|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MODERN INTERNATIONAL (ASIA) LTD. |
|
|
|
|
Registered Office : |
C/o TMF Secretarial Services Ltd. 36/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
22.01.2001 |
|
|
|
|
Com. Reg. No.: |
31549938 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Trader of Textiles, yarns, fabrics, etc. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
MODERN INTERNATIONAL
(ASIA) LTD.
ADDRESS: c/o TMF
Secretarial Services Ltd.
36/F., Tower Two,
Times Square, 1 Matheson Street, Causeway Bay, Hong Kong.
PHONE: 2503 7100
FAX: 2503
1054
Managing Director: Mr. Sidhant Vijay Kumar Jatia
Incorporated on: 22nd
January, 2001.
Organization: Private
Limited Company.
Capital: Nominal: HK$9,994,000.00
Issued: HK$9,994,000.00
Business Category: Textile Product Trader.
Group Turnover: INR
3,036.4 million (Year ended 31-03-2012)
Employees:
Nil.
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o TMF Secretarial Services Ltd.
36/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong
Kong.
Holding Company:-
Modern India Ltd., India.
Associated Companies:-
Central Bombay Infotec Park, India.
Indian Institute of Jewellery, India.
Modern India Free Trade Warehousing Pvt. Ltd., India.
Modern India Property Developers Ltd., India.
Modern International Middle East FZC, UAE.
31549938
0745152
Managing Director: Mr. Sidhant
Vijay Kumar Jatia
Nominal Share Capital: HK$9,994,000.00 (Divided into 9,994,000 shares of
HK$1.00 each)
Issued Share Capital: HK$9,994,000.00
(As per registry dated 22-01-2013)
|
Name |
|
No. of shares |
|
Modern India Ltd. Modern Centre, Sane Guruji Marg, Mahalaxmi, Mumbai 400 001, India. |
|
9,994,000 ======= |
(As per registry dated 22-01-2013)
|
Name (Nationality) |
Address |
|
Vijay Kumar Puranmal AGARWAL |
101 Benson, Sai Baba Road, Santacruz (W), Mumbai, India. |
|
Sidhant Vijay Kumar JATIA |
40 Belvedere Court, Sane Guruji Marg, Mahalaxmi, Mumbai 400 001, M.S.,
India. |
|
Vedant JATIA |
39 Belvedere Court, Sane Guruji Marg Mahalaxmi, Mumbai 400 001 M.S., India. |
|
Vijay Kumar Mahabir Prasad JATIA |
40 Belvedere Court, Sane Guruji Marg, Mahalaxmi, Mumbai 400 001, M.S.,
India. |
(As per registry dated 22-01-2013)
|
Name |
Address |
Co. No. |
|
TMF Secretarial Services Ltd. |
36/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong
Kong. |
0776802 |
The subject was incorporated on 22nd January, 2001 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Tudor Melody
Ltd., name changed to Sun Assessments Ltd. on 16th November, 2001 and further
to the present style on 2nd July, 2004.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Textile
Product Trader.
Lines: Textiles,
yarns, fabrics, etc.
Employees: Nil.
Commodities Imported: China, other Southeast Asian countries, etc.
Markets: India,
other Asian countries, Europe, etc.
Group Turnover: INR 1,475.9 million
(Year ended 31-03-2011)
INR 3,036.4 million (Year ended
31-03-2012)
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$9,994,000.00 (Divided into 9,994,000 shares
of HK$1.00 each)
Issued Share Capital: HK$9,994,000.00
Mortgage or Charge: (See
attachment)
Group Profit After Tax: INR 39.8 million (Year ended 31-03-2011)
INR 3.1 million (Year ended 31-03-2012)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities: Making rather active use of general banking
facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
Indian
Overseas Bank, Hong Kong Branch.
Standing:
Small.
Having issued 9,994,000 ordinary shares of HK$1.00 each, Modern
International (Asia) Ltd. is wholly owned by Modern India Ltd. [MIL/Group]
which is an India-based firm. It is also
a listed firm in India.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at 36/F., Tower Two Times Square, 1 Matheson Street,
Causeway Bay, Hong Kong known as TMF Secretarial Services 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 MIL Group of companies.
The subject was set up to outsource products from China and other
Southeast Asian Countries and is a B2B segment of the company where it services
local as well as international companies sourcing raw material/semi
finished/finished products and customized products as per requirements. In 2003, the subject started with Textiles,
Yarn and Fabric. Fabrics, Yarn and
Luggage are still the drivers for improved operations. It is expected that FY 2012-13 will be better
compared to FY 2011-12, as textile constitute major component of business in
it.
For the year ended 31st March, 2012, the total revenue of the group from
operations amounted to INR 3,036.4 million (2011: INR 1,475.9 million), profit
after tax amounted to INR 3.1 million (2011: INR 39.8 million). The PAT dropped substantially in FY 2012.
Mr. Vijay Kumar Jatia has been a Director of MIL since 1994. He has over 35 years of extensive experience
in business and industry. Mr. Jatia is a
committee member of the Mill Owners Association, various committees of FICCI-Western
Regional Council, and a member of the Indian Merchants Chambers. He is also the director of the subject.
The subject is fully supported by MIL.
The subject’s business in Hong Kong is not active. History is over twelve years and two months.
On the whole, consider the subject good for normal business engagements.
on L/C basis or in small credit amounts.
|
17-01-2006 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity MU 254758 16-12-2005 US$70,000 4.12% 16-03-2006 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any liabilities |
|
16-08-2006 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity MU 262521 09-06-2006 US$100,000 4.97% 11-09-2006 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any liabilities |
|
19-09-2007 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity MU 273881 06-08-2007 US$240,000 5.00% 06-11-2007 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any liabilities |
|
18-08-2009 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2009 FD133 1 19-06-2009 US$210,000 2.100% 21-12-2009 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.10 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
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 |
|
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 |
|
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 |
|
<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.