MIRA INFORM REPORT

 

 

Report Date :           

17.12.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

TENG  HUANG  TEXTILES  LTD.

 

 

Registered Office :

c/o Hongkong King&Kirin Business Ltd., Room 905, 9/F., Workingberg Commercial Building, 41-47 Marble Road

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

11.08.2008

 

 

Com. Reg. No.:

39660249

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Yarn, cotton, synthetic fibres, etc.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

Payment Behaviour :

No Complaints

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

TENG  HUANG  TEXTILES  LTD.

 

 

Company ADDRESS

 

c/o Hongkong King&Kirin Business Ltd.

Room 905, 9/F., Workingberg Commercial Building, 41-47 Marble Road, Hong Kong.

PHONE:            2811 3620

FAX:                 2811 3621

 

 

MANAGEMENT

 

Managing Director:  Mr. Gawad Abhijit Sahadeo

 

 

SUMMARY

 

Incorporated on:             11th August, 2008.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   Nil.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

c/o Hongkong King&Kirin Business Ltd.

Room 905, 9/F., Workingberg Commercial Building, 41-47 Marble Road, Hong Kong.

 

Associated Companies:-

Texperts India Pvt. Ltd. Shaoxing Representative Office, China.

Texperts India Pvt. Ltd., India.

 

 

BUSINESS REGISTRATION NUMBER

 

39660249

 

 

COMPANY FILE NUMBER

 

1263773

 

 

MANAGEMENT

 

Managing Director:  Mr. Gawad Abhijit Sahadeo

 

 

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

 

 

SHAREHOLDERS

(As per registry dated 11-08-2011)

 

Name

 

No. of shares

Shah Jimit SUNILKUMAR

 

5,000

Gawad ABHIJIT SAHADEO

 

5,000

 

 

––––––

 

Total:

10,000

=====

 

DIRECTORS  

(As per registry dated 11-08-2011)

 

Name

(Nationality)

 

Address

Gawad ABHIJIT SAHADEO

Creado Chawl Tep Village, Dadabhai Cross 1 Road, Andheri (W), Mumbai-58, M.S, India.

 

Shah Jimit SUNILKUMAR

Room 905, 9/F., Workingberg Commercial Building, 41-47 Marble Road, Hong Kong.

 

 

SECRETARY

(As per registry dated 11-08-2011)

 

Name

Address

Co. No.

Hongkong King&Kirin Business Ltd.

Room 905, 9/F., Workingberg Commercial Building, 41-47 Marble Road, Hong Kong.

0996994

 

 

HISTORY

 

The subject was incorporated on 11th August, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject’s registered office was located at Unit 3A, 20/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong where is the operating address of an accountant firm HKBSS Ltd.  The subject moved to the present address in January 2010 as it has changed its commercial service provider since then.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Yarn, cotton, synthetic fibres, etc.

 

Employees:                   Nil.

 

Commodities Imported:   India, Pakistan, Thailand, Indonesia, South Korea, Taiwan, etc.

 

Markets:                       Europe, Central & South America, Middle East, India, Nepal, Bangladesh, Jordan, Morocco, South Africa, etc.

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               Various terms.

 

 

FINANCIAL INFORMATION

 

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

 

Issued Share Capital:     HK$10,000.00

 

Profit or Loss:                Keeping a balance account in Hong Kong.

 

Condition:                      Business is not active in Hong Kong.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

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

 

Standing:                      Small.

 

 

GENERAL

 

Having issued 10,000 ordinary shares of HK$1.00 each, Teng Huang Textiles Ltd. is equally owned by Mr. Shah Jimit Sunilkumar and Mr. Gawad Abhijit Sahadeo, both of whom are Indian.  They are India passport holder and does not have the right to reside in Hong Kong permanently.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at Room 905, 9/F., Workingberg Commercial Building, 41-47 Marble Road, Hong Kong known as Hongkong King&Kirin Business Ltd. which is handling its correspondences and documents.  Hongkong King&Kirin Business Ltd. is also the corporate secretary of the subject.  The subject has no employees in Hong Kong.

The subject has had an associated company Texperts India Pvt. Ltd. [Texperts] which is an India-based firm.  Texperts has had an Shaoxing Representative Office which is in Shaoxing City, Zhejiang Province, China [Shaoxing Texperts].  Shaoxing Texperts is operated by Mr. Gawad Abhijit Sahadeo who is residing in China most of the time.  Shaoxing Texperts is trading in yarn, pima cotton, giza cotton yarn, all kinds of synthetic fibres, etc.  Commodities are sourced from China, India, Pakistan, Thailand, Indonesia, South Korea, Taiwan, etc.  Prime markets are Europe, Central and South America, Middle East, India, Nepal, Bangladesh, Jordan, Morocco, South Africa, etc.  Business is normal.

It is likely that Shaoxing Texperts deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.  Texperts Shaoxing 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 secured basis.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.81

UK Pound

1

Rs.82.00

Euro

1

Rs.68.81

 

 

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.