MIRA
INFORM REPORT
|
Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
NORWEST INDUSTRIES LTD. |
|
|
|
|
Registered Office : |
7/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
24.06.1998 |
|
|
|
|
Com. Reg. No.: |
22023858 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garments |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
company Name and address
NORWEST INDUSTRIES
LTD.
ADDRESS:
7/F.,
PHONE: 3588 1988
FAX: 2117 0079
MANAGEMENT
Director & Chief Executive Officer:
Mr. Sandeep Malhotra
SUMMARY
Incorporated on: 24th
June, 1998.
Organization: Private
Limited Company.
Capital: Nominal: US$1,200,000.00
Issued: US$1,200,000.00
Business Category: Garment
Trader.
Annual Turnover:- (Year
ended 31-03-2010)
HK$1,058,634,830 (Company)
Rs 18,134,055,033 (Group)
Employees:
20. (Including affiliates in
Main Dealing Banker: The Hongkong
& Shanghai Banking Corp. Ltd.,
Banking Relation: Good.
company ADDRESS
Registered Head
Office:-
7/F.,
Overseas Offices:-
Holding Company:-
Multinational Textile Group Ltd.,
Ultimate Holding
Company:-
House of Pearl Fashions Ltd.,
Sister &
Affiliated Companies:-
House of Pearl Fashions Group of Companies
Crown Computerized
Deepak Seth & Sons (HUF),
Depa International Inc.,
FX Import Co. Ltd.,
FX Import Hong Kong Ltd.,
Global Textiles Group Ltd.,
Hopp Fashions,
House of Pearl Fashions (US) Ltd.,
JSM Trading (F.Z.E.),
Lerros Fashions India Ltd.,
Lerros Moden
Little People Education
Magic Global Fashions Ltd.,
Nim International Commerce Pvt. Ltd.,
Nor Lanka Manufacturing Ltd.,
[Formerly known as Poetic Hongkong Ltd.]
Nordelhi Manufacturing Ltd.,
[Formerly known as Magic Global Fashions Ltd.]
Norp Knit Industries Ltd.,
Nor-Pearl Knitwear Ltd.,
P.T.
Pacific Logistics Ltd.,
Pacific Supply Chain Ltd.,
Pallas Holdings Ltd.,
Pearl GES Home Group
Pearl Global (
Pearl Global Fareast Ltd.,
Pearl Global Ltd.,
Pearl Retail Solutions Pvt. Ltd.,
Pearl Wears,
PG Group Ltd.,
PG Home Group Ltd.,
[Formerly known as Pearl GES Home Group Ltd.]
Poetic Knitwear Ltd.,
Poeticgem (
Poeticgem Ltd.,
Premier Pearl Garment Joint Stock Co. Ltd.,
SACB Holdings Ltd.,
Simple Approach Ltd.,
Vau Apparels Pvt. Ltd.,
Zamira Fashion Ltd.,
Zamira Fashions Europe Ltd.,
etc.
BUSINESS REGISTRATION NUMBER
22023858
COMPANY FILE NUMBER
0648235
MANAGEMENT
Group Vice Chairman: Mr. Pallak
Seth
Director & Chief Executive Officer:
Mr. Sandeep Malhotra
CAPITAL
Nominal Share Capital: US$1,200,000.00 (Divided into 1,200,000 shares of
US$1.00 each)
Issued Share Capital: US$1,200,000.00
SHAREHOLDERS
(As per registry dated 24-06-2010)
|
Name |
|
No. of shares |
|
Multinational Textile Group Ltd. Manor House, 1/F., CNR St. George & |
|
1,020,000 |
|
Pallak SETH |
|
180,000 |
|
|
|
–––––––– |
|
|
Total: |
1,200,000 ======= |
DIRECTORS
(As per registry dated 24-06-2010)
|
Name (Nationality) |
Address |
|
Pallak SETH |
|
|
Sandeep MALHOTRA |
4A, Green Villa, |
SECRETARY
(As per registry dated 24-06-2010)
|
Name |
Address |
|
|
Tricor Tengis Ltd. |
Level 28, |
0041027 |
HISTORY
The subject was
incorporated on 24th June, 1998 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the subject was
registered under the name of Norwest Trading Ltd., name changed to the present
style on 27th October, 1998.
Apart from these, neither
material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of garments.
Employees: 20.
(Including affiliates in
Commodities Imported:
Markets:
Annual Turnover:-
|
Period |
Company |
Group |
|
Year ended 31-03-2007 |
HK$
584,323,885 |
Rs
9,154,004,010 |
|
Year ended 31-03-2008 |
HK$
741,209,577 |
Rs 10,691,755,484 |
|
Year ended 31-03-2009 |
HK$
902,327,878 |
Rs 14,351,898,188 |
|
Year ended 31-03-2010 |
HK$1,058,634,830 |
Rs 18,134,055,033 |
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: US$1,200,000.00 (Divided into 1,200,000 shares
of US$1.00 each)
Issued Share Capital: US$1,200,000.00
Indebtedness: HK$76,857,970.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 24-06-2010)
Mortgage or Charge (since July 2010): (See
attachment)
Net Profit:-
|
Period |
Company |
Group |
|
Year ended 31-03-2007 |
HK$36,830,142 |
Rs
111,159,347 |
|
Year ended 31-03-2008 |
HK$55,807,276 |
Rs
534,862,605 |
|
Year ended 31-03-2009 |
HK$38,358,795 |
Rs
990,084,653 |
|
Year ended 31-03-2010 |
HK$54,383,161 |
Rs 1,042,646,976 |
Net Worth:-
|
Period |
Company |
Group |
|
Year ended 31-03-2007 |
HK$
66,076,095 |
Rs 3,907,296,448 |
|
Year ended 31-03-2008 |
HK$126,272,601 |
Rs 4,339,178,290 |
|
Year ended 31-03-2009 |
HK$170,388,720 |
Rs 4,697,508,184 |
|
Year ended 31-03-2010 |
HK$221,135,966 |
Rs 4,543,578,158 |
Profit or Loss: Making a small
profit every year.
Condition:
Keeping in an
active and satisfactory manner.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd.,
UCO Bank, Hong Kong Branch.
Standard Chartered Bank (Hong Kong)
Ltd.,
BNP Paribas, Hong Kong Branch.
Canara Bank, Hong Kong Branch.
Intesa Sanpaolo S.p.A., Hong Kong
Branch.
Bank of
Standing:
Good.
GENERAL
Norwest Industries Ltd. is
a subsidiary of Multinational Textile Group Ltd. which is a
Mauritius-registered firm. The ultimate
holding company is House of Pearl Fashions Ltd. [HPFL], an India-based and
listed firm.
The subject is a garment
trader. It is the sourcing arm of
HPFL. Its aims to leverage its presence
in this region to maximize its business volumes and margins. To strengthen its sourcing capability
credentials, over the years, the subject has set up the following sourcing
offices:-
Norwest Industries Ltd.,
Norwest Industries Ltd.,
Norwest Industries Ltd.,
Norwest Industries Ltd.,
Zamira Fashion Ltd.,
These offices are
specialized in products merchandising and QA teams directly coordinating
production with third party factories on a day to day basis to ensure quality
and timely delivery of customer orders.
These sourcing offices have
built relationships with around 150 partner factories by educating them and
helping them to come to a level where they meet compliance requirement of all
the major retailers of the world. The
sourcing stream offers complete logistics, quality assurance and timely
dispatch of goods to the Group’s customers.
The subject offers a wide
range of products comprising of wovens, jersey wear and sweaters. Business is active.
HPFL is engaged in
multinational ready to wear apparel business.
It currently operates in 11 strategic locations and six continents,
leveraging the strengths of each country in creating a strong value for its
clients. HPFL provides global supply
chain solutions for the fashion industry. It has a complete control on the services from
designing, developing, manufacturing or sourcing. HPFL has teams of international designers
working in
The Group has set up three
distinct business streams:-
Manufacturing to Retailers
Souring solutions for
Retailers
Marketing, Distribution and
Branding for Retailers
The Group carries two
brands “Kool hearts” and “DCC” in the
The Group’s sourcing
business has developed strong partnership with more than 150 factories across
For the year ended 31st
March, 2010, the sales of the subject amounted to HK$1.058.6 million, grew by
17.3% as compared with HK$902.3 million in FY 2009; profit for the year was
HK$54.4 million, increased by 41.7% as compared with HK$38.4 million in FY
2009.
For the year ended 31st
March, 2010, the sales of the Group amounted to Rs 18,134.1 million
(2009: Rs 14,351.9 million); group
profit for the year was Rs 1,042.6 million (2009: Rs 990.1 million).
The subject is fully
supported by HPFL.
On the whole, in view of
the parentage and background of the subject, consider it good for normal
business engagements.
REMARKS
Brief information of
directors:-
Mr. Pallak SETH,
born in 1977, a non-resident Indian, is the Non‑executive Vice-Chairman
of HPFL. He has a Bachelor of Economics
and International Business degree from
Mr. Sandeep MALHOTRA,
born in 1969, is the Chief Executive Officer of the subject. He is responsible for overall operations of
the subject. He has over 12 years of
experience in sales and marketing. He
completed “O” level and “A” level courses in 1986 and 1988, respectively. Prior to joining the Group, he worked as
Sales Director of SKD Pacific.
Court Cases: None per our.
MORTGAGE OR CHARGE
(Since July 2010)
|
Date |
Particulars |
Amount |
|
13-08-2010 |
Instrument: Deed of Charge on Deposit – Own
Liabilities Property: The Company charges and agrees to charge to the Bank by way of first
fixed charge and as continuing security for discharge of all Liabilities, all
existing and future rights and interests of the Compay in all the moneys from
time to time standing to the credit of the account number 00001-203808-101-60 Mortgagee: BNP Paribas, Hong Kong Branch. |
To secure the payment and discharge of all present and future
indebtedness, obligations and/or liabilities |
|
18-08-2010 |
Instrument: Security Over Deposit in Respect of
Obligations of the Depositor (Company) – the “Agreement” Property: By the Agreement, the Depositor charges to the Bank by way of fixed
first charge and assign to the Bank by way of Mortgage all the Deposit and
all right, title and interest of the Depositor (Fixed deposit No.
4647-001-5223 for US$357,128.89 dated 26-05-2010) Mortgagee: Intesa Sanpaolo S.p.A., Hong Kong
Branch. |
To secure banking facilities and/or other financial accommodation up
to any sum or sums of money |
|
12-10-2010 |
Instrument: Memorandum Property: Distinctive 91220300001273 30-08-2010 US$200,000.00 28-08-2011 Mortgagee: Bank of |
Loan or credit or other facilities |
|
12-10-2010 |
Instrument: Assignment of Life Insurance Property: (i) All the Assignor’s claims, options, privileges, right, title,
interest and benefit in and under the Insurance; and (ii) all the Assignor’s
claims and rights against the issuer of the Policy (No. 28002822) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., |
Secured Monies |
|
12-10-2010 |
Instrument: Assignment of Life Insurance Property: (i) All the Assignor’s claims, options, privileges, right, title,
interest and benefit in and under the Insurance; and (ii) all the Assignor’s
claims and rights against the issuer of the Policy (No. 28002820) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., |
Secured Monies |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.