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Report Date : |
28.11.2012 |
IDENTIFICATION DETAILS
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Name : |
PRISMA (HK) LTD. |
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Registered Office : |
Flat B, 8/F., |
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Country : |
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Date of Incorporation : |
04.05.2005 |
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Com. Reg. No.: |
35648166 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Camping equipment, sports equipment, other consumer goods, LDP products, plastic polymers, other plastics, etc. |
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No. of Employees : |
04 employees |
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 – June 30th, 2012
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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
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Source
: CIA |
PRISMA
(HK) LTD.
Unit 4, 8/F.,
Fashion Centre, 51-53 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 2757 7538, 2757 7562
FAX: 2757 9538
E-MAIL: prisma008@netvigator.com
Managing
Director: Mr. Harendra Kumar Joshi
Incorporated on: 4th May, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer and Exporter.
Employees: 4.
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
PRISMA (HK)
LTD.
Registered
Office:-
Flat B, 8/F., 81
Broadway Street, Stage 4, Mei Foo Sun Chuen, Kowloon, Hong Kong.
Head Office:-
Unit 4, 8/F.,
Fashion Centre, 51-53 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong.
Trading as:-
Reuben’s Group
Astoria Building,
24-38 Ashley Road, Tsimshatsui, Kowloon, Hong Kong. [BR No. 35648166-001]
35648166
0968146
Managing
Director: Mr. Harendra Kumar Joshi
Contact
Person: Ms. Rebecky Lam
Nominal Share
Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2,000,000.00
(As per registry dated 04-05-2012)
|
Name |
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No.
of shares |
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Harendra
Kumar JOSHI |
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1,000,000 |
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Abhay
JOSHI |
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1,000,000 |
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–––––––– |
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Total: |
2,000,000 ======= |
(As per registry dated 04-05-2012)
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Name (Nationality) |
Address |
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Harendra Kumar
JOSHI |
Flat B, 8/F., 81 Broadway Street, Stage 4,
Mei Foo Sun Chuen, Kowloon, Hong Kong. |
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Abhay JOSHI |
Flat B, 8/F., 81 Broadway Street, Stage 4,
Mei Foo Sun Chuen, Kowloon, Hong Kong. |
Harendra Kumar
JOSHI (As per registry dated 04-05-2012)
The
subject was incorporated on 4th May, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
The
subject’s operating address was located at 6/F., Honytex Building,
22 Ashley Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present
address in early 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Exporter.
Lines: Camping equipment, sports equipment, other consumer goods, LDP products, plastic
polymers, other plastics, etc.
Employees: 4.
Commodities Imported: Europe, China, other Asian countries, etc.
Markets: Hong Kong, China, other Asian countries, US, Europe, Middle East, South Africa, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Made small profits in the past years.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Indian Overseas Bank, Hong Kong Branch.
Standing: Normal.
Prisma (HK) Ltd. was jointly owned by three Indian belonging to the same family, namely, Mr. Harendra Kumar Joshi, holding 40% interest; Mr. Abhay Joshi, holding 30%; and Mr. Harsha Joshi, also 30%. On 23th September, 2011, the subject’s shareholders changed as Harsha Joshi retired. Now, the subject is equally-owned by Harendra Kumar Joshi and Abhay Joshi. The number of shares issued changed to 2 million.
The two sharehodlers are also directors of the subject. Being Hong Kong ID Card holders, they have got the right to reside in Hong Kong permanently.
The business name of the subject is Reuben’s Group which is located at Unit 4, 8/F., Fashion Centre, 51-53 Wing Hong Street, Cheung Sha Wan, Tsimshatsui, Kowloon, Hong Kong.
The subject’s registered address is located at Flat B, 8/F., 81 Broadway Street, Stage 4, Mei Foo Sun Chuen, Kowloon, Hong Kong where is the residential address of the shareholders.
The subject has been a pioneer and market leader in camping/outdoor products, fitness equipment, sporting goods, gifts and promotion products, other consumer products, etc.
It is one of the leading companies of Hong Kong and China carrying the above-mentioned commodities. The brands carried include “Safari”, “Marcsonic”, “Ranger”, “Camp-Uno” and “Pristec” are amongst the most trusted brands all over world. Commodities are sourced from Europe, China, other Asian countries, etc. Prime markets are Hong Kong, China, other Asian countries, the United States, Europe, the Middle East, South Africa, etc. Its local and China clients are Wal-Mart, kmart, Carrefour and JUSCO.
Besides, the subject also has been trading in LDP products, plastic polymers, other plastics, etc. This new lines of products have been added in recent years. Trading in camping equipment is the subject’s traditional activity.
The new lines of activity have been confirmed by Abhay JOSHI, one of the shareholders of the subject, who can be reached at his mobile phone number 852-9075 1629.
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, it is going to take part in “Hong Kong Electronic Fair 2013 (Spring Edition)” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 13th to 16th April, 2013.
The business of the subject is chiefly handled by the Joshi family. The contact person Ms. Rebecky Lam is a female Hongkongnese employee.
The history of the subject is over seven years and five months in Hong Kong.
On the whole, consider the subject good for small business engagements.
|
Date |
Particulars |
Amount |
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16-06-2006 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of
Receipt: MU 262315 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
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26-06-2006 |
Instrument: Lien and Set-off Agreement Property: Fixed Deposit Receipt
No.: DFN6060845 Mortgagee: HBZ Finance Ltd., Hong Kong. |
For securing general credit facility |
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17-08-2007 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of
Receipt: MU 274010 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
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04-12-2008 |
Instrument: Undertaking Relating to Deposits Property: Distinctive
No. of Receipt: 2008
FD 3311 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
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28-01-2010 |
Instrument: Letter of Lien Property: Block
Deposit: FDR No. 2009-EM-17-1 Amount: US$92,000.00 Due On: 23-03-2010 Mortgagee: UCO Bank, Hong Kong Branch. |
Credit and other bank facilities to the extent of HK$12,000,000.00 |
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26-05-2011 |
Instrument: Undertaking Relating To Deposits Property: 1) Distinctive No. of Receipt: 2008 MU 283044 12 Date of Receipt: 08-03-2011 Amount of Deposit: US$89,834.85 Rate of Interest: 0.560% Maturity Date Shown on Receipt: 08-06-2011 2) Distinctive No. of Receipt: 2009 D 269 4 Date of Receipt: 29-03-2011 Amount of Deposit: US$37,429.77 Rate of Interest: 0.710% Maturity Date Shown on Receipt: 26-09-2011 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any Liabilities, Now or hereafter owing or incurred to the Bank by the Company or any third party Designated by the company |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.70 |
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UK Pound |
1 |
Rs.89.34 |
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Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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 |
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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.