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Report Date : |
29.09.2012 |
IDENTIFICATION DETAILS
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Name : |
LARA
FASHION LTD. |
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Registered Office : |
10/F., |
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Country : |
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Date of Incorporation : |
10.09.2008 |
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Com. Reg. No.: |
39792470 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Garment Trader of all kinds of garments, etc. |
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No. of Employees : |
100. (Including associates) |
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 |
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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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 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 |
LARA FASHION LTD.
10/F., North Tower, World Finance Centre, Harbour City,19 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2270 8773
FAX: 2721 6251
Managing Director: Mr. Sanjay Manohar Makhija
Incorporated on: 10th September, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Garment Trader.
Employees: 100. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
10/F., North Tower, World Finance Centre, Harbour City,19 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Business
Names:- (Same address)
Celebrating Fashion, Hong Kong.
New Orient China Manufacturing, Hong Kong.
Holding Company:-
Newry Ltd., Mauritius.
Associated
Companies:-
Newry Ltd., Hong Kong.
39792470
1271791
Managing Director: Mr. Sanjay Manohar Makhija
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
10-09-2012)
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Name |
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No. of shares |
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Newry Ltd. 5/F., Barkly Wharf, Le Caudan Waterfront, Port Louis, Republic of Mauritius. |
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10,000 ===== |
(As per registry
dated 10-09-2012)
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Name (Nationality) |
Address |
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Vijay Manohar MAKHIJA |
Flat C, 34/F., Block 2, Estoril Court, 55 Garden Road, Hong Kong. |
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Sanjay Manohar MAKHIJA |
Flat B, 33/F., 3 Garden Terrace, 8A Old Peak Road, Hong Kong. |
(As per registry
dated 10-09-2012)
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Name |
Address |
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FUNG Mei Ling, Rita |
Room E, 40/F., Block 1, The Pinnacle, 8 Wan Hang Road, Tseung Kwan O, New Territories, Hong Kong. |
The subject was incorporated on 10th September, 2008 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: Garment Trader.
Lines: All kinds of garments, etc.
Employees: 100. (Including associates)
Commodities Imported: Imports raw materials from European countries, some of the Asian countries and finished
products from China.
Markets: Eastern Europe, North America, Asian countries, etc.
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
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Lara Fashion Ltd. is a wholly-owned subsidiary of Newry Ltd. [Newry] which is a firm registered in the Republic of Mauritius.
The directors of the subject Mr. Vijay Manohar Makhija and Mr. Sanjay Manohar Makhija seem to be Indian but they are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
The subject is a
garment trader and has got the following two business names:-
· Celebrating Fashion; &
New
Orient China Manufacturing.
The subject is
trading in the following commodities:-
· Suits & Jackets - Men’s;
Suits
& Jackets - Women’s, Children’s Wear, Anoraks, Parkas & Car‑coats,
Blouses, Dresses & Skirts, Shirts, Trousers & Slacks.
Your given phone and fax number 2770 8700 and 2721 6272 respectively belong to Newry Ltd.
Newry has more than 35 years experience in the apparel industry. It is specialized in casual-wear, sports-wear, etc. It has had an associated factory in Ningbo City, Zhejiang Province, China. The factory covers an area of about 100,000 sq.ft. and having about 1,000 workers.
The main customers of Newry are Reebok, Wilson, Oakley, Vans and Reef, etc.
The subject and its associates in Hong Kong have about 100 employees while 30 of them are in-house designers.
The subject’s products are exported to the United Kingdom, Germany, Spain, other European countries and some of the Asian countries, etc.
As the history of the subject is over four years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.68.15 |
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.