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Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
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Name : |
VATSAL
INTERNATIONAL LTD. |
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Registered Office : |
c/o Gallium Secretaries Ltd., Unit B, 11/F., Hang Seng Causeway Bay Building, 28 Yee Woo Street, Causeway Bay |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.06.2001 |
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Com. Reg. No.: |
31922433 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Textile product trader of Cotton, textiles, medical equipment, etc. |
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No. of Employees : |
Not available |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
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'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.
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Source : CIA |
VATSAL INTERNATIONAL
LTD.
c/o Gallium Secretaries Ltd.
Unit B, 11/F., Hang Seng Causeway Bay Building, 28 Yee Woo Street, Causeway Bay, Hong Kong.
PHONE: 2881 6380
FAX: 2836 6729
Managing Director: Mr. Rakesh Bajaj
Incorporated on: 15th June, 2001.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Textile product trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Gallium Secretaries Ltd.
Unit B, 11/F., Hang Seng Causeway Bay Building, 28 Yee Woo Street, Causeway Bay, Hong Kong.
Holding Company:-
M I Textiles Pte Ltd., Singapore.
Associated
Companies:-
Grafax Cotton Pvt. Ltd., Zimbabwe.
Grafax Cotton S.A.R.L., Mali.
Grafax Cotton Zambia Ltd., Zambia.
Grafax Holdings Pvt. Ltd., Zimbabwe.
Innovative Intex Pvt. Ltd., India.
Innovative Textiles Pvt. Ltd., India.
Veena Enterprise Ltd., India.
31922433
0760297
Managing Director: Mr. Rakesh Bajaj
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 13-03-2013)
|
Name |
Occupation |
No.
of shares |
|
Veena Enterprise Ltd. 807, Rohit House
3, Tolstory Marg, New Delhi - 110 001, India. |
Corporation |
70,000 |
|
Bipin
BAJAJ |
Merchant |
30,000 |
|
M I Textiles Pte Ltd. #19-04/05,
High Street Centre, 1, North Bridge Road, Singapore. |
|
1,330,000 |
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Truelife Investments Pte
Ltd. #15-15, Cendex Centre, 120 Lower Delta Road, 169206 Singapore. |
|
570,000 |
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|
|
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|
–––––––– |
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Total: |
2,000,000 ======= |
(As per registry
dated 15-06-2012)
|
Name (Nationality) |
Address |
|
Seema BAJAJ |
81 Vigyan Vihar, Delhi-110
092, India. |
|
Rakesh BAJAJ |
81 Vigyan Vihar, Delhi-110
092, India. |
(As per registry
dated 15-06-2012)
|
Name |
Address |
Co.
No. |
|
Gallium Secretaries Ltd. |
Unit B, 11/F., Hang Seng Causeway Bay Building, 28 Yee Woo
Street, Causeway Bay, Hong Kong. |
0067912 |
The subject was incorporated on 15th June, 2001 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: Textile product trader.
Lines: Cotton, textiles, medical equipment, etc.
Employees: Nil.
Commodities Imported: Europe, Asian countries, etc.
Markets: India, Southeast Asia, etc.
Terms/Sales: L/C or as per contracted.
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: 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 2 million ordinary shares of HK$1.00 each, Vatsal International Ltd. is chiefly owned by M I Textiles Pte Ltd., a Singapore‑based firm holding 66.5% interests.
The other holding
companies and shareholder are:-
· Bipin BAJAJ, 1.5%;
· Truelife Investments Pte Ltd., 28.5%; &
· Veena Enterprise Ltd., 3.5%.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Unit B, 11/F., Hang Seng Causeway Bay Building, 28 Yee Woo Street, Causeway Bay, Hong Kong” known as “Gallium Secretaries Ltd.” which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It is a member of the Innovative Group. The first company of the Group was founded in 1991.
The subject is trading in textile products, textile raw materials, cotton, medical equipment, etc.
The subject has had an associated company Innovative Medical Systems [IMS] which is also operated by Bipin Bajaj.
The main activities of IMS are Manufacturing, Importing and Distributing medical equipment and disposables. It is representing the world’s renowned medical companies like Masimo, Nonin, etc. in India.
Group Companies include the following firms: Veena Enterprises Ltd. (A Govt. of India recognized export house), Innovative Textiles Pvt. Ltd., Innovative Intex Pvt. Ltd., M. I. Textiles Pvt. Ltd. (Singapore), Grafax International Pvt. Ltd. (Zimbabwe), etc.
Group Offices are located in India, Singapore, Hong Kong, Zimbabwe, Egypt, Bangladesh, etc.
The main business interests of the Group are in textiles & Medical Equipments. The total turnover of the Group ranges from Rs.80 to 100 crore.
Bipin BAJAJ was majored in Medical Electronics.
The subject is fully supported by the Innovative Group.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eleven years.
On the whole, consider the subject good for normal business engagements in small credit amounts or on secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
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UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
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 |
---- |
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.