MIRA INFORM REPORT
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Report Date : |
04.02.2012 |
IDENTIFICATION DETAILS
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Name : |
MATSUMOTO
INDUSTRIAL LTD. |
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Registered Office : |
Flat F, 19/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.11.1991 |
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Com. Reg. No.: |
15246869 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Garments, piecegoods, buttons, buckles, zippers, fashion accessories, etc Subject is also engaged in Jewellery and diamonds trading. |
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No. of Employees
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5. (Including associates) |
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 30th, 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
MATSUMOTO INDUSTRIAL
LTD.
Company ADDRESS
Flat F, 19/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.
PHONE: 2851 6992
FAX: 2851 7170
E-MAIL: bharat@matsumotoind.com.hk
MANAGEMENT
Managing Director: Mr. Bharat Gohel
SUMMARY
Incorporated on: 5th November, 1991.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$20~25 million.
Employees: 5. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Flat F, 19/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.
Associated
Companies:- (Same address)
Capital World Corporation Ltd., Hong Kong.
Sonar (HK) Ltd., Hong Kong.
Sonar Trading Co., Hong Kong.
BUSINESS REGISTRATION NUMBER
15246869
COMPANY FILE NUMBER
0331717
MANAGEMENT
Managing Director: Mr. Bharat Gohel
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
SHAREHOLDERS
(As per registry
dated 05-11-2011)
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Name |
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No. of shares |
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Bharat GOHEL |
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9 |
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Gohel Indulal Premanand |
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1 |
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–– |
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Total: |
10 == |
DIRECTORS
(As per registry
dated 05-11-2011)
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Name (Nationality) |
Address |
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Daphne Bontein DA ROSA GOHEL |
Apartment 2C, Glamour Court, 39 Consort Rise, Pokfulam, Hong Kong. |
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Bharat GOHEL |
Apartment 2C, Glamour Court, 39 Consort Rise, Pokfulam, Hong Kong. |
SECRETARY
(As per registry
dated 05-11-2011)
Bharat GOHEL
HISTORY
The subject was incorporated on 5th November, 1991 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat B, 18/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong, moved to Flat F, 19/F. of the same building in June 2006.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Garments, piecegoods, buttons, buckles, zippers, fashion accessories, etc.
Note:
The company is also engaged in Jewellery and diamonds trading. It has been engaged in this line of business in recent years.
Employees: 5. (Including associates)
Commodities Imported: China and other Asian countries.
Markets: India, other Asian countries, Middle East, Europe, North America, etc.
Annual Turnover: HK$20~25 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
Profit & Loss: Making a small profit every year.
Condition: Keeping in a normal condition.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 10 ordinary shares of HK$1.00 each, Matsumoto Industrial Ltd. is jointly owned by Mr. Bharat Gohel, holding 9 shares; and Mr. Gohel Indulal Premanand, holding 1 share. Bharat Gohel is an Indian who has been in Hong Kong for a very long time. He has got the right to reside in Hong Kong permanently.
The subject is trading in the following commodities:-
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Product/Service |
Produce/Service
Remarks |
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Piecegoods – Vegetable Fibre Denim – Cotton, Woven |
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Shirts (Men’s, Women’s and Children’s) |
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Haberdashery Zipper Button – Plastic Button – Metal Buckle – Plastic Buckle – Metal Padding and Pad Lining and Inter-Lining |
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Fashion Accessories Ribbon (Cut-Edge) Lace and Trimming |
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Machinery – Textile and Garment Sewing Machines and Parts – Household |
Sewing machines from Japan, China (Importer and Exporter) |
Most of the commodities are imported from China and Japan. Prime markets are Asian countries, North America, Europe, the Middle East, etc.
The subject has got an affiliated company located at the same operating address known as Sonar (HK) Ltd. [Sonar]. Operated by Mrs. Ravi Sujanani, Sonar is also an Indian firm engaged in the same lines of business as the subject, more or less.
Sonar exports a large range of woven and knit fabrics from China that are suitable for garment factory mfg for Kids Garments. At present Sonar is supplying to factory working with Disney. The range of fabric include all types of cotton, cotton blended and polyester fabrics such as poplin, corduroy, jersey, fleece, pique, etc. Sonar also supplies accessories for the ready made garment industry such as zippers, buttons (plastic and metal), rhinestones appliqué, Velcro tapes, ribbons, lace, thread, etc.
Besides trading in garment accessories, Sonar also trades in other commodities such as:-
· Disposable medical products such as disposable and safety syringes, infusion sets;
· Wing needle, blood bag, urine bags and other related products.
Sonar has been in direct contact with factories that has got ISO and CE certifications. It is currently supplying to companies in Indonesia for such products.
The annual turnover of the subject and its associate ranges from HK$20 to 25 million. Business is steady.
As the history of the subject is over twenty years and two months in Hong Kong, consider it good for normal business engagements.
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of themselves
made money from these businesses but their diamond companies have gone sick and
declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond business
has been diverted in real estate and the share market. The banks are not in a
position to seize their properties because in many cases, these were purchased
in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.96 |
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UK Pound |
1 |
Rs.77.47 |
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Euro |
1 |
Rs.64.39 |
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.