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Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
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Name : |
FEATHER TOUCH LTD |
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Registered Office : |
c/o Prima Secretaries Ltd. Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.08.2005 |
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Com. Reg. No.: |
35896325 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter & Trader of Leather chemicals, consumer electronics, textile products, fabrics, garments, gifts, novelties, tableware, hotel ware, construction materials, furniture, mining tools, silk & silk fabrics, metal scrap, fire equipment, porcelains. |
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No. of Employees : |
no employees in Hong Kong (It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence
address only. Subject operates from some other country and does not have a
base in Hong Kong. Such companies are registered in Hong Kong just to tax
benefit purpose and due to the strict privacy laws prevailing in the country.
In such cases, the companies are not required to have any employees in Hong
Kong nor do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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) |
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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 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.
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Source : CIA |
FEATHER TOUCH LTD.
c/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.
PHONE: 852-2376 3611
FAX: 852-2736 5115
Managing Director: Mr. Abhishek Kothari
Incorporated on: 2nd August, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$800,001.00
Business Category: Importer and Exporter.
Employees: Nil.
Main Dealing Banker: Bank of Baroda, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.
Associated
Companies:-
Glace Ecosystems Pvt. Ltd., India.
Sinotrade Global Ltd., Hong Kong.
Sinotrade International Ltd., China.
35896325
0987021
Managing Director: Mr. Abhishek Kothari
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$800,001.00
(As per registry
dated 02-08-2012)
|
Name |
|
No. of shares |
|
Abhishek KOTHARI |
|
800,001 ====== |
(As per registry
dated 02-08-2012)
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Name (Nationality) |
Address |
|
Abhishek KOTHARI |
B#2303, No. 594 Tian He Bei Lu, Tian He District,
Guangzhou, Guangdong Province, China. |
(As per registry
dated 02-08-2012)
|
Name |
Address |
Co.
No. |
|
Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building,
141 Des Voeux Road Central, Central, Hong Kong. |
0569406 |
The subject was incorporated on 2nd August, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Suite 1402, 14/F., 1 Duddell Street, Central, Hong Kong where was the operating office of Prima Secretaries Ltd., Prima Secretaries Ltd. moved to the present address with effect from 28th September, 2009, so did the subject.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: Chemicals, consumer electronics, textile products, gifts, novelties, tableware, hotel ware.
Employees: Nil.
Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished
products from China.
Markets: India, Southeast Asia, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$800,001.00
Indebtedness: US$228,376.44
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 02-08-2012)
Mortgage or Charge: (See attachment)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Unknown.
Commercial Morality: Satisfactory.
Banker: Bank of Baroda, Hong Kong Branch.
Standing: Small.
Feather Touch Ltd. is wholly-owned by Mr. Abhishek Kothari who is an Indian. The director of the subject is also Mr. Abhishek Kothari. Currently he is residing in Guangzhou City, Guangdong Province, China. He is an India passport holder. Formerly Mr. Anand Kumar Damani was also a director of the subject, however, he has retired since May 2012. Now, Mr. Abhishek Kothari is the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong known as Prima Secretaries Ltd. [Prima] which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.
Formerly Prima was located at Suite 1402, 14/F., 1 Duddell Street, Central, Hong Kong, moved to the present address with effect from 28th September, 2009.
The subject has no employees in Hong Kong.
To our knowledge, the subject has had an affiliated company in Guangzhou, Guangdong Province, China known as Sinotrade International Ltd. [Sinotrade] which is a Guangzhou-based firm.
The subject is
trading in the following commodities:-
Leather chemicals, consumer electronics, textile products, fabrics, garments, gifts, novelties, tableware, hotel ware, construction materials, furniture, mining tools, silk & silk fabrics, metal scrap, fire equipment, porcelains.
Most of the products are sourced from China. However, garments and fabrics trading are the main line business of Sinotrade. Prime markets are India, other Asian countries, Europe and North America, etc. Sinotrade was set up in 1997. The contact person of Sinotrade is Mr. Anand Kumar Damani. He is also the shareholder of Sinotrade.
The subject has had an associated company in Hong Kong known as Sinotrade Global Ltd. [Sinotrade Global] which is a Hong Kong-registered firm. The operations of Sinotrade Global is also in Guangzhou, Guangdong Province, China. This firm has an associated firm in India.
Most of the time, Mr. Abhishek Kothari is residing in Guangzhou, Guangdong Province, China and operating his China firm.
Sinotrade Global is registered in Hong Kong and has been a sourcing agent and indenting agent for the last eight years. Now, it has had offices in Guangzhou, Shaoxing, Urumqi, Jinjiang, Chennai, Bangalore, Chandighar, Varanasi, and Kolkata.
Sinotrade Global exports products to more than 10 countries in the world including India, New Zealand, Thailand, Malaysia, Ghana, Saudi Arabia, Kenya and the United Arab Emirates.
The history of the subject in Hong Kong is over eight years. Sinotrade Global and the subject are still affiliated companies to each other.
Since the subject does not have its own operating office and has no employees in Hong Kong, on the whole, consider it good for business engagements on L/C basis.
Note:
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
|
Date |
Particulars |
Amount |
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20-08-2008 |
Instrument: Memorandum Property: Distinctive 91210300001702 21-06-2008 US$50,889.00 21-12-2008 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
17-12-2010 |
Instrument: Memorandum Property: Distinctive 91210300004110 22-06-2010 US$51,964.85 22-12-2010 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.82 |
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UK Pound |
1 |
Rs.96.57 |
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Euro |
1 |
Rs.82.45 |
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.