MIRA INFORM REPORT

 

 

Report Date :

02.11.2012

 

IDENTIFICATION DETAILS

 

Name :

MEGA  EXPORTS  LTD.

 

 

Registered Office :

Room 708-710, 7/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

15.10.1991

 

 

Com. Reg. No.:

15140439

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer, Exporter and Wholesaler of all kinds of garments, etc.

 

 

No. of Employees :

12 employees

 

 

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 :

Satisfactory

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Hong Kong - ECONOMIC OVERVIEW

 

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

 

 

 

Source : CIA

 

 

Company name

 

MEGA  EXPORTS  LTD.

 

 

Company ADDRESS

 

Room 708-710, 7/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.

PHONE:            2369 3880,  2369 2070,  2368 3646

FAX:                 2368 6927

E-MAIL:            mega@megaexports.com

kbm@megaexports.com.hk

prak@megaexports.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Khemchand Boolchand Mohinani

 

 

SUMMARY

 

Incorporated on:              15th October, 1991.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$2,000,000.00

Issued:              HK$2,000,000.00

 

Business Category:        Garment trader.

 

Employees:                   12.

 

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

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Room 708-710, 7/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.

 

Warehouse:-

Flat D, 23/F., Young Ya Industrial Building, 381-389 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong.  [Tel:  2413 6008]

 

Associated Companies:-

Label Exports, Hong Kong.  (Same address)

Planet Home (Bed & Bath) Ltd., Hong Kong.

United Exports Ltd., Hong Kong.

United Exports, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

15140439

 

 

COMPANY FILE NUMBER

 

0329567

 

 

MANAGEMENT

 

Managing Director:  Mr. Khemchand Boolchand Mohinani

 

 

CAPITAL

 

Nominal Share Capital: HK$2,000,000.00 (Divided into 1,000 shares of HK$2,000.00 each)

Issued Share Capital:     HK$2,000,000.00

 

 

SHAREHOLDERS

(As per registry dated 15-10-2011)

 

            Name

 

No. of shares

Khemchand Boolchand MOHINANI

 

600

Deepa Khemchand MOHINANI

 

200

Prakash MOHINANI

 

200

 

 

–––––

 

Total:

1000

====

 

 

DIRECTORS

(As per registry dated 15-10-2011)

 

         Name

   (Nationality)

 

Address

Mrs. Deepa Khemchand MOHINANI

A1, Kowloon Tong Garden, No. 1 Cambridge Road, Kowloon Tong, Kowloon, Hong Kong.

 

Mr. Khemchand Boolchand MOHINANI

A1, Kowloon Tong Garden, No. 1 Cambridge Road, Kowloon Tong, Kowloon, Hong Kong.

 

Prakash MOHINANI

6/F., Albion Garden, 17-21 La Salle Road, Kowloon Tong, Kowloon, Hong Kong.

 

 

SECRETARY 

 

Mrs. Deepa Khemchand MOHINANI  (As per registry dated 15-10-2011)

 

 

HISTORY

 

The subject was incorporated on 15th October, 1991 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Formerly the subject was located at 12A, Milton Mansion, 96 Nathan Road, Kowloon, Hong Kong, moved to Room 513-514, 5/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong in 2000 and further moved to the present address in November 2004.

 

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

 

OPERATIONS

 

Activities:                      Manufacturer, Exporter and Wholesaler.

 

Lines:                           All kinds of garments, etc.

 

Employees:                   12.

 

Commodities Imported:   Bought from China, other Asian countries, etc.

 

Markets:                       Hong Kong, India, the Middle East, Bangladesh, Africa, etc.

 

Terms/Sales:                 COD or as per contracted.

 

Terms/Buying:               L/C, T/T, etc.

 

 

MEMBERSHIP

 

The Indian Chamber of Commerce Hong Kong, Hong Kong.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$2,000,000.00 (Divided into 1,000 shares of HK$2,000.00 each)

 

Issued Share Capital:     HK$2,000,000.00

 

Mortgage or Charge:       (See attachment)

 

Profit & Loss:                 Making a small profit every year.

 

Condition:                      Keeping in a normal condition.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met as contracted.

 

Commercial Morality:  Satisfactory.

 

Bankers:-

·         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

BNP Paribas, Hong Kong Branch.

 

Standing:                      Good.

 

GENERAL

 

Mega Exports Ltd. is a garment trading company.  It was jointly owned by an Indian couple Mrs. Deepa Khemchand Mohinani and Mr. Khemchand Boolchand Mohinani.  The subject has issued 1,000 ordinary shares of HK$2,000.00 each while the husband held 80%, the wife, 20%.  The equities has been changed.  Now, the subject is jointly owned by Deepa Khemchand Mohinani, holding 20% interests; Prakash Mohinani, also holding 20%; and Khemchand Boolchand Mohinani, 60%.

 

The subject is trading in the following commodities:-

Suits & Jackets - Men’s, Suits & Jackets - Women’s, Children’s Wear (Include T-shirt), Sport & Tee-Shirt - Children, Blouses, Denim Garments, Jeans, Dresses & Skirts, Shirts, Trousers & Slacks, Trousers, Slacks, Cardigan , Sweater & Pullover, Tee & Sweat Shirts, Underwear - Men’s, Underwear - Women’s, Underwear - Children’s, Nightwear & Pyjamas, Sport Suits (Including jogging suit), Track & Training Suit (Including jogging suit), Sport Shoes, Toiletries, Bed Linen, etc.

The subject’s commodities are sourced from China, other Asian countries and local suppliers.  Prime markets are Asian countries, Australasia, North, Central & South America, the Middle East, Western Europe, etc.

The subject has had an associated company Planet Home (Bed & Bath) Ltd. [Planet] which is a Hong Kong-based firm.  Planet is trading in bed and bath products.  Most of its products bear the brand name of “Planet Home” and “Feather Touch”.  Planet is operating two retailing shops in Hong Kong.

Besides the subject, Mr. Khemchand Boolchand Mohinani is also the partner of United Exports, a partnership concern set up on 19th September, 1998.  United Exports is jointly owned by Mr. Khemchand Boolchand Mohinani and Mr. Pitamber Naraindas Sakhrani who is also an Indian.  United Exports is engaged in the same lines of business as the subject, more or less.

The subject has a history of more than twenty-one years.  The Mohinani family has been in Hong Kong for a long time.

On the whole, consider it good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.79

UK Pound

1

Rs.86.77

Euro

1

Rs.69.71

 

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.