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Report No. : |
340414 |
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Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
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Name : |
G. T. OVERSEAS CO. LTD. |
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Registered Office : |
c/o Hashmi Secretarial Services Ltd. Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.09.2005 |
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Com. Reg. No.: |
36070289 |
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Legal Form : |
Private limited liability |
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Line of Business : |
The subject is an international supplier specialized in
providing all kind of woven, knitted and PVC coated fabric such as Tricot Brush,
Polyester Corduroy, Flocking, Taffeta and Oxford Fabric |
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No. of Employees : |
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
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No operating office in hong kong
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Payment Behaviour : |
Unknown |
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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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Hong Kong |
A1 |
A1 |
|
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 |
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 |
G. T.
OVERSEAS CO. LTD.
Registered Office:-
c/o Hashmi Secretarial Services Ltd.
Unit B, 3/F., Chun Wah Commercial Building,
30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
China Office:-
Suite No. 2207, 22nd Floor, Golden Shinning
Centre Mansion, 1068 Yumin Road, Keqiao, Shaoxing City, Zhejiang Province,
China.
[Tel:
86-575- 8116 9171; Fax: 86-575-8412 7423]
36070289
0998754
30th September, 2005.
HK$2,100,000.00
(As per registry dated 30-09-2014)
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Name |
|
No. of shares |
|
Sandeep SARAWAGI |
|
2,100,000 ======= |
(As per registry dated 30-09-2014)
|
Name (Nationality) |
Address |
|
Sandeep SARAWAGI |
Mukherjee Road, Naya Bazar, Siliguri
734405, West Bengal, India. |
(As per registry dated 30-09-2014)
|
Name |
Address |
Co. No. |
|
Hashmi Secretarial Services Ltd. |
Unit B, 3/F., Chun Wah Commercial Building,
30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong. |
0770656 |
The subject was incorporated on 30th
September, 2005 as a private limited liability company under the Hong Kong
Companies Ordinance.
Originally the subject was registered under
the name of B & R Overseas Ltd., name changed to the present style on 16th
November, 2005.
Apart from these, neither material change nor
amendment has been ever traced and noted.
MORTGAGE
OR CHARGE: (See attachment)
G. T. Overseas Co. Ltd. was incorporated on
30th September, 2005 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 B, 3/F., Chun Wah Commercial Building,
30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong’ known as ‘Hashmi Secretarial
Services Ltd.’ which is handling its correspondences and documents. This secretarial company is also the
corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong
Kong, the subject has issued 2.1 million ordinary shares of HK$1.00 each of which
are wholly-owned by Mr. Sandeep Sarawagi 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.
The main office of the subject is in Keqiao,
Shaoxing City, Zhejiang Province, China.
Most of the time, Sandeep Sarawagi is
stationing at the subject’s China office.
The subject is an international supplier
specialized in providing all kind of woven, knitted and PVC coated fabric such
as Tricot Brush, Polyester Corduroy, Flocking, Taffeta and Oxford Fabric. Most of the commodities are sourced from the
affiliated factories of the subject in Zhejiang and Jiangsu Province, China.
Its main markets are Southeast Asian
countries, the Middle East, Europe.
The subject has been banking with the
following banks:-
·
Bank of India, Shenzhen Branch,
China.
·
The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
·
China CITIC Bank International
Ltd., Hong Kong.
The subject’s business in Hong Kong is not
active. History in Hong Kong is about
ten years.
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.
|
Date |
Particulars |
Amount |
|
16-02-2011 |
Instrument: Letter of Set-Off
& Appropriation Property: Nature of Term Deposit 16-02-2011 US$200,000 16-02-2012 Mortgagee: Bank of India,
Shenzhen Branch. |
To secure all monies in respect of banking
facilities |
|
06-12-2013 |
Instrument: Letter of Set-Off
& Appropriation Property: Nature of Term Deposit 06-12-2013 US$200,000 06-12-2014 Mortgagee: Bank of India,
Shenzhen Branch. |
To secure all monies in respect of banking
facilities |
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.66.29 |
|
UK Pound |
1 |
Rs.101.89 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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Report Prepared
by : |
TRU |
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.