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Report Date : |
29.04.2014 |
IDENTIFICATION DETAILS
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Name : |
GARVY INTERNATIONAL LTD. |
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Registered Office : |
c/o Buttar.HK Ltd. Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam
Street, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.07.2005 |
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Com. Reg. No.: |
35823172 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
trader of all kinds of Mobile Phones & Electronic Products bearing the
brand name “act mobile” |
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No of Employees : |
No Employees in Hong Kong
(It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong
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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 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.
|
Source
: CIA |
GARVY INTERNATIONAL LTD.
c/o Buttar.HK Ltd.
Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
PHONE: Not available.
FAX: Not available.
E-MAIL: manohar@garvyintl.com
Managing Director: Mr. Manohar Wadhwaney
Incorporated on: 9th July, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Mobile phone trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Buttar.HK Ltd.
Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
Associated Companies:-
Kidsclub (China) Ltd., Hong Kong. (Same address)
Garvy International Ltd., China.
Shenzhen ACT Industrial Co. Ltd., China.
35823172
0982266
Managing Director: Mr. Manohar Wadhwaney
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00each)
Issued Share Capital: HK$100.00
(As per registry
dated 09-07-2013)
|
Name |
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No.
of shares |
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Manohar WADHWANEY |
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100 === |
(As per registry
dated 09-07-2013)
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Name (Nationality) |
Address |
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Manohar
WADHWANEY |
3B, Building No.8, Pale Yuan, Pal
Shida-Sec-1, Shenzhen, China. |
(As per registry
dated 09-07-2013)
|
Name |
Address |
Co. No. |
|
Buttar.HK LTD. |
1/F., Mau Lam Commercial Building, 16‑18 Mau
Lam Street, Jordan, Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 9th July, 2005 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: Mobile phone trader.
Lines: All kinds of mobile phones, electronic products
Brand Name: ACT Mobile.
Employees: Nil.
Commodities Imported: China, etc.
Markets: India, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: COD or as per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00each)
Issued Share Capital: HK$100.00
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.
Garvy International Ltd. was incorporated in July, 2005 as a private limited liability company.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong” known as “Buttar.HK Ltd.” [Buttar.HK] which is handling its correspondences and documents. ‘Unit G’ is the file number of the subject in Buttar.HK. Buttar.HK is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 100 ordinary shares of HK$1.00 each which are wholly-owned by Mr. Manohar Wadhwaney. He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject. His registered address is in Shenzhen Special Economic Zone, China.
Besides operating the subject, Mr. Manohar Wadhwaney is operating another company in Hong Kong known as Kidsclub (China) Ltd. which is also in the operating office of Buttar.HK.
We can reach nobody at your given phone number 97144541669 as nobody answered our phone calls. It seems to be a foreign mobile phone number which is in the United Arab Emirates.
To our knowledge, the subject is a mobile phone and electronic product trader. It has had an associated company in Shenzhen Special Economic Zone, China bearing the same name [Garvy].
Garvy was founded in November 2007 in China, headquartered in Luohu District, Shenzhen SEZ. It is engaged in products designing, research and development, production, marketing. Its manufacturing plant is located in Yantian District of Shenzhen SEZ. Garvy has set up a number of mobile phone chip production bases with a total of more than 500 employees. Garvy is able to provide customers with mobile communication terminal products, core components of PCBA, LCM, and cell phone designs. Over the past three years it has been growing significantly.
Garvy has its overseas market in India. Bearing the brand name “ACT Mobile”, Garvy’s mobile phones are rather famous in the mobile markets of New Delhi, Jaipur, Bombay and so on. It was reported that “ACT Mobile” had been registered with the Chinese Government.
“ACT Mobile” mobile phones are manufactured by Shenzhen ACT Industrial Co. Ltd. [Shenzhen ACT].
Shenzhen ACT, established in 1999, is a high-tech company that integrates research and development, manufacturing and marketing of electronic series products. With years of expertise accumulated and strong research and innovation capability, it is specialized in TFF-LCD products with six main categories: 1) Portable Digital TV series products, 2) Digital Photo Frame, 3) Set Top Box, 4) Mobile phone, 5) Notebook, 6) Power Adapter.
Its main markets are Europe and the United States, Australia, Asia, etc. more than 20 countries and regions.
Shenzhen ACT is ISO9001:2008, TS16949:2002 and ISO14001:2009 certified. All its products are also CCC, CE, FCC and UL certified.
At present, Shenzhen ACT has a 24,000 square meter modern industrial workshop, a 1,500 square meter cleaning room (10K grade), 21 automated modern SMT production lines, 26 debugging lines and 8 assembly lines.
Now, Shenzhen ACT has 80 patents in China and abroad.
Shenzhen ACT can offer its customers with a total OEM and ODM solutions.
The contact person of Garvy is Mr. Pratihba Wadhwaney who is in Shenzhen SEZ most of the time.
The subject has been banking with The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eight years.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE :
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
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 : |
MNL |
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 |
-- |
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.