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Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
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Name : |
DBS
PACIFIC CO. LTD. |
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Registered Office : |
c/o World
First Secretarial Ltd., Room 1902(A), 19/F., 38 Plaza, |
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Country : |
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Date of Incorporation : |
25.11.2010 |
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Com. Reg. No.: |
53338894 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Garments, home textiles, chemicals, hard goods, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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) |
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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 |
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 |
DBS PACIFIC CO. LTD.
c/o World First Secretarial Ltd.
Room 1902(A), 19/F., 38 Plaza, 38 Shan Tung Street, Mongkok, Kowloon, Hong Kong.
PHONE: 8132 4106
FAX: 8132 4105
E-MAIL: info@dbspacific.com
Managing Director: Mr. Suvashree Pattanaik
Incorporated on: 25th November, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
c/o World First Secretarial Ltd.
Room 1902(A), 19/F., 38 Plaza, 38 Shan Tung Street, Mongkok, Kowloon, Hong Kong.
China Office:-
Suite# 1003,
International Financial Centre, Caiyuan Zhongxin, Di Dang, 312000 Shaoxing
City, Zhejiang Province, China.
India Office:-
Shanti Nekatan, Flat # B-402, Y.C.A Nagar, Andheri (E), Mumbai, India.
53338894
1532853
Managing Director: Mr. Suvashree Pattanaik
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 25-11-2011)
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Name |
|
No. of shares |
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Suvashree PATTANAIK |
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5,100 |
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Debadatta PATTANAIK |
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4,900 |
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|
–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 25-11-2011)
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Name (Nationality) |
Address |
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Debadatta PATTANAIK |
Qn No. 42-1 (R.T.C.) O.U.AT Colony Unit 8 Bhubaneswar, DT Khurda Orissa 751003, India. |
|
Suvashree PATTANAIK |
Qr No. Eb-552 B.D.A Colony, Baragara, Bhubaneswar, Orissa Pin 751018, India. |
(As per registry
dated 25-11-2011)
|
Name |
Address |
Co.
No. |
|
World First Secretarial Ltd. |
Room 1902(A), 19/F., 38 Plaza, 38 Shan Tung Street, Mongkok, Kowloon, Hong Kong. |
1382873 |
The subject was incorporated on 25th November, 2010 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.
Activities: Importer, Exporter and Wholesaler.
Lines: Garments, home textiles, chemicals, hard goods, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: India, other Asian countries, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, Advanced T/T, 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: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Is making 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.
Having issued 10,000 ordinary shares of HK$1.00 each, DBS Pacific Co. Ltd. is jointly owned by Mr. Suvashree Pattanaik, holding 51% interests; Mr. Debadatta Pattanaik, holding 49%. Both are Indian and India passport holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 1902(A), 19/F., 38 Plaza, 38 Shan Tung Street, Mongkok, Kowloon, Hong Kong known as World First Secretarial 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. It is trading in the following commodities: shirts, suites, other garments, home textiles, woven fabrics, chemicals, hard goods, etc.
The subject has set up offices in Shaoxing City, Zhejiang Province, China. It also has had a main office in Mumbai, India.
Most of the commodities are sourced from China. Prime markets are India and the other Asian countries, etc.
The subject is wholly-owned by the Pattanaik family.
The China and India firms deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The China firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is under development. History in Hong Kong is just about two years.
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.54.44 |
|
UK Pound |
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.43 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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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.