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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
RIDDHI
INTERNATIONAL LTD. |
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Registered Office : |
Flat C, 3/F., Block 3, Oak Mansions, Site 5, Whampoa Garden, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.10.2011 |
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Com. Reg. No.: |
59059202 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of LCD televisions, mobile phones, LED lighting products,
LED lighting accessories, lap top power adapters, desk top power adaptors,
security systems, CCD cameras, Induction Cookers, LED televisions, CMOS
cameras, other electronic products. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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.
|
Source : CIA |
RIDDHI INTERNATIONAL LTD.
Flat C, 3/F., Block 3, Oak Mansions, Site 5, Whampoa Garden, Hunghom, Kowloon, Hong Kong.
PHONE: 852-9874 7633
E-MAIL: eliteintco@gmail.com
Managing Director: Ms. Lee Pui Man
Incorporated on: 12th October, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Mobile phone trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat C, 3/F., Block 3, Oak Mansions, Site 5, Whampoa Garden, Hunghom, Kowloon, Hong Kong.
China Office:-
Room 2318, Block C, World Financial Centre, 4003 Shennan East Road, Luohu, Shenzhen Special Economic Zone, China.
Associated
Companies:-
Elite International Co., Hong Kong.
Riddhi International
2/83, Lalite Park, Laxmi Nagar, Delhi 110 092, India.
59059202
1670738
Managing Director: Ms. Lee Pui Man
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 12-10-2012)
|
Name |
|
No.
of shares |
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Deepa
GALRANI |
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5,000 |
|
LEE Pui Man |
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5,000 |
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|
|
––––– |
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Total: |
10,000 ===== |
(As per registry
dated 12-10-2012)
|
Name (Nationality) |
Address |
|
LEE Pui Man |
Flat C, 3/F., Block 3, Oak
Mansions, Site 5, Whampoa Garden, Hunghom, Kowloon, Hong Kong. |
|
Deepa GALRANI |
B184, Shalimar Garden, Ext.
II, Sahibabad, Ghaziabad 201005, India. |
(As per registry dated 12-10-2012)
LEE Pui Man
The subject was incorporated on 12th October, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat C, 33/F., Block 3, Harbour Place, 8 Oi King Street, Hunghom, Kowloon, Hong Kong, moved to the present address with effect from 31st December, 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Mobile phone trader.
Lines: LCD televisions, mobile phones, LED lighting products, lighting accessories, power
adapters.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: India, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
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, Riddhi International Ltd. is equally owned by Ms. Lee Pui Man, a Hong Kong businesswoman, and Mr. Deepa Galrani who is an India merchant. Both are also directors of the subject. Currently the latter is residing in India.
The subject’s registered address is in a private building located at Flat C, 3/F., Block 3, Oak Mansions, Site 5, Whampoa Garden, Hunghom, Kowloon, Hong Kong. This is the Hong Kong-registered residence of Lee Pui Man.
The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.
The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories. However, Lee can be reached at her mobile phone number 852-9874 7633.
The subject has had the following two associated companies: Elite International Co. and Riddhi International [Riddhi]. The former, operated by Lee, is in Hong Kong while the latter, operated by Deepa Galrani, is in India. The subject and Riddhi are engaged in the same lines of business.
They are trading in
the following commodities:-
LCD televisions, mobile phones, LED lighting products, LED lighting accessories, lap top power adapters, desk top power adaptors, security systems, CCD cameras, Induction Cookers, LED televisions, CMOS cameras, other electronic products.
The subject is responsible for the commodities sourcing. It has had its affiliated factory in China. The factory can provide IQC & OQC on all the components required according to the requirements of its customers.
The subject also has had an office in Shenzhen Special Economic Zone, China.
According to Riddhi, it is set up by a group of professionals in consumer electronics & semi-conductors industry. It is able to serve its customers worldwide by providing “the right solution at the right price”. Riddhi is engaged in the following business scope:-
Sourcing partner, OEM/ODM in CKD/SKD, Consumer electronics products, Flat Panel TV in CKD/SKD, Android box/HDMI dongle, White electrical products.
The subject’ business in Hong Kong is chiefly handled by Lee herself. History in Hong Kong is just over a year.
Since the history of the subject is short 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.56.74 |
|
UK Pound |
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.