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MIRA INFORM REPORT
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Report No. : |
492028 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MANIPAL LIMITED |
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Registered Office : |
Flat A1, 2/F., Block A, Park View Court, 1 Lyttelton Road, Mid-Level |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.01.1974 |
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Com. Reg. No.: |
05161603 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, exporter and manufacturers’ representative of electronic products, audio/video products, lighting equipment, moulding equipment, electronic components, electronic toys, garment accessories, yarns, raw silk, silk yarn, umbrellas, gifts, ceramics, Chinese goods. |
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No. of Employees : |
3 (Office Staff) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
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 aided a more rapid initial recovery 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 9.4% of
total system deposits in Hong Kong by the end of 2015. 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. Mainland
visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million,
reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong
has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2015, mainland Chinese companies constituted about
51% of the firms listed on the Hong Kong Stock Exchange and accounted for about
62.1% 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. 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, which took effect in
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. Credit expansion and a tight housing supply have caused Hong Kong
property prices to rise rapidly; consumer prices increased 2.6% in 2016, but
slowed to 2.0% in 2017. Lower- and middle-income segments of the population are
increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most
evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong
Shanghai Gold Connect are all important steps towards opening up the Mainland’s
capital markets and has reinforced Hong Kong’s leading role as China’s offshore
RMB market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities. In
2017, Chief Executive Lam announced plans to increase government spending on
research and development, education, and technological innovation with the aim
of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company
name & address
MANIPAL LIMITED
ADDRESS: Flat A1, 2/F., Block
A, Park View Court, 1 Lyttelton Road, Mid-Level, Hong Kong.
PHONE: 852-2545 1181 (2
lines), 2545 1134
FAX: 852-2850 7029
E-MAIL: bbeed@manipal.com.hk
MANAGEMENT
Managing Director: Mr. Bijal
Motichand Beed
SUMMARY
Incorporated on: 8th January, 1974.
Organization: Private Limited Company.
Issued Share Capital: HK$3,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Annual Turnover: HK$40-80 million.
Employees: 3 (Office Staff)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
name
MANIPAL LIMITED
ADDRESS
Registered Head
Office:-
Flat A1, 2/F., Block A, Park View Court, 1 Lyttelton Road, Mid-Level,
Hong Kong.
Mailing Address:-
G.P.O. Box 9556, Hong Kong.
BUSINESS
REGISTRATION NUMBER
05161603
COMPANY
FILE NUMBER
0036850
MANAGEMENT
Managing Director: Mr. Bijal Motichand
Beed
ISSUED
SHARE CAPITAL
HK$3,000,000.00 (30,000 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 08-01-2018)
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Name |
Occupation |
No. of shares |
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Mr. Bijal Motichand BEED |
Merchant |
15,000 |
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Mr. Reshma Bijal BEED |
Merchant |
15,000 |
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–––––– |
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Total: |
30,000 ===== |
DIRECTORS
(As per registry dated 08-01-2018)
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Name (Nationality) |
Address |
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Mr. Reshma Bijal BEED (Indian) |
Flat A1, 2/F., Block A, Park View Court, 1 Lyttelton Road, Mid-Level,
Hong Kong. |
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Mr. Bijal Motichand BEED (Indian) |
Flat A1, 2/F., Block A, Park View Court, 1 Lyttelton Road, Mid-Level,
Hong Kong. |
SECRETARY
(As per registry dated 08-01-2018)
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Name |
Address |
Co. No. |
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Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
HISTORY
The subject was incorporated on 8th January, 1974 as a private limited liability
company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Jems Ltd., name changed
to the present style on 6th May, 1977.
The subject moved from 2/F., 57 Wyndham Street, Central, Hong Kong (also
was the owners’ residence) to the subject’s own premises located at
Room 704, 7/F., Cheong Tai Commercial Building, 60-66 Wing Lok Street,
Sheung Wan, Hong Kong in early 1990.
It had once been moved back to 2/F., 57 Wyndham Street, Central,
Hong Kong in 1997, but relocated again at Room 704, 7/F., Cheong Tai Commercial
Building in late 1999.
The subject moved to the present address in September 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Manufacturers’ Representative.
Lines: Electronic
products, audio/video products, lighting equipment, moulding equipment,
electronic components, electronic toys,
garment accessories, yarns, raw silk, silk yarn, umbrellas, gifts, ceramics,
Chinese goods.
Employees: 3. (Office staff)
Commodities Imported: Mainly
imported from China, India, Japan, Korea, US, UK, and also bought in Hong
Kong.
Markets: India,
Germany, East Africa and Caribbean Islands.
Annual Turnover: HK$40-80
million.
Terms/Sales: L/C, T/T, or as per contracted,
etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$3,000,000.00
(30,000 fully paid ordinary shares)
Mortgage or Charge: (See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of
general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:- The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Indian Overseas
Bank, Hong Kong Branch.
Standing: Good.
GENERAL
Manipal Limited is an Indian company equally owned by Mr. Bijal
Motichand Beed and Mr. Reshma Bijal Beed.
Both are also directors of the subject.
They are Hong Kong ID Card holders and have got the right to reside in
Hong Kong.
On 8th January, 1997, the subject’s nominal and issued capital were
increased from HK$1,000,000.00 to HK$3,000,000.00.
The subject’s registered address is located at ‘Flat A1, 2/F., Block A,
Park View Court, 1 Lyttelton Road, Mid-Level, Hong Kong’. This office is in a residential building
where is also the registered residence of the two shareholders.
The subject was initially in a leased premises located at 2/F., 57
Wyndham Street, Central, Hong Kong, moved to its own business premises located
at Room 704, 7/F., Cheong Tai Commercial Building, 60-66 Wing Lok Street,
Sheung Wan, Hong Kong in early 1990.
It moved to the present address in September 2013.
The subject is trading in the following commodities:-
Premium, cutlery & flatware, hand tools, hardware, electronic
products, audio/video products, lighting equipment, lighting fixtures, building
materials, locks, moulding equipment, kitchen utensils, electronic components,
electronic toys, garment accessories, yarns, raw silk, silk yarn, umbrellas,
gifts, ceramics, other Chinese goods, etc.
The subject is representing a number of manufacturers in Asia. It also sources commodities from China, the
other Asian countries, etc.
Products are exported to India, other Asian countries, Europe, North
America, etc. Overall business is
active. Regular suppliers and customers
have been maintained.
The business of the subject is chiefly handled by the two
shareholders. History in Hong Kong is
over 44 years. It is one of the oldest
India companies in Hong Kong.
On the whole, consider it good for normal business engagements.
REMARKS
Property information of the company:-
Property Location: Office D
on 7/F., Cheong Tai Commercial Building, 60‑62 Wing Lok Street,
Hong Kong.
Owner: Manipal Ltd.
Date of Purchase: 15-11-1989
Purchased Price: HK$800,000
Incumbrances:-
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Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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25-03-1994 |
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The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
MORTGAGE
OR CHARGE
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Date |
Description of
Instrument |
Mortgagee |
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07-07-1982 |
Letter of Authority |
Indian Overseas Bank, Hong Kong Branch. |
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05-08-1992 |
Letter of Authority |
Indian Overseas Bank, Hong Kong Branch. |
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25-03-1994 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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25-04-2016 |
Charge Over Securities and Deposits with the Bank (Limited Company)
(Unlimited Amount) |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.65 |
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Euro |
1 |
INR 79.94 |
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HKD |
1 |
INR 10.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.