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Report Date : |
17.06.2013 |
IDENTIFICATION DETAILS
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Name : |
VEER INTERNATIONAL LTD. |
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Registered Office : |
Suite #2-A, 7/F., Block A, Hunghom Commercial Centre, 37-39 Ma Tau Wai Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.05.2013 |
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Com. Reg. No.: |
61404069 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Data Forms, Stationery, Office supplies |
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No. of Employees : |
3 (Including affiliates) |
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 – 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 |
|
Low |
A2 |
|
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
VEER INTERNATIONAL
LTD.
ADDRESS: Suite #2-A, 7/F., Block A, Hunghom
Commercial Centre, 37-39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: Not available
Managing Director: Mr. Vaibhav
Jitendra Vora
Incorporated on: 8th
May, 2013.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 3
(Including affiliates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Too
early to comment.
Registered Head Office:-
Suite #2-A, 7/F., Block A, Hunghom Commercial Centre, 37-39 Ma Tau Wai
Road, Hunghom, Kowloon, Hong Kong.
Associated Company:-
Shree Harsh Data Forms Pvt. Ltd.
69-71 Dhanji Street, G/F., Mumbai 400003, Maharashtra, India.
[Tel: 91-22-23852900/23427545/23453354
Fax: 91-22-23453354
Mobile Phone No.: +91-9324089757]
61404069
1904210
Managing Director: Mr. Vaibhav
Jitendra Vora
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 08-05-2013)
|
Name |
|
No. of share |
|
Vaibhav Jitendra VORA |
|
1 = |
(As per registry dated 08-05-2013)
|
Name (Nationality) |
Address |
|
Vaibhav Jitendra VORA |
69171 Dhanji Street, G/F., Mumbai 400003, Maharashtra, India. |
(As per registry dated 08-05-2013)
|
Name |
Address |
Co. No. |
|
Kaizen Secretaries Ltd. |
Room 2103, 21/F., Futura Plaza, 111 How Ming Street, Kwun Tong, Hong
Kong. |
0640440 |
The subject was incorporated on 8th May, 2013 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 2207-09, 22/F., Lippo Centre,
Tower 2, Admiralty Centre, Queensway, Hong Kong, moved to the present address
with effect from 14th May, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Data Forms, Stationery,
Office supplies.
Employees: 3
(Including affiliates)
Commodities Imported: China, other Asian countries or acquired from local suppliers,
etc.
Markets: India, other Asian countries, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Too early to
offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active 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 just one ordinary share of HK$1.00, Veer International
Ltd. is wholly owned by Mr. Vaibhav Jitendra Vora 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 moved to the present address in May 2013.
It has had an associated company known as Shree Harsh Data Forms Pvt.
Ltd. [SHDF] in Mumbai, India. The
subject and SHDF are engaged in the same lines of business. They are stationery, computer forms and
office equipment suppliers.
SHDF is trading in the following products:-
Blackboard duster, pencil wooden, rubber stamp stand, self adhesive
stickers, fax rolls, ATM rolls, adding rolls, packing boxes, label printing
products, computer data forms, other office supplies, etc.
The contact person of SHDF is also Vaibhav Jitendra Vora who can be
reached at his mobile phone number +91-9324089757. Vora is also the director of SHDF. Another contact person of SHDF Jasmin R. Vora
is a family member of Vaibhav Jitendra Vora.
The subject’s products are chiefly sourced from China, other Asian
countries or acquired from Hong Kong suppliers, etc. Commodities are chiefly exported to India.
The history of the subject in Hong Kong is just over a month. Business is still under development.
On the whole, since the history of the subject is short in Hong Kong,
consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
|
-- |
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.