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Report No. : |
351675 |
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Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
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Name : |
GREAT FAME GARMENT LTD. |
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Registered Office : |
C/o Global Associates Ltd., Unit G-6, 10/F., Tack Building, 48 Gilman
Street, Central |
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Country : |
Hongkong |
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Date of Incorporation : |
28.07.2015 |
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Com. Reg. No.: |
63634200 |
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Legal Form : |
Private Limited
Liability |
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Line of Business : |
Subject is a
garment trader |
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No. of Employee : |
No employees 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 : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Under Deregistration |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 |
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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 |
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 |
GREAT FAME GARMENT LTD.
Registered Office:-
C/o Global
Associates Ltd.
Unit G-6, 10/F.,
Tack Building, 48 Gilman Street, Central, Hong Kong.
63634200
2125781
28th July, 2014.
HK$10,000.00
(As per registry dated
28-07-2015)
|
Name |
|
No. of shares |
|
Sneha Subodh
TAMBE |
|
10,000 |
(As per registry
dated 28-07-2015)
|
Name (Nationality) |
Address |
|
Sneha Subodh
TAMBE |
A-34, Transit Camp,
Siddharth Colony Aliyawar Jung Marg, Bandra East Mumbai, PIN: 400051,
Maharashtra, India. |
(As per registry
dated 28-07-2015)
|
Name |
Address |
Co. No. |
|
Global Associates
Ltd. |
Unit A, 10/F., Tack
Building, 48 Gilman Street, Central, Hong Kong. |
1695695 |
The subject was
incorporated on 28th July, 2014 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 GNL12 Ltd. The subject
changed its registered address to the present one with effect from
20th September, 2014 as it has changed its commercial service provider
since then.
Currently, the
subject is under the procedure of deregistration.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Please be advised
that Great Fame Garment Ltd. is under the procedure of deregistration.
Pursuant to Section
751(1) of the Companies Ordinance, unless an objection to the deregistration of
the subject is received within 3 months after the date of publication of the
Gazette Notice 6202 on 21st August, 2015, the Registrar may deregister the
subject and dissolve it on 22nd November, 2015.
Great Fame Garment
Ltd. was incorporated on 28th July, 2014 as a private limited liability
company.
The subject does
not have its own operating office. Its
registered office is in a commercial service firm located at ‘Unit G-6, 10/F.,
Tack Building, 48 Gilman Street, Central, Hong Kong’ known as ‘Global
Associates Ltd.’ [GAL] which is handling its correspondences and
documents. GAL is also the corporate
secretary of the subject. ‘Unit G-6’ is
the file number of the subject in the secretarial company.
The subject has no
employees in Hong Kong.
According to the
Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares
of HK$1.00 each which are wholly-owned by Mr. Sneha Subodh Tambe 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. His registered
address is in Mumbai, India and he was appointed on 20th September, 2014.
The subject is a
garment trader. Commodities are chiefly
sourced from China and the other Asian countries. Prime markets are India and the other Asian
countries
The subject’s
business in Hong Kong is not active.
History in Hong Kong is just over a year and three months.
Since the subject
is under the procedure of deregistration, consider it not suitable for any
business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.