MIRA INFORM REPORT

 

 

Report Date :

29.03.2011

 

Additional Information

Please be advised that a firm known as “Speed Remit Worldwide Ltd” is located at your given address Room No. 728, 7/F Beverly Commercial Centre, 87-105 Chatham Road, Kowloon, Hong Kong. Its Telephone number is 2314 9498.

 

Speed Remit Worldwide Ltd was incorporated on 18 November 2006 in Hong Kong. It is a money transferring company (remittance).

 

IDENTIFICATION DETAILS

 

Name :

ITSS  LTD

 

 

Registered Office :

c/o CBS Pacific Ltd., 8A, Kam Chung Commercial Building, 19-21 Hennessy Road, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

07.02.2001

 

 

Com. Reg. No.:

31582425

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Iron ores, scraps, electronic products, electric appliances, other light industrial products.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company 

 

 

Payment Behaviour :

Regular

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

 

ITSS  LTD.

 

 

company ADDRESs

 

Flat J, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            2377 3113

FAX:                 3020 5064

 

 

MANAGEMENT

 

Managing Director:  Chandrasekhar Dinender Puddapakam

 

 

SUMMARY

 

Incorporated on:             7th February, 2001.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$2,000,000.00

Issued:              HK$2,000,000.00

 

Business Category:        Importer, Exporter and Wholesaler

 

Employees:                   2.

 

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

 

Banking Relation:           Satisfactory.

 

Company ADDRESS

 

Registered Office:-

c/o CBS Pacific Ltd.

8A, Kam Chung Commercial Building, 19-21 Hennessy Road, Wanchai, Hong Kong.

[Tel: 2528 2930;  Fax: 8148 9228]

 

Head Office:-

Flat J, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.

 

Affiliated Company:-

Micron Pacific Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

31582425

 

 

COMPANY FILE NUMBER 

 

0746298

 

 

MANAGEMENT

 

Managing Director:  Chandrasekhar Dinender Puddapakam

 

 

CAPITAL

 

 

Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$2,000,000.00

 

 

SHAREHOLDERS

(As per registry dated 07-02-2010)

 

Name

 

No. of shares

Sivakumar JAYARAMAN

 

10,000

Arunraj MATHUR PERUMAL

 

1,990,000

 

 

––––––––

 

Total:

2,000,000

=======

 

 

DIRECTORS

(As per registry dated 02-07-2010)

 

Name

(Nationality)

 

Address

Chandrasekhar Dinender PUDDAPAKAM

727, II Main, III Cross E Block, II Stage, Rajajinagar, Bangalore 560010, India.

 

Sivakumar JAYARAMAN

93/8, Duraiarasan St., Salgraman, Chennai-600093, Tamil Nadu, India.

 

 

SECRETARY

(As per registry dated 07-02-2010)

 

Name

Address

Co. No.

CBS Pacific Ltd.

8A, Kam Chung Commercial Building, 19-21 Hennessy Road, Wanchai, Hong Kong.

0582043

 

 

HISTORY

 

The subject was incorporated on 7th February, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Divam International Ltd., name changed to the present style on 26th January, 2006.

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

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler

 

Lines:                           Iron ores, scraps, electronic products, electric appliances, other light industrial products.

 

Employees:                   2.

 

Commodities Imported:   India, China, other Asian countries, etc.

 

Markets:                       India, Europe, North America, etc.

 

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

 

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

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$2,000,000.00

 

Profit or Loss:                Making a very small profit every year.

 

Condition:                      Keeping in a fairly active manner.

 

Facilities:                      Making fairly active use of general banking facilities.

           

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

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

 

Standing:                      Small.

 

GENERAL

 

Having issued 2 million ordinary shares of HK$1.00 each, ITSS Ltd. is jointly owned by Arunraj Mathur Perumal, holding 99.5% interests; and Sivakumar Jayaraman, holding 0.5%.  Both of the shareholders are Indian.

Incorporated in February 2001, the subject is engaged in purchasing products on behalf of its customers based in Europe, North America, the Middle East and India.

Currently, the subject’s operating address is located at Flat J, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.  This office is not in a commercial building but a residential building.  The employees of the subject are also residing in this office.

The subject in Hong Kong is responsible for working with suppliers in the Greater China.  Factors which the subject considered are quality of products, delivery time, pricing, etc.  All products purchased must meet quality and safety standards and be certified so by the appropriate third-party.  Currently, the subject is responsible for sourcing commodities such as iron ores, scraps,, electronic products, electric appliances, other light industrial products, etc.

Besides operating the subject, Mathur Perumal was also the proprietor of Rajee International in India.  Rajee International traded in hair products and wigs, etc.  Currently he is also the CEO of Micron Pacific Ltd. which is a Hong Kong-registered firm.  Micron Pacific Ltd. was incorporated on 26th August, 2008.

The business of the subject is just fair in Hong Kong.  History is over nine years.

Since the registered office of the subject is in a residential building, consider it good for normal business engagements on secured basis.

COURT CASES:            None per our.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.78

UK Pound

1

Rs.71.64

Euro

1

Rs.62.96

 

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.