MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOIMEX
INTERNATIONAL LTD. |
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Registered Office : |
Units 902-904, 9/F., Metro Loft, 38 Kwai Hei Street, Kwai
Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.02.1978 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Exporters; Buying Agent of Garments and Accessories |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
SOIMEX
INTERNATIONAL LTD.
ADDRESS
Units 902-904,
9/F., Metro Loft, 38 Kwai Hei Street, Kwai Chung, New Territories, Hong
Kong.
PHONE: 2721 0129
FAX: 2739 8293, 2368 3057
E-MAIL: info@soimex.com
victor@soimex.com
MANAGEMENT
Managing
Director: Mr. Vishwa Prakash
SUMMARY
Establishment: 18th February, 1978. (Sole Proprietorship)
Incorporated on: 11th June, 1991.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Buying Agents and Exporters.
Annual Turnover: Over HK$250 million.
Employees: 16.
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Units 902-904,
9/F., Metro Loft, 38 Kwai Hei Street, Kwai Chung, New Territories, Hong
Kong.
Affiliated with:-
Soimex
International Pvt. Ltd., New Delhi, India.
Soimex Garment
Services Pvt. Ltd., Bangalore, India.
Soimex Denimagic,
U.S.A.
Soimex China
Resources, China.
Textilasia Ltd.,
Hong Kong.
BUSINESS REGISTRATION NUMBER
14715724
COMPANY FILE NUMBER
314019
MANAGEMENT
Managing
Director: Mr. Vishwa Prakash
Financial
Controller: Mr.Satish Kudyadi
CAPITAL
Nominal Share
Capital: HK$5,000,000.00 (Divided into 500,000 shares of HK$10.00 each)
Issued Share
Capital: HK$5,000,000.00
SHAREHOLDERS
(As per registry dated 11-06-2008)
|
Name |
Occupation |
No. of shares |
|
Vishwa PRAKASH |
Merchant |
485,000 |
|
Sujata PRAKASH |
Merchant |
5,000 |
|
Shipra PRAKASH |
Merchant |
5,000 |
|
Suvrat PARKASH |
Merchant |
5,000 |
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|
|
––––––– |
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|
Total: |
500,000 ====== |
DIRECTORS
(As per registry dated 11-06-2008)
|
Name (Nationality) |
Address |
|
Sujata PRAKASH (Indian) |
Units 902-904, 9/F., Metro Loft, 38 Kwai
Hei Street, Kwai Chung, New Territories, Hong Kong. |
|
Vishwa PRAKASH (Indian) |
Units 902-904, 9/F., Metro Loft, 38 Kwai
Hei Street, Kwai Chung, New Territories, Hong Kong. |
SECRETARY
(As per registry dated 11-06-2008)
|
Name (Nationality) |
Address |
|
Arun KUMAR |
Units 902-904, 9/F., Metro Loft, 38 Kwai Hei Street, Kwai Chung,
New Territories, Hong Kong. |
HISTORY
The subject,
previously known as Soimex International, was originally established on 18th
February, 1978 as a sole proprietorship concern of Mr. Vishwa Prakash under
the Hong Kong Business Registration Regulations. Re-organized and incorporated on 11th June, 1991 as a private
limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither
material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importers and Exporters;
Buying Agent.
Lines: Garments and
accessories, belts, buttons, fasteners, garment accessories, haberdashery,
textile goods, piece goods, textiles-cotton, textiles-handloom,
textiles-synthetic, textiles-woollen, textiles-woven and wool, denims,
corduroy, twills & canvas, and etc.
Employees: 16.
Commodities
Handled: Mainly acquird in Hong Kong,
imported from China, Taiwan, Korea, India and etc.
Markets: Central Africa, Egypt,
India, Mauritius, Middle East, South America, Sri Lanker, Turkey, etc.
Annual
Turnover: Over HK$250
million.
Terms/Sales: L/C,
D/P and D/A.
Terms/Buying: L/C
or by credit.
MEMBERSHIP
The Indian Chamber
of Commerce Hong Kong, Hong Kong.
FINANCIAL INFORMATION
Nominal Share
Capital: HK$5,000,000.00 (Divided into 500,000 shares of HK$10.00 each)
Issued Share
Capital: HK$5,000,000.00
Mortgage or
Charge: (See attachment)
Profit & Loss: Traded at a profitable angle.
Condition: Kept in an active and satisfactory manner.
Facilities: Is making active use of general banking facilities.
Payment: Regularly met.
Commercial Morality: Satisfactory.
Bankers
Bank of India,
Hong Kong Branch.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Middle East
Finance International Ltd., Hong Kong.
Indian Overseas
Bank, Hong Kong Branch.
Standing: Small.
GENERAL
The subject’s predecessor, Soimex International, was a sole proprietorship firm owned and set up by Mr. Vishwa Prakash, who is an Indian, in February 1978. The limited company was incorporated in June 1991 to cope with further expansion. Now the subject is jointly owned by the members of Prakash family.
The subject mainly acts as a buying agent. It exports fabrics, included grey fabrics to denim, piece dyed cotton twills, corduroys and poplins to fancy dobbies, and garment accessories to India, Sri Lanker, the Middle East, Turkey, Egypt, Central Africa, Mauritius, South America, etc. The commodities are mostly sourced in Hong Kong and from China. The subject has maintained offices in Hong Kong, China, India and the US. It has its own in-house designers, textile engineers, merchandisers and QC staff.
Having a history of more than 30 years, the subject has developed business ties with a number of suppliers and overseas buyers in more than 84 countries especially in India.
The subject’s business is mainly handled by the Indian couple, Mr. Vishwa Prakash and Ms. Sujata Prakash.
We considered the subject good for its normal business engagements.
COURT CASES: None per our.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
29-01-1992 |
Instrument: Charge
on Deposit Obligations of the Depositor Property: All monies whether now or hereafter
standing to the credit of the Company’s Deposit Account Mortgagee: Middle
East Finance International Ltd., Hong Kong. |
To secure all moneys |
|
05-11-1992 |
Instrument: Security
Over Deposits Property: Fixed Deposit of HK$500,000 standing to
the credit of the Depositor’s Account Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure banking facilities |
|
12-08-2002 |
Instrument: Charge
Over Securities and Receivables Property: “Securities” means
(i) all equity and debt instruments and other instruments commonly known as
securities owned by the Customer which, at any time and for any reason, are
in the possession or control of the Bank, any nominee of the Bank or a
Depository, (ii) all dividends, interest, distributions and other moneys
derived therefrom and (iii) all accretions, allotments, and other benefits
accruing or arising in respect thereof; “Receivables” means all receivables
attributable to any certificate of deposits or other instruments owned by the
Customer and are either held in the name of the Bank or any nominee of the
Bank or are in the possession or control of the Bank, its nominee or a
Depositary. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) all moneys in any currency owing by
the Customer to the Bank at any time, actually or contingently, in any
capacity, alone or jointly with any other person, (ii) interest on such
moneys, to the date on which the Bank receives payment, at the rates payable
by the Customer or which would have been payable but for any circumstance
which restricts payment, (iii) all expense of the Bank in making payment
in respect of the Securities on behalf of the Customer, as a result of
failure by the Customer to make such payment when due and (iv) all expenses
of the Bank in perfecting or enforcing the Charge |
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10-05-2004 |
Instrument: Mortgage Property: 199/33,332nd
parts or shares of and in Kwai Chung Town Lot No. 448 (Unit Nos. 2, 3 & 4
on 9/F. and Car Parking Space No. 28 & 30 on 3/F. of Metro Loft,
No. 38 Kwai Hei Street, Kwai Chung, New Territories, Hong Kong.) Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure “all moneys” in respect of general
banking facilities |
|
25-04-2005 |
Instrument: Assignment
of DC Proceeds re export bills restricted to other banks for
negotiation/payment Property: By way of assignment or agreement to
assign in each case as beneficial owner.
All monies in any currency representing proceeds payable or to be paid
to the Customer under the Documentary Credits, all the Customer’s right,
title and interest in the said Documentary Credits and the benefit of all
powers and remedies for enforcing the Documentary Credits. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or to be
made by the Bank to the Customer against documents submitted under a
Documentary Credit, all monies and liabilities in any currency owing by the Customer
to the Bank at any time, whether separately or jointly, actually or
contingently, present or future, interest on all loans and advances and such
monies and all expenses of the Bank in perfecting or enforcing the Assignment |
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10-10-2006 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No.
of Receipt: ME 264416 & ME 264514 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any liabilities |
|
27-11-2006 |
Instrument: Letter of Set-Off & Appropriation Property: Fixed Deposits:
A/C No. 031813; Deal No. 117285, 118143, 119228 & 119227 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)