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Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
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Name : |
INDIAN
PROVISION STORE &
SUPERMARKETINDIAN |
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Registered Office : |
Shop 65-66, G/F., Chungking Arcade, |
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Country : |
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Date of Incorporation : |
26.02.1985 |
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Com. Reg. No.: |
9491775-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter, Wholesaler, Retailer and Commission Agent of Foodstuffs and sundry products |
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No. of Employees : |
10 |
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 : |
Good |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
INDIAN PROVISION STORE & SUPERMARKETINDIAN
Shop 65-66, G/F., Chungking Arcade, Chungking Mansion, 36-44 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2368 2158, 2369 0313
FAX: 2724 2050, 2366 8007
E-MAIL: brar1974@netvigator.com
Manager: Mr. Buta Singh Brar
Establishment: 26th February, 1985.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Wholesaler and Retailer.
Group Turnover: HK$150-200 million
Employees: 10.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office &
Shop:-
Shop 65-66, G/F., Chungking Arcade, Chungking Mansion, 36-44 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Warehouse:-
Unit 4, 19/F., Harbour Industrial Centre, 10 Lee Hing Street, Ap Lei Chau, Hong Kong.
Associated
Companies:-
Indian Provision
Stores
G/F., 34 Bowrington Road, Wanchai, Hong Kong.
[Tel: 2891 8324, 2891 8024, 2891 8104; Fax: 2572 5073]
Brar Sons Ltd., Hong
Kong.
[Trading as “Chillie Sark”, “Curry Hunter” and “Italian Otto”]
Brar Group (Hong Kong) Ltd., Hong Kong.
Saarland (HK) Ltd., Hong Kong.
9491775-000-02
Manager: Mr. Buta Singh Brar
Name: Mr. Buta Singh BRAR
Residential Address: Flat
H, 5/F., Wing Lee Building, 33 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 26th February, 1985 as a Sole Proprietorship concern jointly owned by Mr. Gurdev Singh Brar and Mr. Buta Singh Brar under the Hong Kong Business Registration Regulations. Became a sole proprietorship firm just owned by Mr. Buta Singh Brar while Mr. Gurdev Singh Brar retired on 31st March, 1994.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter, Wholesaler, Retailer and Commission Agent.
Lines: Foodstuffs and sundry products.
Sole Agents for:-
Austcrown UHT Milk
Basmati Rice – India.
Golden Temple Atta Flour
Harvey Fresh UHT Milk – Western Australia.
QBB. Brand Ghee –Australia.
Rose Brand Rose Syrup – T.G. Kiat & Co. (Pte) Ltd., Singapore.
etc.
Employees: 10.
Commodities Imported: Imported from India, Southeast Asia, Australia, Europe, etc.
Market: Hong Kong.
Group Turnover: HK$150-200 million
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit & Loss: Made profits in the past years.
Condition: Keeping in an active state.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: : The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Indian Provision Store & Supermarket is a sole proprietorship owned by Mr. Buta Singh Brar who is an Indian. Business commenced in February 1985, the subject is a rather well-known Indian shop controlled by the Brar family. According to the subject, it is an importer, exporter, wholesaler, retailer and commission agent.
The subject has had an affiliated company known as Indian Provision Stores [IPS] in Hong Kong Island operated by Mr. Gurdev Singh Brar who was the subject’s former partner. Th Brars belong to the same family. The business results of IPS and the subject were rather satisfactory in the past years.
The subject and IPS are trading in the same commodities, more or less, such as milk, flour, syrup, pulses, spices, spirits, alcohol, fresh vegetable, Indian magazines, etc. Most of its customers are Indian firms, Indian canteens and Indian householders. Business hour is from 9:00 am to 9:00 pm.
The subject is
trading and retailing the following commodities:-
|
Product/Service |
Product/Service
Remarks |
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Food and Beverage |
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Sauce and Seasoning |
Spice and lentil from India, Pakistan, Australia, Canada and USA. Saffron from Spain |
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Spice |
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Dairy Products |
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Milk |
UHT milk from Australia and New Zealand |
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Confectionery |
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Candy and Sweet |
From India, Australia and USA |
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Dried and Preserved Food |
From India, Australia, Canada, Pakistan and USA |
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Canned Food |
From India, Australia, Canada, Pakistan and USA |
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Non-Alcoholic Beverage |
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Tea and Teabag |
Indian tea from India and Sri Lanka |
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Agricultural Products, Livestock and Poultry |
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Seed |
Guar seeds |
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Cereal |
From India, Canada and Australia |
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Rice |
Basmati rice from India, Pakistan and Canada |
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Chemicals (including Plastic Materials) |
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Food Chemicals |
Guar gum/seed gum |
The subject’s associate Brar Sons Ltd. [BSL] is chiefly controlled by the Brar family. Incorporated on 2nd April, 1997, BSL is equally owned by Mr. Jaswinder Singh Brar and Mr. Natha Singh. BSL’s board of directors include Mr. Gurdev Singh Brar, Mrs. Amar Kaur Brar and Mr. Jaswinder Singh Brar. At present, BSL is the owner and operator of the following restaurants:-
Chillie Sark [General restaurant and bar]
1) Shop 203, Maritime Square, Tsing Yi, New Territories, Hong Kong.
[Established on 1st September, 1998]
2) Shop G47 & G48, Paradise Mall, Heng Fa Chuen, Chai Wan, Hong Kong. [Established on 15th October, 2001]
Italian Otto [Restaurant and cafe]
Shop A130-A131, New Town Plaza III, Shatin, New Territories, Hong Kong. [Established on 18th August, 2000]
Curry Hunter [Restaurant and cafe]
Located at International Airport, Hong Kong.
BSL also has set up “Shalimar” which is a restaurant located at Room B4, 1/F., Dragon Rise, 9-11 Pennington Street, Causeway Bay, Hong Kong.
The Brar family has been in Hong Kong for a long time and is quite experienced in its lines of business.
The subject and its associated firms belong to the Brar Group. The Group was founded in Hong Kong in 1957. Its mission is to provide consumers food and beverages.
According to the Group imports foodstuffs and provisions via Brar Foods (HK) Ltd., Saarland (HK) Ltd. and the subject. However, the first firm has not registered in Hong Kong.
Another key enterprise of the Group is Brar Group (HK) Ltd. [BGHKL] which is operated by Tony Enterprises.
Since conception 15 years ago, BGHKL has evolved and grown to be one of the leading providers of 100% Cotton Shirting and Woollen Suiting fabrics. It caters locally on a retail basis and local tailors and on a wholesale basis to garment manufacturers and international importers. BGHKL’s turnover ratio of 70:30 (local to exports) has substantially changed to 60:40 (export to local) over the period and its annual trading volume is about 30 million meters.
BGHKL has been servicing customers with Poplin, Oxford, French Oxford, Chambray, Pin-Point, Twills in Checks, Stripes, fancy Dobby and Printed Designs ranging in different yarn counts 40s 50s 60s 70s 80s 100s 120s 140s 160s 200s which are in 1-ply and 2-ply.
The annual sales turnover of the Group ranges from HK$150 to 200 million. Overall business is satisfactory.
On the whole, in view of the history and background of the subject, consider it good for normal business engagements.
COURT CASES: None as per our.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.92 |
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UK Pound |
1 |
Rs.86.03 |
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Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.