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MIRA INFORM REPORT
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Report No. : |
484801 |
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Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
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Name : |
VICTORY TRADING INDUSTRIAL LIMITED |
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Formerly Known As : |
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VICTORY HOLDING INDUSTRIAL LTD ·
EAST FORTUNE INDUSTRIAL LTD. |
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Registered Office : |
Block E, 5/F.,
Haribest Industrial Building, 45-47 Au Pui Wan Street, Fo Tan, New
Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.07.2004 |
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Com. Reg. No.: |
34886698 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, exporter and wholesaler of Watches, Electronic Medical Equipment,
Audio & Video Equipment, Computer Peripherals, Telecommunication
Equipment, Calculators, Energy Saving Products |
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No. of Employees : |
4 |
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 : |
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.
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Source
: CIA |
note
Subject was formerly
known as:
VICTORY HOLDING
INDUSTRIAL LTD.
with formerly located
at:
Block E, 12/F.,
Haribest Industrial Building,
45-47 Au Pui Wan
Street, Fo Tan,
New Territories, Hong
Kong.]
Company
name and address
VICTORY TRADING
INDUSTRIAL LIMITED
ADDRESS: Block E, 5/F., Haribest
Industrial Building, 45-47 Au Pui Wan Street, Fo Tan, New Territories, Hong
Kong.
PHONE: 852-2687 5011
FAX: 852-2687 5918
MANAGEMENT
Managing
Director: Mr. Vimalkumar Jitendrakumar Sukhadiya
SUMMARY
Incorporated on: 9th
July, 2004.
Organization: Private
Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Block E, 5/F.,
Haribest Industrial Building, 45-47 Au Pui Wan Street, Fo Tan, New
Territories, Hong Kong.
BUSINESS
REGISTRATION NUMBER
34886698
COMPANY
FILE NUMBER
0911059
MANAGEMENT
Managing
Director: Mr. Vimalkumar Jitendrakumar Sukhadiya
ISSUED
SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDER
(As per registry
dated 09-07-2017)
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Name |
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No. of shares |
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Pravinkumar
Bhomchand JAIN B-804, Pratiksha Tower,
8/F., R.S. Nimakar Marg, Mumbai Central, Mumbai, India. |
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1,000,000 ======= |
DIRECTOR
(As per registry
dated 09-07-2017)
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Name (Nationality) |
Address |
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Vimalkumar
Jitendrakumar SUKHADIYA |
Ramlal Bhatt Ni Khadki,
Tamboli Vas Kadi Distt, Mehsana 382715, India. |
SECRETARY
(As per registry
dated 09-07-2017)
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Name |
Address |
Co. No. |
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Joinway Consultants
Ltd. |
Room 11, 3/F.,
Kowloon Plaza, 485 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong. |
0771007 |
HISTORY
The subject was
incorporated on 9th July, 2004 as a private limited liability company under the
Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of East Fortune Industrial Ltd., name
changed to Victory Holding Industrial Ltd. on 20th March, 2015, and
further changed to the present style on 28th October, 2016.
Formerly the subject
was located at ‘Block E, 12/F., Haribest Industrial Building, 45-47 Au Pui Wan
Street, Fo Tan, New Territories, Hong Kong’, moved to ‘Block E, 5/F.’ of the
same building in January 2017.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and
Wholesaler.
Lines: Watches, Electronic Medical
Equipment, Audio & Video Equipment, Computer Peripherals, Telecommunication
Equipment, Calculators, Energy Saving Products.
Employees: 4.
Commodities Imported: China, other Asian countries, etc.
Markets: Other Asian countries,
Europe, US., Middle East, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$1,000,000.00
Profit or Loss: Made small profits in past years.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
rather active use of general banking facilities.
Payment: No complaints.
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 1
million ordinary shares of HK$1.00 each, Victory Trading Industrial Limited is
wholly owned by Mr. Pravinkumar Bhomchand Jain who is an India merchant. The director of the subject Mr. Vimalkumar
Jitendrakumar Sukhadiya is an India passport holder.
The subject has
changed its name twice. It is trading in
varieties of commodities. It carries the
following products:
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Watches (Wrist watches, Wrist watches, OEM),
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Blood Pressure Gauge (OEM),
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Audio Equipment (OEM),
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Hi-Fi Equipment (OEM),
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TV & Video Equipment (OEM),
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Computer Peripherals & Accessories (OEM),
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Telephone (OEM) & Telecommunication
Equipment,
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Calculators (OEM),
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Integrated Circuit (IC) (OEM),
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Electronic Components (Excluding
Semiconductors) (OEM),
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Energy Saving Product (Energy Saving Lamps,
Energy Saving Lamps, OEM), etc.
According to the
subject, it is engaged in designing, development, marketing and distribution in
consumer products predicated on fashion and value. Its principal offerings include an extensive line
of fashion watches sold under the Company's proprietary Cenzer, Rishab, Emage
brands. It also offers complementary
lines of Clocks, Calculators, electronics and electronic component. Its products are sold in department stores
and specialty retail stores around the world.
Commodities are
exported to the other Asian countries, Eastern and Western Europe, North
America, the Middle East, etc.
The business of the
subject is chiefly handled by Pravinkumar Bhomchand Jain himself. History in Hong Kong is over thirteen years
and six months.
Consider the subject
good for normal credit requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.83 |
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1 |
INR 86.28 |
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Euro |
1 |
INR 76.14 |
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HKD |
1 |
INR 8.15 |
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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DIV |
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Report Prepared
by : |
SYL |
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
·
Promoters
/ Management background
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Payment
record
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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.