MIRA
INFORM REPORT
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Report Date : |
27.12.2008 |
IDENTIFICATION DETAILS
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Name : |
STENO INDUSTRIES LTD. |
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Registered Office : |
10/F., |
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Country : |
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Date of Incorporation : |
23.03.1998 |
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Com. Reg. No.: |
21619195 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer of Audio products, Chinese goods, computers and components, foodgrains and food products, imitation jewellery, leather goods (other than shoes). Exporter of: Audio products, Chinese goods, electrical appliances and goods, electronic items n.e.s., telephones, toys/games/dolls. |
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 : |
Clear |
name & address
STENO INDUSTRIES LTD.
ADDRESS
10/F.,
PHONE: 2366 0160 (5 lines)
FAX: 2722 6884
E-MAIL : steno@stenohk.com
MANAGEMENT
Managing Director: Mr. Ishwar Hiralal Changani
SUMMARY
Incorporated on: 23rd March 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd.,
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
10/F.,
Operating Company:-
Steno Industries, Hong Kong.
BUSINESS REGISTRATION NUMBER
21619195
COMPANY FILE NUMBER
640090
MANAGEMENT
Managing Director: Mr. Ishwar Hiralal Changani
CAPITAL
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
SHAREHOLDERS
(As per registry
dated 23-03-2008)
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Name |
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No. of shares |
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Mr. Ishwar Hiralal CHANGANI |
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1,000,000 |
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Mrs. Preeti Ishwar CHANGANI |
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1,000,000 |
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–––––––– |
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Total: |
2,000,000 ======= |
DIRECTORS
(As per registry
dated 23-03-2008)
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Name (Nationality) |
Address |
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Ishwar Hiralal CHANGANI |
Flat C, 18/F., Block 8, Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong Kong. |
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Preeti Ishwar CHANGANI |
Flat C, 18/F., Block 8, Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 23-03-2008)
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Name |
Address |
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Multi-Chain Ltd. |
Room 301, 3/F., Kam On Building, 176A Queen’s Road
Central, |
209214 |
HISTORY
The subject was incorporated on 23rd March 1998 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat B-3, 8/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong, moved to 7/F., Daily House, 35-37 Haiphong Road, Tsimshatsui, Kowloon, Hong Kong in May 2003; to 4/F., Tung Wui Commercial Building, 27 Prat Aveune, Tsimshatsui, Kowloon, Hong Kong in January 2006; and further to 10/F. of the same building recently.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines:-
Import: Audio products, Chinese goods, computers and components, foodgrains and food products, imitation jewellery, leather goods (other than shoes).
Export: Audio products, Chinese goods, electrical appliances and goods, electronic items n.e.s., telephones, toys/games/dolls.
Trade Mark: SONAI.
Employees: 8.
Commodities Imported: Imported
from Europe,
Markets: Middle
East, Europe and
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C and D/P.
FINANCIAL INFORMATION
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Indebtedness: HK$7,738,824,142.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 23-03-2008)
Mortgage or Charge (since 2006): (See attachment)
Profit & Loss: Traded at a small profitable angle.
Condition: Keeping in a normal state.
Facilities: Making rather active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd.,
Bank of
Citibank N.A., Hong Kong Branch.
Standing:
GENERAL
Having issued 2 million ordinary shares of HK$1.00 each, Steno Industries Ltd. is equally owned by Mr. Ishwar Hiralal Changani and Mrs. Pretti Ishwar Changani.
The subject has operated a company Steno Industries located at its operating address.
The subject exports the following commodities: audio and video products, bicycle and bicycle parts, electrical and electronic products n.e.s, flowers, footwear, garments and accessories, miscellaneous, premium, novelties and gift items, stationery, textile goods, watches, clocks and components, etc. Imports the following commodities: audio and video products, auto accessories and parts, bags, wallets and pouches, bicycle and bicycle parts, computers and computer peripherals, electrical and electronic products n.e.s, flowers, food products, footwear, garments and accessories, jewellery, stationery, etc.
The subject also handles other products such as Chinese goods, computer components, food grains, and jewellery-imitation.
The subject’s markets are the Middle East, Europe and
Now, the subject’s business is mainly handled by Mr. Ishwar Hiralal Changani himself and one or two of his family members.
In 2000, the subject set up offices in Chili and
On the whole, having a history of more than ten years, the subject is considered good for normal business engagements.
REMARKS:
Court Cases: None per our.
Property information of the company:-
Property Location: Flat C on 18/F. of Block 8 and Private Carparking Space No. 168 on Level 6, Parc Palais, 18 Wylie Road, Kowloon, Hong Kong.
Owner: Steno Industries Ltd. is
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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12-09-2008 |
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The Hongkong &
Shanghai Banking Corp. Ltd., |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
(Since 2006)
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Date |
Particulars |
Amount |
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05-09-2007 |
Instrument: Memorandum Property: Distinctive No. Date 91220300000214 28-06-2007 US$68,868.75 07-11-2007 Mortgagee: Bank of |
Loan or credit or other facilities |
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12-09-2008 |
Instrument: Mortgage Property: 274/341,874th parts or shares of and in Kowloon Inland Lot No. 11118 (Flat C on 18/F. of Block 8 and Private Carparking Space No. 168 on Level 6 of Parc Palais, 18 Wylie Road, Kowloon, Hong Kong.) Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., |
To secure all sums |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.89 |
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1 |
Rs.70.84 |
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Euro |
1 |
Rs.67.37 |
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%)