|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ATLAS GLOBAL (HK) LTD. |
|
|
|
|
Registered Office : |
Unit 2105-2106, 21/F., Greenfield Tower, Concordia Plaza, 1 Science
Museum Road, Tsimshatsui East, Kowloon |
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Country : |
Hong Kong |
|
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Date of Incorporation : |
09.05.2001 |
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Com. Reg. No.: |
31784340 |
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|
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Legal Form : |
Private Limited Company |
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Line of Business : |
Buying Agent of All kinds of toys, tableware (in
porcelain, ceramic or stone), giftware, Christmas decorations, household
products, cookware, clocks, knitting T-shirts, electrical scooters, gas stove
with oven, food mixers, blenders, juicers, travel type steam irons, cases
& bags, leather goods, arts & crafts, daily use products, electric
products, electronics, health products, housewares, kitchen ware,
stationery, sundries. |
|
|
|
|
No. of Employees : |
35. (Including associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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|
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 levies excise
duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon
oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of
total system deposits in Hong Kong by the end of 2012, an increase of 59% from
the previous 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 34.9 million in 2012,
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 2012 mainland Chinese companies constituted about 46.6% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit
expansion and tight housing supply conditions caused Hong Kong property prices
to rise rapidly and inflation to rise 4.1% in 2012. 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 |
ATLAS GLOBAL (HK)
LTD.
Unit 2105-2106, 21/F., Greenfield Tower, Concordia Plaza, 1 Science Museum
Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2116 3199, 2116 8206,
2116 3076
FAX: 852-2517
3186, 2620 6540, 2119 9778
E-MAIL: ashokm@atlasglobal.com.hk
evelyng@atlasglobal.com.hk
billyw@atlasglobal.com.hk
Managing Director: Mr. Ashok Parsram Mahtani
Incorporated on: 9th
May, 2001.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Buying
Agent.
Employees: 35. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ATLAS GLOBAL (HK)
LTD.
Registered Head
Office:-
Unit 2105-2106, 21/F., Greenfield Tower, Concordia Plaza, 1 Science
Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
China
Representative Offices:-
Shanghai & Shenzhen SEZ, China.
Associated/Affiliated
Companies:-
Atlas Hind International Ltd., Hong Kong. [Dissolved]
Genious Ltd., Hong Kong.
Global Chine Ltd., Hong Kong.
Global Marketing Solutions Ltd., Hong Kong. [Dissolved]
Smart Christmas Solutions Ltd., Hong Kong.
Star Electric Technology Ltd., Hong Kong.
Teamgold Development Ltd., Hong Kong.
Topaz Collection Ltd., Hong Kong.
[Dissolved]
31784340
0756137
Managing Director: Mr. Ashok
Parsram Mahtani
Nominal Share Capital: HK$5,000,000.00
(Divided into 500,000 shares of HK$10.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 09-05-2013)
|
Name |
|
No. of shares |
|
Mr. Ashok Parsram MAHTANI |
|
499,998 |
|
Mrs. Harsha Ashok MAHTANI |
|
1 |
|
Mr. Parso Amardinomal MAHTANI |
|
1 |
|
|
|
––––––– |
|
|
Total: |
500,000 ====== |
(As per registry dated 09-05-2013)
|
Name (Nationality) |
Address |
|
Mr. Ashok Parsram MAHTANI |
Flat A, 11/F., Wing On Court, 24 Ho Man Tin Hill Road, Kowloon, Hong
Kong. |
|
Mr. Parso Amardinomal MAHTANI |
Shop 72, 1/F., Chung King Mansion, 36-44 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong. |
(As per registry dated 09-05-2013)
|
Name |
Address |
Co. No. |
|
Multi-Chain Ltd. |
Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Central,
Hong Kong. |
0209214 |
The subject was incorporated on 9th May, 2001 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: Buying
Agent.
Lines: All kinds of toys,
tableware (in porcelain, ceramic or stone), giftware, Christmas decorations,
household products, cookware, clocks, knitting T-shirts, electrical scooters,
gas stove with oven, food mixers, blenders, juicers, travel type steam irons,
cases & bags, leather goods, arts & crafts, daily use products, electric
products, electronics, health products, housewares, kitchen ware,
stationery, sundries.
Trade Marks: “DELAROSA”, etc.
Employees: 35. (Including associates)
Commodities Imported: Mainly bought
from China.
Markets: North
& South American countries.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
The Barter Group LLC
Tia Ecuador Chimborazo
Supermercados Peruanos S.A.
Operadora De Tiendas S.A.
Tia Ecuador
Tiendas Industriales asociadas S.A.
Nibco Corona Plant
Operadora Del Sur S.A.
Carlos Federspiel Cia S.A.
Supertek Canada Inc.
Supermercados S.A.
Nominal Share Capital: HK$5,000,000.00
(Divided into 500,000 shares of HK$10.00 each)
Issued Share Capital: HK$5,000,000.00
Indebtedness: HK$23,227,800
& HK$3,500,000 Fixed deposits under lien (Total amount outstanding on all
mortgages and charges as per last Annual Return dated 09-05-2013)
Mortgage or Charge (Since
February 2009): (See attachment)
Profit or Loss: Operation
is profitable.
Condition: Business
is normal.
Facilities: Making
use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Citibank N.A., Hong Kong Branch.
HBZ Finance Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong
Standing: Normal.
Atlas Global (HK) Ltd. [AGHK] was incorporated in Hong Kong on
9th May, 2001 as a private limited liability company. With a nominal and issued share capital of
HK$5,000,000.00, AGHK is almost wholly-owned by Mr. Ashok Parsram
Mahtani. He is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently. He is also the managing director of the subject.
AGHK is a buying agent for a number of customers in South American
countries as well as in the United States.
With head office in Hong Kong, AGHK was set up in 2001 with
representative offices in Shenzhen Special Economic Zone and Shanghai of
China. Products handled include all
kinds of toys, tableware (in porcelain, ceramic or stone), giftware, Christmas
decorations, household products, cookware, clocks, knitting T‑shirts,
electrical scooters, gas stove with oven, food mixers, blenders, juicers, travel
type steam irons, etc.
The customers it served are mainly super markets and chain stores in
South America. Most of them place orders
in large volume every year and also place substantial repeat orders after the
first satisfying cooperation. Major customers
include The Barter Group LLC, Tia Ecuador Chimborazo, Carlos Federspiel Cia,
S.A., Supermercados Peruanos S.A., Supertek Canada Inc., etc.
Its associate, Smart Christmas Solutions Ltd. [SCS] is also located at
the same office of AGHK. SCS is engaged
mainly in sourcing of toys and managing supply chains for major brands and
retailers worldwide.
AGHK’s business is maintained in a normal manner. Past performances were satisfactory.
The managing director, Mr. Ashok Parsram Mahtani has been a veteran in this
line of business for many years. He is
also one of the committee members of The India Association, Hong Kong.
On the whole, consider it good for normal business engagements.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
08-09-2003 |
S66296 |
Image Marketing & Solutions Ltd. |
Atlas Global (HK) Ltd. |
Work Done |
Not stated |
|
17-11-2003 |
S66296 |
Image Marketing & Solutions Ltd. |
Atlas Global (HK) Ltd. |
Work Done |
Not stated |
|
06-02-2004 |
S66296 |
Teamrite International Ltd. trade as Teamrite & Ims |
Atlas Global (HK) Ltd. |
Work Done |
Not stated |
|
15-09-2009 |
R5450 |
Cheng Man Yan Quickana |
Atlas Global (HK) Ltd. |
Labour Dispute |
Not stated |
|
04-05-2012 |
D754 |
Yeung Lai Wan |
Atlas Global (HK) Ltd. |
Employees’ Compensation Case |
Not stated |
Property information of director:-
Property Location: Flat A
on 11/F., Wing On Court, No. 24 Ho Man Tin Hill Road, Kowloon, Hong Kong.
Owner: Ashok Parsram Mahtani &
Harsha Ashok Mahtani (Joint Tenant)
Date of Purchase: 08-07-1996
Purchased Price: HK$9,550,000
(pt.)
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
08-07-1996 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
12-02-2009 |
Instrument: Lien & Set-Off Agreement Property: Fixed Deposit Receipt Nos.: DFN1010157,
DFN1010164 & DFN1020329 Value Date: 23.01.2009, 29.01.2009
& 26.02.2009 Principal Amount: HK$105,237,
HK$102,378 & US$45,849 Maturity Date: 23.04.2009,
29.04.2009 & 26.05.2009 Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities |
|
05-02-2010 |
Instrument: Deposit Deed Property: By way of a first fixed charge and as a continuing security for the
obligations, the company charges and assigns absolutely all its rights, title
to and interest in the accounts and all deposits from time to time in the
accounts and/or comprising the accounts maintained with Citibank N.A. and/or
Citibank Hong Kong Ltd. Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys now or at any time in the future owing by the Company
and/or Smart Christmas Solutions Ltd. |
|
23-12-2010 |
Instrument: Mortgage Property: 1,667/1,000,000th parts or shares of and in Kowloon Inland Lot No.
10999 (Unit 2 on 17/F., Greenfield Tower, Concordia Plaza, No. 1 Science
Museum Road, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure “all moneys” in respect of general banking facilities |
|
23-12-2010 |
Instrument: Assignment of Rental Property: 1,667/1,000,000th parts or shares of and in Kowloon Inland Lot No.
10999 (Unit 2 on 17/F., Greenfield Tower, Concordia Plaza, No. 1 Science
Museum Road, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
As further security for the Secured Indebtedness and the payment of
all other moneys becoming due to the Lender under the terms of the Mortgage |
|
23-12-2010 |
Instrument: Mortgage Property: 1,708/1,000,000th parts or shares of and in Kowloon Inland Lot No.
10999 (Unit 3 on 17/F., Greenfield Tower, Concordia Plaza, No. 1 Science
Museum Road, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure “all moneys” in respect of general banking facilities |
|
23-12-2010 |
Instrument: Assignment of Rental Property: 1,708/1,000,000th parts or shares of and in Kowloon Inland Lot No.
10999 (Unit 3 on 17/F., Greenfield Tower, Concordia Plaza, No. 1 Science
Museum Road, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
As further security for the Secured Indebtedness and the payment of all
other moneys becoming due to the Lender under the terms of the Mortgage |
|
01-11-2011 |
Instrument: Security over Deposit in respect of
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the Account No:
711600007158 and all deposits from time to time therein Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All monies and liabilities, present or future, actual or contingent,
which are now or shall at any time or times hereafter be or become due, owing,
payable or incurred to the Chargee by the Borrower |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.