MIRA
INFORM REPORT
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Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MULITEX LTD. |
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Registered Office : |
9/F., Angel Tower, 918 Cheung Sha Wan Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.12. 1998 |
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Com. Reg. No.: |
22166795 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter knitted garments |
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 : |
Regular |
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Litigation : |
Exists |
name of the company
MULITEX LTD.
ADDRESS
9/F., Angel Tower, 918 Cheung Sha Wan Road, Kowloon, Hong Kong.
PHONE: 2251 1000, 2376 3295
FAX: 2376 2925, 2376 0580
E-MAIL: exports@mulitex.com
MANAGEMENT
Managing Director: Mr. Hassomal Bulchand Mohinani
SUMMARY
Incorporated on: 4th December, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer and Exporter.
Group Turnover: US$180-200 million.
Group Employees: 100. (Hong Kong)
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
9/F., Angel Tower, 918 Cheung Sha Wan Road, Kowloon, Hong Kong.
Warehouse:-
Unit A, 8/F., Young Ya Industrial Building, 381-389 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong.
T.S.T. P.O. Box 98694, Tsimshatsui, Kowloon, Hong Kong.
Overseas Offices:-
Guangzhou
Unit 04-06, 6/F., New Centreline Tower, No. 313 Yuan Jiang Road M, Guangzhou
510110, China.
[Tel: (86-20) 8365 3272, 8365 3273;
Fax: (86-20) 8365 3292]
Shanghai
Suite No. C, 17/F., Xin An Plaza – West Building, No. 200 Zhen Ning Road,
Shanghai 200040, China.
[Tel: (86-21) 6289 0021, 6289 0031;
Fax: (86-21) 6279 2728]
Chile
Salvador Sanfuentes No. 2261, Estacion Central, Santiago, Chile.
[Tel: (562) 2023534; Fax: (562)
2202329]
Holding Company:-
Multistars Holdings Ltd.
The Hallmark Building, Suite 227, Old Airport Road, The Valley, Anguilla, British West Indies.
Affiliated
Companies:-
Bellanis Ltd., Hong Kong.
Fun Republic Corporation, Philippines.
Imp Y Exp Melsons Chile Ltd., Chile.
Melbrook Zona Libre S.A., Panama.
Melco S.A., Panama.
Milton Star Trading, UAE.
Mulitex (Exports) Ltd., Hong Kong.
Mulitex (Exports) Ltd., Taiwan.
Mulitex Exports (Pvt) Ltd., India.
Mulitex Industries, Hong Kong.
Mulitex USA Inc., U.S.A.
P.T. Mulitex (Gedung Mulitex), Indonesia.
Star Glory Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
22166795
COMPANY FILE NUMBER
661588
MANAGEMENT
Managing Director: Mr. Hassomal Bulchand Mohinani
Director & Contact Person: Mr. Harry Hassomal Mohinani
CAPITAL
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS
(As per registry
dated 04-12-2007)
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Name |
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No. of shares |
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Multistars Holdings Ltd. The Hallmark Building, Suite 227, Old Airport Road, The Valley, Anguilla, British West Indies. |
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999 |
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Mulitex (Exports) Ltd., Hong Kong. |
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1 |
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––––– |
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Total: |
1,000 ==== |
DIRECTORS
(As per registry
dated 04-12-2007)
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Name (Nationality) |
Address |
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Vijay Harish MOHINANI (British) |
Flat B, 4/F., Wing On Court, 24 Ho Man Tin Hill Road, Kowloon, Hong Kong. |
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Hassomal Bulchand MOHINANI (Indian) |
Flat A, 15/F., Wing On Court, 24 Ho Man Tin Hill Road, Kowloon, Hong Kong. |
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Harry Hassomal MOHINANI (Indian) |
House 12, Mount Beacon, 20 Cornwall Street, Kowloon Tong, Kowloon, Hong Kong. |
SECRETARY
Harry Hassomal MOHINANI
(As per registry dated 04-12-2007)
HISTORY
The subject was incorporated on 4th December, 1998 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 15/F., Kowloon Centre, 29-43 Ashley Road, Tsimshatsui, Kowloon, Hong Kong, moved to 12/F., Wing On Plaza, 62 Mody Road, Tsimshatsui East, Kowloon, Hong Kong with effect from 31st January, 2000, and further moved to the present address in May 2005.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: Men’s nightwears, jeans, khakis and cargo pants, suits, T-shirts and polo shirts, sports wears, shirts, vests, outwears; ladies’ nightwears, jeans, sweaters and cardigans, dresses-loungewears, sports wears, shirts and tops, outwears; and children’s garments.
Trade Marks: “AVIS”, “AMERICAN EXCHANGE”, “BLACK STALLION”, “BLUEWAVE”, “COHIBA”, “COASTAL NAVIGATOR”, “DISENO”, “ERNEST & JOHN”, “FUN REPUBLIC”, “LARIDAS”, “MISCHIEF”, “PARADISE”, “PROXY”, “PULSE”, “SUPER T’S”, “VIBE”, etc.
Group Employees: 100. (Hong Kong)
Materials/Commodities: Imports raw materials from Europe and finished products from China.
Markets: Worldwide countries.
Group Turnover: US$180-200 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: On various terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge (since 2006): (See attachment)
Profit & Loss: Traded at a small profitable angle.
Condition: Business is active and normal.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Standing: Good.
GENERAL
Having issued 1,000 ordinary shares of HK$1,000.00, Mulitex Ltd. [Mulitex] is a private limited company jointly held by two firms when it was incorporated: Multistars Holdings Ltd. [MHL], a Bahamas-registered firm, holding 900 shares; and Mulitex (Exports) Ltd. [MEL], a Hong Kong-registered firm, 100 shares. Subsequently, MEL has transferred 99 shares to MHL and simultaneously, MHL changed its incorporated country to British West Indies. Mulitex is now wholly-owned by MHL.
Mulitex is one of the members of the Mulitex Group. It has got several significant sections, namely, designing section, shipping section, sales section, accounting section, etc.
Mulitex is an Indian company owned by the Mohinani family. It is a company based in Hong Kong with a yearly turnover of about US$200 million. It has been engaged in garment trading for over 35 years. Over the past years its turnovers have grown substantially.
According to Mulitex, it has set up offices in China (Guangzhou and Shanghai), Taiwan, the Philippines, India, Chile, Panama and the United States. All these offices are responsible for products and raw materials sourcing as well as finished products marketing. As far as product sources are concerned, Mulitex has developed strong links with manufacturing facilities in such countries and regions like Thailand, Macau, Bangladesh, Russia, Malaysia, South Korea, Brunei, Mongolia, Sri Lanka, Cambodia, South Africa, Madagascar, Egypt, Mauritius, Pakistan, etc.
Mulitex specialises in a wide range of knitted garments like interlock T-shirts, mesh vests, pique polo and single jersey T-shirts and also a variety of woven garments like denim jeans, shirts, twill trousers, madras checks shirts in various designs. Its forte is in sports wear and casual wear catering for all age groups of men, ladies and children and it also has collections of fine suits for men and loungewear for women.
Currently, Mulitex has got over a hundred brands registered world-wide. Its significant brands handled include the followings: “AVIS”, “AMERICAN EXCHANGE”, “BLACK STALLION”, “BLUEWAVE”, “COHIBA”, “COASTAL NAVIGATOR”, “DISENO”, “ERNEST & JOHN”, “FUN REPUBLIC”, “LARIDAS”, “MISCHIEF”, “PARADISE”, “PROXY”, “PULSE”, “SUPER T’S”, “VIBE”, etc.
Since 2001, Mulitex has become a full service and vertically integrated company with branches around the world and is still growing. Business is rather active.
According to Mulitex, the sales in South America, Mexico and West Indies account for 56%; Europe account for 20%; the United States and Canada, 17%; the Middle East, 3%; others, 4%.
Two of Mulitex’s chief executive officers, Mr. Harry Hassomal Mohinani and Mr. Hassomal Bulchand Mohinani, are also the shareholders of Bellanis Ltd. Bellanis Ltd. is also a Hong Kong-registered firm but located at a different address. It is also a garment trader.
Mulitex’s business is chiefly handled by Mr. Vijay Mohinani who is a member of the Indian family. The senior management team of the subject has six persons.
On the whole, in view of Mulitex’s background and parentage, consider it good for normal business engagements.
REMARKS
Court case of the company and affiliate:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
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Mar. 1995 |
H2303 |
Mattel Inc. |
Mulitex (Exports) Ltd. [Trading as Mulitex Industries] and other |
Injunction |
Not stated |
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Apr. 2003 |
H1507 |
Adidas-Salomon AG, Adidas International Marketing BV, Adidas Salomon International Sourcing Ltd. and Adidas Hong Kong Ltd. |
Mulitex Ltd. |
Injunction |
Not stated |
Property information of the company:-
1. Property Location: Flat
B on 4/F. and Car Parking Space No. 68 on 1/F.,
Wong On Court, 24 Ho Man Tin Hill Road, Kowloon, Hong Kong.
Owner: Mulitex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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03-04-2000 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities granted to Mulitex Ltd. and Mulitex (Exports) Ltd. |
2. Property Location: House No. 12 (comprising Car Parking Space on Carport Level, Living and Dining Rooms with Garden on Garden Floor Level, Bedrooms on 1/F. Level and Roof Terrace on Roof Level), Mount Beacon, 20 Cornwall Street, Kowloon, Hong Kong.
Owner: Mulitex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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25-10-2007 |
- |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Tripartite legal charge to secure general banking facilities |
3. Property Location: Flat
G on 19/F. of Tower 17, South Horizons,
17 South Horizons Drive, Hong Kong.
Owner: Mulitex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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05-01-2006 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities granted to Mulitex Ltd., Mulitex (Exports) Ltd. and Star Glory Ltd. |
4. Property Location: Flat
H on 19/F. of Tower 17, South Horizons,
17 South Horizons Drive, Hong Kong.
Owner: Mulitex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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05-01-2006 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities granted to Mulitex Ltd., Mulitex (Exports) Ltd. and Star Glory Ltd. |
MORTGAGE OR CHARGE
(Since 2006)
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Date |
Particulars |
Amount |
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05-01-2006 |
Instrument: Mortgage Property: 20/168,000th parts or shares of and in The Remaining Portion of Aplichau Inland Lot No. 121 (Flat G on 19/F. of Tower 17, South Horizons, 17 South Horizons Drive, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities granted to Mulitex Ltd., Mulitex (Exports) Ltd. and Star Glory Ltd. |
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05-01-2006 |
Instrument: Mortgage Property: 20/168,000th parts or shares of and in The Remaining Portion of Aplichau Inland Lot No. 121 (Flat H on 19/F. of Tower 17, South Horizons, 17 South Horizons Drive, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities granted to Mulitex Ltd., Mulitex (Exports) Ltd. and Star Glory Ltd. |
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06-02-2007 |
Instrument: Running Deed of Charge Property: All monies and deposits now or hereafter in the time deposit account No. 368-195467 kept by the Company with Hang Seng Bank Ltd. Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies and liabilities which are now or at any time hereafter may be outstanding owing or payable by Mulitex Ltd. and/or Star Glory Ltd. to Hang Seng Bank Ltd. |
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15-05-2007 |
Instrument: Mortgage Property: Block B, 21/F., 161 Lin He Road West, Tianhe District, Guangzhou City, Guangdong Province, China. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Guangzhou Branch, China. |
To secure general banking facilities not exceeding RMB18,000,000 Yuan |
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25-10-2007 |
Instrument: Tripartite Legal Charge/Mortgage Property: 41/3,679th parts or shares of and in New Kowloon Inland Lot No. 6196 [House No. 12 (comprising Car Parking Space on Carport Level, Living and Dining Rooms with Garden on Garden Floor Level, Bedrooms on 1/F. Level and Roof Terrace on Roof Level) of Mount Beacon, 20 Cornwall Street, Kowloon, Hong Kong.] Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.73.37 |
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Euro |
1 |
Rs.63.08 |
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%)