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Report No. : |
346071 |
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Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
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Name : |
VIKUDHA OVERSEAS CORPORATION LTD. |
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Registered Office : |
Room 1201-1202A, 12/F., The Centrium, 60 Wyndham Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.03.1999 |
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Com. Reg. No.: |
0669390 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and
Wholesaler of Chemicals, plastic products, minerals, edible oil |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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) |
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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 |
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.
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Source
: CIA |
VIKUDHA OVERSEAS
CORPORATION LTD.
ADDRESS: Room
1201-1202A, 12/F., The Centrium, 60 Wyndham Street, Central, Hong Kong.
PHONE: 852-2523
4554
FAX: 852-2521
3261
E-MAIL: office@vikudha.com
MANAGEMENT:
Managing Director:
Mr. Deap Kumar Adukia
Founded in: 1973.
Incorporated on: 12th March, 1999.
Organization: Private Limited Company.
Issued Share Capital: HK$80,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Room 1201-1202A, 12/F., The Centrium, 60 Wyndham Street,
Central, Hong Kong.
Mailing Address:
G.P.O. Box 2842, Hong Kong.
Associated/Affiliated Companies:-
C.I. Vikudha Andina S.A.S., Colombia.
Consumer Marketing (India) Pvt. Ltd., India.
Nova Petroleum Specialties Co. LLC, USA.
Sinoasia Minerals Sdn. Bhd., Malaysia.
Vikudha (Malaysia) Sdn Bhd, Malaysia.
Vikudha (Thailand) Co. Ltd., Thailand.
Vikudha (Tianjin) Corporation Ltd., China.
Vikudha Brasil, Brasil.
Vikudha Centroamérica & Caribe S.A., Guatemala.
Vikudha Ltd., Hong Kong.
Vikudha Singapore Pte. Ltd., Singapore.
Vikudha Sur América S.A.C., Peru.
Vikudha Türkiye İrtibat Bürosu, Turkey.
VOC Central America S.A., Costa Rica.
Sino Trade Co., Hong Kong.
22332005
0669390
Managing Director:
Mr. Deap Kumar Adukia
Contact Persons: Ms.
Choi Ching Yin, Anita
Ms. Joey
Lau
HK$80,000,000.00
(As per registry dated 12-03-2015)
|
Name |
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No. of shares |
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Vikash ADUKIA |
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40,000,000 |
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Deap Kumar ADUKIA |
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40,000,000 |
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––––––––– |
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Total: |
80,000,000 ======== |
(As per registry dated 12-03-2015)
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Name (Nationality) |
Address |
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Deap Kumar ADUKIA |
Flat C, 24/F., Caine Mansion, 80-88 Caine Road, Hong
Kong. |
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Vikash ADUKIA |
Flat C, 24/F., Caine Mansion, 80-88 Caine Road, Hong
Kong. |
(As per registry dated 12-03-2015)
|
Name |
Address |
Co. No. |
|
Hashmi Secretarial Services Ltd. |
Unit B, 3/F., Chun Wah Commercial Building,
30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong. |
0770656 |
The subject was originally founded in 1973 bearing the
name of Vikudha Overseas Corporation.
Re-organised and incorporated on 12th March, 1999 as a private limited
liability company under the Hong Kong Companies Ordinance.
Initially the subject was located at Room 3006, 30/F.,
The Centrium, 60 Wyndham Street, Central, Hong Kong, moved to Room
1201-1202A, 12/F. of the same building in June 2011.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Chemicals,
plastic products, minerals, edible oil
Employees: 8.
Commodities Imported: China,
Taiwan, other Asian countries, Europe
Markets: Other Asian countries, Australia,
North America, Western Europe, Central & South America
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, O/A
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Issued Share Capital:
HK$80,000,000.00
Mortgage or Charge (since April 2013): (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
active use of general banking facilities.
Payment: Met as
contracted.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Bank of India, Hong Kong Branch.
Union Bank of India, Hong Kong Branch.
Dah Sing Bank Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
ICICI Bank Ltd., Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
UCO Bank, Hong Kong Branch.
Standing: Very good.
Having issued 80 million (increased from 40 million)
ordinary shares of HK$1.00 each, Vikudha Overseas Corporation Ltd. is equally
owned by Mr. Vikash Adukia and Mr. Deap Kumar Adukia. Being Indian merchants, they are also
directors of the subject.
The subject is a member of the Vikudha Group which has
been in business since 1973.
Currently, the subject is trading in the following
commodities and offering clients with the following services:-
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Chemicals |
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- All kinds of organic and inorganic chemicals |
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Polymer |
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- Plastic Materials (including Resins, Sheet) |
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Minerals |
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Edible Oils |
Its minerals and edible oils are the following items:
Minerals: Anthracite Coal, Chrome, Coking Coal, Copper,
Iron, Lead, Manganese, Met Coke, Steam / Thermal Coal, Zinc.
Edible Oils: Blended Edible Oil, Canola Oil, Olive Oil, Rapeseed
Oil, Sunflower Oil.
It offer clients with the following scope of business:
Product Sourcing
Marketing and Markets Development
Supply Chain Supporting
Logistic Services
The subject is a privately owned group with head office
in Hong Kong and branch offices in China, India, Singapore, Turkey, Peru,
Guatemala, Vietnam, Malaysia, Thailand, Colombia and Brazil. The presence of offices in these countries
has acted as a springboard in the growth of the group which now has trade
activities in China, India, Turkey, Latin America, Western and Central Europe,
the Middle East, Asia Pacific and Africa.
It has mining activities in Malaysia and Chemical distribution
activities in various countries.
According to the subject, it has had thirteen offices in different
locations of the world.
The subject trades in petrochemicals, industrial
chemicals, minerals, edible oil and plastic raw materials. Commodities are sourced from worldwide
countries and re-exported to China, other Asian countries, Europe, Latin
America.
The subject set up its China office in 2001.
In 2009, the subject set up offices in Ho Chi Minh City
of Vietnam, Guatemala City of Guatemala, Lima of Peru. In 2010, it opened an office in Bangkok of
Thailand.
In 2011, the subject set up an office in South Korea and
in 2012, set up an office in Brazil and in Spain respectively.
The subject’s associated company in India is known as
Consumer Marketing (India) Pvt. Ltd. which is in Mumbai, India.
The subject is chiefly controlled by the Adukia
family. Annual sales turnover is
significant as regular suppliers and overseas customers have been maintained.
The subject claims that the annual sales turnover of the
group is over US$250 million.
The subject has had deposits amount to US$ 1 million with
Union Bank of India, Hong Kong Branch, for securing banking facilities.
The history of the subject in Hong Kong is over sixteen
years and seven months.
On the whole, consider it good for normal business
engagements.
Property information of the company:-
Property Location: Flat
A on 24/F., Caine Mansion, 80-88 Caine Road, Hong Kong.
Owner: Vikudha
Overseas Corporation Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
20-05-2008 |
- |
Indian Overseas Bank, Hong Kong Branch. |
Mortgage to secure general banking facilities |
(Since April 2013)
|
Date |
Description of Instrument |
Mortgagee |
|
05-06-2013 |
Charge On Deposit |
Union Bank of India, Hong Kong Branch. |
|
18-10-2013 |
Letter of Set-Off &
Appropriation |
Bank of India, Hong Kong Branch. |
|
26-03-2014 |
Charge Over Cash Deposit |
ICICI Bank Ltd., Hong Kong Branch. |
|
26-03-2014 |
Assignment of Sales
Contracts and Letters of Credit |
ICICI Bank Ltd., Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
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UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
|
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Report Prepared
by : |
TRU |
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.