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Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
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Name : |
DENIMEX
INTERNATIONAL |
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Registered Office : |
12/Floor, Room 1215, Rise Commercial Building, 5-11 Granville Circuit, Tsim Sha Tsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.11.2006 |
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Com. Reg. No.: |
37425306-000-11 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of fabrics, blankets, other kinds of textile products |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Concern |
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Payment Behaviour : |
Slow but Correct |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong kong
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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 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 |
DENIMEX INTERNATIONAL
12/Floor, Room 1215, Rise Commercial Building, 5-11 Granville Circuit,
Tsim Sha Tsui, Kowloon, Hong Kong
PHONE: 852-9753 2195
FAX: 852-2369 4884
Manager: Mr. Satish Chandru Alwani
Establishment: 24th November, 2006.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
12/Floor, Room 1215, Rise Commercial Building, 5-11 Granville Circuit,
Tsim Sha Tsui, Kowloon, Hong Kong
Associated Concern
:-
Miracle Industries, LLC.
1380 Rio Rancho Rd., #374 Rio Rancho, NM 87124, US.
[United States Toll Free: 866-286-6386
Canadian Callers: 818-230-2249
Fax: 805-830-6370]
37425306-000-11
Manager: Mr. Satish Chandru Alwani
Name: Mr. Satish Chandru ALWANI
Residential Address: Flat
A, 6/F., 15B Austin Avenue, Carnival Mansion, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 24th November, 2006 as a sole proprietorship concern owned by Mr. Satish Chandru Alwani under the Hong Kong Business Registration Regulations.
Formerly the registered address of the subject was located
at Flat A, 6/F., Carnival Mansion, 15B Austin Avenue, Tsimshatsui, Kowloon,
Hong Kong, moved to the Room A, Block 1, 3/F., Mandarin Court, 134-136 Argyle
Street, Ho Man Tin, Kowloon, Hong Kong in May 2011 and then changed to 12/Floor, Room
1215, Rise Commercial Building, 5-11 Granville Circuit, Tsim Sha Tsui, Kowloon,
Hong Kong in November 2013.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of fabrics, blankets, other kinds of textile products.
Employees: Nil.
Commodities Imported: Asian countries, Europe, etc.
Markets: North America, Europe, Asian countries, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, T/T, etc.
Capital: Not disclosed.
Profit or Loss: Made very small profits in the past three years.
Condition: Keeping in a fairly active 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: Small.
Denimex International is a sole proprietorship set up and owned by Mr. Satish Chandru Alwani. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also Manager of the subject.
The subject’s registered address is in a private building located at Room A, Block 1, 3/F., Mandarin Court, 134-136 Argyle Street, Ho Man Tin, Kowloon, Hong Kong. This is the new residence of Alwani when he is in Hong Kong.
The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong. However, Alwani can be reached at his mobile phone number 852-9753 2195.
The subject has had an associated concern in New Mexico, the United States known as Miracle Industries, LLC. [Miracle]. Miracle and the subject are engaged in the same lines of business.
The subject is trading in all kinds of fabrics, blankets, other kinds of textile products.
The subject has two factories with a total of 250 looms. Each loom is able to make about 120 yards of fabric a day.
The subject’s fabrics are used in making garments in the United States bearing significant brand names such as the followings:-
Kohl’s, Shopko, Target, JC Penny, Wal-Mart, Sears, Zara, M&S, Woolworth, BHS, etc.
The subject is trying to look for more agents to market its fabrics in different area of the world.
The subject also sells Miracle Blanket® which was invented by Michael Gatten. The blankets are widely used by parents and babies.
Miracle Blanket® are widely sold in the United States, Canada, Europe, South Africa, Japan, Taiwan, China, Indonesia, Australia, New Zealand, the Philippines, South Korea, etc.
The subject is just a one-man concern . Business is chiefly handled by Alwani himself. History in Hong Kong is just over six years.
Since the registered office of the subject is in a residential building, on the whole, consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.101.08 |
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Euro |
1 |
Rs.84.07 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
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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.