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Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
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Name : |
MARS ENTERPRISES (HK) LTD. |
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Registered Office : |
c/o CBS Pacific Ltd. Unit A, 8/F., Kam Chung Commercial Building, 19-21 Hennessy Road,
Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.11.2012 |
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Com. Reg. No.: |
60597560 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of yarns, fabrics,
other textile products, etc |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
---- |
NB |
New Business |
---- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 |
MARS ENTERPRISES
(HK) LTD.
c/o CBS Pacific Ltd.
Unit A, 8/F., Kam Chung Commercial Building, 19-21 Hennessy Road,
Wanchai, Hong Kong.
PHONE: 2528 2930
FAX: 8148 9228
Managing Director: Mr. Manan
Jawahar Gondalia
Incorporated on: 9th November, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
MARS ENTERPRISES
(HK) LTD.
Registered
Office:-
c/o CBS Pacific Ltd.
Unit A, 8/F., Kam Chung Commercial Building, 19‑21 Hennessy Road,
Wanchai, Hong Kong.
Holding Company:-
Yes Fashions Pvt. Ltd., India.
60597560
1823860
Managing Director: Mr. Manan
Jawahar Gondalia
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 09-11-2012)
|
Name |
|
No. of shares |
|
Yes Fashions Pvt. Ltd. 7/F., Meridian Tower, Udhna Darwaja Surat 395002, Gujarat, India. |
|
1,000,000 ======= |
(As per registry dated 09-11-2012)
|
Name (Nationality) |
Address |
|
Manan Jawahar GONDALIA |
6/A Aagam Heritage, Nr - Vatsaliya Bunglows Vesu Surat Guj 395007,
India. |
(As per registry dated 09-11-2012)
|
Name |
Address |
Co. No. |
|
CBS Pacific Ltd. |
Unit A, 8/F., Kam Chung Commercial Building, 19-21 Hennessy Road,
Wanchai, Hong Kong. |
0582043 |
The subject was incorporated on 9th November, 2012 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 yarns, fabrics, other textile
products, etc.
Employees: Nil.
Commodities Imported: China,
other Asian countries, etc.
Markets: India, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00
(Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued one million ordinary shares of HK$1.00 each, Mars
Enterprises (HK) Ltd. is wholly owned by Yes Fashions Pvt. Ltd. [Yes Fashions]
which is an India-based firm.
The director of the subject Manan Jawahar Gondalia is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Unit A, 8/F., Kam Chung Commercial Building, 19-21
Hennessy Road, Wanchai, Hong Kong” known as “CBS Pacific Ltd.” which is
handling its correspondences and documents.
This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject is engaged in the same lines of business as Yes
Fashions. Yes Fashions is a yarn and
fabric trader.
According to Yes Fashions, its current manufacturing/processing
capacities are as the followings:-
|
Yarn Processing |
Tons/Month |
|
Polyester Yarn Draw Warping |
500 tons |
|
Twisting |
45 tons |
|
Polyester yarn Twisting Creping |
50 tons |
|
Polyester Yarn Sizing |
500 tons |
|
Cloth |
Metres/month |
|
Jacquard Weaving & Waterjet Weaving |
15,00,000 |
|
Embroidery & Value addition to Fabrics |
500,000 |
|
Marketing of Fabrics (Domestic + Export) |
600,000 |
The factories of Yes Fashions are located at:-
Udhana Sachin Main Road, Surat and;
Unit -01 Kim Char Rasta on National Highway (NH)-8, Tal: Mangrol, Dist:
Surat; &
Unit -02 Kim Char Rasta on National Highway (NH)-8, Tal: Mangrol, Dist:
Surat.
The Registered office of Yes Fashions is situated at 7th floor, Meridian
Tower, Udhana Darwaja, Ring Road, Surat, India.
Yes Fashions products are marketed in India, exported to the other Asian
countries, etc. Overall business is
good.
The subject is fully supported by Yes Fashions. Its business in Hong Kong is not active. History in Hong Kong is just over three
months.
On the whole, since the subject does not have its own operating office
and has no employees in Hong Kong, consider it good for business engagements on
L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.05 |
|
|
1 |
Rs.82.75 |
|
Euro |
1 |
Rs.71.61 |
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 |
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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 |
|
<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.