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Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
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Name : |
HITECH ASSOCIATES LTD. |
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Registered Office : |
C/o SBC Corporate Services Ltd. Unit 1006, 10/F., |
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Country : |
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Date of Incorporation : |
29.09.2008. |
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Com. Reg. No.: |
39842045 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Uninterruptible power supplies, etc. |
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No. of Employees : |
Not Available |
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 |
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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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A2 |
A2 |
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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 |
HITECH ASSOCIATES
LTD.
ADDRESS: c/o SBC Corporate Services
Ltd.
Unit 1006, 10/F.,
Carnarvon Plaza, 20 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2507 7219
FAX: 2507 7225
Managing Director: Mr. Iqbal
Muhammad
Incorporated on: 29th
September, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o SBC Corporate Services Ltd.
Unit 1006, 10/F., Carnarvon Plaza, 20 Carnarvon Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated Company:-
Hitech Associates, Pakistan.
39842045
1276339
Managing Director: Mr. Iqbal
Muhammad
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 29-09-2011)
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Name |
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No. of shares |
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Iqbal Muhammad |
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10,000 ===== |
(As per registry dated 29-09-2011)
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Name (Nationality) |
Address |
|
Iqbal Muhammad |
199, Street No. 33, Sector G - 8/2, Islamabad, Pakistan. (P.C:
44000) |
(As per registry dated 29-09-2011)
|
Name |
Address |
Co. No. |
|
SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
The subject was incorporated on 29th September, 2008 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.
Activities: Importer,
Exporter and Wholesaler.
Lines: Uninterruptible
power supplies, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, Europe, etc.
Markets: Pakistan,
other Asian countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
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.
Having issued 10,000 ordinary shares of HK$1.00 each, Hitech Associates
Ltd. is wholly-owned by Mr. Iqbal Muhammad who is a Pakistani. He is a Pakistan passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Unit 1006, 10/F., Carnarvon Plaza, 20 Carnarvon
Road, Tsimshatsui, Kowloon, Hong Kong” known as SBC Corporate Services Ltd.
[SBC] which is handling its correspondences and documents. SBC, having several branch offices in Hong
Kong, is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject has had an associated company known as Hitech Associates
[HA] in Pakistan. The subject is engaged
in the same lines of business as HA.
HA is trading in uninterruptible power supplies [UPS], customer made
UPS, Solar Geysers, etc.
HA imports UPS from foreign suppliers and markets the commodities in
Pakistan, exports to the other Asian countries or even Europe. Business is normal.
The CEO of HA is also Iqbal Muhammad.
It is likely that HA firm deals with foreign parties under the name of
the subject and let foreign firms correspond with the subject’s registered
address in Hong Kong. HA also exports
commodities to foreign markets under the name of the subject and its registered
address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over three 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 secured
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.55 |
|
|
1 |
Rs.85.48 |
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Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
|
<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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.