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Report No. : |
333460 |
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Report Date : |
31.07.2015 |
IDENTIFICATION DETAILS
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Name : |
GEEKAY HONG KONG LTD. |
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Registered Office : |
Unit 3, 3/F., Metro Centre Phase 2, |
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Country : |
Hongkong |
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Date of Incorporation : |
04.12.2002 |
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Com. Reg. No.: |
34320814 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of Garments, Tank Tops and Tank Dresses, Ladies’ Knitwear. |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRA’s 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONGKONG - 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 |
GEEKAY HONG KONG LTD.
ADDRESS: Unit 3, 3/F., Metro Centre Phase 2, 21 Lam Hing
Street, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2451
7111
FAX: 852-2451
7110
Managing Director: Mr. Bharat Ramchand Aswani
Incorporated on: 4th December, 2002.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Garment
Trader.
Employees: 7.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 3, 3/F., Metro Centre Phase 2, 21 Lam Hing Street, Kowloon Bay,
Kowloon, Hong Kong.
34320814
0824285
Managing Director: Mr. Bharat Ramchand Aswani
HK$1,000,000.00
(As per registry dated 04-12-2014)
|
Name |
|
No. of shares |
|
Bharat Ramchand ASWANI |
|
950,000 |
|
Anjana Tikamdas KISHNANI |
|
50,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
(As per registry dated 04-12-2014)
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Name (Nationality) |
Address |
|
Anjana Tikamdas KISHNANI |
Flat A, 7/F., Block 18, Laguna City Phase 1, Cha Kwo Ling, Kwun Tong,
Kowloon, Hong Kong. |
|
Bharat Ramchand ASWANI |
Flat A, 7/F., Block 18, Laguna City Phase 1, Cha Kwo Ling, Kwun Tong,
Kowloon, Hong Kong. |
(As per registry dated 04-12-2014)
|
Name |
Address |
Co. No. |
|
Multi-Chain Ltd. |
Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Hong Kong. |
0209214 |
The subject was incorporated on 4th
December, 2002 as a private limited liability company under the Hong Kong
Companies Ordinance.
Originally the subject was
registered under the name of Fortune Hope International Ltd., name changed to
the present style on 10th March, 2004.
Last time, the subject was located
at Room 17, 15/F, Metro Centre Phase 2, 21 Lam Hing Street, Kowloon Bay,
Kowloon, Hong Kong, moved to Unit 3, 3/F., of the same building in July 2014.
Apart from these, neither material
change nor amendment has been ever traced and noted.
Activities: Garment
Trader.
Lines: All
kinds of garments, tank tops and tank dresses, ladies’ knitwear.
Employees: 7.
Commodities Imported: China, other
Asian counties, etc.
Markets: Southeast
Asia, North America, EU, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share Capital:
HK$1,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
HBZ Finance Ltd., Hong Kong.
Standing: Normal.
Having issued 1 million ordinary
shares of HK$1.00 each, Geekay Hong Kong Ltd. is jointly owned by Mr.
Bharat Ramchand Aswani, holding 95% interests, and Mrs. Anjana Tikamdas
Kishnani, holding 5%. Both are India
merchants.
They are Hong Kong ID holders and
have got the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject is a garment trader. It is trading in all kinds of garments, tank
tops and tank dresses, ladies’ knitwear, etc.
Products are exported to Southeast Asia, North America, the EU, etc.
The subject has set up an office in
Guangzhou City, Guangdong Province, China known as Geekay Hong Kong Ltd.
Guangzhou Representative Office. The China office was set up on 24th December,
2004. The legal representative is also Mr. Bharat Ramchand Aswani. The China
office is responsible for sourcing commodities from China manufacturers.
The subject’s business is chiefly
handled by the two shareholders. History
in Hong Kong is over twelve years and seven months.
On the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
17-11-2004 |
Instrument: Lien and Set-Off Agreement Property: Fixed Deposit DFN4191059 US$30,075.00 28-12-2004 Mortgagee: HBZ Finance Ltd., Hong Kong. |
General credit facility |
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04-12-2006 |
Instrument: Lien and Set-Off Agreement Property: Fixed Deposit DFN6101485 US$13,534.96 29-01-2007 Mortgagee: HBZ Finance Ltd., Hong Kong. |
General credit facility |
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05-06-2012 |
Instrument: Lien and Set-Off Agreement Property: Fixed Deposit 349 US$30,828.76 05-09-2012 Mortgagee: HBZ Finance Ltd., Hong Kong. |
General credit facility |
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20-06-2013 |
Instrument: Assignment of Life Insurance Property: (i) All the Assignor’s
claims, options, privileges, right, title, interest and benefit in and under
the Insurance (ii) All the Assignor’s
claims and rights against the issuer of the Policy upon the terms herein set
out as a continuing security for the due and punctual payment of the Secured
Monies Insurance Policy No.: 28006776 Name of Insurance: HSBC
Life (International) Ltd. Name of the Insured: Aswani
Bharat Ramchand Name of Assignor: Geekay
Hong Kong Ltd. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
(i) All and any monies and liabilities; (ii) Interest on such
monies; (iii) All monies paid by the Bank; (iv) All expenses of the Bank |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.07 |
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|
1 |
Rs.99.83 |
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Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
-- |
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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.