|
Report Date : |
17.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
WILTEX LTD. |
|
|
|
|
Registered Office : |
Unit C & D, 11/F., Centre Mark II, 305-313 Queen’s Road Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
26.11.1992 |
|
|
|
|
Com. Reg. No.: |
16476782 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of Enamelware, blankets, office furniture, general furniture, garments, footwear, fabrics, travelling goods, battery, flashlight, audio and video products, tools, metal ware, fishing equipment, bicycles and spare parts, tyres & tubes, other consumer goods, jewellery, imitated jewellery, umbrella, novelties, stationery, toys and dolls, clocks, and sundries. |
|
|
|
|
No. of Employees : |
8 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 levies
excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply
conditions caused Hong Kong property prices to rise rapidly and inflation to
rise 4.1% in 2012. 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 |
WILTEX LTD.
Unit C & D, 11/F., Centre Mark II, 305-313 Queen’s Road Central,
Hong Kong.
(Formerly located at:
Room 1003, The Centre Mark, 287-299 Queen’s Road Central, Hong Kong.)
PHONE: 852-2541 7340
FAX: 852-2541 7056
E-MAIL: wiltex@biznetvigator.com
Managing Director: Mr. Bhupendra
Mohanlal Khatri
Incorporated on: 26th November, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer
and Exporter.
Employees: 8.
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
WILTEX LTD.
Registered Head
Office:-
Unit C & D, 11/F., Centre Mark II, 305-313 Queen’s Road Central,
Hong Kong.
Mailing Address:
Sheung Wan P.O. Box 33785, Hong Kong.
Branches/Associated
Companies:
Wiltex (China) Ltd., China.
Wiltex (Far East) Ltd., Hong Kong.
Wiltex Ltd. Taiwan Branch, Taiwan.
16476782
0391755
Managing Director: Mr. Bhupendra
Mohanlal Khatri
Sales Contact: Mr. Bhupen Khatri
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 26-11-2012)
|
Name |
|
No. of shares |
|
Bhupendra Mohanlal KHATRI |
|
3,334 |
|
Rajesh Mohanalal KHATRI |
|
3,333 |
|
Mukesh Mohanlal KHATRI |
|
3,333 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated 26-11-2012)
|
Name (Nationality) |
Address |
|
Rajesh Mohanalal KHATRI |
Flat B4, 17/F., Rhine Court, 80 Bonham Road, Hong Kong. |
|
Bhupendra Mohanlal KHATRI |
Flat 16A, Block 1, Winner Court, 18 Hospital Road,
Hong Kong. |
|
Mukesh Mohanlal KHATRI |
Tienmu East Road, Lane 69, No. 9, 6/F., Taipei, Taiwan. |
|
Mahesh Mohanlal KHATRI |
Tian Mou East Road, Lane 8, No. 85, 3/F., Taipei, Taiwan. |
(As per registry dated 26-11-2012)
|
Name |
Address |
|
CHIU Mee King, Rita |
Flat 2F, 2/F., 4 Chi Fu Road, Pokfulam, Hong Kong. |
The subject was incorporated on 26th November, 1992 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1003, The Centre Mark, 287‑299 Queen’s
Road Central, Hong Kong, moved to the present address in May 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Enamelware, blankets,
office furniture, general furniture, garments, footwear, fabrics, travelling goods,
battery, flashlight, audio and video products, tools, metal ware, fishing
equipment, bicycles and spare parts, tyres & tubes, other consumer goods,
jewellery, imitated jewellery, umbrella, novelties, stationery, toys and dolls,
clocks, and sundries.
Employees: 8.
Commodities Imported: Mainly
imported from China, Taiwan, Europe and also bought in Hong Kong.
Markets: Africa,
India, Europe, US, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Business
is profitable.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Fortis Bank Asia, Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
HBZ Finance Ltd., Hong Kong.
Credit Agricole Corporate & Investment
Bank, Hong Kong.
Standing: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Wiltex Ltd. is
equally owned by Mr. Bhupendra Mohanlal Khatri, Mr. Rajesh Mohanlal Khatri and
Mukesh Mohanlal KHATRI. All of them are
Indian belonging to the same family Khatri.
Incorporated in November 1992, the subject is trading in the following
commodities: enamelware, blankets, office furniture, general furniture,
garments, footwear, fabrics, travelling goods, bags, wallets, pouches, battery,
flashlight, audio and video products, tools, metal ware, fishing equipment,
fishing nets, bicycles and spare parts, tyres & tubes, other consumer
goods, jewellery, imitated jewellery, umbrella, novelties, stationery, toys and
dolls, clocks, and sundries, chemicals & fertilizers, electrical &
electronic products, building materials, other consumer goods, etc.
Commodities are acquired in Hong Kong or imported from China, Taiwan,
Japan and Europe. Prime markets are
Africa, India, Europe, the United States, etc.
The subject has set up a branch company in Taiwan known as Wiltex Ltd.
Taiwan Branch.
Since 1993, the subject has been providing customers with a diversified
range of products. It has maintained a
distinct mark as a reputed and world known manufacturer and exporter of the
above-mentioned products.
The subject is also specialised in a wide variety of fabrics, textile
products and footwear ranging from machinery and equipment, raw materials to
finished products.
The subject offers whole plant turn key factory projects in various
products. It is also engaged in complying
feasibility reports, marketing reports, production cost schedules, plant
layout, expert know-how, etc., all are done upon specific requests. The subject has claimed to be an expert in
full plant manufacturing of all kinds of footwear, plastic extrusion,
enamelware, etc.
The subject also offers household products made of classy materials
which are exclusively designed to help create a special look. These articles includes kitchenware,
cookware, tableware, bath & laundry products, office and school stationery
products, gift and decorative articles, etc.
The subject’s China associated company Wiltex (China) Ltd. is in
Shaoxing City, Zhejiang Province, China.
This firm is managed by Mr. Swapnil Gujarathi who is also an Indian.
Having a history of more than twenty years and six months, the subject
has developed business ties with a number of suppliers and foreign buyers. Business is active.
On the whole, consider it good for normal business engagements.
Property information of the company:-
Property Location: Flat A
on 16/F. of Block 1, Winner Court, 18 Hospital Road, Hong Kong.
Owner: Wiltex
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
20-11-1999 |
- |
Crédit Agricole Indosuez, Hong Kong Branch. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
29-01-2003 |
Instrument: Mortgage Property: 7/631st parts or shares of and in The Remaining Portion of Section A
of Subsection 4 of Section A of Inland Lot No. 1221, The Remaining Portion of
Subsection 4 of Section A of Inland Lot No. 1221 and The Remaining Portion of
Inland Lot No. 1221 (Flat A on 16/F. of Block 1 of Winner Court, Hong Kong.) Mortgagee: Fortis Bank Asia HK, Hong Kong
Branch. [Name changed to Belgian Bank
but the business was taken over by Industrial & Commercial Bank of China
(Asia) Ltd.] |
To secure the discharge of the Obligations |
|
25-07-2003 |
Instrument: Charge Property: By way of first fixed charge all monies from time to time standing to
the credit of the Security Account (Account No. 630-574550-274) and any
accounts opened by the Chargee if the Chargee receives notice of any
subsequent mortgage or charge affecting such monies or any part of it
together with all entitlements to interest and other rights and benefits
accruing to or arising in connection therewith and the right to repayment and
other rights and benefits accruing to or arising in connection with the
Deposit to the intent that such charge shall operate as a release of the
Deposit to the Chargee until the Secured Liabilities have been
unconditionally and irrevocable paid and discharged in full. Mortgagee: Fortis Bank Asia HK, Hong Kong
Branch. [Name changed to Belgian Bank
but the business was taken over by Industrial & Commercial Bank of China
(Asia) Ltd.] |
All monies obligations and liabilities |
|
07-03-2006 |
Instrument: Mortgage Property: 10/2,250th parts or shares of and in Section G of Inland Lot No.
609D (Flat B4 on 17/F. of Rhine Court, 80 Bonham Road, Hong Kong.) Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All principal of intent of HK$3,660,000.00 together with interest and
commission. |
|
02-12-2008 |
Instrument: Lien & Set-Off Agreement Property: Fixed Deposit Receipt No.:
DFN0122065 Value Date: 02-12-2008 Principal Amount: US$51,757.38 Maturity Date: 02-03-2009 Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities granted to Wiltex
Ltd. from time to time by HBZ Finance Ltd. |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the untiring
and unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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.