MIRA INFORM REPORT

 

 

Report Date :

21.12.2011

 

IDENTIFICATION DETAILS

 

Name :

MEENAACH  HOLDINGS  LTD.

 

 

Registered Office :

Room 912B, 9/F., Hong Kong Plaza, 188 Connaught Road West

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

29.06.2011

 

 

Com. Reg. No.:

58582800

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Silk yarn, silk fabrics, etc.

 

 

No. of Employees :

3.

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Company

Payment Behaviour :

Unknown

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Hong Kong 

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

MEENAACH  HOLDINGS  LTD.

 

 

ADDRESS:       Room 912B, 9/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.

 

PHONE:            3595 0995,  6847 1241

 

 

MANAGEMENT

 

Managing Director:  Mr. Raja Nachiappan

 

 

SUMMARY

 

Incorporated on:             29th June, 2011.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$1,000,000.00

Issued:              HK$1,000,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   3.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:            Satisfactory.

ADDRESS

 

Registered Head Office:-

Room 912B, 9/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

58582800

 

 

COMPANY FILE NUMBER

 

1623312

 

 

MANAGEMENT

 

Managing Director:  Mr. Raja Nachiappan

 

 

CAPITAL

 

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$1,000,000.00

 

 

SHAREHOLDERS

(As per registry dated 29-06-2011)

 

Name

 

No. of shares

Raja NACHIAPPAN

 

500,000

Thirupathi NACHIAPPAN

 

500,000

 

 

––––––––

 

Total:

1,000,000

=======

 

 

DIRECTORS

(As per registry dated 29-06-2011)

 

Name

(Nationality)

 

Address

Raja NACHIAPPAN

Flat A, 5/F., Block 2, Ying Ga Garden, 34 Sands Street, Kennedy Town, Hong Kong.

 

Thirupathi NACHIAPPAN

Flat A, 5/F., Block 2, Ying Ga Garden, 34 Sands Street, Kennedy Town, Hong Kong.

 

 

SECRETARY 

 

Thirupathi NACHIAPPAN  (As per registry dated 29-06-2011)

 

 

HISTORY

 

The subject was incorporated on 29th June, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Silk yarn, silk fabrics, etc.

 

Employees:                   3.

 

Commodities Imported:   India, China, etc.

 

Markets:                       Asian countries, Europe, etc.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:                L/C, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,000,000.00

 

Profit or Loss:                Too early to offer an opinion.

 

Condition:                      Business is under development.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:      Too early to comment.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Having issued 1 million ordinary shares of HK$1.00 each, Meenaach Holdings Ltd. is equally owned by Mr. Raja Nachiappan and Mr. Thirupathi Nachiappan.  They are also directors of the subject.  The Nachiappans seem to be Indian, however, they are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.  Raja Nachiappan seems to be the second generation of the Nachiappan family in Hong Kong.  He has had a Chinese name.

Incorporated in June 2011, the subject is trading in the following commodities: silk cocoons, raw silk, spun silk yarn, thrown silk, silk waste, mulberry cut cocoons, eri cut cocoons, muga cut cocoons, silk fabrics, etc. The subject’s products are sourced from China, India, other Asian countries.  Prime markets are Asian countries, Europe, North America, etc.  Business is still under development.

The subject’s business is chiefly handled by the two Nachiappans.  History in Hong Kong is just about six months.

On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis for the time being.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.03

UK Pound

1

Rs.82.34

Euro

1

Rs.68.99

 

 

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

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%)

 

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