MIRA INFORM REPORT

 

 

Report Date :

23.05.2012

 

IDENTIFICATION DETAILS

 

Name :

PANACHE  NETWORK  LTD.

 

 

Registered Office :

Room 1602, 16/F., Hart House, 12-14 Hart Avenue, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

19.04.2011

 

 

Com. Reg. No.:

58250413

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of mobile phones and accessories, etc.

 

 

No. of Employees :

01

 

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

 

PANACHE  NETWORK  LTD.

 

 

Company ADDRESS

 

Room 1602, 16/F., Hart House, 12-14 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            67444720

FAX:                 Not available

 

 

MANAGEMENT

 

Managing Director:  Mr. Kiran Kamlesh Satwani

 

 

SUMMARY

 

Incorporated on:             19th April, 2011.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$1.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   1.

 

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

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Room 1602, 16/F., Hart House, 12-14 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBEr

 

58250413

 

 

COMPANY FILE NUMBER

 

1590252

 

 

MANAGEMENt

 

Managing Director:  Mr. Kiran Kamlesh Satwani

 

 

CAPITAL

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1.00

 

 

SHAREHOLDER

(As per registry dated 19-04-2012)

 

Name

 

No. of share

Kiran Kamlesh SATWANI

 

1

=

 

 

DIRECTOR    

(As per registry dated 19-04-2012)

 

Name

(Nationality)

 

Address

Kiran Kamlesh SATWANI

H No: 10-5-28/502, Madina Gulshan Residency, Masab Tank, Opp: Rock Church, Hyderabad-500028, Andhra Pradesh, India.

 

 

SECRETARY

(As per registry dated 19-04-2012)

 

Name

Address

Co. No.

Akin Professionals Ltd.

20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.

1273165

 

 

HISTORY

 

The subject was incorporated on 19th April, 2011 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 Wholesaler.

 

Lines:                           All kinds of mobile phones and accessories, etc.

 

Employees:                   1.

 

Commodities Imported:   China, other Asian countries, etc.

 

Markets:                       India, etc.

 

Terms/Sales:                 As per contracted.

 

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$1.00

 

Profit or Loss:                Too early to offer an opinion.

 

Condition:                      Business is under development.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory

 

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

 

Standing:                      Small.

 

 

GENERAL

 

Having issued just one ordinary share of HK$1.00, Panache Network Ltd. is wholly owned by Kiran Kamlesh Satwani who is an Indian.  He is an India passport holder and does not have the right to reside in Hong Kong permanently.  He is also the only director of the subject.

The subject is trading in all kinds of mobile phones and accessories.  It is carrying GSM/PCS mobile phones and accessories.  Most of the products are sourced from China.

The subject has registered with the Office of the Communications Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee.  The subject bears the licence No. of RU00146553 - RU.

We can reach nobody at your given number 6744 4720 which is a mobile phone number.  The fax number is incorrect as there are only seven-digit.  It is likely that the phone number belongs to SATWANI.  Currently he is not in Hong Kong and has turned off its mobile phone.

It is likely that the subject has got an associated company in India which is also operated by SATWANI.  The India firm is also a mobile phone trader.

The subject’s business in Hong Kong is under development.  History in Hong Kong is just over a year and a month.

On the whole, since the history of the subject is short, consider it good for normal credit requirements on secured basis.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.88

UK Pound

1

Rs.86.84

Euro

1

Rs.70.21

 

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.