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Report Date : |
09.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SHEILA’S EXPORTS LTD. |
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Registered Office : |
16/F., Hong Kong & Macau Building, 156-157 Connaught Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.03.1977 |
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Com. Reg. No.: |
05071769-000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Yarn, labels for garment, textile machinery and equipment, pharmaceuticals, dyestuffs, etc. |
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No. of Employees : |
30. (Including associate) |
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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 : |
Good |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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'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
SHEILA’S EXPORTS
LTD.
ADDRESS: 16/F., Hong Kong & Macau
Building, 156-157 Connaught Road Central, Hong Kong.
PHONE: 2107 2770, 2525 3035,
2523 4367
FAX: 2915 8779, 2521 8769
E-MAIL: a.vaswani@tridentcreations.com.hk
Managing Director: Mr. Ashok
Arjan Vaswani
Incorporated on: 18th
March, 1977.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Annual Turnover: US$55~60 million.
Employees:
30. (Including associate)
Main Dealing Banker: Union Bank of India, Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
16/F., Hong Kong & Macau Building, 156-157 Connaught Road Central,
Hong Kong.
Branch Office:-
9/F., China Merchants Commercial Building, 15-16 Connaught Road West,
Sheung Wan, Hong Kong.
[Tel: 2525 3035; Fax: 2521 8769]
Business Names:- (Same BR No.)
Trident Resources, Hong Kong. [BR
No. 05071769-003]
Trident Creations, Hong Kong. [BR
No. 05071769-005]
Trident Technologies, Hong Kong. [BR
No. 05071769-006]
Asia Exports HK, Hong Kong. [BR
No. 05071769-007]
Silken Fibers, Hong Kong. [BR
No. 05071769-008]
Meilitex, Hong Kong. [BR No.
05071769-009]
Grande Marm I, Hong Kong. [BR
No. 05071769-010]
Avacorp, Hong Kong. [BR No.
05071769-011]
Z+Technology, Hong Kong. [BR
No. 05071769-012]
China Office:-
Guangzhou Sheila’s Export Ltd.
605, Animateview Business Harbour, 855 Gong Ye Da Dao Nan, Haizhu
District, Guangzhou, Guangdong Province, China.
[Tel: 86-20-8443 7845; Fax:
86-20-8443 7844]
Associated Companies:-
CP Logistics, Hong Kong. (Same
address)
Silver Reed Holdings Inc., British Virgin Islands.
Vidhi Dyestuffs Manufacturing Ltd., India.
Wonderland Toys Ltd., Bangladesh.
05071769-000
0052126
Managing Director: Mr. Ashok
Arjan Vaswani
Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of
HK$100.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry dated 18-03-2012)
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Name |
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No. of shares |
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Ashok Arjan VASWANI |
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19,999 |
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Risha Ashok VASWANI |
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1 |
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–––––– |
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Total: |
20,000 ===== |
(As per registry dated 18-03-2012)
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Name (Nationality) |
Address |
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Ashok Arjan VASWANI |
Flat C, 10/F., Conway Mansion, 29 Conduit Road, Hong Kong. |
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Risha Ashok VASWANI (Previous name: Raksha Ashok VASWANI) |
Flat C, 10/F., Conway Mansion, 29 Conduit Road, Hong Kong. |
(As per registry dated 18-03-2012)
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Name |
Address |
Co. No. |
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Sincere Secretaries Ltd. |
13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong
Kong. |
0109535 |
The subject was incorporated on 18th March, 1977 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered was located at 14/F., China Merchants
Building, 152‑155 Connaught Road Central, Hong Kong, moved to 9/F., China
Merchants Commercial Building, 15-16 Connaught Road West, Sheung Wan, Hong Kong
in April 2009, and further to the present address in December 2011. However, the subject still keeps its branch
office located at its previous address.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Yarn,
labels for garment, textile machinery and equipment, pharmaceuticals,
dyestuffs, etc.
Employees: 30. (Including associate)
Commodities Imported: China, Taiwan, Japan, South Korea, Middle East, US, Germany,
Sweden, etc.
Markets: India,
Bangladesh, Australia, other Asian countries, Middle East, Central & South
America, etc.
Annual Turnover: US$55~60 million.
Terms/Sales:
As per contracted.
Terms/Buying: L/C,
D/P, D/A, O/A, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of
HK$100.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge (since 2009): (See attachment)
Profit or Loss: Operation is conducted on a profitable basis.
Condition:
Maintained in
an active manner.
Facilities:
Is making use
of general banking facilities.
Payment:
Met as agreed.
Commercial Morality: Satisfactory.
Bankers:-
Union Bank of India, Hong Kong Branch.
Canara Bank, Hong Kong Branch.
Bank of Baroda, Hong Kong Branch.
HBZ Finance Ltd., Hong Kong.
Standing:
Good.
Sheila’s Exports Ltd. is wholly-owned by Mr. Ashok Arjan Vaswani who is
an Indian. The subject is a large size
trading house based in Hong Kong and has been doing business for more than
three decades in the China trade. It is
specialized in handling various kinds of engineering, electronics products,
fabrics, yarns, etc.
The subject has had an associated company CP Logistics located at its
registered address.
The subject has had the following business names: “Asia Exports HK”,
“Avacorp”, “Grande Marm I”, “Meilitex”, “Silken Fibers”, “Trident Creations”,
“Trident Resources”, “Trident Technologies” and “Z+Technology”. Different business name carries different
commodities.
The subject has set up a representative office in Guangzhou, Guangdong
Province, China in order to facilitate commodities sourcing. Its China office is responsible for sourcing
products, inspecting products and providing all logistic supports to the
subject and its overseas customers.
According to the subject, it has had a team of professionals and
technical experts to inspect and control the quality of different products.
The subject represents many corporations in the United States, India,
Bangladesh, Nepal, Sri Lanka, etc. and undertakes sourcing and logistical
requirements for them in China and the Asia Pacific region. Some of the firms have authorized the subject
to act as their sole buying agents.
The subject trades in the following commodities:-
·
Piecegoods - Vegetable Fibre
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Yarn - Vegetable Fibre
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Yarn - Woollen
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Haberdashery (Include button)
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Labels for Garment
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Woven Label
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Spare Part - Textile Machine (From Taiwan &
Japan)
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Pharmaceutical Preparation (From China, US &
Germany)
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Dyeing , Tanning & Colouring Materials
(Dyestuff from China, Germany, US & Sweden)
Commodities are sourced from China, Taiwan, Japan, South Korea, the Middle
East, Europe and the United States.
Re-export markets are India, Bangladesh, Australia, Dubai, the United
States, the Philippines, etc.
CP Logistics is the business name of Acerank Investments Ltd. [Acerank]
which is a Hong Kong-registered firm. It
is engaged in freight forwarding and customs clearing.
Incorporated on 13th December, 1988, Acerank is a Hong Kong-registered
company located at the operating address of the subject. Having issued 10,000 ordinary shares of
HK$1.00 each, Acerank is a wholly-owned subsidiary of Silver Reed Holdings Inc.
which is a BVI-registered firm.
Acerank is also trading in the following commodities:-
·
Piecegoods — Vegetable Fibre (Linen/Cotton)
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Piecegoods — Silk
·
Haberdashery (Button from Bangladesh)
Commodities are chiefly sourced from China, India, Bangladesh, other
Asian countries, etc. Prime markets are
North America, Europe, Asian countries, etc.
Business is steady as regular suppliers and customers have been
maintained.
Annual sales turnover of the Group ranges from US$55 to 60 million. Business is rather active.
As the history of the subject is over thirty-five years and nine months
in Hong Kong, on the whole, consider it good for normal business
engagements.
(Since 2009)
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Date |
Particulars |
Amount |
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12-08-2009 |
Instrument: Charge on Deposit Property: A sum of US$300,000.00 currently represented or evidenced by a
certificate of deposit dated 06-07-2009 bearing number 000013010000317 Mortgagee: Union Bank of India, Hong Kong Branch. |
All moneys |
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27-02-2010 |
Instrument: Undertaking Relating to Deposits Property: Amount Rate of Maturity 2010 FD 18 1 11-02-2010 250,000.00 0.85% 11-02-2011 Mortgagee: Canara Bank, Hong Kong Branch. |
“Liabilities” means all and any liabilities, sole or joint, actual or
contingent, quantified or not, now or hereafter owing or incurred to the Bank
by the Depositor or the Third Party |
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18-08-2010 |
Instrument: Lien and Set-off Agreement Property: Fixed Deposit DFN 2081298 18-08-2010 HK$501,260.27 18-11-2010 Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities |
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02-11-2010 |
Instrument: Charge on Deposit Property: A sum of US$150,000.00 currently represented or evidenced by a
certificate of deposit dated 17-05-2010 bearing number 000013010000305 Mortgagee: Union Bank of India, Hong Kong
Branch. |
All moneys |
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21-01-2011 |
Instrument: Memorandum Property: Distinctive 91210300003957 16-04-2010 US$
57,611.52 18-04-2011 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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22-06-2011 |
Instrument: Lien and Set-off Agreement Property: Fixed Deposit DFN3050726 03-05-2011 US$
20,600.00 03-08-2011 Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.40 |
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1 |
Rs.81.56 |
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Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
|
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.