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Report No. : |
353394 |
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Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
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Name : |
DIGITECH INDUSTRIES |
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Registered Office : |
Room 1103, 11/F., Tung Che Commercial Centre, 246 Des
Voeux Road West, Sai Ying Pun, |
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|
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Country : |
Hong Kong |
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Date of Incorporation : |
15.08.2003 |
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Com. Reg. No.: |
33890709-000-08 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of Microscopes, Endoscope, Borescope, DVR Cameras |
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No. of Employee : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
DIGITECH INDUSTRIES
ADDRESS: Room 1103, 11/F., Tung Che
Commercial Centre, 246 Des Voeux Road West, Sai Ying Pun, Hong Kong.
PHONE: 852-2186
7575
FAX: 852-2610
6851
E-MAIL: sales@digitech-i.com
MANAGEMENT:
Manager: Mr.
Prakash Bhagchandani
Establishment: 15th
August, 2003.
Organization: Sole
Proprietorship.
Capital: Not
disclosed.
Business Category: Importer,
Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head
Office:-
Room 1103, 11/F., Tung Che Commercial Centre, 246 Des Voeux
Road West, Sai Ying Pun, Hong Kong.
Mailing
Address:-
G P O Box 2425, Central, Hong Kong.
Associated
Company:-
Digitech Industries Ltd., Hong Kong.
33890709-000-08
Manager: Mr. Prakash
Bhagchandani
Contact Person: Mr.
Jerry
Name: Mr. Prakash
BHAGCHANDANI
Residential Address: 5/F.,
Block G, Merry Court, 10 Castle Road, Hong Kong.
The subject was established on 15th August, 2003 as a sole
proprietorship concern owned by Mr. Prakash Bhagchandani under the Hong Kong
Business Registration Regulations.
Formerly the subject was located at ‘Room 502, 5/F., Kam On
Building, 176A-F Queen’s Road Central, Hong Kong’, moved to ‘Room H, 10/F.,
Bank Building, 259 Des Voeux Road West, Hong Kong’ in February 2012 and further
to the present address in November 2014.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Microscopes,
Endoscope, Borescope, DVR Cameras
Employees: 3.
Commodities Imported: China,
other Asian countries
Markets: Asian
countries, Europe, North America, Australia
Terms/Sales: L/C,
Advanced T/T
Terms/Buying: L/C,
D/P, O/A
Capital: Not disclosed.
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: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Digitech Industries is a sole proprietorship set up and
owned by Mr. Prakash Bhagchandani.
He is a Hong Kong ID holder and has got the right to reside
in Hong Kong permanently. He is also
manager of the subject.
He has been in Hong Kong for a very long time as he has got
his Hong Kong ID before setting up the subject.
The subject has had an associated company known as Digitech Industries
Ltd. [DIL] which is a Hong Kong-registered company.
The subject is trading in the following commodities:
Microscopes, Endoscope, Borescope, DVR Cameras, Gifts & Premium, Electronic Accessories
DIL, began operations in 1997, is engaged in manufacturing
and exporting innovative products using state-of-the-art technology being
exported to over 60 countries including the United States, Europe,
Australia, South East Asia & the United Aran Emirates.
The subject and DIL has had associated factories in
China. The China factory has set up its
R & D department which has more than twenty developers working on the
product Software Solutions & Hardware development.
In order to meet the market demand and provide a customized
solution, DIL offers OEM/ODM service to its global customers. It is able to help its customers to build up
their own brand and products. Its
services include Package Designing, Logo printing, Product/Solution Designing
and Modification.
The subject’s business is chiefly handled by Mr. Prakash
Bhagchandani. History in Hong Kong is
over twelve years and three months.
On the whole, consider the subject good for normal business
engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
HKD |
1 |
Rs.8.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
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Report Prepared
by : |
ANK |
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 |
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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 |
|
<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.