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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
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Name : |
MVD GROUP
LTD. |
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Registered Office : |
Room 1204, 12/F., Goldfield Tower, 53-59 Wuhu Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.05.2013 |
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Com. Reg. No.: |
Private Limited Company |
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Legal Form : |
61491343 |
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Line of Business : |
exporter of Car Audio Video Players, Home Theatres, Mobile Phones, Memory Cards, Laptops, Computer Parts and other related accessories |
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No of Employees : |
06 (Including associate) |
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 Company |
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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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
MVD GROUP LTD.
Room 1204, 12/F., Goldfield Tower, 53-59 Wuhu Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2333 2434
FAX: 852-2330 4644
E-MAIL: sodhi@biznetvigator.com
Managing Director: Mr. Rajesh Sodhi
Incorporated on: 24th May, 2013.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$2.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 6 (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1204, 12/F., Goldfield Tower, 53-59 Wuhu Street, Hunghom, Kowloon, Hong Kong.
Mailing Address:-
P O Box 84290, Kowloon, Hong Kong.
Associated
Companies:-
MVD Group (H.K.) Shenzhen Office,
Unit-2108, 21/F., International Science & Technology Building, 3007 Shennan Zhong Road, Futian District, Shenzhen 518033, China.
[Tel: 86-755-8304 7964, Fax: 86-755-8258 0674]
MVD Group (H.K.), Hong Kong. (Same address)
61491343
1912905
Managing Director: Mr. Rajesh Sodhi
Contact Person: Ms. Bala Harsh
Mr. Vikram Sodhi
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry
dated 24-05-2013)
|
Name |
|
No.
of shares |
|
Rajesh
SODHI |
|
1 |
|
Harsh BALA |
|
1 |
|
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|
–– |
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Total: |
2 = |
(As per registry
dated 24-05-2013)
|
Name (Nationality) |
Address |
|
Rajesh SODHI |
Room 1204, 12/F., Goldfield
Tower, 53-59 Wuhu Street, Hunghom, Kowloon, Hong Kong. |
|
Harsh BALA |
Room 1204, 12/F., Goldfield Tower,
53-59 Wuhu Street, Hunghom, Kowloon, Hong Kong. |
Harsh
BALA (As per registry dated 06-06-2013)
The subject was incorporated on 24th May, 2013 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: Electric products, electronic components and products, computer peripherals
Employees: 6. (Including associate)
Commodities Imported: China, other Asian countries, etc.
Markets: Europe, India, Pakistan, UAE, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making 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 two ordinary shares of HK$1.00 each, MVD Group Ltd. is equally owned by Mr. Rajesh Sodhi and Ms. Harsh Bala.
They are Hong Kong ID holders and have got the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject is also located at “Unit E, 33/F., Tower 1, Royal Peninsula, 8 Hung Lai Road, Hung Hom, Kowloon, Hong Kong” where is the residence of the shareholders.
The subject has had an associated company MVD Group (H.K.) [MVDHK] located at the same address.
MVDHK was established on 22nd March, 1999. MVDHK is also controlled by the shareholders of the subject.
The subject and MVDHK are engaged in the same lines of business.
MVDHK is one of the leading exporters in Hong Kong and China. It is an exporter of Car Audio Video Players, Home Theatres, Mobile Phones, Memory Cards, Laptops, Computer Parts and other related accessories
The followings are
the main commodities carried:
1. Car Audio Player
2. Car Video Player
3. VCD, DVD, DVB Parts
4. MP3 & MP4 Players
5. TV & Parts
6. Mobile Phones
7. Memory Cards & Card Readers
8. Laptop Computer Accessories
9. Accessories & Components
· Batteries & Charges;
· Calculators;
· Capacitors;
· Connectors;
· Crystal;
· DC Motors;
· Diodes;
· Earphones;
· Led & Neon Bulb;
· Speakers;
· Stock lots;
· Switches & Sockets; &
· Watch & Clocks Parts.
Its prime markets are the Middle East, India, and European countries.
The subject has had an associated company in Shenzhen Special Economic Zone, China known as MVD Group (H.K.) Shenzhen Office. This company is engaged in sourcing commodities from the suppliers in China.
The history of the Group in Hong Kong is over 15 years in Hong Kong. However the history of the subject is just about a year.
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.58.48 |
|
|
1 |
Rs.98.67 |
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Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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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 |
|
-- |
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.