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Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
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Name : |
AGASTYA
TECHNOLOGIES HONGKONG LTD. |
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Registered Office : |
Unit 1115, 11/F., Wah Wai Centre, 38-40 Au Pui Wan Street, Fo Tan, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.09.2003 |
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Com. Reg. No.: |
34806759 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
· Importer, Exporter and Wholesaler of Electronic components (excluding semiconductors) subject is a leader and innovator in
Design, Distribution and Marketing of advanced technology Semiconductors,
Passive Components, Interconnect and Electro-mechanical Components, Displays
and Modules from various reputed manufacturers which are spread all over the
world. Subject also trades in ASICs, Micro-controllers, Relays,
Diodes, Resistors, Mosfet, ASSPs, MOVs, Crystals, Memory ICs, Connectors,
Oscillators, Capacitors, Fuse and Fuse holders, Batteries, Inductors,
Displays and Module. |
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No. of Employees : |
08 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
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 |
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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
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Source : CIA |
AGASTYA TECHNOLOGIES
HONGKONG LTD.
(Your enquiry given as: AGASTYA TECHNOLOGY HONGKONG LTD. of the same address)
Unit 1115, 11/F., Wah Wai Centre, 38-40 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong.
PHONE: 852-3529 1928
FAX: 852-3529 2312
E-MAIL: agastya@agastya.com.hk
Managing Director: Mr. Manish Malhotra
Incorporated on: 22nd September, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 1115, 11/F., Wah Wai Centre, 38-40 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong.
Associated
Companies:-
Agastya Exports Pte. Ltd., Singapore.
Agastya Technologies Pte. Ltd., Singapore.
Agastya Technologies Shenzhen Ltd., China.
34806759
0862627
Managing Director: Mr. Manish Malhotra
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 22-09-2013)
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Name |
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No. of shares |
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Anil Kumar
LUTHRA |
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2,250 |
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Tamanna
MALHOTRA |
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6,250 |
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Manish
MALHORTA |
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1,500 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 22-09-2013)
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Name (Nationality) |
Address |
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Manish
MALHOTRA |
63 Sahyog Apartments, Sant
Nagar, Rani Bagh, Delhi‑110034, India. |
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Rita LUTHRA |
26C Jalan Limau Bali,
Singapore 468497. |
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Tamanna
MALHOTRA |
Flat B, 7/F., Ficus Garden,
Fotan, Shatin, New Territories, Hong Kong. |
(As per registry
dated 09-03-2013)
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Name |
Address |
Co.
No. |
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Buttar.hk Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street,
Jordan, Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 22nd September, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
Last time the subject was located at Unit 7, 10/F., Fo Tan Industrial Centre, 26-28 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong, moved to Unit 16, 12/F., Fo Tan Industrial Centre, 26-28 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong in early 2009 and further to the present address in July 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Electronic components (excluding semiconductors).
Employees: 8.
Commodities Imported: Asian countries, etc.
Markets: Singapore, other Southeast Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, 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
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Citibank (Hong Kong) Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Agastya Technologies Hongkong Ltd. is jointly owned by Anil Kumar Luthra, Tamanna Malhotra and a Manish Malhorta, of whom are holding 22.5%, 62.5%, and 15.0% respectively. Manish Malhotra is a Hong Kong ID Card holder. He is also Managing Director of the subject. Anil Kumar Luthra is residing in Singapore.
All the shareholders are Indian merchants.
The subject is trading in electronic parts, components. It is partnering with premier technology suppliers from the world over viz, Renesas, Fujitsu, Fuji, Panasonic, Epcos, Fagor, Yageo, Osram Opto, to bring together the innovative technologies and capabilities to deliver new solutions in the marketplace.
The subject is a leader and innovator in Design, Distribution and Marketing of advanced technology Semiconductors, Passive Components, Interconnect and Electro-mechanical Components, Displays and Modules from various reputed manufacturers which are spread all over the world. Founded in 2003, the subject has evolved to become a source to its Customers for their needs of Electronic Solutions, i.e. Electronic Components, Design Services, Box-build Solutions and Supply Chain Management. Its exhaustive product range and SCM solutions have made it the leader in electronic component distribution.
The subject presently serves its clients spread all over the world from a wide spectrum of industries which include automotive electronics, consumer electronics, industrial electronics, IT, Telecom and Medical electronics. It has positioned itself as an Extreme Solutions provider to its customers, providing support right from conceptualization stage to the proto stage to pre‑sales configuration stage and to post-sales engineering support.
The subject
carries the following products:
LEDs, Resistors, Capacitors, IC’s, Transistors, Diodes, Memory Devices, Micro-controllers, Optocoupler, VFD and LED displays, Relays, Connectors, Switches.
The subject also
trades in the following products:
ASICs, Micro-controllers, Relays, Diodes, Resistors, Mosfet, ASSPs, MOVs, Crystals, Memory ICs, Connectors, Oscillators, Capacitors, Fuse and Fuse holders, Batteries, Inductors, Displays and Module.
Commodities are chiefly sourced from Asian countries. Prime markets are Singapore, other Southeast Asian countries, Europe, North America, etc.
The subject has had two associated companies in Singapore, namely, Agastya Technologies Pte. Ltd. and Agastya Exports Pte. Ltd. [AEP]. The latter firm is trading in the following commodities: electronic components, electric appliances, recorders, recorder accessories, television.
Main markets of AEP are Japan, Southeast Asia, Western Europe, North America, etc.
The subject is fully supported by its Singapore firms.
Besides the Singapore firms, the subject also has had an associated company in China known as Agastya Technologies Shenzhen Ltd. which is a Shenzhen-based company. The China company is responsible for the China market.
Since the history of the subject is over ten years in Hong Kong, on the whole, consider it good for normal business engagements.
REMARK:
Property Location: Unit 1115, 11/F., Wah Wai Centre, 38-40 Au Pui Wan Street, Fo Tan, Shatin, New
Territories, Hong Kong.
Owner: Agastya Technologies Hongkong Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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13-05-2011 |
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DBS Bank (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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Date |
Particulars |
Amount |
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13-05-2011 |
Instrument: Mortgage Property: 12/3,468 part of share if and in Sha Tin Town Lot No. 140 (Workshop No. 15, 11/F., Wah Wai Centre) Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All moneys |
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16-04-2012 |
Instrument: Deposit Deed Property: By way of first fixed charge and as a continuing security for the obligatiions, the company charges and assigns absolutely all the company’s rights, title to and interest in all the accounts and all deposits from time to time in the account and comprising the account maintained with Citibank Mortgagee: Citibank (Hong Kong) Ltd., Hong Kong. |
All moneys |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.24 |
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UK Pound |
1 |
Rs.101.81 |
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Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
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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.