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Report Date : |
27.09.2012 |
IDENTIFICATION DETAILS
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Name : |
PADWORTH CO. LTD. |
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Registered Office : |
Room 1508, 15/F., Block B, M.P. Industrial Centre, |
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Country : |
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Date of Incorporation : |
16.01.1987 |
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Com. Reg. No.: |
10750015-000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Native animal goods and by-products, chemicals, sports and leisure goods, toys, electric appliances, electronic products, etc. |
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No. of Employees : |
10. (Including associated company) |
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RATING & COMMENTS
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MIRAs 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 (31.03.2011) |
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
PADWORTH CO.
LTD.
(Business names: PACIFIC COLOR INDUSTRIES,
PACIFIC ASIA TRADING CO., and
FAR EAST BIKE TRADING CO.)
Address:
Room 1508, 15/F., Block B, M.P. Industrial
Centre, 18 Ka Yip Street, Chai Wan, Hong Kong.
PHONE: 2595 0738
FAX: 2505 7125
E-MAIL: padworth@netvigator.com
Managing Director: Mr. Ramanathan
Gowthaman
Incorporated on: 16th
January, 1987.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
10. (Including associated company)
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1508, 15/F., Block B, M.P. Industrial Centre, 18 Ka Yip Street,
Chai Wan, Hong Kong.
Business Names:-
Pacific Colour Industries, Hong Kong. [BR
No. 10750015-001-01]
Zenith Freight Express Co., Hong Kong. [BR
No. 10750015-002-01]
Far East Bike Trading Co., Hong Kong. [BR
No. 10750015-003-01]
Associated Company:-
Pacific Asia Trading Co., Hong Kong. [BR
No. 10750015-004-01]
10750015-000
0181234
Managing Director: Mr. Ramanathan
Gowthaman
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 16-01-2012)
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Name |
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No. of shares |
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Ramanathan GOWTHAMAN |
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999,999 |
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Vasanthi GOWTHAMAN |
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1 |
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Total: |
1,000,000 ======= |
(As per registry dated 16-01-2012)
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Name (Nationality) |
Address |
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Ramanathan GOWTHAMAN |
Unit 1508, 15/F., Block B, M.P. Industrial Centre, 18 Ka Yip Street,
Chaiwan, Hong Kong. |
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Vasanthi GOWTHAMAN |
Unit 1508, 15/F., Block B, M.P. Industrial Centre, 18 Ka Yip Street,
Chaiwan, Hong Kong. |
Not yet appointed (As per registry
dated 16-01-2012)
The subject was incorporated on 16th January, 1987 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: Native
animal goods and by-products, chemicals, sports and leisure goods, toys,
electric appliances, electronic products, etc.
Employees: 10. (Including associated company)
Commodities Imported: Europe, China and other Asian countries, etc.
Markets: Southeast
Asia, Europe, Middle East, West Africa, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: As per
contracted.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Indebtedness: HK$13,285,646.21
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 16-01-2012)
Mortgage or Charge (Since 2011): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making fairly
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Indian Overseas Bank, Hong Kong Branch.
Citibank N.A., Hong Kong Branch.
Standing:
Normal.
Padworth Co. Ltd. is almost wholly-owned by Ramanathan Gowthaman. The minor shareholder is Vasanthi
Gowthaman. Both are also directors of
the subject. They are Hong Kong ID Card
holders and have got the right to reside in Hong Kong permanently.
The subject is operating the following firms which are located at its
operating address:-
1.
Pacific Colour Industries
2.
Far East Bike Trading Co.
3.
Pacific Asia Trading Co.
The subject operates four divisions:-
·
Teak and other Hard Wood exports from Africa to
Asia. It has its own logging operations where
it obtains concessions from the relevant authorities. It has its own fleet of trucks for
transportation.
·
Export of Raw Cashew Nuts from West Africa to
Asia. The subject operates its own
system of collecting the Raw cashew Nuts in the Cashew growing regions of West
Africa. There are warehouses located in
each important region with all the infrastructure required such as collection
vehicles, early distribution of empty sacs for collection, weighing scales etc
to facilitate easy collection of the product on time. It also has an extensive system of quality
control to grade the various quality that is collected and ship the different
qualities with proper pre shipment inspection and certification.
·
Export of Industrial chemicals and other products
from China to West Africa. It has been
in this field for over 10 years and it has extensive contacts with
manufacturers in China. Shipments are
made booth by break-bulk as well as in containers.
·
Import of 100% Cotton Yarn from India into Hong
Kong for distribution in Hong Kong and southern China.
The business of the subject is active.
Regular suppliers and customers have been maintained. History in Hong Kong is over twenty-five
years and eight months.
On the whole, consider the subject good for normal business engagements.
(Since 2011)
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19-07-2011 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2011 FD 150 1 19-07-2011 US$154,000.00 0.44% 18-08-2011 Mortgagee: Indian Overseas Bank, Hong Kong
Branch.mc4 |
All and any liabilities |
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28-02-2012 |
Instrument: Rental Assignment Property: 935/25,901,816th parts or shares of and in Kowloon Inland Lot
No. 11080 (Flat C on 48/F. of Tower 6 of Sorrento, 1 Austin Road,
Tsimshatsui, Kowloon, Hong Kong.) Mortgagee: Citibank N.A., Hong Kong Branch. |
All monies, obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.58 |
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1 |
Rs.86.60 |
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Euro |
1 |
Rs.68.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 SCs 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.