|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
MULITEX LTD. |
|
|
|
|
Registered Office : |
18/F., 909 Cheung Sha Wan Road, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
04.12.1998 |
|
|
|
|
Com. Reg. No.: |
22166795 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Men’s nightwears, jeans, khakis and cargo pants, suits, T-shirts
and polo shirts, sports wears, shirts, vests, outwears; ladies’ nightwears,
jeans |
|
|
|
|
No. of Employees : |
100 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MULITEX LTD.
18/F., 909 Cheung
Sha Wan Road, Kowloon, Hong Kong.
PHONE: 2251 1000; 2376 3295
FAX: 2376 2925; 2376 0580
E-MAIL: exports@mulitex.com
info@mohinanihk.com
Managing
Director: Mr. Hassomal Bulchand Mohinani
Incorporated on: 4th December, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer and Exporter.
Group Turnover: US$200-220 million.
Group Employees: 100. (Hong Kong)
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
MULITEX LTD.
Registered
Head Office:-
18/F., 909 Cheung
Sha Wan Road, Kowloon, Hong Kong.
Warehouse:-
Unit A, 8/F.,
Young Ya Industrial Building, 381-389 Sha Tsui Road, Tsuen Wan, New
Territories, Hong Kong.
T.S.T. P.O. Box
98694, Tsimshatsui, Kowloon, Hong Kong.
Overseas
Offices:-
Guangzhou
Unit 04-06, 6/F., New Centreline Tower, No. 313 Yuan Jiang Road M,
Guangzhou 510110,
China.
[Tel: (86-20) 8365
3272, 8365 3273; Fax: (86-20) 8365 3292]
Shanghai
Suite
No. C, 17/F., Xin An Plaza – West Building, No. 200 Zhen Ning
Road, Shanghai
200040, China.
[Tel: (86-21) 6289
0021, 6289 0031; Fax: (86-21) 6279 2728]
Chile
Salvador
Sanfuentes No. 2261, Estacion Central, Santiago, Chile.
[Tel: (562) 2023534; Fax: (562) 2202329]
Holding
Company:-
Multistars
Holdings Ltd.
The Hallmark
Building, Suite 227, Old Airport Road, The Valley, Anguilla, British West
Indies.
Associated/Affiliated
Companies:-
Mohinani Group of Companies
Angel Garment Ltd., Hong Kong.
Art Era Ltd., Hong Kong.
Bebe Ltd., Hong Kong.
Bellanis Ltd., Hong Kong.
Effort BPO Ltd., India.
Euro Alliance Investments Ltd., Hong Kong.
Fun Republic Corporation, Philippines.
Imp Y Exp Melsons Chile Ltd., Chile.
Melbrook Zona Libre S.A., Panama.
Melco S.A., Panama.
Milton Star Trading, UAE.
Mulitex (Exports) Ltd.,
Hong Kong.
[Trading as Mulitex Industries
(BR No. 07133022-001)]
Mulitex (Exports) Ltd., Taiwan.
Mulitex Exports (Pvt) Ltd., India.
Mulitex Ltd., Hong Kong.
[Trading as Mulitex Industries
(BR No. 22166795-002)]
Mulitex USA Inc., USA.
Multistars Holdings Ltd., British West Indies.
Next Product Ltd., Hong Kong.
P.T. Mulitex (Gedung Mulitex), Indonesia.
Soham Ltd., Hong Kong.
Star Glory Ltd., Hong Kong.
Starry Fashions Ltd., Hong Kong.
etc.
22166795
0661588
Managing
Director: Mr. Hassomal Bulchand Mohinani
Director &
Contact Person: Mr. Harry Hassomal
Mohinani
Nominal Share
Capital: HK$5,000,000.00 (Divided into 5,000 shares of HK$1,000.00 each)
Issued Share
Capital: HK$1,000,000.00
(As
per registry dated 04-12-2011)
|
Name |
|
No.
of shares |
|
Multistars Holdings Ltd. The Hallmark
Building, Suite 227, Old Airport Road, The Valley, Anguilla, British
West Indies. |
|
999 |
|
Mulitex (Exports) Ltd., Hong Kong. |
|
1 |
|
|
|
––––– |
|
|
Total: |
1,000 ==== |
(As per registry dated 04-12-2011)
|
Name (Nationality) |
Address |
|
Vijay Harish
MOHINANI |
Flat B, 4/F., Wing On Court, 24 Homantin
Hill Road, Kowloon, Hong Kong. |
|
Hassomal Bulchand
MOHINANI |
Flat A, 15/F., Wing On Court, 24 Homantin
Hill Road, Kowloon, Hong Kong. |
|
Harry Hassomal
MOHINANI |
House 12, Mount Beacon, 20 Cornwall
Street, Kowloon Tong, Kowloon, Hong Kong. |
Harry Hassomal
MOHINANI (As per registry dated
04-12-2011)
The
subject was incorporated on 4th December, 1998 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at 15/F., Kowloon Centre, 29-43 Ashley Road, Tsimshatsui,
Kowloon, Hong Kong, moved to 12/F., Wing On Plaza, 62 Mody Road, Tsimshatsui
East, Kowloon, Hong Kong with effect from 31st January, 2000, and
further moved to 9/F., Angel Tower, 918 Cheung Sha Wan Road, Kowloon,
Hong Kong in May 2005. The suject
further moed to the present address in December 2008.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Exporter.
Lines: Men’s nightwears, jeans, khakis and cargo pants, suits, T-shirts and polo shirts, sports wears, shirts, vests, outwears; ladies’ nightwears, jeans, sweaters and cardigans, dresses-loungewears, sports wears, shirts and tops, outwears; and children’s garments.
Trade Marks: “AVIS”, “AMERICAN EXCHANGE”, “BLACK STALLION”, “BLUEWAVE”, “COHIBA”, “COASTAL NAVIGATOR”, “DISENO”, “ERNEST & JOHN”, “FUN REPUBLIC”, “LARIDAS”, “MISCHIEF”, “PARADISE”, “PROXY”, “PULSE”, “SUPER T’S”, “VIBE”, etc.
Group Employees: 100. (Hong Kong)
Materials/Commodities: Imports raw materials from Europe and finished products from China.
Markets: Worldwide countries.
Group Turnover: US$200-220 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: On various terms.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge (since 2006): (See attachment)
Profit & Loss: Making a small profit every year.
Condition: Business is active.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Standing: Very
Good.
Having
issued 1,000 ordinary shares of HK$1,000.00, Mulitex Ltd. [Mulitex] is a
private limited company jointly held by two firms when it was incorporated “Multistars
Holdings Ltd.” [MHL], a Bahamas-registered firm, holding 900 shares; and
“Mulitex (Exports) Ltd.” [MEL], a Hong Kong‑registered firm, 100
shares. Subsequently, MEL has
transferred 99 shares to MHL and simultaneously, MHL changed its incorporated
country to British West Indies. Mulitex
is now almost wholly-owned by MHL.
Mulitex
is one of the members of the Mulitex Group.
It has got several significant sections, namely, designing section,
shipping section, sales section, accounting section, etc.
Mulitex
is an Indian company owned by the Mohinani family. It is a company based in Hong Kong with a
yearly turnover of about US$200 million.
It has been engaged in garment trading for over 35 years. Over the past years its turnovers have grown
substantially.
According
to Mulitex, it has set up offices in China (Guangzhou and Shanghai), Taiwan,
the Philippines, India, Chile, Panama and the United States. All these offices are responsible for
products and raw materials sourcing as well as finished products
marketing. As far as product sources are
concerned, Mulitex has developed strong links with manufacturing facilities in
such countries and regions like Thailand, Macau, Bangladesh, Russia, Malaysia,
South Korea, Brunei, Mongolia, Sri Lanka, Cambodia, South Africa, Madagascar,
Egypt, Mauritius, Pakistan, etc.
Mulitex
is specialised in a wide range of knitted garments like interlock T‑shirts,
mesh vests, pique polo and single jersey T-shirts and also a variety of woven
garments like denim jeans, shirts, twill trousers, madras checks shirts in
various designs. Its forte is in sports
wear and casual wear catering for all age groups of men, ladies and children
and it also has collections of fine suits for men and loungewear for women.
Currently,
Mulitex has got over a hundred brands registered world-wide.
Its
significant brands handled include the followings: “AVIS”, “AMERICAN EXCHANGE”,
“BLACK STALLION”, “BLUEWAVE”, “COHIBA”, “COASTAL
NAVIGATOR”, “DISENO”, “ERNEST & JOHN”, “FUN
REPUBLIC”, “LARIDAS”, “MISCHIEF”, “PARADISE”, “PROXY”,
“PULSE”, “SUPER T’S”, “VIBE”, etc.
Since
2001, Mulitex has become a full service and vertically integrated company with
branches around the world and is still growing.
Business is rather active.
According
to Mulitex, the sales in South America, Mexico and West Indies account for 56%;
Europe account for 20%; the United States and Canada, 17%; the Middle East, 3%;
others, 4%.
Apart
from garments, Multitex also trades in the following commodities:-
·
Electric Appliances;
·
Audio & Vedio Equipment;
·
Home Appliances;
·
Footwear;
·
Toys and Bicycles; &
·
Sundries.
The
subject belongs to the Mulitex Group.
The following firms are the key members of the Group:-
1.
Star Glory Ltd.;
2.
Angel Garments Ltd.;
3.
Bebe Ltd.;
4.
Next Product Ltd.; &
5.
Soham Ltd.
Soham
Ltd. is a relatively new firm of the Group which is specialized in stationery
and chemicals trading.
Two
of Mulitex’s chief executive officers, Mr. Harry Hassomal Mohinani and
Mr. Hassomal Bulchand Mohinani, are also the shareholders of Bellanis
Ltd. Bellanis Ltd. is also a Hong
Kong-registered firm but located at a different address. It is also a garment trader.
Mulitex’s
business is chiefly handled by Mr. Vijay Mohinani who is a member of the Indian
family. The senior management team of
the subject has six persons.
On
the whole, in view of Mulitex’s background and parentage, consider it good for
normal business engagements.
Court case of the company and affiliate:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Mar. 1995 |
H2303 |
Mattel Inc. |
Mulitex (Exports) Ltd. [Trading as Mulitex
Industries] and other |
Injunction |
Not stated |
|
Apr. 2003 |
H1507 |
Adidas-Salomon AG, Adidas International
Marketing BV, Adidas Salomon International Sourcing Ltd. and Adidas Hong Kong
Ltd. |
Mulitex Ltd. |
Injunction |
Not stated |
Property
information of the company:-
1. Property
Location: Flat B on 4/F. and Car
Parking Space No. 68 on 1/F.,
Wong On Court, 24 Ho Man Tin Hill Road, Kowloon, Hong Kong.
Owner: Mulitex Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
03-04-2000 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities granted to Mulitex Ltd.
and Mulitex (Exports) Ltd. |
2. Property Location:
House No. 12 (comprising Car Parking Space on Carport Level, Living and Dining Rooms with Garden on Garden Floor Level, Bedrooms on 1/F. Level and Roof Terrace on Roof Level), Mount Beacon, 20 Cornwall Street, Kowloon, Hong Kong.
Owner: Mulitex Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
25-10-2007 |
- |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Tripartite legal charge to secure general banking facilities |
3. Property Location:
Flat G on 19/F. of Tower 17, South Horizons,
17 South Horizons Drive, Hong Kong.
Owner: Mulitex Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
05-01-2006 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities granted to Mulitex Ltd.,
Mulitex (Exports) Ltd. and Star Glory Ltd. |
4. Property Location:
Flat H on 19/F. of Tower 17, South Horizons,
17 South Horizons Drive, Hong Kong.
Owner: Mulitex Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
05-01-2006 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities granted to Mulitex Ltd.,
Mulitex (Exports) Ltd. and Star Glory Ltd. |
(Since 2006)
|
Date |
Particulars |
Amount |
|
05-01-2006 |
Instrument: Mortgage Property: 20/168,000th parts or shares of and in The
Remaining Portion of Aplichau Inland Lot No. 121 (Flat G on 19/F. of Tower
17, South Horizons, 17 South Horizons Drive, Hong Kong.) Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities granted
to Mulitex Ltd., Mulitex (Exports) Ltd. and Star Glory Ltd. |
|
05-01-2006 |
Instrument: Mortgage Property: 20/168,000th parts or shares of and in The
Remaining Portion of Aplichau Inland Lot No. 121 (Flat H on 19/F. of Tower
17, South Horizons, 17 South Horizons Drive, Hong Kong.) Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities granted
to Mulitex Ltd., Mulitex (Exports) Ltd. and Star Glory Ltd. |
|
15-05-2007 |
Instrument: Mortgage Property: Block B, 21/F., 161 Lin He Road West,
Tianhe District, Guangzhou City, Guangdong Province, China. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Guangzhou Branch, China. |
To secure general banking facilities not exceeding RMB18,000,000 Yuan |
|
25-10-2007 |
Instrument: Tripartite
Legal Charge/Mortgage Property: 41/3,679th parts or shares of and in New Kowloon
Inland Lot No. 6196 [House No. 12 (comprising Car Parking Space on Carport
Level, Living and Dining Rooms with Garden on Garden Floor Level, Bedrooms on
1/F. Level and Roof Terrace on Roof Level) of Mount Beacon, 20 Cornwall
Street, Kowloon, Hong Kong.] Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
23-04-2009 |
Instrument: Charge
Over Deposits (3-Parties) Property: All monies and deposits now or hereafter in
the time deposit account No. 368-195467 kept by the Company with Hang Seng
Bank Ltd. Mortgagee: Hang
Seng Bank Ltd., Hong Kong. |
To secure all monies and liabilities which are now or at any time
hereafter may be outstanding owing or payable by the company and Star Glory
Ltd. to Hang Seng Bank Ltd. |
|
28-12-2009 |
Instrument: Deep
Of Variation And Further Charge And Varied Mortgage Property: All those 41 equal undivided 3,679 part or
shares of and in New Kowloon Inland Lot No. 6196 [House No. 12 on carport
level, living and dining rooms with garden on garden floor level, bedrooms on
first floor level and the roof terrace on roof level] of “MOUNT BEACON”,
No. 20 Cornwall Street, Kowloon, Hong Kong] Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities |
|
25-07-2012 |
Instrument: Assignment
of Life Insurance Property: (1) All the Assignor’s claims under the
Insurance: Insurance Policy
No: 28005490 Name of Insurance Co.: HSBC Life (International)
Ltd. Name of the Insured: Mahbubani Arun Sunder Assignor / Policy Owner: Mulitex Ltd. (2) All the Assignor’s claims
against the issuer of the Policy Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All and any monies in any currency owing by the Assignor to the
Bank (ii) interest on such monies (iii) all monies paid by the Bank in
respect of the Policy |
|
25-07-2012 |
Instrument: Assignment
of Life Insurance Property: (1) All the Assignor’s claims under the
Insurance: Insurance Policy
No: 28005479 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Sundararaman Venkateswaran Assignor / Policy Owner: Mulitex Ltd. (2) All the Assignor’s claims
against the issuer of the Policy Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All and any monies in any currency owing by the Assignor to the
Bank (ii) interest on such monies (iii) all monies paid by the Bank in
respect of the Policy |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.