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Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
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Name : |
BRIGHTEX
(PVT) LTD. |
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Registered Office : |
Unit E, 18/F., |
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Country : |
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Date of Incorporation : |
12.04.2000 |
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Com. Reg. No.: |
30900256 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of mobile phones, accessories, semiconductors, computer hardware and software, peripheral, drives and storage devices |
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No. of Employees : |
08 (Including associates) |
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
|
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 |
BRIGHTEX (PVT) LTD.
Unit E, 18/F., Gemstar Tower, 23 Man Lok Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2367 8582, 3962 2200, 2668 3407, 2311 1469
FAX: 852-2311 1469, 2668 3408, 3962 2200
E-MAIL: sales@brightex.net
Managing Director: Mr. Ramakant Agrawal
Incorporated on: 12th April, 2000.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000,000.00
Issued: HK$45,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: US$20~25 million.
Employees: 8. (Including associates)
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit E, 18/F., Gemstar Tower, 23 Man Lok Street, Hunghom, Kowloon, Hong Kong.
Associated
Companies:-
Brightex (Pvt) Ltd., Hong
Kong. (same address)
[Also trading as Brightex Enterprises (BR No. 30900256-002)]
Brightex Distribution Pakistan Pvt. Ltd., Pakistan.
Brightex Enterprises UK Ltd., UK.
Brightex Singapore Pte. Ltd., Singapore.
D&K (Asia) Ltd., Hong Kong. (same address)
30900256
0712309
Managing Director: Mr. Ramakant Agrawal
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$45,000,000.00
(As per registry
dated 12-04-2013)
|
Name |
|
No.
of shares |
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Ramakant
AGRAWAL |
|
22,500,000 |
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Usa AGRAWAL |
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22,500,000 |
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––––––––– |
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Total: |
45,000,000 ======== |
(As per registry
dated 12-04-2013)
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Name (Nationality) |
Address |
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Usa AGRAWAL |
17/F., Apartment No. 9,
Celestial Heights, 80 Sheung Shing Street, Ho Man Tin, Kowloon, Hong Kong. |
|
Ramakant
AGRAWAL |
17/F., Apartment No. 9, Celestial
Heights, 80 Sheung Shing Street, Ho Man Tin, Kowloon, Hong Kong. |
(As per registry
dated 12-04-2013)
|
Name |
Address |
Co.
No. |
|
RJA Management Ltd. |
Room A&B, 2/F., Lee Kee Commercial Building, 221-227 Queen’s
Road, Central, Hong Kong. |
1044456 |
The subject was incorporated on 12th April, 2000 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 mobile phones, accessories, semiconductors, computer hardware and software, peripheral, drives and storage devices.
Employees: 8. (Including associates)
Commodities Imported: China, other Asian countries, etc.
Markets: Hong Kong, India and the Middle East.
Annual Turnover: US$20~25 million.
Terms/Sales: On various terms.
Terms/Buying: L/C or as per contracted.
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$45,000,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Business is profitable.
Condition: Keeping in a normal condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: Indian Overseas Bank, Hong Kong Branch.
Standing: Normal.
Having issued 45 million ordinary shares of HK$1.00 each, Brightex (Pvt) Ltd. is equally owned by Ramakant Agrawal and Usa Agrawal, both of whom are Indian. They are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently. They are also the directors of the subject.
The subject has had an associated company Brightex Enterprises [BE] located at the same address. Brightex and the subject are engaged in the same lines of business. Both firms, referred to Brightex, are also controlled by the Agrawal family.
BE is a partnership jointly owned by Rama Kant Agrawal and Usa Agrawal. The former is also a Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
There is another associated company D&K (Asia) Ltd. located at the same address. D&K (Asia) is a mobile phone trader.
According to BE, it is one of the leading mobile phones distributing companies in Hong Kong having offices in Singapore, China, India, Bangladesh, the United Kingdom and Dubai. Since its inception in 1986, BE has grown significantly in terms of turnover, staff strength and even geographical coverage.
BE is a manufacturer of GSM mobile phones under the name and style of “R.Tec”, “Sky Tec” and “Itel”. Besides, its Tecno and Maximus mobile phones have been exported to worldwide countries. BE’s affiliated factory is in China employing about 100 people.
BE is one of the distributors of VA Cell Inc. which is one of the leading cellphone distribution companies with a network across the United States, Latin America and the Caribbean. VA Cell Inc. is in Miami of the United States. As a vital link in the cellphone value chain, VA Cell Inc. creates sales and profitability opportunities for vendors, carriers and resellers through unique marketing programs, outsourced logistics services, technical support, product aggregation and distribution.
VA Cell Inc. is the dealer of the following products: Sony Ericsson, HTC, SBB, Blackberry, NOKIA, LG, Samsung, etc. The subject also trades in the above-mentioned products.
BE trades in electronic components and semi-conductors for more than twenty years. It is doing volume business in Hynix, Issi, and Samsung semiconductors. It also trades in computer hardware and software, peripheral, drives and storage devices. Business is rather active.
The annual sales turnover of the subject and its associates ranges from US$20 to 25 million. Making a small profit every year.
As the history of the subject in Hong Kong is over thirteen years, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
20-08-2012 |
Instrument: Letter of
Lien Property: 1) Nature of Deposit: TDR1 2) Nature of Deposit: TDR1 2) Nature of Deposit: TDR1 Mortgagee: Bank of India, Hong Kong Branch. |
HK$150,000,000.00 |
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20-08-2012 |
Instrument: Charge and Hypothecation of Book Debts Property: Hypothecation and charge to the Bank by way of charge on all the book debts outstanding, moneys receivable, claims and bills Mortgagee: Bank of India, Hong Kong Branch. |
HK$150,000,000.00 |
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20-08-2012 |
Instrument: Hypothecation of Tangible Moveable Property Property: All tangible moveable assets of borrower including in particular stocks of computer parts, mobile phones, cameras, steel scrap, plastic materials etc., furniture & fixtures and plant & machinery etc., wheresoever situate and/or in transit. Including therein the stocks thereof for time being whether raw or manufactured or in process of manufacture. And also all producers goods and any and every tangible moveable properly of the Borrower whether now lying or at any time hereafter during the continuance of this security lying or being in or about the Borrower; premises and godowns at 18/F. Gemstar Tower, 23 Man Lok Street, Hung Hom, Kowloon, Hong Kong or wherever else the same may be or be held by any party anywhere to the order and disposition of the Borrower or in course of transit to the Borrower Mortgagee: Bank of India, Hong Kong Branch. |
HK$150,000,000.00 |
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20-08-2012 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and / or invoices, or any other documents representing or relating to goods. Mortgagee: Bank of India, Hong Kong Branch. |
All the money |
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19-10-2012 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt: 2012 FD 138 Date of Receipt: 23-07-2012 Amount of Deposit: US$10,000,000.00 Rate of Interest: 2.95% Maturity Date of Deposit: 18-07-2013 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All liabilities |
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19-12-2012 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt: 2012 FD 255 Date of Receipt: 14-12-2012 Amount of Deposit: US$705,153,85 Rate of Interest: 1.75 Maturity Date of Deposit: 12-06-2013 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
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UK Pound |
1 |
Rs.91.82 |
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Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.