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Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
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Name : |
SHROFF & CO.
LTD. |
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Registered Office : |
Room 2709-2711,
27/F., 113-115 Argyle Street, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.04.1981 |
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Com. Reg. No.: |
07161558 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importer,
Exporter and Wholesaler of All kinds of garments, kitchenware, etc. |
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No. of Employees : |
12 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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'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.
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Source : CIA |
SHROFF & CO. LTD.
Room 2709-2711,
27/F., 113-115 Argyle Street, Mongkok, Kowloon, Hong Kong.
PHONE: 2522 9833
FAX: 2845 0231, 2761 0353
E-MAIL: shroff@shroff.com.hk
crystal@shroff.com.hk
Managing
Director: Mr. Neville Savak Shroff
Incorporated
on: 8th
April, 1981.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 12.
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Good.
SHROFF & CO. LTD.
Registered Head Office:-
Room 2709-2711,
27/F., 113-115 Argyle Street, Mongkok, Kowloon, Hong Kong.
Mailing
Address: G.P.O. Box 2495, Hong Kong.
Associated Company:-
Direct
International (Hong Kong) Ltd., Hong Kong.
07161558
0095874
Managing
Director: Mr. Neville Savak Shroff
Merchandising Manager: Ms. Wendy
Tsang
Contact
Person: Ms. Christine Wong
Nominal Share
Capital: HK$2,000,000.00 (Divided into 2,000 shares of HK$1,000.00 each)
Issued Share
Capital: HK$1,000,000.00
(As per registry
dated 08-04-2012)
|
Name |
|
No. of shares |
|
Neville Savak
SHROFF |
|
550 |
|
Burji Savak
SHROFF |
|
450 |
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|
––––– |
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Total: |
1,000 ==== |
(As per registry
dated 08-04-2012)
|
Name (Nationality) |
Address |
|
Neville Savak
SHROFF |
4 Rutland
Quadrant, Kowloon Tong, Kowloon, Hong Kong. |
|
Burji Savak
SHROFF |
4 Rutland Quadrant,
Kowloon Tong, Kowloon, Hong Kong. |
(As per registry
dated 08-04-2012)
|
Name |
Address |
Co. No. |
|
Prime Pillar
Global Ltd. |
Office B, 20/F.,
Wing Cheong Commercial Building, 19 Jervois Street, Sheung Wan, Hong Kong. |
1227506 |
The subject was
incorporated on 8th April, 1981 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, Exporter and Wholesaler.
Lines: All kinds of
garments, kitchenware, etc.
Employees: 12.
Commodities
Imported: China, other Asian countries,
etc.
Markets: Asian countries, Europe,
North America, Australia, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKS0084]
Nominal Share
Capital: HK$2,000,000.00 (Divided into
2,000 shares of HK$1,000.00 each)
Issued Share Capital:
HK$1,000,000.00
Profit or Loss: Making a small profit every
year.
Condition: Keeping
in a satisfactory 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: Good.
Having issued 1,000
ordinary shares of HK$1,000.00 each, Shroff & Co. Ltd. is jointly owned by
Mr. Neville Savak Shroff, holding 55% interests; and Mr. Burji Savak
Shroff, holding 45%. They are also
directors of the subject. Both belong to
the Shroff family. The subject is a
family business.
According to the
subject, its associate or predecessor was established in Hong Kong in
1950. Since then, it has been engaged in
the garment industry. With factories
across Asia, the subject services the customers of the United States, Europe,
Canada, Australia, New Zealand and Japan.
The subject is
specialised in garments trading and manufacturing and has over 60 years of
experience in garment manufacturing, delivery and designing for global
companies. The subject has set up three
garment divisions: ladies (45%), men (47%) and children (8%).
The followings are
its garment products:-
Menswear:
Knit and wowen
shirts such as t-shirts, polo-shirts, sport shirts, dress shirts and tuxedo
shirts. Also sweaters, trousers, jeans,
golfingwear, ski-jackets and street-wear.
Womenswear:
Woven and knits
such as t-shirts and polo-shirts, blouses, suits, jeans, pants and skirts. Eveningwear, sportswear such as golfingwear,
ski‑jackets and street-wear.
Childrenswear:
Rompers, tops,
dresses, shirts and coats. Woven and
knit pants as well as denim.
Besides garments,
the subject also trades in household kitchenware products. Its kitchenware includes the following
products:-
Tea Kettles,
Polished Teapots, Tea Kettles, Food Warmers, Stainless Steel & Aluminium
Pressure Cookers, Aluminium Cooking Pots, etc.
The subject also
has set up a department servicing a comprehensive and a wide spectrum of
consumer items.
Associated
factories are mainly in China, Macau, India, Sri Lanka, Vietnam and Bangladesh.
The subject has had
two joint venture plants in China and an office in Ningbo City, Zhejiang
Province, China. It also has had
associated offices in London and New York.
According to the
subject, it just works only with those factories that are ISO 9002
certified. Factories and manufacturing
capabilities take place in China, Macao, India, Sri Lanka, Vietnam and
Bangladesh.
Apart from
garments, the subject also trades in stainless steel aluminium wares including
teapots kettles, cookware and food warmers, stainless and aluminium pressure
cookers and pots. Products are chiefly
exported to the United States, Europe, the Middle East, etc.
The subject has had
a main affiliated factories in Xinhui, Jiangmen City, Guangdong Province,
China. The floor area of the factory
covers over 3,000 sq.m.
In order to
penetrate the international market further, the subject has taken part in fairs
and exhibitions held in Hong Kong and other foreign large cities.
For instance, it
took take part in “International Autumn Trade Fair 2011” which had been held in
Dubai, the United Arab Emirates during the period of 13th to 15th December,
2011.
The subject has had
associated companies engaged in exporting of branded fashions or making
investments.
The subject’s
business is active and steady. Regular
suppliers and customers have been maintained.
Annual sales turnover is significant. History is long in Hong Kong.
On the whole,
consider it good for normal business engagements.
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Mar. 1991 |
Fullrate
Enterprises Ltd. |
Shroff & Co.
Ltd. |
Amount due |
US$85,923 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.42 |
|
UK Pound |
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.