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Report Date : |
06.10.2012 |
IDENTIFICATION DETAILS
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Name : |
NOR LANKA MANUFACTURING LTD. |
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Registered Office : |
7/F., |
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Country : |
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Date of Incorporation : |
22.10. 2008 |
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Com. Reg. No.: |
50449630 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Investment Holder of all kinds of garments. |
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No. of Employees : |
20. (Including associates in Hong Kong) |
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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
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Country Name |
Previous Rating (31.03.2011) |
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
NOR LANKA
MANUFACTURING LTD.
ADDRESS: 7/F., Park Fook Industrial Building,
615-617 Tai Nan West Street, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 3588 1988
FAX: 2117 0079
Group Chairman: Mr. Deepak Kumar
Seth
Incorporated on: 22nd
October, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Garment Trader and Investment Holder.
Annual Revenue: HK$
763,653,872 (Year ended 31-03-2012)
Employees:
20. (Including associates in Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Banking Relation: Good.
Registered Head Office:-
7/F., Park Fook Industrial Building, 615-617 Tai Nan West Street, Cheung
Sha Wan, Kowloon, Hong Kong.
China Office: Shanghai, China.
Overseas Offices: Bangladesh
(Dacca), India (Bangalore and New Delhi).
Holding Company:-
Norwest Industries Ltd., Hong Kong.
(same address)
Intermediate Holding Company:-
Multinational Textile Group Ltd., Mauritius.
Ultimate Holding Company:-
Pearl Global Industries Ltd., India.
[Formerly known as House of Pearl Fashions Ltd.]
Sister & Affiliated Companies:-
House of Pearl Fashions Group of Companies
Casa Forma Ltd., UK.
Crown Computerized Embroidery, India.
Deepak Seth & Sons (HUF), India.
Depa International Inc., USA.
Fru Holdings Ltd., Mauritius.
FX Import Co. Ltd., UK.
FX Import Hong Kong Ltd., Hong Kong.
Global Textiles Group Ltd., Mauritius.
Grand Pearl Trading Ltd., China.
Group Extremo SUR S.A., Chile.
Hopp Fashions, India.
House of Pearl Fashions (US) Ltd., USA.
JSM Trading (F.Z.E.), Dubai.
Lerros Fashions India Ltd., India.
Lerros Moden GmbH, Germany.
Little People Education Society, India.
Magic Global Fashions Ltd., UK.
Multinational Textile Group Ltd., India.
NAFS Ltd., UK.
Nahata Ltd., UK.
Nim International Commerce Pvt. Ltd., India.
Nor Delhi Manufacturing Ltd., Hong Kong.
Nor Europe MFG Co. Ltd., Hong Kong.
Nor India Manufacturing Co. Ltd., Hong Kong.
Nor Lanka Manufacturing Ltd., Hong Kong.
Nordelhi Manufacturing Ltd., Hong Kong.
[Formerly known as Magic Global Fashions Ltd.]
Norp Knits Industries Ltd., Bangladesh.
Nor-Pearl Knitwear Ltd., Bangladesh.
Norwest Industries Ltd., Hong Kong.
P.T. Norwest Industry, Indonesia.
Pacific Logistics Ltd., UK.
Pacific Supply Chain Ltd., UK.
Pallas Holdings Ltd., Mauritius.
PDS Multinational Fashions Ltd., India.
Pearl Academy of Fashion India Ltd., India.
Pearl Apparels Ltd., India.
Pearl GES Home Group S.p.A., Chile.
Pearl Global (Australia) Pty. Ltd., Australia.
Pearl Global (HK) Ltd., Hong Kong.
Pearl Global Fareast Ltd., Hong Kong.
Pearl Global Ltd., India.
Pearl Retail Solutions Pvt. Ltd., India.
Pearl Wears, India.
PG Group Ltd., Hong Kong.
[Formerly known as Pearl GES Group Ltd.]
PG Home Group Ltd., Hong Kong.
[Formerly known as Pearl GES Home Group Ltd.]
Poetic Knitwear Ltd., UK.
Poeticgem (Canada) Ltd., Canada.
Poeticgem Ltd., UK.
Premier Fashion Garment JSC, Vietnam.
Premier Pearl Garment Joint Stock Co. Ltd., Vietnam.
Propur Invest Ltd., UK.
PS Arts Pvt. Ltd., India.
PS Sourcing Ltd., Hong Kong.
Razamtazz Ltd., Mauritius.
SACB Holdings Ltd., Mauritius.
Simple Approach Ltd., Hong Kong.
Sino West MFG Co. Ltd., Hong Kong.
Spring Near East Manufacturing Co. Ltd., Hong Kong.
Superb Mind Holdings Ltd., Mauritius.
Vastras, India.
Vau Apparels Pvt. Ltd., India.
Zamira Fashion Ltd., Hong Kong.
Zamira Fashions (Europe) Ltd., Hong Kong.
Zamira Fashions Europe Ltd., UK.
etc.
50449630
1281519
Group Chairman: Mr. Deepak Kumar
Seth
Group Vice Chairman: Mr. Pallak
Seth
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 22-10-2011)
|
Name |
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No. of shares |
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Norwest Industries Ltd. 7/F., Park Fook Industrial Building, 615-617 Tai Nan West Street,
Cheung Sha Wan, Kowloon, Hong Kong. |
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10,000 ===== |
(As per registry dated 05-07-2012)
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Name (Nationality) |
Address |
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Deepak Kumar SETH |
9 Avenue Ashok, West End, Green Farms, Rajokri, New Delhi 11038,
India. |
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Pallak SETH |
3/F. & 4/F., 43 Green Street, London, W1K 7FJ, UK. |
(As per registry dated 22-10-2011)
|
Name |
Address |
Co. No. |
|
Louis Lai Co. Secretarial Services Ltd. |
9/F., Surson Commercial Building, 140-142 Austin Road, Tsimshatsui,
Kowloon, Hong Kong. |
0686503 |
The subject was incorporated on 22nd October, 2008 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Mark Rainbow
Ltd., name changed to Poetic Hongkong Ltd. on 31st March, 2009, and further
changed to the present style on 25th June, 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Investment Holder.
Lines: All
kinds of garments.
Employees: 20. (Including affiliates in Hong Kong)
Commodities Imported: China, India, other Asian countries.
Markets: Worldwide
countries.
Annual Revenue: HK$
93,522,614 (Year ended
31-03-2011)
HK$763,653,872 (Year ended
31-03-2012)
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$10,000.00
Net Profit: HK$ 2,067,461
(Year ended 31-03-2011)
HK$24,229,538 (Year ended
31-03-2012)
Profit or Loss: Business of holding company is profitable.
Condition:
Keeping in a
normal manner.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Intesa Sanpaolo S.p.A., Hong Kong
Branch.
Standing:
Good.
Nor Lanka Manufacturing Ltd. was a wholly-owned subsidiary of
Multinational Textile Group Ltd. [MTGL] which was a Mauritius-registered
firm. The ultimate holding company of
the subject was House of Pearl Fashions Ltd. [HPFL], an India-based and listed
firm. Now, the holding company of the
subject is Norwest Industries Ltd. [NIL], a Hong Kong-registered firm located
at the same operating office. HPFL has
changed name to Pearl Global Industries Ltd. [PGIL].
PGIL including its subsidiaries and associates are referred as the Pearl
Global Group [Group]. The subject is a
garment trader. It is one of the
sourcing arms of PGIL.
NIL’s aims are to leverage its presence in this region to maximize its
business volumes and margins. To
strengthen its sourcing capability credentials, over the years, NIL has set up
the following sourcing offices:-
·
Norwest Industries Ltd., Bangalore, India.
·
Norwest Industries Ltd., Dacca, Bangladesh.
·
Norwest Industries Ltd., New Delhi, India.
·
Norwest Industries Ltd., Shanghai, China.
·
Zamira Fashion Ltd., Hong Kong.
These offices are specialized in products merchandising and QA teams
directly coordinating production with third party factories on a day to day
basis to ensure quality and timely delivery of customer orders.
The Group carries two brands “Kool hearts” and “DCC” in
the United States. The brand “Kool
hearts” focuses on the young fashion, where as the focus of “DCC” is
more towards Missy segment.
The Group’s sourcing business has developed strong partnership with more
than 150 factories across Asia over the past years. Besides, the Group also offers warehousing
solutions in the United Kingdom and the United States.
For the year ended 31st March, 2012, the sales of the subject amounted
to HK$763.7 million, grew by 716.6% as compared with HK$93.5 million in FY
2011; profit for the year was HK$24.2 million, grew substantially as compared
with HK$2.1 million in FY 2011.
For the year ended 31st March, 2012, the sales of the Pearl Global Group
amounted to Rs. 27,984.9 million (2011: Rs. 22,510.3 million); Group profit for
the year was Rs. 314.9 million (2011: Rs. 195.7 million).
On 19th November, 2010, the Group acquired a 100% interests in Nor Lanka
Manufacturing Ltd. [Nor Lanka] from Multinational Textile Group Ltd., the
immediate holding company of the subject.
Nor Lanka is engaged in garments trading.
On the whole, in view of the parentage and background of the subject,
consider it good for normal business engagements.
Brief information of
directors:-
Mr. Deepak Kumar SETH, born in 1951, a non-resident Indian, is the
Non-executive Chairman of HPFL. He has a
Bachelor of Economics from St. Stephen’s College, Delhi and Post Graduate of
Business Management from Jamnalal Bajaj Institute of Management, Mumbai. He is also the Non-executive Chairman of
Pearl Global, the listed subsidiary of HPFL.
He has over 32 years of experience in the apparel industry. He led in expanding the operations from a
single manufacturing unit in India to the current operations in 12 locations
across the world. He has played an
important role in setting up its sourcing business in Hong Kong, Bangladesh and
China, setting up new manufacturing units in Bangladesh and Indonesia and
acquiring existing businesses in the UK and the US. He was elected to the Apparel Export
Promotion Council in the years 1990 and 1993, and has been inducted to the
Executive Committee of the Apparel Export Promotion Council as a special
invitee.
Mr. Pallak SETH, born in 1977, a non-resident Indian, is the Non‑executive
Vice-Chairman of HPFL. He has a Bachelor
of Economics and International Business degree from Northwestern University,
US. He has over eight years of
experience in the apparel industry. He
has played an important role in setting up its sourcing business in Hong Kong,
Bangladesh and China by promoting the subject.
He was also responsible in expanding its operations in the UK and is
currently the Managing Director of Poeticgem Ltd., a subsidiary of HPFL. He has led in establishing strong
relationships with third-party manufacturing units and leading retailers such
as ASDA Wal-Mart, Matalan, Next, Tesco and British Home Stores.
|
Date |
Particulars |
Amount |
|
25-02-2011 |
Instrument: Trade Finance Security Deed Property: By the Deed, all the Company’s right, title, interest and benefit to and
in all and any moneys now or at any time due or owing to the Company under or
in connection with the Collateral and all other rights and benefits
whatsoever accuring now or at any time to the Company thereunder or in
connection therewith Mortgagee: Intesa Sanpaolo S.p.A., Hong Kong
Branch. |
By the Deed, all the Company’s obligations and liabilities due or
owing to the bank of every kind anywhere and at any time and in any currency
or currencies and whether present or future, actual or contingent and whether
incurred alone or jointly with or as surety for another |
|
17-04-2012 |
Instrument: General Commercial Agreement Property: (1) All bills of exchange
drawn, accepted or endorsed by the company, all produce and goods, shipping
documents, bills of lading, warrants, delivery orders, wharfingers’ or other
warehouse keepers certificates or receipts and other documents of title,
invoices and like documents shall be held by and pledged to the Bank as a
continuing security for the payment and discharge of all moneys, obligations
and liabilities; Mortgagee: Intesa Sanpaolo S.p.A., Hong Kong
Branch. |
All monies at the date of the Deed or at any time thereafter or from
time to time due, owing or payable to the Bank from or 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.51.62 |
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1 |
Rs.83.57 |
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Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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.