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Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
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Name : |
COMTECH INTERNATIONAL LTD. |
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Registered Office : |
Room 911, 9/F., Peninsula Square, 18 Sung On Street, Hung Hom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.08.2012 |
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Com. Reg. No.: |
60268600 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Mobile phones, mobile phone accessories, etc. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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'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 7.8% of total system deposits in Hong
Kong by the end of 2011, an increase of over 59% since the beginning of the
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 28 million in 2011, 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
2011 mainland Chinese companies constituted about 43% of the firms listed on
the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise
5.3% in 2011. 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.
Source : CIA
COMTECH INTERNATIONAL
LTD.
ADDRESS: Room 911, 9/F., Peninsula
Square, 18 Sung On Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 2356 0065
FAX: 2356 8020
Managing Director: Mr. Vinay
Sureka
Incorporated on: 24th
August, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Too
early to comment.
Registered Office:-
c/o Crisp Hong Kong Ltd.
9/F., SPA Centre, 55 Lockhart Road, Wanchai, Hong Kong.
Head Office:-
Room 911, 9/F., Peninsula Square, 18 Sung On Street, Hung Hom, Kowloon,
Hong Kong.
60268600
1791108
Managing Director: Mr. Vinay
Sureka
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
(As per registry dated 07-09-2012)
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Name |
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No. of shares |
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Vinay SUREKA |
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2,000,000 ======= |
(As per registry dated 09-11-2012)
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Name (Nationality) |
Address |
|
Pardeep JAIN |
245, Sant Nagar, East of Kailash, New Delhi 110065, India. |
|
Vinay SUREKA |
1, North Bridge Road, #23-07, Singapore. |
(As per registry dated 24-08-2012)
|
Name |
Address |
Co. No. |
|
Crisp Hong Kong Ltd. |
9/F., SPA Centre, 55 Lockhart Road, Wanchai, Hong Kong. |
1748790 |
The subject was incorporated on 24th August, 2012 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: Mobile phones, mobile
phone accessories, etc.
Employees: 3.
Commodities Imported: China, etc.
Markets: India, Singapore, other Asian
countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P,
etc.
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: Too early to
offer an opinion.
Condition: Business is under development.
Facilities: Is making 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.
Having issued 2 million ordinary shares of HK$1.00 each, Comtech
International Ltd. is wholly owned by Mr. Vinay Sureka who is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. Currently he is residing in Singapore.
The subject commenced business in September 2012.
The subject is trading in all kinds of mobile phones and
accessories. It has registered with The
Office of the Communications Authority (OFCA), the Government of Hong Kong SAR,
the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of
RU00156629-RU.
Vinay Sureka was the director of Best Telecom Pte Ltd. which is a
Singapore-based firm. He was also the
senior manager of NITI International Ltd. which is a Hong Kong-based firm.
Vinay Sureka had the following schooling:-
·
Symbiosis Institute of Computer
Studies and Research
·
Symbiosis Institute of
business management
·
North Point Children School.
Muzaffarpur
He quitted the director post from Best Telecom Pte Ltd. in August 2012
and set up his firm in Hong Kong in late of August in the same year.
The business of the subject is to set up distribution channels in
Southeast Asia to sell all kinds of mobile phones and accessories. Singapore and India are two of its prime
markets.
As the history of the subject is just over four months in Hong Kong, on
the whole, consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
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|
1 |
Rs.88.76 |
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Euro |
1 |
Rs.72.19 |
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 |
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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 |
-- |
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.