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Report Date : |
09.01.2013 |
IDENTIFICATION DETAILS
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Name : |
INDIAN PROVISION STORES |
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Registered Office : |
Room E, G/F., 18-20 Bowrington Road, Wanchai, |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.06.1971 |
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Com. Reg. No.: |
3279531-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importers and Exporters; Distributors, Wholesalers and Retailers;
Commission Agents; Ship Chandlers and Hotel Suppliers of All kinds of
provision and foodstuff |
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No. of Employees : |
10 |
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source : CIA |
INDIAN PROVISION
STORES
Room E, G/F., 18-20 Bowrington Road, Wanchai, Hong Kong.
PHONE: 2891 8324, 2891 8024,
2891 8104
FAX: 2572 5073
E-MAIL: ips1957@netvigator.com
Manager: Mr. Gurdev Singh Brar
Establishment: 1st June, 1971.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Provision
Store/Supermarket.
Employees: 10.
Main Dealing Bankers: Indian
Overseas Bank, Hong Kong Branch.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
INDIAN PROVISION
STORES
Head Office &
Store:-
Room E, G/F., 18-20 Bowrington Road, Wanchai, Hong Kong.
Warehouse:-
Unit 4, 19/F., Harbour Industrial Centre, 10 Lee Hing Street,
Ap Lei Chau, Hong Kong.
Associated
Companies:-
Brar Sons Ltd., Hong Kong.
[Trading as “Chillie Sark” and “Italian Otto”]
Brar Group (Hong Kong) Ltd., Hong Kong.
Saarland (HK) Ltd., Hong Kong.
Indian Provision Store & Supermarket
Shop 65-66, G/F., Chungking Arcade, Chungking Mansion, 36‑44 Nathan
Road, Tsimshatsui, Kowloon, Hong Kong.
3279531-000-06
Manager: Mr. Gurdev Singh Brar
Name: Gurdev Singh BRAR
Residential Address: Flat B, 8/F.,
Lai Shing Court, 15 Tai Hang Road, Hong Kong.
The subject was originally established on 1st June, 1971 as a
partnership concern of Messrs. Gurdev Singh Brar and Buta Singh Brar under the
Hong Kong Business Registration Regulations.
Changed to a sole proprietorship firm solely owned by Mr. Gurdev Singh
Brar on 31st March, 1994.
The subject was initially located at G/F., 11-A Salisbury Avenue,
Kowloon, Hong Kong., moved to G/F., 11A Hau Fook Street, Tsimshatsui, Kowloon,
Hong Kong in September 1987; to Flat D-4, 6/F., Chungking Mansion, 36-44 Nathan
Road, Tsimshatsui, Kowloon, Hong Kong in June 1990; to G/F., 34 Bowrington
Road, Wanchai, Hong Kong in March 1994 and further to the present address in
February 2007.
There had been a branch store, located at G/F., 29 Canal Road East,
Wanchai, Hong Kong, which was relocated at G/F., 42 Yiu Wah Street, Hong Kong
in July 1992, but the business was closed down on 30th May, 1994.
Another branch, originally located at G/F., 42 Yiu Wah Street, Hong Kong,
was established in August 1983. This
branch moved to Block M, 14/F., Kingley Industrial Building, 33-35 Yip Kan
Street, Aberdeen, Hong Kong in July 1992.
On 30th September, 1994, this branch was also closed down.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importers and Exporters;
Distributors, Wholesalers and Retailers; Commission Agents; Ship Chandlers and
Hotel Suppliers.
Lines: All
kinds of provision and foodstuff.
Sole Agents for:-
Q.B.B. Brand Ghee –Australia.
Harvey Fresh UHT Milk – Western Australia.
Austcrown UHT Milk
Golden Temple Durum Atta Flour
Rose Brand Rose Syrup – T.G. Kiat & Co.
(Pte) Ltd., Singapore.
Authorised Distributor for:-
Ahmed Food (Pvt) Ltd., Pakistan. [Jams, jellies marmalade, pickles, whole
& ground spices, spices’ pastes, canned mughalai recipes, syrups, aromatic
distillates, chutneys, tomato ketchup, murabbas, instant custard, crystal jelly
and kheer mix, fine vermicelli, etc.]
Employees: 10.
Commodities Imported: Mainly
arranged from India, Pakistan, Australia, Singapore, etc.
Markets: Hong
Kong and China.
Terms/Sales: COD or 30 days credit.
Terms/Buying: L/C, advanced T/T, D/P, etc.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active and
good condition.
Facilities: Is
making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Good.
Bankers:-
Indian Overseas Bank, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Standing: Good.
Bearing the Business Registration No. 3279531, Indian Provision Stores
is a partnership having two partners, namely, Mr. Gurdev Singh Brar and
Mr. Buta Singh Brar. It was
established on 1st June, 1971.
The subject is engaged in operating grocery stores which have succeeded
to the predecessor, a sole proprietorship firm owned by the late Mr. H. S.
Brar.
The subject changed to a sole proprietorship concern solely owned by
Mr. Gurdev S. Brar when Mr. Buta S. Brar retired on 31st March, 1994.
The subject is a leading Indian grocery store in Hong Kong. It is an importer, exporter, commission
agent, wholesaler and retailer. It is
trading in Indian grocery, international diary products, rice, ethnic frozen
products.
The subject has been appointed as the sole agents for Q.B.B. Brand Ghee,
Golden Temple Durum Atta Flour, Harvey Fresh UHT Milk, Austcrown UHT Milk, Rose
Brand Rose Syrup, etc. Commodities are
mostly sold to local Indian communities and families.
The subject is retailing the following commodities:-
|
Product/Service |
Product/Service Remarks |
|
Food and Beverage |
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Sauce and Seasoning |
Spice and lentil from India, Pakistan, Australia, Canada and USA.
Saffron from Spain |
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Spice |
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Dairy Products |
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Milk |
UHT milk from Australia and New Zealand |
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Confectionery |
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Candy and Sweet |
From India, Australia and USA |
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Dried and Preserved Food |
From India, Australia, Canada, Pakistan and USA |
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Canned Food |
From India, Australia, Canada, Pakistan and USA |
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Non-Alcoholic Beverage |
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Tea and Teabag |
Indian tea from India and Sri Lanka |
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Agricultural Products, Livestock and Poultry |
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Seed |
Guar seeds |
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Cereal |
From India, Canada and Australia |
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Rice |
Basmati rice from India, Pakistan and Canada |
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Chemicals (including Plastic Materials) |
|
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Food Chemicals |
Guar gum/seed gum |
Located at the same address, the subject has got an associate known as
Brar Sons Ltd. [BSL] which was incorporated on 2nd April, 1997. The shareholders are Mr. Jaswinder Singh Brar
and Mr. Natha Singh. The board of
directors of BSL include Mr. Gurdev S. Brar, Mrs. Amar Kaur Brar and
Mr. Jaswinder Singh Brar. BSL is
currently the owner and operator of the following restaurants:-
Chillie Sark [General restaurant & bar]
1)
Shop 203, Maritime Square, Tsing Yi, New
Territories, Hong Kong.
(Established on 1st September, 1998)
2)
Shops G47 & G48, Paradise Mall, Heng Fa Chuen,
Chai Wan, Hong Kong. (Established
on 15th October, 2001)
Italian Otto [Restaurant & cafe]
Shops A130-A131, New Town Plaza III, Shatin, New Territories,
Hong Kong. (Established on 18th
August, 2000)
Another firm Curry Hunters, a food court counter located at Unit 3,
1/F., Cathay Pacific City, 8 Scenic Road, Hong Kong International Airport, Chek
Lap Kok, Lantau, Hong Kong, was set up on 1st April, 1999. Now, this firm has been closed down.
According to BSL’s registration, a company also under the name of Indian
Provision Stores (bearing the same Business Registration No. 20799548 as
BSL’s) was established on 4th April, 1997.
This firm was solely owned by BSL but has ceased business since 28th
December, 1998.
The subject and its associated firms belong to the Brar Group. The Group was founded in Hong Kong in
1957. Its mission is to provide local
Indian customers with consumers food and beverages.
According to the Group, it imports foodstuffs and provisions via Brar
Foods (HK) Ltd., Saarland (HK) Ltd. and the subject. However, the first firm has not registered in
Hong Kong.
Another key enterprise of the Group is Brar Group (HK) Ltd. [BGHKL]
which is operated by Bobby & Tony Enterprises.
Since conception 16 years ago, BGHKL has evolved and grown to be one of
the leading providers of 100% Cotton Shirting and Woollen Suiting fabrics. It caters locally on a retail basis and local
tailors and on a wholesale basis to garment manufacturers and international
importers.
BGHKL’s turnover ratio of 70:30 (local to exports) has substantially
changed to 60:40 (export to local) over the period and its annual trading
volume is about 30 million meters.
BGHKL has been servicing customers with Poplin, Oxford, French Oxford,
Chambray, Pin-Point, Twills in Checks, Stripes, fancy Dobby and Printed Designs
ranging in different yarn counts 40s 50s 60s 70s 80s 100s 120s 140s 160s 200s
which are in 1-ply and 2-ply.
The annual sales turnover of the Group ranges from HK$150 to 200
million. Overall business is
satisfactory.
The history of the subject in Hong Kong is over 41 years and seven
months.
On the whole, in view of the subject’s history and background, consider
it good for normal business engagements.
Court case record of associate:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
June 2002 |
MTR Corporation Ltd. |
Brar Sons Ltd., Jaswinder Singh Brar and Natha Singh |
Landlords and Tenants (Possession) |
Not stated |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
UK Pound |
1 |
Rs.89.05 |
|
Euro |
1 |
Rs.72.57 |
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 |
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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 |
|
---- |
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.