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Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
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Name : |
DIGITEK TELECOM |
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Registered Office : |
Room 811, 8/F., Houston Centre, 63 Mody Road, Tsimshatsui East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.08.2009 |
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Com. Reg. No.: |
51069956-000-08 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
distributor of
all various brands of mobile phones such as iPhone, Samsung, Alcatel, iPad,
and other branded accessories. |
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No of Employees : |
01 |
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 Concern |
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Payment Behaviour : |
Slow But Correct |
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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 |
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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.
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Source
: CIA |
DIGITEK TELECOM
Room 811, 8/F., Houston Centre, 63 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-9464 4459, 3693 4113, 3693 4114, 3693 4114
FAX: 852-3521 0139
E-MAIL: gopal@digitektelecom.com
Manager: Mr. Gopal Agarwal
Establishment: 26th August, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Mobile Phone Trader.
Employee: 1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 811, 8/F., Houston Centre, 63 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
51069956-000-08
Manager: Mr. Gopal Agarwal (Mobile: 852-9464 4459)
Name: Mr. Gopal AGARWAL
Residential Address: Room A, 5/F., Union Mansion, 33-35 Chatham Road South, Tsimshatsui, Kowloon, Hong
Kong.
The subject was established on 26th August, 2009 as a sole proprietorship concern owned by Mr. Gopal Agarwal under the Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Room A, 5/F., Union Mansion, 33-35 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in October, 2009.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Mobile Phone Trader.
Lines: All kinds of mobile phones and accessories
Employee: 1.
Commodities Imported: China, other Asian countries, etc.
Markets: India, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Prepayment, L/C, etc.
Capital: Not disclosed.
Profit or Loss: Made a small profit in 2013.
Condition: Business has been normal.
Facilities: Trying to make 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.
Digitek Telecom is a sole proprietorship set up and owned by Mr. Gopal Agarwal who is an Indian merchant.
He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also manager of the subject.
Gopal Agarwal has been in Hong Kong for a very long time before setting up the subject. He can be reached at his Hong Kong mobile phone number 852‑9464 4459.
The subject is a mobile phone trader. It has registered with the Office of the Communications Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of RU00134166-RU.
Products are chiefly sourced from China.
In the late 90’s
Gopal Agarwal was the partner of the following two companies:
1. Galaxmial Telecom Ltd.
2. Galaxmial Predera Trading (H.K.) Co. Ltd.
Both companies were mobile phone traders. However, both companies have ceased business for a long time.
The subject’s products are exported to India, Nepal, the Middle East. It is the distributor of all various brands of mobile phones such as iPhone, Samsung, Alcatel, iPad, and other branded accessories.
The business of the subject is normal. Business is chiefly handled by Gopal Agarwal himself. History in Hong Kong is over four years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.58 |
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|
1 |
Rs.98.66 |
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Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
|
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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 |
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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.