MIRA INFORM REPORT

 

 

Report Date :           

04.09.2011

 

IDENTIFICATION DETAILS

 

Name :

FX  IMPORT  HONG  KONG  LTD.

 

 

Registered Office :

7/F., Park Fook Industrial Building, 615-617 Tai Nan West Street, Cheung Sha Wan, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

04.05.2009

 

 

Com. Reg. No.:

50633203

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Investment Holder 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 :

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

 

FX  IMPORT  HONG  KONG  LTD.

 

 

Company ADDRESS

 

7/F., Park Fook Industrial Building, 615-617 Tai Nan West Street, Cheung Sha Wan, Kowloon, Hong Kong.

PHONE:                        3588 1988

FAX:                 2117 0079

 

 

MANAGEMENT

 

Group Chairman:  Mr. Deepak Kumar Seth

 

 

SUMMARY

 

Incorporated on:             4th May, 2009.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10,000.00

 

Business Category:        Garment Trader.

 

Revenue:                       HK$16,291,569  (Year ended 31-03-2011)

 

Employees:                   20.  (Including affiliates in Hong Kong)

 

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

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

7/F., Park Fook Industrial Building, 615-617 Tai Nan West Street, Cheung Sha Wan, Kowloon, Hong Kong.

 

Immediate Holding Company:-

F.X. Import Co. Ltd., UK

 

Intermediate Holding Companies:-

Global Textiles Group Ltd., Mauritius.

Poeticgem Ltd., UK.

 

Penultimate Holding Company:-

Multinational Textiles Group Ltd., Mauritius.

 

Ultimate Holding Company:-

House of Pearl Fashions Ltd., India.

 

Sister & Affiliated Companies:-

House of Pearl Fashions Group of Companies

·         Aries Thavels Pvt. Ltd., India.

·         Crown Computerized Embroidery, India.

·         Deepak Seth & Sons, India.

·         Depa International Inc., USA.

·         FX Import Co. Ltd., UK.

·         Hopp Fashions, India.

·         House of Pearl Fashions (US) Ltd., USA.

·         J S M Trading (F.Z.E.), Dubai.

·         Lerros Moden GmbH, Germany.

·         Little People Education Society, India.

·         Magic Global Fashions Ltd., UK.

·         Nim International Commerce Pvt. Ltd., India.

·         Nor Lanka Manufacturing Ltd., Hong Kong.
[Formerly known as Poetic Hongkong Ltd.]

·         Nor Pearl Knitwear Ltd., Bangladesh.

·         Nordelhi Manufacturing Ltd., Hong Kong.
[Formerly known as Magic Global Fashions Ltd.]

·         Norp Knit Industries Ltd., Bangladesh.

·         Norwest Industries Ltd., Hong Kong.

·         P.T. Norwest Industry, Indonesia.

·         Pacific Logistics Ltd., UK.

·         Pacific Supply Chain Ltd., UK.

·         Pallas Holdings Ltd., Mauritius.

·         Pearl Academy of Fashion India Ltd., India.

·         Pearl Apparels Ltd., India.

·         Pearl GES Home Group S.p.A., Chile.

·         Pearl Global Fareast Ltd., Hong Kong.

·         Pearl Global Ltd., India.

·         Pearl Retail Solutions Pvt. Ltd., India.

·         Pearl Wears, India.

·         PG Group Ltd., Hong Kong.  [Formerly known as Pearl GES Group Ltd.]

·         PG Home Group Ltd., Hong Kong.
[Formerly known as Pearl GES Home Group Ltd.]

·         Poetic Knitwear Ltd., UK.

·         Poeticgem (Canada) Ltd., Canada.

·         Premier Pearl Garment Joint Stock Co. Ltd., Vietnam.

·         Razamtazz Ltd., Mauritius.

·         SACB Holdings Ltd., Mauritius.

·         Simple Approach Ltd., Hong Kong.

·         Vastras, India.

·         Vau Apparels Pvt. Ltd., India.

·         Zamira Fashion Ltd., Hong Kong.

·         Zamira Fashions Europe Ltd., UK.

etc.

 

 

BUSINESS REGISTRATION NUMBER

 

50633203

 

 

COMPANY FILE NUMBER

 

1335610

 

 

MANAGEMENT

 

Group Chairman:            Mr. Deepak Kumar Seth

Group Vice Chairman:    Mr. Pallak Seth

 

 

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 04-05-2011)

 

Name

 

No. of shares

F.X. Import Co. Ltd.

Unit 4, Trident Centre, Imperial Way, Watford , WD24 4YB, UK.

 

10,000

=====

 

 

DIRECTORS  

(As per registry dated 04-05-2011)

 

Name

(Nationality)

 

Address

Christopher Francis FOX

12 Sumburgh Road, London SW12 8AL, UK.

 

Deepak Kumar SETH

9 Avenue Ashok, West End, Green Farms, Rajokri, New Delhi 11038, India.

 

Pallak SETH

3/F. & 4/F., 43 Green Street, London, W1K 7FJ, UK.

 

Payel SETH

9 Avenue Ashok, West End, Green Farms, Rajokarivasant Kunj, New Delhi, India.

 

Christopher Robert SEVERS

21 Collamore Avenue, London, SW18 3JR, UK.

 

 

SECRETARY

(As per registry dated 04-05-2011)

 

Name

Address

Co. No.

Louis Lai Co. Secretarial Services Ltd.

9/F., Surson Commercial Building, 140-142 Austin Road, Tsimshatsui, Kowloon, Hong Kong.

0686503

 

 

HISTORY

 

The subject was incorporated on 4th May, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.

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

 

OPERATIONS

 

Activities:                      Importer, Exporter and Investment Holder.

 

Lines:                           All kinds of garments.

 

Employees:                   20.  (Including affiliates in Hong Kong)

 

Commodities Imported:   China, India, other Asian countries.

 

Markets:                       Worldwide countries.

 

Revenue:                       HK$  2,332,993  (Year ended 31-03-2010)

HK$16,291,569  (Year ended 31-03-2011)

 

Terms/Sales:                 L/C or as per contracted.

 

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

 

 

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 Before Tax:           HK$  81,170  (Year ended 31-03-2010)

HK$569,091  (Year ended 31-03-2011)

 

Net Profit:                      HK$  67,601  (Year ended 31-03-2010)

HK$475,191  (Year ended 31-03-2011)

 

Profit or Loss:                Making a profit in the past two years

 

Condition:                      Business is improving.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:  Satisfactory.

 

Bankers:-

·         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

·         UCO Bank, Hong Kong Branch.

 

Standing:  Normal.

 

GENERAL

 

FX Import Hong Kong Ltd. is a wholly-owned subsidiary of F.X. Import Co. Ltd. which is a UK-based firm.  The ultimate holding company of the subject is House of Pearl Fashions Ltd. [HPFL], an India-based and listed firm.  Its shares have been listed on The National Stock Exchange of India Ltd.

One of the directors of the subject Christopher Francis Fox is also a director of F.X. Import Co. Ltd.

The principal activity of the subject is garment trading.  It is one of the trading arms of HPFL.

The subject commenced business in May 2009.

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 New York, Los Angeles, London, Hong Kong and India.

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 United States.  The brand “Kool hearts” focuses on the young fashion, where as the focus of “DCC” is more towards Missy segment.

The Group’s sourcing business has developed strong partnership with more than 150 factories across Asia over the past years.  Besides, the Group also offers warehousing solutions in the United Kingdom and the United States.

For the year ended 31st March, 2011, the revenue of the subject amounted to HK$16.3 million, grew substantially as compared with HK$2.3 million in FY 2010; net profit for the year was HK$475,191 as compared with HK$67,601 in FY 2010.  The business of the subject keeps on improving.

For the year ended 31st March, 2011, the sales of the HPFL Group amounted to Rs 22,069.0 million (2010: Rs 18,134.1 million); Group profit for the year was Rs 1,131.0 million (2010: Rs 1,042.6 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 the principal directors:-

Mr. Deepak Kumar SETH, born in 1951, a non-resident Indian, is the Non-executive Chairman of HPFL.  He has a Bachelor of Economics from St. Stephen’s College, Delhi and Post Graduate of Business Management from Jamnalal Bajaj Institute of Management, Mumbai.  He is also the Non-executive Chairman of Pearl Global, the listed subsidiary of HPFL.  He has over 31 years of experience in the apparel industry.  He led in expanding the operations from a single manufacturing unit in India to the current operations in 12 locations across the world.  He has played an important role in setting up its sourcing business in Hong Kong, Bangladesh and China, setting up new manufacturing units in Bangladesh and Indonesia and acquiring existing businesses in the UK and the US.  He was elected to the Apparel Export Promotion Council in the years 1990 and 1993, and has been inducted to the Executive Committee of the Apparel Export Promotion Council as a special invitee.

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 Northwestern University, US.  He has over eight years of experience in the apparel industry.  He has played an important role in setting up its sourcing business in Hong Kong, Bangladesh and China by promoting the subject.  He was also responsible in expanding its operations in the UK and is currently the Managing Director of Poeticgem Ltd., a subsidiary of HPFL.  He has led in establishing strong relationships with third-party manufacturing units and leading retailers such as ASDA Wal-Mart, Matalan, Next, Tesco and British Home Stores.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.90

UK Pound

1

Rs.74.31

Euro

1

Rs.65.41

 

 

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%)

 

 

 

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.