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Report Date : |
05.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
TEXPO INTERNATIONAL LTD |
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Registered Office : |
Room 702, 7/F., Car Po Commercial Building, 18 Lyndhurst Terrace, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.08.1986 |
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Com. Reg. No.: |
10454819 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Light industrial products, chemicals, accessories, etc. |
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No. of Employees : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
TEXPO INTERNATIONAL
LTD.
Room 702, 7/F.,
Car Po Commercial Building, 18 Lyndhurst Terrace, Central, Hong Kong.
PHONE: 2524 4948, 2869 9986
FAX: 2840 0060
E-MAIL: texpo@netvigator.com
mail@texpointernational.com
Managing
Director: Mr. Varsha Narotamdas Avlani
Incorporated on: 5th August, 1986.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$2,500,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: US$60~65 million (Including associates)
Employees: 6. (Including affiliates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TEXPO
INTERNATIONAL LTD.
Registered
Head Office:-
Room 702, 7/F.,
Car Po Commercial Building, 18 Lyndhurst Terrace, Central, Hong Kong.
Holding
Company:-
Agile Industries
Ltd., British Virgin Islands.
Associated
Companies:-
Aegis Plus Ltd., Hong Kong. [Trading as Aegis Safety Products]
(Same address)
Birgo (H.K.) Ltd.,
Hong Kong.
Texpo
International, Hong Kong. [Ceased
business]
Texpo Unique Ltd.,
Hong Kong. [Dissolved]
10454819
0172873
Managing
Director: Mr. Varsha Narotamdas Avlani
Nominal Share
Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share
Capital: HK$2,500,000.00
(As
per registry dated 05-08-2011)
|
Name |
|
No.
of shares |
|
Agile Industries Ltd. 263 Main Street, P.O. Box 2196, Road Town, Tortola, British Virgin
Islands. |
|
25,000 ===== |
(As
per registry dated 05-08-2011)
|
Name (Nationality) |
Address |
|
Devang AVLANI |
Room 702, 7/F., Car Po Commercial
Building, 18 Lyndhurst Terrace, Central, Hong Kong. |
|
Dipak
Kumar Jamnadas AVLANI |
11058 Building A, Wonder Plaza, Jinkeqiao
Road, Keqiao, Shaoxing, Zhejiang 312030, China. |
|
Varsha Narotamdas
AVLANI |
Flat A, 13/F., Bellevue Heights, 8 Tai
Hang Drive, Jardine’s Lookout, Hong Kong. |
(As
per registry dated 05-08-2011)
|
Name |
Address |
Co.
No. |
|
Louis
Lai Co. Secretarial Services Ltd. |
9/F., Surson Commercial Building, 140-142 Austin Road, Tsimshatsui,
Kowloon, Hong Kong. |
0686503 |
The
subject was incorporated on 5th August, 1986 as a private limited liability
company under the Hong Kong Companies Ordinance.
It
was originally registered under the name of Sonica Trading Ltd., name changed
to the present style on 1st September, 2004.
Formerly
the subject was located at 5/F., 57 Wyndham Street, Central, Hong Kong,
moved to the present address in March 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Light industrial products, chemicals, accessories, etc.
Employees: 6. (Including affiliates)
Commodities Imported: Asian countries, Europe, etc.
Markets: India, other Asian countries, etc.
Annual Turnover: US$60~65 million (Including associates)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
The Indian Chamber
of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$2,500,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having
issued 25,000 ordinary shares of HK$100.00 each, Texpo International Ltd. is
wholly owned by Agile Industries Ltd. which is a BVI‑registered firm.
The
subject moved to the present address in March 2011.
The
Managing Director of the subject Mr. Varsha Narotamdas Avlani is an
Indian. He is a Hong Kong ID Card holder
and has got the right to reside in Hong Kong permanently.
The
subject has got a number of affiliated companies located at its operating
address. One of its affiliates was Texpo
International (bearing BR No. 19092828) which has ceased business since 30th
May, 2006. Another affiliate Texpo Unique
Ltd. was dissolved by deregistration on 2nd June, 2006.
Currently,
the subject is trading in the following commodities and offering clients with
the following services:-
|
Product/Service |
Product/Service
Remarks |
|
Yarns,
Piecegoods and Textiles |
|
|
Piecegoods –
Silk |
From
China (Importer) To
India (Exporter) |
|
Food and Beverage |
|
|
Sauce and
Seasoning |
|
|
Spice |
From
China (Importer) To
India (Exporter) |
|
Raw Materials |
|
|
Textile Fibres
(including Wool) |
|
|
Silk, Raw |
From
China, Korea (Importer) From
Korea, China, to India (Exporter) |
|
Lighting
Products |
|
|
Bulbs |
Include
fuse from China, Taiwan (Importer) Include
fuse from Taiwan, China, to India (Exporter) |
|
Bulb – Energy
Saving |
Energy
saving lamps from China (Importer) Energy
saving lamps from China, to India (Exporter) |
|
Consumer Electronics
(Miscellaneous) |
|
|
Security
Products |
Security
and sureillance product from China, Korea and Japan (Importer) Security
and sureillance product from China, Korea and Japan, to India (Exporter) |
|
Spectacles,
Spectacle Parts and Accessories |
|
|
Spectacle Frame |
|
|
Spectacle Frame
– Plastic |
From
Korea, Japan, Germany and Italy, to India |
|
Spectacle Frame
– Metal |
From
Korea, Japan, Germany and Italy (Importer) From
Korea, Japan, Germany and Italy, to India (Exporter) |
|
Spectacles |
|
|
Sunglasses |
From
Korea, Japan, Germany, Italy (Importer) From
Korea, Japan, Germany, Italy, to India (Exporter) |
|
Chemicals
(including Plastic Materials) |
|
|
Plastic
Materials (including Resins and Sheet) |
LDPE/HDPE
from China (Importer) LDPE/HDPE,
to India (Exporter) |
|
Textile
Chemicals |
|
|
Dyeing, Tanning
and Colouring Materials |
Pigment
for textile from China (Importer) Pigment
for textile, to India (Exporter) |
|
Pharmaceutical
Chemicals |
Include
pigment for Pharmaceutical (Exporter) Include
pigment for pharmaceutical (Importer) |
|
Food Chemicals |
Citric
Acid and its derivatives from China and Korea (Importer) Citric
Acid and its derivatives from China and Korea, to India (Exporter) |
Most
of the subject’s commodities are sourced from China, South Korea, Japan,
Germany, Italy, etc. Prime market is
India. Other markets are Southeast Asia,
the Middle East, Western Europe, etc.
The subject also trades in large quantities of pharmaceuticals and
chemicals.
According
to the subject in recent years, it has been emphasising in work gloves,
industrial gloves, workwear, uniforms, coveralls, helmets, safety products,
personal protective equipments, etc.
The
subject has got affiliated companies in India.
It also has had an affiliated factory in China employing about 400
persons.
Overall
business of the subject is active.
Annual sales turnover ranges from US$60 to 65 million. Business is rather profitable.
On the whole,
consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.