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Report No. : |
339513.2 |
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Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
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Name : |
GODSELECT
EXPORTS LTD. |
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Registered Office : |
C/o Buttar.HK
Ltd./Buttar Secretarial Services Ltd. Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
05.11.2014 |
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Com. Reg. No.: |
64025138 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is trading in the following commodities:- · Dry Fruits such as nuts; · Electronic products such as LCD monitors, mobile phones, tablets, MP3, iPhones, smart phones, security products. |
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No. of Employees : |
1 [As claimed by management] |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
GODSELECT EXPORTS LTD.
Registered Office:-
C/o Buttar.HK
Ltd./Buttar Secretarial Services Ltd.
Unit G, 1/F., Mau
Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
Associated Company:-
Nutselec Exports
Ltd., Hong Kong. (Same address)
Victoroxx
International Ltd., Hong Kong. (Same
address)
64025138
2164641
5th November, 2014.
HK$10,000.00
(As per registry dated 05-11-2014)
|
Name |
|
No. of shares |
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Indiandirectory.HK Ltd., Hong Kong. |
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1 |
|
Varun BHATIA |
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9,999 |
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|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 05-11-2014)
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Name (Nationality) |
Address |
|
Varun BHATIA |
BT-14 Shalimar Bagh, Delhi-110088, India. |
(As per registry dated 05-11-2014)
|
Name |
Address |
Co. No. |
|
Buttar Secretarial Services Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New Territories, Hong Kong. |
1906147 |
Godselect Exports Ltd. was incorporated on 5th November, 2014 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at ‘Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong’ known as ‘Buttar Secretarial Services Ltd.’ which is handling its correspondences and documents. This secretarial firm is also the corporate secretary of the subject. ‘Unit G’ is the file number of the subject in the secretarial company. The secretarial company has several offices in Hong Kong.
The subject has no employees in Hong Kong.
1 employee is in China [As claimed by management]
China Branch Office: [As claimed by management]
521-522, 5/F Ming Zhi Sheng Market,
No. 65-73, Xi Di Er Ma Road,
Guangzhou, China
According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary share of HK$1.00 which are almost wholly-owned by Mr. Varun Bhatia 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 Delhi, India.
We can reach Ms. Diba at your given Hong Kong mobile phone number 852‑6900 6560.
According to Ms. Diba, the subject is trading in the following commodities:-
· Dry Fruits such as nuts;
· Electronic products such as LCD monitors, mobile phones, tablets, MP3, iPhones, smart phones, security products, etc.
Commodities are chiefly sourced from China. India is its prime market.
The subject has been banking with The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Besides operating the subject, Mr. Varun Bhatia is operating another company known as Nutselec Exports Ltd. [Nutselec] which is also in the office of ‘Buttar Secretarial Services Ltd.’. Nutselec and the subject are engaged in the same lines of business.
The subject’s business in Hong Kong is not active. History in Hong Kong is just about ten months.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared by
: |
NIT |
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 |
|
|
-- |
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.