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Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
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Name : |
BASICLINE
INTERNATIONAL LTD. |
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Registered Office : |
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road,
Tsimshatsui East, |
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Country : |
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Date of Incorporation : |
17.08.1990 |
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Com. Reg. No.: |
14008555 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Re-exporter and Wholesaler of all kinds of Garments, Fabrics and Other Textiles. |
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No. of Employees : |
8. (Including
Associate) |
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 : |
Satisfactory |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
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 |
BASICLINE INTERNATIONAL
LTD.
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 3552 5500, 2723 3156
FAX: 3552 5501, 3552 5503
E-MAIL: rajesh@basicline.com.hk
Managing Director: Mr. Prishotam Ramchand Mirpuri
Incorporated on: 17th August, 1990.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Re-exporter and Wholesaler.
Employees: 8. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
Associated
Companies:-
Euroline Overseas Co. Ltd., British Virgin Islands.
Wing Fat Enterprises Ltd., Hong Kong. (Same address)
14008555
285216
Managing Director: Mr. Prishotam Ramchand Mirpuri
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry
dated 17-08-2011)
|
Name |
Occupation |
No. of shares |
|
Asha Prishotam MIRPURI |
Merchant |
2,483,000 |
|
Prishotam Ramchand MIRPURI |
Merchant |
2,517,000 |
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|
|
–––––––– |
|
|
Total: |
5,000,000 ======= |
(As per registry
dated 17-08-2011)
|
Name (Nationality) |
Address |
|
Asha Prishotam MIRPURI (Indian) |
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. |
|
Prishotam Ramchand MIRPURI (Indian) |
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. |
(As per registry
dated 17-08-2011)
|
Name (Nationality) |
Address |
|
Nari Valiram NIHALCHAND (Indian) |
Flat D, 6/F., Booman House, 33-U Jordan Road, Kowloon, Hong Kong. |
The subject was incorporated on 17th August, 1990 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 3/F., Hart House, 12-14 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in September 2004.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Re-exporter and Wholesaler.
Lines: All kinds of garments, fabrics and other textiles.
Employees: 8. (Including associate)
Commodities Imported: Imported from Europe, China, India, etc.
Markets: South Africa, Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Traded at a small profitable angle.
Condition: Keeping in a satisfactory condition.
Facilities: Actively using general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Normal.
Basicline International Ltd. is a private limited company joint owned by Mr. Prishotam Ramchand Mirpuri and Mr. Asha Prishotam Mirpuri, both of whom are the members of an Indian family. The former is holding 50.34% interests while the latter, holding 49.66%. The Mirpuri are also directors of the subject and have got the right to reside in Hong Kong permanently as they are Hong Kong ID Card holders.
The subject is a garment, fabric and other textile product importer and re‑exporter. Commodities are mainly imported from India, Europe and China while its re-exported markets are Asian countries and South Africa. Business has been steady.
The subject has had an associated company known as Wing Fat Enterprises Ltd. [Wing Fat] located at the same operating address. Having issued 2 million ordinary shares of HK$1.00 each, Wing Fat is a wholly owned subsidiary of Euroline Overseas Co. Ltd. which is a BVI-registered firm. Wing Fat is chiefly controlled by Mr. Seema Rajesh Mirpuri who is an Indian. The subject and Wing Fat are engaged in the same lines of business.
Having a history of more than twenty-one years and eight months, the subject has developed long term business ties with a number of firms in India and buyers in South Africa. Business is active.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, the subject took part in the fair held in Las Vegas, the United States in February, 2010.
On the whole, consider the subject good for normal business engagements.
REMARKS:
Property information of the company:-
Property Location: 3/F., Hart House, 12 & 14 Hart Avenue, Kowloon, Hong Kong.
Owner: Basicline
International Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-11-1993 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities jointly with Rajesh Prishotam Mirpuri and Asha Prishotam Mirpuri |
|
Date |
Particulars |
Amount |
|
30-11-1993 |
Instrument: Mortgage (Jointly with Rajesh Prishotam Mirpuri and Asha Prishotam Mirpuri) Property: 10/170th parts or shares of and in Kowloon Inland Lot No. 10349 (3/F. of Hart House, 12-14 Hart Avenue, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure general banking facilities |
|
23-01-2008 |
Instrument: Assignment of DC Proceeds re export bills restricted to other banks for negotiation/payment Property: By way of assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing proceeds payable or to be paid to the Customer under the Documentary Credits, all the Customer’s right, title and interest in the said Documentary Credits and the benefit of all powers and remedies for enforcing the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the Customer against documents submitted under a Documentary Credit, all monies and liabilities in any currency owing by the Customer to the Bank at any time, whether separately or jointly, actually or contingently, present or future, interest on all loans and advances and such monies and all expenses of the Bank in perfecting or enforcing the Assignment |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
UK Pound |
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
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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 |
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<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.