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MIRA INFORM REPORT
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Report No. : |
497622 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
GMG MATERIALS LIMITED |
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Registered Office : |
C/o SW Corporate Consultants Ltd. 16/F., Lockhart Centre, 301-307 Lockhart Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.01.2009 |
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Com. Reg. No.: |
50205397 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject, it is
trading in the following commodities: ·
Alternative Fuels ·
Replacement Fuels ·
Industrial Raw Materials ·
Timber & Lumber |
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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
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
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 aided a more rapid initial recovery 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 9.4% of
total system deposits in Hong Kong by the end of 2015. 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. Mainland
visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million,
reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong
has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2015, mainland Chinese companies constituted about
51% of the firms listed on the Hong Kong Stock Exchange and accounted for about
62.1% 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. 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, which took effect in
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. Credit expansion and a tight housing supply have caused Hong Kong
property prices to rise rapidly; consumer prices increased 2.6% in 2016, but
slowed to 2.0% in 2017. Lower- and middle-income segments of the population are
increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most
evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong
Shanghai Gold Connect are all important steps towards opening up the Mainland’s
capital markets and has reinforced Hong Kong’s leading role as China’s offshore
RMB market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities. In
2017, Chief Executive Lam announced plans to increase government spending on
research and development, education, and technological innovation with the aim
of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company
name
GMG MATERIALS LIMITED
ADDRESS
Registered
Office:-
C/o SW Corporate Consultants Ltd.
16/F., Lockhart Centre, 301-307 Lockhart Road, Wanchai, Hong Kong.
Holding Company:-
APTF Group Ltd., British Virgin Islands.
Associated
Company:-
Thistle Grange Ltd., U.K.
BUSINESS
REGISTRATION NUMBER
50205397
COMPANY
FILE NUMBER
1301085
DATE
OF INCORPORATION
15th January, 2009.
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry dated 15-01-2018)
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Name |
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No. of shares |
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APTF Group Ltd. Vista Corporate Services Centre, Wickhams Cay II, Road Town,
Tortola, VG1110, British Virgin Islands. |
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10,000 ===== |
DIRECTORS
(As per registry dated 15-01-2018)
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Name (Nationality) |
Address |
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Jeevanjyot Singh SANDHU |
Hampden House, Monument Business Park, Warpsgrove Lane, Chalgrove OX44
7RW, Oxfordshire, U.K. |
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APTF Group Ltd. |
Vistra Corporate Services Centre, Wickhams Cay II, Road Town,
Tortola, VG1110, British Virgin Islands. |
SECRETARY
(As per registry dated 15-01-2018)
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Name |
Address |
Co. No. |
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SW Corporate Consultants Ltd. |
16/F., Lockhart Centre, 301-307 Lockhart Road Wanchai, Hong Kong. |
1259858 |
HISTORY
The subject was incorporated on 15th January, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of RPS Materials
Recycling (HK) Ltd., name changed to GMG Materials & Recycling Ltd. on 5th
December, 2011, and further to the the present style on 21st August, 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
GENERAL
GMG Materials Limited was incorporated on 15th January, 2009 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 ‘16/F., Lockhart Centre, 301-307 Lockhart Road Wanchai,
Hong Kong’ known as ‘SW Corporate Consultants Ltd.’ [SW] which is handling its
correspondences and documents. SW 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
10,000 ordinary shares of HK$1.00 each which are wholly-owned by APTF Group
Ltd. [APTF] which is a BVI-registered company.
The directors of the subject are Mr. Jeevanjyot Singh Sandhu and APTF.
Jeevanjyot Singh Sandhu is a UK passport holder and does not have the
right to reside in Hong Kong. His
registered address is in Oxfordshire, the United Kingdom.
According to the subject, it is trading in both raw material and
semi-finished products viz. recovered polymer / elastomers, RCF and
lumber. Products are chiefly sold to
growing end use markets in northern, central and southern China.
During the years of 2011 to 2013, the subject had been actively engaged
in shipping and delivering feedstock commodity to Southeast Asian industrial
markets such as India and its surrounding countries.
Having developed stable positions on commodity origination the subject
has positioned itself as a committed shipper / supplier of industrial raw
materials to consuming markets such as China, Korea, Taiwan, Vietnam, etc. It has become a supplier of energy feedstock
and a growing reseller of high quality forestry product to an array of diverse
manufacturing and consuming verticals in those non-European countries.
According to the subject, it is trading in the following commodities:
Alternative Fuels
Replacement Fuels
Industrial Raw Materials
Timber & Lumber
To our knowledge, the subject has had an associated company in the
United Kingdom known as Thistle Grange Ltd. [TGL]. Mr. Jeevanjyot Singh Sandhu is the director
of this company. Your given phone number
44 845 2227070 belongs to TGL.
It is likely that the operating address is also in the United Kingdom.
The subject’s business in Hong Kong is not active. History in Hong Kong is over nine years and
two 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.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 90.83 |
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Euro |
1 |
INR 80.58 |
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HKD |
1 |
INR 8.27 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.