MIRA INFORM REPORT

 

 

Report Date :

05.06.2012

 

IDENTIFICATION DETAILS

 

Name :

WORLD  FASHION  TRADE  LTD.

 

 

Registered Office :

Suite 308, ST. James Court, ST. Denis Street, Port Louis

 

 

Country :

Mauritius

 

 

Date of Incorporation :

23.08.2002

 

 

Com. Reg. No.:

30348571

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Fashion Trader of Leather bags, other leather products, garments, textile products, accessories, etc.

 

 

No. of Employees :

Not Available

 

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 :

Small Company 

 

 

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, 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

 

 

Company name

 

WORLD  FASHION  TRADE  LTD.

 

 

Company ADDRESS

 

c/o Prima Secretaries Ltd.

Suite 605, 6/F., China Insurance Group Building,141 Des Voeux Road Central, Central, Hong Kong.

PHONE:            2376 3611

FAX:                 2736 5115

 

 

MANAGEMENT

 

Managing Director in Hong Kong:  Mr. Snehdeep Aggarwal

 

 

SUMMARY

 

Registered in Hong Kong on:       23rd August, 2002. (Non-Hong Kong Company)

 

Organization:                             Limited Company.

 

Capital:                                     Authorised:                    US$1,000.00

Issued & Paid Up:          US$1,000.00

 

Business Category:                    Fashion Trader.

 

Employees:                               Nil.

 

Main Dealing Banker:                 Deutsche Bank AG, Hong Kong Branch.

 

Banking Relation:                       Satisfactory.

Company ADDRESS

 

Registered Office:-

Suite 308, ST. James Court, ST. Denis Street, Port Louis, Mauritius.

 

Hong Kong Principal place of Business:-

c/o Prima Secretaries Ltd.

Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Central, Hong Kong.

 

Associated Companies:-

·         Bhartiya City Developers Pvt. Ltd., India.

·         Bhartiya International Ltd., India.

·         Bhartiya International SEZ Ltd., India.

·         Bhartiya Urban Infrastructure And Land Development Ltd., India.

·         Studio Creo Pvt. Ltd., India.

 

 

BUSINESS REGISTRATION NUMBER 

 

30348571

 

 

COMPANY FILE NUMBER

 

F0012107

 

 

MANAGEMENT

 

Managing Director in Hong Kong:  Mr. Snehdeep Aggarwal

 

 

AUTHORIZED REPRESENTATIVE IN HONG KONG

(As per registry dated  23-08-2011)

 

Name

Address

Mr. Divya VAZE

Flat B, 1/F., Mirror Marina, 47 Conduit Road, Mid‑Levels, Hong Kong.

Elvira i. ROMERO

Flat 1905, 19/F., Block A, Chun Lai House, Hang Chun Court, Cheung Sha Wan, kowloon, Hong Kong.

 

CAPITAL

 

Authorised Share Capital: US$1,000.00

 

Issued & Paid Up Capital: US$1,000.00

 

 

DIRECTORS

(As per registry dated 23-08-2011)

 

         Name

   (Nationality)

 

Address

Snehdeep AGGARWAL

J-101, Sainik Farms, New Delhi 110062, India.

 

Nikhil AGGARWAL

Via 7A Strada, 5 San Felice, 20090 Segrate(MI), Italy.

 

 

SECRETARY 

(As per registry dated 23-08-2011)

 

Name

Address

Co. No.

Prima Secretaries Ltd.

Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Central, Hong Kong.

0569406

 

 

HISTORY

 

The subject was incorporated in the Mauritius as a limited company.  It has established a principal place of business in Hong Kong and was registered on 23rd August, 2002 as an non-Hong Kong company under Part XI of the Hong Kong Companies Ordinance.

Formerly the registered address of the subject was located at c/o Prima Secretaries Ltd., 9/F., Abdoolally House, 20 Stanley Street, Central, Hong Kong, moved to the present address in November 2009.

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

 

 

OPERATIONS

 

Activities:                      Fashion Trader.

 

Lines:                           Leather bags, other leather products, garments, textile products, accessories, etc.

 

Employees:                   Nil.

 

Commodities Imported:   China, other Asian countries, etc.

 

Markets:                       India, other Asian countries, Europe, Scandinavia, Australia, etc.

 

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

 

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

 

 

FINANCIAL INFORMATION

 

Authorised Share Capital:           US$1,000.00

 

Issued & Paid Up Capital:           US$1,000.00

 

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:                                     Deutsche Bank AG, Hong Kong Branch.

 

Standing:                                  Small.

 

 

GENERAL

 

World Fashion Trade Ltd. has been incorporated in the Mauritius.  It was registered in Hong Kong on 23rd August, 2002 as a Non-Hong Kong Company.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at “Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Central, Hong Kong” known as “Prima Secretaries Ltd.” which is handling its correspondences and documents.  This firm is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

The subject is trading in leather bags, other leather products, garments, textile products, accessories, toys, rugs, slippers, cushions, etc.  Most of the products are exported to Australia, Japan, Europe, Scandinavia, Australia, etc.

It is a member of the Bhartiya Group of Companies in India.

The director of the subject Mr. Snehdeep Aggarwal is an Indian who is an India passport holder but residing in Italy.  The representative of the subject in Hong Kong Mr. Divya Vaze is also an Indian.  He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

The key member of the Group Bhartiya International Ltd. [BIL] is an India based firm.  Together with its subsidiaries, BIL is engaged in the research, development, manufacture, and export of leather and textile apparels, leather bags and accessories, and fur garments in India.

It also plans, develops, and builds real estate properties, including residential apartment complexes.  In addition, it operates as a private investment firm, specialized in infrastructure assets in India.  BIL was formerly known as Bhartiya Galecha Industries.  BIL. was founded in 1987 and is based in New Delhi, India.

BIL reported unaudited earnings results for third quarter and nine months ended 31st December, 2011.  For the quarter, the company reported net sales of INR 657.127 million against INR 481.570 million for the same period a year ago.  Profit from operations before other income, interest and exceptional items for the period was INR 43.302 million against INR 28.840 million for the same period a year ago.  Net profit for the period was INR 17.745 million or INR 1.76 per diluted share after extraordinary items against INR 12.079 million or INR 1.29 per diluted share after extraordinary items for same period a year ago.

For the nine months, BIL reported net sales of INR 1,676.959 million against INR 1,402.100 million for same period a year ago.  Profit from operations before other income, interest and exceptional items for the period was INR 135.046 million against INR 102.667 million for same period a year ago.  Net profit for the period was INR 68.036 million or INR 6.76 per diluted share after extraordinary items against INR 58.522 million or INR 6.23 per diluted share after extraordinary items for same period a year ago.

The subject is fully supported by the Bhartiya Group.  History in Hong Kong is over nine years and nine months.

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.55.52

UK Pound

1

Rs.85.29

Euro

1

Rs.68.86

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.