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Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
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Name : |
RAINBOW CREST LTD. |
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Registered Office : |
8/F., Tin On Sing Commercial Building, 41-43 Graham Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.06.1995 |
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Com. Reg. No.: |
19240752 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Piecegoods, household products, paper, stationery, electronic games, electric toys, etc. |
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No. of Employees : |
6. (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 |
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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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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'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
RAINBOW CREST
LTD.
Address: 8/F., Tin On
Sing Commercial Building,
41-43
Graham Street, Central,
Hong Kong.
(Head Office)
and
c/o Sincere Secretaries Ltd.
13/F., Chun Wo Commercial Centre,
23-29 Wing Wo Street, Central,
Hong Kong.
(Registered Office)
PHONE: 2813 6381, 3118 6767
FAX: 2813 6739
E-MAIL: sbd18@netvigator.com
Managing Director: Mr. Ajit
Kishin Jagtiani
Incorporated on: 20th
June, 1995.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Importer, Wholesaler and Re-exporter.
Employees:
6. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Sincere Secretaries Ltd.
13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong
Kong.
Head Office:-
8/F., Tin On Sing Commercial Building, 41-43 Graham Street, Central,
Hong Kong.
Associated Companies:-
Luckytex (HK) Ltd., Hong Kong.
(Same address)
Super Bloom Development Ltd., Hong Kong.
(Same address)
19240752
0518254
Managing Director: Mr. Ajit
Kishin Jagtiani
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 20-06-2012)
|
Name |
|
No. of shares |
|
Kanyalal Tulsidas VARINDANI |
|
1 |
|
Ruby Kanyalal VARINDANI |
|
1 |
|
|
|
– |
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|
Total: |
2 = |
(As per registry dated 27-12-2012)
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Name (Nationality) |
Address |
|
Anil SUKHWANI |
Flat D, 20/F., Ellery Terrace, 38 Good Shepherd Street, Kowloon, Hong
Kong. |
|
Ajit Kishin JAGTIANI |
House #10, Carmel Hill, 12 Carmel Road, Stanley, Hong Kong. |
(As per registry dated 20-06-2012)
|
Name |
Address |
Co. No. |
|
Sincere Secretaries Ltd. |
13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong
Kong. |
0109535 |
The subject was incorporated on 20th June, 1995 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,
Wholesaler and Re-exporter.
Lines: Piecegoods,
household products, paper, stationery, electronic games, electric toys, etc.
Employees: 6. (Including associates)
Commodities Imported: China and other Asian countries, etc.
Markets: Europe,
Middle East, Africa, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
Profit or Loss: Making a small profit every year.
Condition: Keeping
in a normal manner.
Facilities: Is
making use of general banking facilities.
Payment:
Met as
required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued just two ordinary shares of HK$1.00 each, Rainbow Crest
Ltd. is a private limited company equally owned by Mr. Kanyalal Tulsidas
Varindani and Ruby Kanyalal Varindani both of whom are Indian.
The directors of the subject Mr. Anil Sukhwani and Mr. Ajit Kishin
Jagtiani are Hong Kong ID holders and currently residing in Hong Kong.
The shareholders are residing in West Africa.
The subject’s registered office is in a commercial service firm located
at 13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong Kong
known as Sincere Secretaries Ltd. which is handling its correspondences and
documents. However, its operating office
is located at 8/F., Tin On Sing Commercial Building, 41-43 Graham Street,
Central, Hong Kong.
The subject has had two associated companies Super Bloom Development
Ltd. [Super Bloom] and Luckytex (HK) Ltd. [Luckytex], also Hong Kong-registered
firms, located at the above‑mentioned operating address.
Having issued 50,000 ordinary shares of HK$10.00 each, Luckytex is a
private limited company equally owned by Mr. Ajit Kishin Jagtiani and his
spouse Mrs. Helena Jagtiani Cheng Ying To who is a Hong Kong Chinese.
The subject, Luckytex and Super Bloom are engaged in the same lines of
business, more or less.
Incorporated in June 1995, the subject is trading in all kinds textile
products, gifts, souvenirs, sundry products, general household products,
stationery, toys, etc. Most of the
commodities are sourced from China and the other Asian countries. Imported commodities are re-exported to some
of the Asian countries, the Middle East, Africa, etc. However, Africa seems to be its prime
markets.
Currently, the subject is trading in the following commodities and
offering clients with the following services:-
|
Product/Service |
Product/Service Remarks |
|
Piecegoods – Synthetic |
Rayon and polyester/cotton from China |
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Necktie Material – Polyester, Woven |
Rayon and polyester/cotton from China |
|
Puzzle Blocks |
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Household Products – Glass |
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Household Products – Metal |
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Paper – Copier and Printer |
Copier paper |
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Exercise Book |
Memo pad |
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Pen Stand |
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Stapler, Staple and Staple Remover |
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Eraser |
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Electronic games |
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Electric toys |
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Some of the China factories manufacture the subject’s products on OEM
basis. Long term business ties have been
developed with China suppliers and foreign suppliers as well as foreign buyers.
The subject’s business is mainly handled by the directors of the
subject. History in Hong Kong is over
seventeen years and seven months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
<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.