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Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
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Name : |
NARMAH (H.K.) LTD. |
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Registered Office : |
Unit A, 9/F., |
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Country : |
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Date of Incorporation : |
14.05.1985. |
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Com. Reg. No.: |
09732931 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Houseware items, kitchen tools, gifts, premiums and stationery, radios, wall clocks and alarm clocks, electronic products, gadgets, toys, stoves, lanterns, tools, and other articles for daily use. |
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No. of Employees : |
25 |
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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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
NARMAH (H.K.)
LTD.
ADDRESS: Unit A, 9/F., Yardley
Commercial Building, 3 Connaught Road West, Sheung Wan, Hong Kong.
PHONE: 852-2201 0951;
2201 0921; 2581 3588
FAX: 852-2581 3233, 2581 3444
E-MAIL: ravi@sherav.com.hk
Managing Director: Mr. Ravi
Gopaldas Daryanani
Incorporated on: 14th
May, 1985.
Organization: Private
Limited Company.
Capital: Nominal: HK$50,000,000.00
Issued: HK$50,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
25.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Unit A, 9/F., Yardley Commercial Building, 3 Connaught Road West,
Sheung Wan, Hong Kong.
Holding Company:-
Sino Peace International AL Holdings Ltd., British Virgin Islands.
Associated Company:-
Sherav (H.K.) Ltd., Hong Kong.
(same address)
09732931
0151279
Managing Director: Mr. Ravi
Gopaldas Daryanani
Contact person: Mr. Eric Chau
Nominal Share Capital: HK$50,000,000.00 (Divided into 500,000 shares of
HK$100.00 each)
Issued Share Capital: HK$50,000,000.00
(As per registry dated 14-05-2013)
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Name |
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No. of shares |
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Sino Peace International AL Holdings Ltd. Sea Meadow House, Blackbrune Highway, Road Town, Tortola, British
Virgin Islands. |
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375,000 |
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Ravi Gopaldas DARYANANI |
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125,000 |
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––––––– |
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Total: |
500,000 ====== |
(As per registry dated 14-05-2013)
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Name (Nationality) |
Address |
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Sherina Ravi DARYANANI |
Flat C & D, 11/F., Cliffview Mansion, 21-23 Conduit Road,
Mid-Levels, Hong Kong. |
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Ravi Gopaldas DARYANANI |
Flat C & D, 11/F., Cliffview Mansion, 21-23 Conduit Road,
Mid-Levels, Hong Kong. |
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Sino Peace International Holdings Ltd. |
Sea Meadow House, Blackbrune Highway, Road Town, Tortola, British
Virgin Islands. |
(As per registry dated 14-05-2013)
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Name |
Address |
Co. No. |
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Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
The subject was incorporated on 14th May, 1985 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: Houseware
items, kitchen tools, gifts, premiums and stationery, radios, wall clocks and
alarm clocks, electronic products, gadgets, toys, stoves, lanterns, tools, and
other articles for daily use.
Employees: 25.
Commodities Imported: China, India, Indonesia, Taiwan and South Korea, etc.
Markets: Asian
countries, Africa, Eastern Europe, United States, South America, 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$50,000,000.00 (Divided into 500,000 shares
of HK$100.00 each)
Issued Share Capital: HK$50,000,000.00
Mortgage or Charge (since 2002): (See attachment)
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.
Bankers:-
DBS Bank (Hong Kong) Ltd., Hong Kong.
BNP Paribas, Hong Kong.
Standing: Good.
Having issued 500,000 ordinary shares of HK$100.00 each, Narmah (H.K.)
Ltd. is jointly owned by Sino Peace International AL Holdings Ltd., a BVI‑registered
firm holding 75% interests, and Mr. Ravi Gopaldas Daryanani who is an Indian,
holding 25%. The latter is also the
managing director of the subject.
The subject has had an associated company Sherav (H.K.) Ltd. [Sherav]
located at the same address.
Incorporated on 7th July, 1997, Sherav is a well‑established
export house and has set up regional offices in Mumbai of India, Lagos of
Nigeria, Guangzhou of China.
Sherav has developed business ties with suppliers in China, India,
Indonesia, Hong Kong, Taiwan and South Korea.
Its prime markets are the United States, the United Kingdom, Germany,
Ireland, Poland, other Eastern European countries, South America, West Africa
and India, etc.
Sherav is trading in the following commodities:-
Houseware items, kitchen tools, gift and stationery, radios, wall clocks
and alarm clocks, electronic products, MP3 and accessories, stoves, lanterns,
tools, glassware, vacuum flasks, and other articles for daily use.
The subject and Sherav are engaged in the same lines of business, more
or less.
The subject is a significant partner of the Emel Group. It is a sole buying partner and a sourcing
solution provider for the Group.
To maintain the quality of the products, the subject has its formidable
presence in China also for inspection of goods as per the specification drawn
by customer. With high quality products,
professional service and a market‑focused approach, the subject is able
to link the Emel group of Company and manufacturers. The subject is dealing in sourcing of various
domestic products like Ceramics, Glassware, Flashlights, Lantern and Building Material
for Emel Group of Company.
The Emel Group is one of Nigeria’s leading business conglomerates with a
major presence across diverse sectors including Consumer Products, Corporate
Services and Infrastructure. For over
four decades, the Group has made a significant contribution to the country’s
economy and inspired the trust of millions of Nigerians as a provider of
quality goods at an affordable price.
What began in 1966 as a humble, family-run trading enterprise has today grown
into a professional powerhouse with over 400 employees, led by a highly
qualified and globally experienced senior management team.
The Emel Group’s headquarters are situated in Lagos, the commercial
capital of Nigeria and supported by solid infrastructure including two
manufacturing units and several warehouses.
The Group also has extensive operations in China, Hong-Kong and India.
The business of the subject is administered by the Daryanani family who
have been in Hong Kong for a very long time.
The history of the subject in Hong Kong is over 28 years.
On the whole, consider the subject good for normal business engagements.
(Since 2002)
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Date |
Particulars |
Amount |
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11-02-2002 |
Instrument: Charge Over Deposit Property: Account No.: 14582 Mortgagee: Commonwealth Finance Corporation Ltd.,
Hong Kong. |
All the Indebtedness and the due and punctual performance and
observance by the Depositor of all its obligations and liabilities to Commonwealth
Finance Corporation Ltd. |
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11-02-2002 |
Instrument: Letter of Hypothecation for Trade
Finance Property: Hypothecation of Goods and Produce represented by any of such
documents as Bills of Exchange, Bills of Lading, Shipping Documents, warrants,
Delivery Orders, wharfingers or other warehouse keepers certificates or
receipts and/or invoices or other documents representing or relating to the
Goods or to which any such documents relate and all policies of insurance
relating thereto and proceeds deriving therefrom. Mortgagee: Commonwealth Finance Corporation Ltd.,
Hong Kong. |
Any sum or sums of monies which may be now or may hereafter from time
to time become due or owing to the Lender |
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08-05-2006 |
Instrument: Charge on Cash Deposit to secure Liabilities Property: 1) By way of first fixed
charge and agreement to charge: the Deposit and all right, title and interest
of the Company 2) By way of set-off: any
sum standing to the credit of any one or more of the accounts of the Company
with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities |
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28-05-2008 |
Instrument: Deed of Charge on Deposit - Own
Liabilities Property: The Company charges and agrees to charge to the Bank by way of first
fixed charge and as continuing security for discharge of all liabilities, all
existing and future rights and interests of the Company in all the moneys
from time to time standing to the credit of the account No.
0001-203049-101-82 maintained with the Bank and all additions thereto,
whatever the maturity of such moneys from time to time and in whatever
currency such moneys may from time to time be denominated, and including any
renewal, extension, combination, substitution or conversion of such moneys
together with all interest accruing or payable thereon. Mortgagee: BNP Paribas, Hong Kong Branch. |
To secure the payment and discharge of all present and future
indebtedness, obligations and/or liabilities of the company to the Bank
whether actual or contingent, and whether incurred in Hong Kong or elsewhere,
as principal or surety or alone or with other and includes any other amounts
for which the company is liable |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.70 |
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1 |
Rs.92.22 |
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Euro |
1 |
Rs.79.18 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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.