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Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
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Name : |
GREAT MEGA HOLDINGS LTD. |
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Registered Office : |
Room 10A, 7/F.,
Unit A, Morlite Building, 40 Hung To Building, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.02.2012 |
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Com. Reg. No.: |
59445392 |
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Legal Form : |
Private Limited
Company |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND
WHOLESALER OF ALL KINDS OF MOBILE PHONES, OFFICE EQUIPMENT, IRON & STEEL,
AND ACCESSORIES. |
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No. of Employees : |
2 |
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 Company |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
GREAT
MEGA HOLDINGS LTD.
Room 10A, 7/F.,
Unit A, Morlite Building, 40 Hung To Building, Kwun Tong, Kowloon, Hong
Kong.
PHONE: Not
available
FAX: Not available
Managing
Director: Mr. Vipul Sharma
Incorporated
on: 23rd
February, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 2.
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
GREAT
MEGA HOLDINGS LTD.
Registered Office:-
Room 10A, 7/F.,
Unit A, Morlite Building, 40 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
China Office: Shantou Special Economic Zone, China.
Associated
Company:-
RV Solutions Pvt.
Ltd.
Registered Office:
261, Gulmohar Enclave, New Delhi – 110049.
Corporate Office:
177 Adharshila, Gulmohar Park Road, New Delhi – 110 049
[Tel: 91-011-4518
4518, 46083235, 46083236
Fax:
91-011-4518-4519 ]
59445392
1709127
Managing
Director: Mr. Vipul Sharma
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
(As per registry
dated 10-02-2013)
|
Name |
|
No. of shares |
|
Vipul SHARMA |
|
1,000,000 ======= |
(As per registry
dated 23-02-2013)
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Name (Nationality) |
Address |
|
Vipul SHARMA |
Room 10A, 7/F.,
Unit A, Morlie Building, 40 Hung To Road, Kwun Tong, Kowloon, Hong Kong. |
(As per registry
dated 23-02-2013)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam
Commercial Building, 16‑18 Mau Lam Street, Jordan, Kowloon, Hong
Kong. |
0975326 |
The subject was
incorporated on 23rd February, 2012 as a private limited liability company
under the Hong Kong Companies Ordinance.
At the very
beginning, the subject’s registered address was located at 14/F., Chun Wo
Commercial Centre, 25 Wing Wo Street, Central, Hong Kong, moved to the present
address with effect from 16th April, 2012.
The above-mentioned
address is the operating address of GNL 12 Ltd. which is a Hong Kong-registered
firm. It is a commercial service
provider which is also a founder of the subject.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of mobile phones, office equipment, iron & steel, and accessories.
Employees: 2.
Commodities
Imported: China, other Asian countries,
etc.
Markets: India,
other Asian countries, etc.
Terms/Sales: L/C,
T/T, etc.
Terms/Buying: L/C,
T/T, advanced payment, etc.
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
rather active use of general banking facilities.
Commercial
Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
HBZ Finance Ltd., Hong Kong.
Standing: Small.
Having issued
1,000,000 ordinary shares of HK$1.00 each, Great Mega Holdings Ltd. is wholly
owned by Mr. Vipul Sharma who is an Indian.
He is an India 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 has
about two employees in Hong Kong.
The subject is
trading in all kinds of mobile phones and accessories. It is carrying GSM/PCS mobile phones and
accessories. Most of the branded
products are manufactured in China.
The subject 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 RU00153041-RU.
The subject’s
products are chiefly sourced from China especially from Shenzhen Special
Economic Zone, China. Business is still
under development.
Besides trading in
mobile phones, the subject has set up an office in Shantou Special Economic
Zone, China which is engaged in diversified economy.
The China firm also
trades in the following products:-
Office Equipment,
Iron & Steel, Plastic & Rubber Materials, Garments & Textile
Products, Lighting Products, Toys, etc.
Now, the China firm
is recruiting female staff. According to
the China firm, the female staff members are responsible for sourcing
commodities from China and exporting to India.
The subject has got
an associated company in New Delhi, India known as RV Solutions Pvt. Ltd. [RV
Solutions]. Rajiv Seth is the Chairman
of this firm.
RV
Solutions is a business group with its line of practice encompassing import and
software services. Its Import Division
is engaged in importing and distributing of GSM and/or CDMA Mobile Phones manufactured
in China.
RV Solutions has expanded
its business affiliations abroad. A
Quality Control Office has been set up in Shenzhen Special Economic Zone,
China. Its Software Division involves collaborating
with the clients to understand their complex business needs and providing
on-time, on-budget, and quality services.
The present software undertakings include Content Management Systems
ranging from Human Resource MS to Data Tracking Operational Solutions. The clients of the Software Division include
Government Organisations in India. The
annual sales turnover of RV Solutions ranges from INR 200 to 230 crores.
It is likely that
RV Solutions deals with foreign parties under the name of the subject and let
foreign firms correspond with the subject’s registered address in Hong
Kong. RV Solutions 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 just over a year.
The annual sales
turnover of the subject and its China firm will up to HK$400 million in the
year ahead.
Since the history
of the subject is short in Hong Kong, consider it good for business engagements
on L/C basis for the time being.
|
Date |
Particulars |
Amount |
|
21-01-2013 |
Instrument: Lien and Set-Off Agreement Property: 1) Fixed Deposit Receipt No.: DFN198 2) Fixed Deposit Receipt No.: DFN197 Mortgagee: HBZ Finance Ltd., Hong Kong. |
For securing
general credit facility allowed to the company |
|
17-04-2013 |
Instrument: Lien & Set-Off Agreement Property: 1) Fixed Deposit Receipt No.: DFN205 2) Fixed Deposit Receipt No.: DFN208 3) Fixed Deposit Receipt No.: DFN212 Mortgagee: HBZ Finance Ltd., Hong Kong. |
For securing
general credit facility allowed to the company |
|
17-04-2013 |
Instrument: Lien & Set-Off Agreement Property: 1) Fixed Deposit Receipt No.: DFN206 2) Fixed Deposit Receipt No.: DFN210 3) Fixed Deposit Receipt No.: DFN211 Mortgagee: HBZ Finance Ltd., Hong Kong. |
For securing
general credit facility allowed to the company |
|
17-04-2013 |
Instrument: Property: 1) Fixed Deposit Receipt No.: DFN207 Mortgagee: HBZ Finance Ltd., Hong Kong. |
For securing
general credit facility allowed to the company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.50 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
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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.