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Report Date : |
29.04.2014
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IDENTIFICATION DETAILS
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Name : |
DHRUV LTD. |
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Registered Office : |
Room 601, 6/F., Kwong Kin Trade Centre, 5 Kin Fat Street,
Tuen Mun, New Territories, |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.05.2011 |
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Com. Reg. No.: |
58320000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garments |
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No. of Employees |
05 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies
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Source
: CIA |
DHRUV LTD.
ADDRESS: Room 601, 6/F., Kwong Kin Trade Centre, 5 Kin Fat Street, Tuen Mun, New Territories, Hong Kong.
PHONE: 852-3691 9115, 3488 8521
FAX: 852-3160 4661
E-MAIL: dhruv05@gmail.com
Managing Director: Mr. Venkatesh Murugan
Incorporated on: 6th May, 2011.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$1.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$25-30 million.
Employees: 5. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 601, 6/F., Kwong Kin Trade Centre, 5 Kin Fat Street, Tuen Mun, New Territories, Hong Kong.
Associated
Companies:-
Dhruv Associates, India.
Dhruv International, Hong Kong. (Same address)
Dhruv International, India.
58320000
1597182
Managing Director: Mr. Venkatesh Murugan
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
SHAREHOLDER: (As per registry dated 06-05-2013)
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Name |
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No. of share |
|
Venkatesh MURUGAN |
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1 = |
DIRECTORS: (As per registry dated 06-05-2013)
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Name (Nationality) |
Address |
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Lakshmipriya SIVASANKAR KIRUPASANKAR |
Flat A, 18/F., Block 20, Phase 2C, Hong Kong Gold Coast, 1 Castle Peak Road, Castle Peak Bay, Tune Mun New Territories, Hong Kong. |
|
Murugan Davey VENKATESH |
Flat A, 18/F., Block 20, Phase 2C, Hong Kong Gold Coast, 1 Castle Peak Road, Castle Peak Bay, Tune Mun New Territories, Hong Kong. |
|
Rajkamal Davey MURUGAN |
Flat A, 18/F., Block 20, Phase 2C, Hong Kong Gold Coast, 1 Castle Peak Road, Castle Peak Bay, Tune Mun, New Territories, Hong Kong. |
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Venkatesh MURUGAN |
Flat A, 18/F., Block 20, Phase 2C, Hong Kong Gold Coast, 1 Castle Peak Road, Castle Peak Bay, Tune Mun, New Territories, Hong Kong. |
SECRETARY: Venkatesh MURUGAN (As per registry dated 06-05-2013)
The subject was incorporated on 6th May, 2011 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: Importer, Exporter and Wholesaler.
Lines: All kinds of garments.
Employees: 5. (Including associate)
Commodities Imported: China, other Asian countries, etc.
Markets: South America, North America, the Middle East, Asian countries, etc.
Annual Turnover:HK$25-30 million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, O/A, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit & Loss: Made a very small profit in 2013.
Condition: Business is improving.
Facilities: Making rather active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued just one ordinary share of HK$1.00, Dhruv Ltd. is wholly owned by Venkatesh Murugan who is an India merchant. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He can be reached at his Hong Kong mobile phone number 852-6413 1166.
The subject has had an associated company Dhruv International, a Hong Kong-registered company located at the same address. The subject and Dhruv International are engaged in the same lines of business and under the same management.
Based in Hong Kong, the subject is a garment trader. Its major market is the South America.
The subject is trading in polyurethane jackets, men’s shirts and men’s hooded sweatshirts, etc.
Currently, the subject is carrying the following commodities:
Anoraks, Parkas and Carcoats‚ Babies’ Footwear‚ Babies’ Wear‚ Blouses‚ Cardigan, Sweater and Pullover‚ Carnival Costume‚ Children’s Wear‚ Coats‚ Denim Garments‚ Down Filled Jackets and Coats‚ Dress Gloves – Imitation Leather‚ Dress Gloves – Leather‚ Dress Gloves – Woollen Knitted‚ Dresses and Skirts‚ Evening and Party Dresses‚ Fashion Earmuffs‚ Fleece Garments‚ Footwear – PVC and Plastic‚ Hats and Caps‚ High Fashion Wear‚ Jacket – Ladies (excluding Ski-Jacket)‚ Jacket – Men (excluding Ski-Jacket)‚ Knitted Garments‚ Leg Warmer‚ Military Clothing and Accessories‚ Nightwear and Pyjamas‚ Protective Clothing‚ Raincoats‚ Sandals – EVA‚ Scarf – Knitted‚ Shirts‚ Silk Garment‚ Slippers – Flip-Flops / Thongs‚ Slippers – PVC‚ Sport Shoes‚ Sport Suits‚ Sporting Knitwear‚ Sports Gloves‚ Stock Lots – Footwear‚ Stock Lots – Garment‚ Suits and Jackets – Men’s‚ Suits and Jackets – Women’s‚ Tailor Made Garments‚ Tee and Sweat Shirts‚ Thermal Wear‚ Ties and Bowties‚ Trousers and Slacks‚ Underwear – Children’s‚ Underwear – Men’s‚ Underwear – Women’s‚ Uniform (excluding Military Clothing)‚ Water Sports Apparel‚ Wellington Boots‚ Windbreaker‚ Winter Sports Apparel‚ Yachting and Fishing Suit‚ Anoraks, Parkas and Carcoats‚ Babies’ Footwear‚ Babies’ Wear‚ Blouses‚ Cardigan, Sweater and Pullover‚ Carnival Costume‚ Children’s Wear‚ Coats‚ Denim Garments‚ Down Filled Jackets and Coats‚ Dress Gloves – Imitation Leather‚ Dress Gloves – Leather‚ Dress Gloves – Woollen Knitted‚ Dresses and Skirts‚ Evening and Party Dresses‚ Fashion Earmuffs‚ Fleece Garments‚ Footwear – PVC and Plastic‚ Hats and Caps‚ High Fashion Wear‚ Jacket – Ladies (excluding Ski-Jacket)‚ Jacket – Men (excluding Ski-Jacket)‚ Knitted Garment‚ etc.
Besides South America, the subject’s commodities are exported to North America, the Middle East and some of the Asian countries. Commodities are imported from China, acquired from local suppliers and imported from the other Asian countries.
The subject has had the following two associated companies in India:
Dhruv Associates;
Dhruv International.
The two India companies are garment traders and distributors.
The subject’s history is just about three years. Business has been improving. Annual sales turnover ranges from HK$25 to 30 million. The subject’s business is chiefly handled by Mr. Murugan himself.
On the whole, consider the subject good for business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.50 |
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|
1 |
Rs.101.69 |
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Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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.