|
Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
PROMARK EXIM LTD. |
|
|
|
|
Registered Office : |
Flat B, 8/F., Tower 2, The Astrid, 180 Argyle Street, Mongkok, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
17.10.2012 |
|
|
|
|
Com. Reg. No.: |
60486195 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trader of Electric appliances, electronic products, household wares, toys, gifts, souvenirs, and sundry products. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New Business |
|
Payment Behaviour : |
Unknown |
|
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 |
|
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
PROMARK EXIM
LTD.
ADDRESS: Flat B, 8/F., Tower 2, The
Astrid, 180 Argyle Street, Mongkok, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
Managing Director: Mr. Ashok
Shyam Chandiramani
Incorporated on: 17th
October, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Electric Appliance and Sundry Product Trader.
Employees: Nil.
Main Dealing Banker: HBZ Finance Ltd., Hong Kong.
Banking Relation: Too
early to comment.
Registered Head Office:-
Flat B, 8/F., Tower 2, The Astrid, 180 Argyle Street, Mongkok, Kowloon,
Hong Kong.
Associated Companies:-
Sega Exports Ltd., Hong Kong.
Spectrum Gifts and Collectibles Company, Hong Kong.
60486195
1812756
Managing Director: Mr. Ashok
Shyam Chandiramani
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 17-10-2012)
|
Name |
|
No. of shares |
|
Ashok Shyam CHANDIRAMANI |
|
10,000 ===== |
(As per registry dated 17-10-2012)
|
Name (Nationality) |
Address |
|
Ashok Shyam CHANDIRAMANI |
Flat B, 8/F., Tower 2, The Astrid, 180 Argyle Street, Mongkok, Kowloon,
Hong Kong. |
(As per registry dated 17-10-2012)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 17th October, 2012 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: Electric Appliance and Sundry
Product Trader.
Lines: Electric
appliances, electronic products, household wares, toys, gifts, souvenirs, and
sundry products.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: India, Pakistan, Middle East, South
America, Australia, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: As
per contracted.
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: Too early to
offer an opinion.
Condition: Business is under development.
Facilities: Is making use of general banking
facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Too
early to comment.
Banker:
HBZ Finance
Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Promark Exim Ltd.
is a private limited company wholly owned by Ashok Shyam Chandiramani. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject’s registered address is located at Flat B, 8/F., Tower 2,
The Astrid, 180Argyle Street, Mongkok, Kowloon, Hong Kong where is the
residence of Chandiramani.
Currently, Chandiramani. is also the director of a Hong Kong-registered
firm Sega Exports Ltd. [Sega] which is located at Unit 608, 6/F., Tower A,
Hunghom Commercial Centre, 37-39 Ma Tau Wai Road, Hunghom, Kowloon, Hong
Kong. Sega and the subject are engaged
in the same lines of business, more or less.
The subject is trading in electric appliances (such as sound recorders,
radio, etc.), electronic products (such as mobile phones, telephones, etc.),
household wares, toys, gifts, souvenirs, and sundry products which are mainly
sourced from China.
Currently, the subject is trading in the following commodities and
offering clients with the following services:-
|
Product/Service |
Product/Service Remarks |
|
Watches and Clocks |
|
|
Clocks |
|
|
Giftware and Premiums |
Polyresin |
|
Giftware |
|
|
Stationery and Office Equipment |
|
|
Stationery |
|
|
Hardware |
|
|
Hand Tools |
|
|
Hammer |
|
|
Audio-Visual Products |
|
|
Audio and Video Tape / Disk (Blank) |
|
|
TV and Video Equipment |
|
|
Video Cassette Recorder |
|
|
Audio Equipment |
|
|
Hi-Fi Equipment |
Music centre |
|
Cassette Recorder |
|
|
Telecom Products |
|
|
Telephone and Telephone Equipment (including Mobile Phones) |
|
Most of the commodities are sourced from China. Prime markets are India, Japan, Pakistan, the
other Asian countries, the Middle East, etc.
Business is still under development.
The subject’s business is chiefly handled by Chandiramani himself. History is Hong Kong is just over two months.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.42 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
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 |
|
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.