/T and D/P.

Terms/Buying: As per contracted.

MEMBERSHIP

The Indian Chamber of Commerce Hong Kong, Hong Kong.

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Traded at a small profitable angle.

Condition: Keeping in an active manner.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

Bankers:-

Indian Overseas Bank, Hong Kong Branch.

Indo Hong Kong International Finance Ltd., Hong Kong.

Standing: Good.

GENERAL

G.R.G. Corporation is a wholly-owned subsidiary of G R G (H.K) Ltd. [GRGHK] which is also located at the same operating address.

The subject imports and exports the following commodities:-

Imports – watch bands, watch cases, watch movements, audio and video products, straps, batteries, electric and electronic products.

Exports – watches, watch bands, watch cases, watch movements, watch-analogues, audio and video products, electric and electronic products, plastic products, straps, batteries, computers and peripherals.

Its core business is watches and watch parts trading. Watch parts are imported from Japan, Europe while completed watches are imported from Japan, Switzerland and China. Prime markets are Bangladesh, India, the Middle East, Pakistan, the Philippines, etc. Business has been active.

Incorporated in October 1990 and having issued 15,000 ordinary shares of HK$100.00 each, GRGHK is a private limited company jointly owned by Mr. Gurmit Singh who holds 6,000 shares, accounting for 40% interests; Ms. Lakhminder Jeet Kaur, also holds 6,000 shares, accounting for 40%; Mr. Tanu Jeet Kaur Singh, holds 2,400 shares, 16%; and Ms. Annie Chan Wing Yee, 600 shares, 4%. The former three are Indian belonging to the same family. Annie Chan is a Hongkonger and also the contact person of the subject.

Initially GRGHK was located at Flat A, 11/F., 105-111 Thomson Road, Wanchai, Hong Kong, moved to the present address in September 1994.

GRGHK is trading in the following commodities:

Watch Movements: There are 5 watch movements that are handled and distributed: P8, SL2035, EZ68, SL68, and Y128.
Watch Batteries: It is handling 3 of the major watch battery brands; Maxell, Sony, and Seizaiken. CR batteries also available if required.
Consumer Electronics: It is handling most personal products such as smartphones and tabled PC’s, brand names such as Blackberry, Samsung, Nokia, and even Apple.
Wine Distribution

Having a history of over twenty years, GRGHK has developed long term business ties with a number of suppliers and foreigner clients in Asian countries and in the Middle East.

The subject’s business has been jointly administered by Mr. Gurmit Singh and Ms. Annie Chan. History in Hong Kong is over 25 years.

On the whole, consider the subject good for normal business engagements.

Company name

G R G (H.K.) LTD.

ADDRESS

3/F., Bel Trade Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong.

BUSINESS REGISTRATION NUMBER

14011441

COMPANY FILE NUMBER

0290192

DATE OF INCORPORATION

25th October, 1990.

ISSUED SHARE CAPITAL

HK$1,500,000.00

SHAREHOLDERS

(As per registry dated 25-10-2014)

Name		No. of shares
Gurmit SINGH		6,000
Lakhminder Jeet KAUR		6,000
Tanu Jeet Kaur SINGH		2,400
CHAN Wing Yee		600
		––––––
	Total:	15,000 =====

DIRECTORS

(As per registry dated 25-10-2014)

Name

(Nationality)

Address

Lakhminder Jeet KAUR

(Indian)