MIRA INFORM REPORT

 

 

Report Date :           

07.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ALTERNATIVES FOOD CORP.  PTE.  LTD.

 

 

Registered Office :

c/o AFP Secretaries Ltd., 27/F. & 28/F., Tesbury Centre, 28 Queen’s Road East, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

14.11.2008

 

 

Com. Reg. No.:

50020551

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Food additives, gourmets, seasoning, foodstuffs, etc.

 

 

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 :

Moderate 

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 – 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

 

ALTERNATIVES  FOOD  CORP.  PTE.  LTD.

 

 

Company ADDRESS

 

c/o AFP Secretaries Ltd.

27/F. & 28/F., Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong.

PHONE:            3188 1143

FAX:                 3188 1147

           

 

MANAGEMENT

 

Managing Director:  Mr. Kawshik Kishu Sehwani

 

 

SUMMARY

 

Incorporated on:             14th November, 2008.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$2.00

 

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 AFP Secretaries Ltd.

27/F. & 28/F., Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong.

 

Associated Companies:-

·         Sehwani Incorporated, Philippines

·         Sehwani Manpower Corporation International, Philippines

 

 

BUSINESS REGISTRATION NUMBER

 

50020551

 

 

COMPANY FILE NUMBER

 

1287244

 

 

MANAGEMENT

 

Managing Director:         Mr. Kawshik Kishu Sehwani

 

 

CAPITAL

 

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

 

Issued Share Capital:     HK$2.00

 

 

SHAREHOLDERS

(As per registry dated 14-11-2010)

 

Name

 

No. of shares

Kishu Doulatram SEHWANI

 

1

Kawshik Kishu SEHWANI

 

1

 

 

––

 

Total:

2

==

DIRECTORS

(As per registry dated 14-11-2010)

 

Name

(Nationality)

 

Address

Kawshik Kishu SEHWANI

Unit 23A, One McKinley Place, Bonifacio Global City, Taguig, Metro Manila, Philippines.

 

Kishu Doulatram SEHWANI

Unit 601, Renaissance, 2000 Meralco Avenue, Pasig City, Philippines.

 

 

SECRETARY

(As per registry dated 01-03-2011)

 

Name

Address

Co. No.

AFP Secretaries Ltd.

27/F., Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong.

1071874

 

 

HISTORY

 

The subject was incorporated on 14th November, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Suite B, 12/F., Two Chinachem Plaza, 135 Des Voeux Road Central, Hong Kong where is the operating office of a commercial service provider Sovereign Corporate Services Ltd.  It moved to the present address in March 2011 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:                           Food additives, gourmets, seasoning, foodstuffs, etc.

 

Employees:                   Nil.

 

Commodities Imported:   India, China, other Asian countries, etc.

 

Markets:                       Philippines, other Asian countries, etc.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               L/C, T/T, etc.

 

 

FINANCIAL INFORMATION

 

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

 

Issued Share Capital:     HK$2.00

 

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

 

Alternatives Food Corp. Pte. Ltd. is equally owned by Mr. Kishu Doulatram Sehwani and Mr. Kawshik Kishu Sehwani, both of whom are the Philippines passport holders.  The subject has just issued 2 ordinary shares of HK$1.00 each while each of the shareholders holds a single share.

The two Sehwanis are also directors of the subject and currently they are residing in Manila, the Philippines.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at ‘27/F., Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong’ known as ‘AFP Secretaries Ltd.’ which is handling its correspondences and documents.  AFP Secretaries Ltd. is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

The subject is trading in food additives, gourmets, seasoning, foodstuffs, etc.  Products are imported from India, Indonesia, China, other Asian countries, etc.  Prime markets are the Philippines, etc.

The subject has got associated companies in the Philippines such as Sehwani Incorporated and Sehwani Manpower Corporation International [SMCI], etc.  These firms are operated by the SEHWANI family.

Sehwani Incorporated, currently a holding company, was established in the 1950’s.  Initially, and for a period of over 20 years, its main business was in the garments industry.  In the 70’s, Sehwani Incorporated broadened its businesses by branching out to other interests such as restaurants, insurance, real estate, manpower, etc.

In the 90’s, SMCI was formally founded in order to cater primarily to the domestic market in the Philippines.  Owing, however, to the international demand for skilled and qualified workers, SMCI applied for an international license with POEA, and has since been doing its part in making lives just that much more pleasant, both for the employing and job seeking populace.

It is likely that the subject is working for Sehwani Incorporated.

It is also likely that Sehwani Incorporated deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.  Sehwani Incorporated 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.49.19

UK Pound

1

Rs.75.92

Euro

1

Rs.65.44

 

 

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.