MIRA INFORM REPORT

 

 

Report Date :

23.08.2011

 

IDENTIFICATION DETAILS

 

Name :

SPLEND  TEXTILE  CO.  LTD.

 

 

Registered Office :

C/o Quickey Corporate Consulting Ltd.

Unit A & B, 15/F., Neich Tower, 128 Gloucester Road, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

30.12.2005

 

 

Com. Reg. No.:

36335746

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Cotton, fabric importer and distributor, yarns and other textile product exporter.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

No Operating Office in Hong Kong

 

 

Payment Behaviour :

--

 

 

Litigation :

--

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name 

 

SPLEND  TEXTILE  CO.  LTD.

 

 

ADDRESS

 

Registered Office:-

c/o Quickey Corporate Consulting Ltd.

Unit A & B, 15/F., Neich Tower, 128 Gloucester Road, Wanchai, Hong Kong.

[Tel: 2838 6085;  Fax: 2833 6261]

 

Holding Company:-

Smart Harvest Holding Co. Ltd., British Virgin Islands.

 

 

BUSINESS REGISTRATION NUMBER

 

36335746

 

 

COMPANY FILE NUMBER 

 

1016243

 

 

DATE OF INCORPORATION

 

30th December, 2005.

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$10,000.00

 

 

SHAREHOLDER  

(As per registry dated 30-12-2010)

 

Name

 

No. of shares

Smart Harvest Holding Co. Ltd.

Akara Building, 24 De Castro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands.

 

10,000

=====

 

 

DIRECTOR    

(As per registry dated 30-12-2010)

 

Name

Address

Smart Harvest Holding Co. Ltd.

Akara Building, 24 De Castro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands.

 

 

SECRETARY 

(As per registry dated 30-12-2010)

 

Name

Address

Co. No.

Premium Corporate Consulting Ltd.

Unit A & B, 15/F., Neich Tower, 128 Gloucester Road, Wanchai, Hong Kong.

0437436

 

 

GENERAL

 

Splend Textile Co. Ltd. was incorporated on 30th December, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at Unit A & B, 15/F., Neich Tower, 128 Gloucester Road, Wanchai, Hong Kong known as Quickey Corporate Consulting Ltd. which is handling its correspondences and documents.  Premium Corporate Consulting Ltd., an associated of Quickey Corporate Consulting Ltd., is the corporate secretary of the subject also located at the above-mentioned address.  Quickey Corporate Consulting Ltd. and Premium Corporate Consulting Ltd. are set up by K Y Ng & Co. Ltd. which is an accountant firm.  The accountant firm is also located at the above-mentioned address.

The subject has no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares of HK$1.00 each which are wholly-owned by Smart Harvest Holding Co. Ltd. which is a BVI-registered firm.  This firm is also the only director of the subject.  No managing personnel of the subject can be reached.

To our knowledge, the subject has got a main office in China [China Splend] which is a textile product trader.  The subject and China Splend are engaged in the same lines of business.  However, the details of China Splend are unknown.

China Splend has been approved by the Chinese Government to import cotton from abroad.  It also imports fabrics and other textile products from India, Europe, other Asian countries, etc. to China.

The followings are the brief information of the subject:-

Address:           c/o Quickey Corporate Consulting Ltd.
Unit A & B, 15/F., Neich Tower,
128 Gloucester Road, Wanchai, Hong Kong.

Tel:       2838 6085

Fax:      2833 6261

Associate in China:        China Splend Textile Co. Ltd., China.

Shareholder & Director:  Smart Harvest Holding Co. Ltd.,
British Virgin Islands.

Activities:          Cotton, fabric importer and distributor, yarns and other textile product exporter.

Bank:    The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Bank’s Opinion: The subject has been banking with it with it with satisfactory manner.

It is likely that China Splend deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.  China Splend also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not very active.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.95

UK Pound

1

Rs.75.76

Euro

1

Rs.66.01

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.