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Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
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Name : |
ABDOOLALLY EBRAHIM
TEXTILES LTD |
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Registered Office : |
1/F., Abdoolally House, |
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Country : |
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Date of Incorporation : |
12.09.1995 |
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Com. Reg. No.: |
19661150 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of yarns, fabrics, other textile products, etc |
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No. of Employees : |
30 |
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 – 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 |
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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 |
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 |
ABDOOLALLY EBRAHIM
TEXTILES LTD.
1/F., Abdoolally
House, 20 Stanley Street, Central, Hong Kong.
PHONE: 3920 1110, 3920 1081
FAX: 3920 1121
E-MAIL: info@abdoolally.com
General
Manager: Mr. Taha Jaffer Ebrahim
Incorporated on: 12th September, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 30. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very Good.
ABDOOLALLY EBRAHIM TEXTILES LTD.
Registered
Head Office:-
1/F., Abdoolally
House, 20 Stanley Street, Central, Hong Kong.
G.P.O. Box 308,
Hong Kong.
Holding
Company:-
AEG Trading Ltd.,
British Virgin Islands.
Affiliated/Associated
Companies:- (Most of the Hong Kong firms
are located at the same address)
Abdoolally Ebrahim & Co. (Hong Kong) Ltd., Hong Kong.
Abdoolally Ebrahim Housewares Ltd., Hong Kong.
Abdoolally Ebrahim
Imagineering Ltd., Hong Kong.
[Formerly known as Ikhlas Products Ltd.]
Abdoolally Ebrahim Services Ltd., Hong Kong.
AECO Ltd., Hong Kong.
[Formerly known as Craster Enterprises Ltd.]
Ikhlas (Holdings) Ltd., Liberia.
Ikhlas Offshore Shipping Co. Ltd., Liberia.
United Ship Management Ltd., Hong Kong. [Dissolved]
19661150
0525205
General
Manager: Mr. Taha Jaffer Ebrahim
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As per registry dated 12-09-2012)
|
Name |
|
No.
of shares |
|
AEG Trading Ltd. Sea Meadow House, Blackburne Highway (P.O. Box 116), Road Town,
Tortola, British Virgin Islands. |
|
10,000 ===== |
(As per registry dated 12-09-2012)
|
Name (Nationality) |
Address |
|
AEG Trading Ltd. |
Sea Meadow House, Blackburne Highway (P.O.
Box 116), Road Town, Tortola, British Virgin Islands. |
(As per registry dated 12-09-2012)
|
Name |
Address |
|
YUE
Mei Lan, Lillian |
Room 2804, 28/F., Block B, Hong Tin Court, 33 Kai Tin Road, Lam Tin,
Kowloon, Hong Kong. |
The
subject was incorporated on 12th September, 1995 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Golden Wheel Asia Ltd., name
changed to Abdoolally Ebrahim (Asia) Ltd. on 5th January, 1998, changed to the
present style on 20th June, 2003.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of yarns, fabrics, other textile products, etc.
Employees: 30. (Including associates)
Commodities Imported: China, other Asian countries, Europe, etc.
Markets: Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Made profits in the past years.
Condition: Business is very active.
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: Very Good.
Abdoolally
Ebrahim Textiles Ltd. is a wholly-owned subsidiary of AEG Trading Ltd. which is
a BVI-registered firm.
The
subject in fact is a member of the Abdoolally Ebrahim Group [AEG/Group], a
group of companies owned by an Indian family, which is also located at the
operating address of the subject. The
Group started trading in housewares in 1961.
Abdoolally
Ebrahim Group has been engaged in OEM business for over 40 years. There has been significant growth in business
in the last ten years with improving quality in China’s products and the Group
would continue to sub‑contract its orders to the manufacturers in China.
Established
in Hong Kong and Shanghai in 1842, the Group started its trading activities in
beans, pluses, tea, silk and cotton yarn between China and India. AEG has set up branch offices in Pakistan,
Myanmar, the United Kingdom, etc.
AEG
operates in 13 locations across the world in a diverse range of businesses from
textiles and commodities trading, housewares export, foodstuffs manufacturing,
industrial product design, to ship chartering.
According to AEG, it is HSBC’s oldest surviving client.
The
key member of the Group is Abdoolally Ebrahim & Co. (H.K.) Ltd. which was
incorporated in Hong Kong on 14th August, 1951.
This firm shares the same operating office with the subject.
The
subject’s Managing Director Mr. Taha Jaffer Ebrahim is the fifth or sixth
generation of the Group founder.
The
subject has established long term business ties with cotton mills in India,
Pakistan, China and Indonesia to provide its customers with a well established
continuous flow of reliable product.
The
subject’s Textile Office are located at:-
·
Karachi (Pakistan);
·
Coimbatore (India); &
·
Shenzhen Special Economic Zone (China).
It
carries the following products:-
Fibres:
·
Cotton Short to Medium Staple Length;
·
Cotton Medium to Long Staple Length;
·
Cotton Extra Long Staple Length;
·
Indian, Egyptian & Pakistan Origin Cotton;
&
·
100% Viscose & Polyester Fibres.
Yarns:
·
100% Carded & Combed Cotton yarns for weaving
& knitting;
·
100% Woollen yarns;
·
100% Woollen yarn, including Angora & Merino
Wool & blends;
·
100% Cashmere yarns & its blends;
·
100% acrylic & Acrylic blended yarns;
·
100% Organic & Blended Organic yarns –Control
Union Certified; &
·
100% Viscose & Blend.
The
subject is fully supported by AEG.
As
the history of the subject is over seventeen years in Hong Kong, on the whole,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.