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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
BASICLINE INTERNATIONAL LTD. |
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Registered Office : |
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road,
Tsimshatsui East, |
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Country : |
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Date of Incorporation : |
17.08.1990 |
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Com. Reg. No.: |
14008555 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Re-exporter and Wholesaler of all kinds of garments, fabrics and other textiles. |
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No. of Employees : |
25. (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
BASICLINE INTERNATIONAL
LTD.
ADDRESS: Room 1214-1218, 12/F., Peninsula Centre,
67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-3552 5500,
2723 3156, 3552 5700
FAX: 852-3552
5501, 3552 5503
E-MAIL: basicline@basicline.com.hk
nanik@basicline.com.hk
rajesh@basicline.com.hk
Managing Director: Mr. Prishotam
Ramchand Mirpuri
Incorporated on: 17th
August, 1990.
Organization: Private
Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Re-exporter and Wholesaler.
Employees:
25. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.
Associated Companies:-
Euroline Overseas Co. Ltd., British Virgin Islands.
PK Manufacturing Corporation, Philippines.
Wing Fat Enterprises Ltd., Bangladesh.
Wing Fat Enterprises Ltd., China.
Wing Fat Enterprises Ltd., Hong Kong.
(same address)
Wing Fat Enterprises Ltd., India.
14008555
0285216
Managing Director: Mr. Prishotam
Ramchand Mirpuri
Contact Person: Mr. Nanik
Jhamtani
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 17-08-2012)
|
Name |
Occupation |
No. of shares |
|
Asha Prishotam MIRPURI |
Merchant |
2,483,000 |
|
Prishotam Ramchand MIRPURI |
Merchant |
2,517,000 |
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|
–––––––– |
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Total: |
5,000,000 ======= |
(As per registry dated 17-08-2012)
|
Name (Nationality) |
Address |
|
Asha Prishotam MIRPURI |
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui
East, Kowloon, Hong Kong. |
|
Prishotam Ramchand MIRPURI |
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong. |
(As per registry dated 17-08-2012)
|
Name (Nationality) |
Address |
|
Nari Valiram NIHALCHAND |
Flat D, 6/F., Booman House, 33-U Jordan Road, Kowloon, Hong Kong. |
The subject was incorporated on 17th August, 1990 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 3/F., Hart House, 12-14 Hart Avenue,
Tsimshatsui, Kowloon, Hong Kong, moved to the present address in September
2004.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Re-exporter and Wholesaler.
Lines: All
kinds of garments, fabrics and other textiles.
Employees:
25. (Including
associates)
Commodities Imported: Imported from Europe, China, India, etc.
Markets: South
Africa, Asian countries, 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$5,000,000.00 (Divided into 5,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Business is profitable.
Condition:
Keeping in a
satisfactory condition.
Facilities:
Actively using
general banking facilities.
Payment:
Met as
contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Standing:
Good.
Basicline International Ltd. is a private limited company joint owned by
Mr. Prishotam Ramchand Mirpuri and Mr. Asha Prishotam Mirpuri, both of
whom are the members of an Indian family.
The former is holding 50.34% interests while the latter, holding
49.66%. The Mirpuri are also directors
of the subject and have got the right to reside in Hong Kong permanently as
they are Hong Kong ID Card holders.
The subject is a garment, fabric and other textile product importer and
re‑exporter. Commodities are
mainly imported from India, the Philippines and China while its re-exported
markets are Asian countries and South Africa.
Business has been steady.
The subject has had an associated company known as Wing Fat Enterprises
Ltd. [Wing Fat] located at the same operating address. Having issued 2 million ordinary shares of
HK$1.00 each, Wing Fat is a wholly owned subsidiary of Euroline Overseas Co.
Ltd. which is a BVI-registered firm.
Wing Fat is chiefly controlled by Mr. Seema Rajesh Mirpuri who is
an Indian. The subject and Wing Fat are
engaged in the same lines of business.
Currently Wing Fat has had associated companies in Mumbai of India,
Dhaka of Bangladesh and Guangzhou of China.
The subject has had associated company PK Manufacturing Corporation
[PKMC] which is in the Philippines.
Located at Pasay City, Manila, the Philippines, PKMC is a garment
manufacturer which is also operated by the Mirpuri family.
Having a history of more than twenty-two years and ten months, the
subject has developed long term business ties with a number of firms in India
and buyers in South Africa. Business is
active.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, the subject took
part in the fair held in Las Vegas, the United States in February, 2010.
The subject is a member of The Indian Chamber of Commerce Hong Kong,
Hong Kong.
On the whole, consider it good for normal business engagements.
Property information of
the company:-
Property Location: 3/F., Hart House, 12 & 14 Hart
Avenue, Kowloon, Hong Kong.
Owner: Basicline International
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-11-1993 |
- |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
Mortgage to secure general banking facilities
jointly with Rajesh Prishotam Mirpuri and Asha Prishotam Mirpuri |
|
Date |
Particulars |
Amount |
|
30-11-1993 |
Instrument: Mortgage (Jointly with Rajesh
Prishotam Mirpuri and Asha Prishotam Mirpuri) Property: 10/170th parts or shares of and in Kowloon Inland Lot No. 10349 (3/F.
of Hart House, 12-14 Hart Avenue, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure general banking facilities |
|
23-01-2008 |
Instrument: Assignment of DC Proceeds re export
bills restricted to other banks for negotiation/payment Property: By way of assignment or agreement to assign in each case as beneficial
owner. All monies in any currency
representing proceeds payable or to be paid to the Customer under the
Documentary Credits, all the Customer’s right, title and interest in the said
Documentary Credits and the benefit of all powers and remedies for enforcing
the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the
Customer against documents submitted under a Documentary Credit, all monies
and liabilities in any currency owing by the Customer to the Bank at any
time, whether separately or jointly, actually or contingently, present or
future, interest on all loans and advances and such monies and all expenses
of the Bank in perfecting or enforcing the Assignment |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
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Euro |
1 |
Rs.78.38 |
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 |
-- |
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.