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Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
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Name : |
PRAKIRAN INTERNATIONAL LTD. |
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Registered Office : |
Unit B, 14/F., Yun Tat Commercial Building, 70-74 Wu Hu Street, Hung Hom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.03.2010 |
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Com. Reg. No.: |
51985655 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds garments, etc. |
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No. of Employees : |
4 |
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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
PRAKIRAN
INTERNATIONAL LTD.
ADDRESS: Unit B, 14/F., Yun Tat Commercial
Building, 70-74 Wu Hu Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 2334 4829
FAX: 2334 4839
Managing
Director: Mr. Dilip Kishinchand Advani
Incorporated on: 19th March, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Garment Trader.
Annual Turnover: US$5-10 million.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit B, 14/F., Yun
Tat Commercial Building, 70-74 Wu Hu Street, Hung Hom, Kowloon, Hong Kong.
Associated Companies:-
Prakiran Services
Pte. Ltd., Singapore.
Prakiran Fashions
Pvt. Ltd., India.
Sanju.com Ltd.,
Hong Kong.
[Trading as
Dannyboy International.] (same address)
51985655
1433229
Managing
Director: Mr. Dilip Kishinchand Advani
Nominal Share Capital:
HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2,000,000.00
(As
per registry dated 19-03-2013)
|
Name |
|
No.
of shares |
|
Dilip Kishinchand ADVANI |
|
2,000,000 ======= |
(As
per registry dated 19-03-2013)
|
Name (Nationality) |
Address |
|
Dilip
Kishinchand ADVANI |
Flat B, 3/F., Wuhu Residence, 111 Wuhu
Street, Hunghom, Kowloon, Hong Kong. |
(As
per registry dated 19-03-2013)
|
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 19th March, 2010 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 and Exporter.
Lines: All kinds garments, etc.
Employees: 4.
Commodities Imported: China, other Asian countries, etc.
Markets: India, Southeast Asia, Europe, North America, etc.
Annual Turnover: US$5-10 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Profit or Loss: Made a small profit in 2012.
Condition: Business has been normal.
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: Normal.
Having issued 2 million ordinary shares of HK$1.00 each, Prakiran International Ltd. is wholly owned by Mr. Dilip Kishinchand Advani who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject. He can be reached at his mobile phone number 852-9063 3499.
The subject is a garment trader. It is trading in the following products:-
Jeans, Shirts, Tee & Sweat Shirts, Blouses, Screen Printed T-Shirt, Ladies’ Casual Wear, etc.
Products are exported to Africa, Australasia, Central & South America, China, Eastern Europe, Japan, South Korea, the Middle East, North America, Other Asian Countries, Scandinavia, Southeast Asia, Taiwan, Western Europe.
Besides operating the subject, Dilip Kishinchand ADVANI is also operating the following firms:-
·
Prakiran Services Pte. Ltd., Singapore.;
·
Prakiran Fashions Pvt. Ltd., India.; &
·
Sanju.com Ltd., Hong Kong. [Trading as Dannyboy International.]
The last firm is also located at the same address of the subject.
The business of the subject is chiefly handled by Dilip Kishinchand Advani himself. History in Hong Kong is just over three years.
On the whole, consider it good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.70.50 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
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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.