MIRA
INFORM REPORT
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Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SHEILA’S EXPORTS LTD. |
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Registered Office : |
9/F., China Merchants Commercial Building, 15-16 Connaught Road West, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.03.1977 |
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Com. Reg. No.: |
05071769 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Yarn, labels for garment, textile machinery and equipment, pharmaceuticals, dyestuffs, etc. |
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 : |
No Complaints |
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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 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
SHEILA’S EXPORTS
LTD.
Address:
9/F., China Merchants Commercial Building, 15-16 Connaught Road West,
Sheung Wan, Hong Kong.
(Your enquiry given as:
SHEILAS EXPORT LTD. of the same address.)
PHONE: 2525 3035~6, 2107 2700,
2107 2769
FAX: 2526 0458, 2521 8769
E-MAIL: tc81aav@netvigator.com
MANAGEMENT
Managing Director: Mr. Ashok
Arjan Vaswani
SUMMARY
Incorporated on: 18th
March, 1977.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Annual Turnover: US$50~55 million.
Employees: 20.
(Including associate)
Main Dealing Banker: Union Bank of India, Hong Kong Branch.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
9/F., China Merchants Commercial Building, 15-16 Connaught Road West,
Sheung Wan, Hong Kong.
Business Names:- (Same BR No.)
Trident Resources, Hong Kong. [BR
No. 05071769-003]
Trident Creations, Hong Kong. [BR
No. 05071769-005]
Trident Technologies, Hong Kong. [BR
No. 05071769-006]
Asia Exports HK, Hong Kong. [BR
No. 05071769-007]
Silken Fibers, Hong Kong. [BR
No. 05071769-008]
Meilitex, Hong Kong. [BR
No. 05071769-009]
Grande Marm I, Hong Kong. [BR
No. 05071769-010]
Avacorp, Hong Kong. [BR
No. 05071769-011]
Z+Technology, Hong Kong. [BR
No. 05071769-012]
China Office:-
Guangzhou Sheila’s Export Ltd.
605, Animateview Business Harbour, 855 Gong Ye Da Dao Nan, Haizhu
District, Guangzhou, Guangdong Province, China.
[Tel: 86-20-8443 7845; Fax:
86-20-8443 7844]
Associated Companies:-
CP Logistics, Hong Kong. (Same
address)
Silver Reed Holdings Inc., British Virgin Islands.
Vidhi Dyestuffs Manufacturing Ltd., India.
Wonderland Toys Ltd., Bangladesh.
BUSINESS REGISTRATION NUMBER
05071769
COMPANY FILE NUMBER
0052126
MANAGEMENT
Managing Director: Mr. Ashok
Arjan Vaswani
Manager: Mr. Chan Kei Yip,
Frankie
CAPITAL
Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of
HK$100.00 each)
Issued Share Capital: HK$2,000,000.00
SHAREHOLDERS
(As per registry dated 18-03-2011)
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Name |
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No. of shares |
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Ashok Arjan VASWANI |
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19,999 |
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Risha Ashok VASWANI |
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1 |
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–––––– |
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Total: |
20,000 ===== |
DIRECTORS
(As per registry dated 18-03-2011)
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Name (Nationality) |
Address |
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Ashok Arjan VASWANI |
Flat C, 10/F., Conway Mansion, 29 Conduit Road, Hong Kong. |
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Risha Ashok VASWANI (Previous name: Raksha Ashok VASWANI) |
Flat C, 10/F., Conway Mansion, 29 Conduit Road, Hong Kong. |
SECRETARY
(As per registry dated 18-03-2011)
|
Name |
Address |
Co. No. |
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Sincere Secretaries Ltd. |
13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong
Kong. |
0109535 |
HISTORY
The subject was incorporated on 18th March, 1977 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 14/F., China Merchants Building, 152‑155
Connaught Road Central, Hong Kong, moved to the present address in April 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Yarn,
labels for garment, textile machinery and equipment, pharmaceuticals,
dyestuffs, etc.
Employees: 20. (Including associate)
Commodities Imported: China, Taiwan, Japan, South Korea, Middle East, USA, Germany,
Sweden, etc.
Markets: India,
Bangladesh, Australia, other Asian countries, Middle East, Central & South
America, etc.
Annual Turnover: US$50~55 million.
Terms/Sales:
As per contracted.
Terms/Buying: L/C, D/P, D/A, O/A, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of
HK$100.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge (since 2009): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active manner.
Facilities:
Making active
use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Union Bank of India, Hong Kong Branch.
Canara Bank, Hong Kong Branch.
Bank of Baroda, Hong Kong Branch.
HBZ Finance Ltd., Hong Kong.
Standing:
Good.
GENERAL
Sheila’s Exports Ltd. is wholly-owned by Mr. Ashok Arjan Vaswani who is
an Indian. The subject is a large size trading
house based in Hong Kong and has been doing business for more than three
decades in the China trade. It is
specialized in handling various kinds of engineering, electronics products,
fabrics, yarns, etc.
The subject has had an associated company CP Logistics located at its
operating address.
The subject has had the following business names: “Asia Exports HK”,
“Avacorp”, “Grande Marm I”, “Meilitex”, “Silken Fibers”,
“Trident Creations”, “Trident Resources”, “Trident Technologies” and
“Z+Technology”.
The subject has set up a representative office in Guangzhou, Guangdong
Province, China to facilitate commodities sourcing. Its China office is responsible for sourcing
products, inspecting products and providing all logistic supports to the
subject and its overseas clients. It has
a team of professionals and technical experts to inspect and control the
quality of different products.
The subject represents many corporations in the United States, India,
Bangladesh, Nepal, Sri Lanka, etc. and undertakes sourcing and logistical
requirements for them in China and the Asia Pacific region. Some of the firms have authorized the subject
to act as their sole buying agents.
The subject trades in the following commodities: dyeing, tanning and
colouring materials; health and medical care; machine parts; pharmaceutical and
medicine; pharmaceutical preparation; piecegoods – vegetable fibre; yarn –
woollen; yarn – vegetable fibre; marble blocks, porcelain and ceramic tiles;
chemicals; pigments; textiles and made-ups; etc. Commodities are sourced from China, Taiwan,
Japan, South Korea, the Middle East, Europe and the United States. Re-export markets are India, Bangladesh,
Australia, Dubai, the United States, the Philippines, etc.
CP Logistics is the business name of Acerank Investments Ltd. [Acerank]
which is a Hong Kong-registered firm. It
is engaged in freight forwarding and customs clearing.
Incorporated on 13th December, 1988, Acerank is a Hong Kong-registered
company located at the operating address of the subject. Having issued 10,000 ordinary shares of
HK$1.00 each, Acerank is a wholly-owned subsidiary of Silver Reed Holdings Inc.
which is a BVI-registered firm.
Acerank is trading in the following commodities:-
·
Piecegoods — Vegetable Fibre (Linen/Cotton)
·
Piecegoods — Silk
·
Haberdashery (Button from Bangladesh)
Commodities are sourced from China, India, Bangladesh, other Asian
countries, etc. Prime markets are North
America, Europe, Asian countries, etc.
Business is steady as regular suppliers and customers have been
maintained.
Annual sales turnover of the Group ranges from US$50 to 55 million. Business is rather active.
As the history of the subject is over thirty-four years and seven months
in Hong Kong, on the whole, consider it good for normal business engagements.
MORTGAGE OR CHARGE
(Since 2009)
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Date |
Particulars |
Amount |
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12-08-2009 |
Instrument: Charge on Deposit Property: A sum of US$300,000.00 currently represented or evidenced by a certificate
of deposit dated 06-07-2009 bearing number 000013010000317 Mortgagee: Union Bank of India, Hong Kong
Branch. |
All moneys |
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27-02-2010 |
Instrument: Undertaking Relating to Deposits Property: Amount Rate of Maturity 2010 FD 18 1 11-02-2010 250,000.00 0.85% 11-02-2011 Mortgagee: Canara Bank, Hong Kong Branch. |
“Liabilities” means all and any liabilities, sole or joint, actual or
contingent, quantified or not, now or hereafter owing or incurred to the Bank
by the Depositor or the Third Party |
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18-08-2010 |
Instrument: Lien and Set-off Agreement Property: Fixed Deposit DFN 2081298 18-08-2010 HK$501,260.27 18-11-2010 Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities |
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02-11-2010 |
Instrument: Charge on Deposit Property: A sum of US$150,000.00 currently represented or evidenced by a
certificate of deposit dated 17-05-2010 bearing number 000013010000305 Mortgagee: Union Bank of India, Hong Kong
Branch. |
All moneys |
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21-01-2011 |
Instrument: Memorandum Property: Distinctive 91210300003957 16-04-2010 US$
57,611.52 18-04-2011 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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22-06-2011 |
Instrument: Lien and Set-off Agreement Property: Fixed Deposit DFN3050726 03-05-2011 US$
20,600.00 03-08-2011 Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.08 |
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1 |
Rs.78.65 |
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Euro |
1 |
Rs.67.79 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.