|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEW THOUGHT TRADING CORPORATION LTD. |
|
|
|
|
Registered Office : |
C/o Vast Energy
Ltd. Flat 704, 7/F., Fashion Centre, 51-53 Wing Hong Street, Lai Chi Kok,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
15.03.2005 |
|
|
|
|
Com. Reg. No.: |
35553303-000-03 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of PVC Resins, Man-Made Fibres, etc |
|
|
|
|
No. of Employees : |
Not
Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong |
|
Payment Behaviour : |
Unknown |
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
NEW THOUGHT TRADING CORPORATION
LTD.
ADDRESS: c/o Vast Energy Ltd.
Flat 704, 7/F.,
Fashion Centre,
51-53 Wing Hong
Street,
Lai Chi Kok,
Kowloon,
Hong Kong.
PHONE: 2402 1673
FAX: 2411 3185
E-MAIL: sumit_55555@hotmail.com
Managing
Director: Mr. Sumit Tuli (Mobile: 6305 2484)
Incorporated
on: 15th March, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$8,500,000.00
Issued: HK$8,500,000.00
Business
Category: Importer and
Exporter.
Employees: Nil.
Main Dealing
Banker: HBZ Finance Ltd.,
Hong Kong.
Banking
Relation: Fair.
Registered
Office:-
c/o Vast Energy
Ltd.
Flat 704, 7/F.,
Fashion Centre, 51-53 Wing Hong Street, Lai Chi Kok, Kowloon, Hong Kong.
Sun Glory Yarns
And Fibers, Hong Kong. [BR No.
35553303-001-03]
Affiliated Company
Thakur Ji Enterprise,
India.
BUSINESS REGISTRATION NUMBER
35553303-000-03
0955844
Managing
Director: Mr. Sumit Tuli
Nominal Share
Capital: HK$8,500,000.00 (Divided into 8,500,000 shares of HK$1.00 each)
Issued Share
Capital: HK$8,500,000.00
(As
per registry dated 15-03-2013)
|
Name |
|
No.
of shares |
|
Sumit TULI |
|
8,500,000 ======= |
(As
per registry dated 15-03-2013)
|
Name (Nationality) |
Address |
|
Sumit TULI |
Flat C, 51/F., Tower 10, Caribbean Coast,
1 Kin Tung Road, Tung Chung, Lantau Island, Hong Kong. |
(As
per registry dated 15-03-2013)
|
Name |
Address |
Co.
No. |
|
Vast
Energy Ltd. |
Flat 4, 7/F., Fashion Centre, 51-53 Wing House Street, Lai Chi Kok,
Kowloon, Hong Kong. |
0236810 |
The
subject was incorporated on 15th March, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Rise Excel (China) Ltd., name
changed to the present style on 2nd December, 2008.
Formerly
the subject’s registered address was located at Unit B, 5/F., Queen’s Centre,
58-64 Queen’s Road East, Wanchai, Hong Kong, moved to the present address in
March 2013. The subject moved to the
present address as it has changed its commercial service provider since then.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and
Exporter.
Lines: PVC resins, man-made
fibres, etc.
Employees: Nil.
Commodities
Imported: India, China,
other Asian countries, etc.
Markets: India, other Asian
countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P,
etc.
Nominal Share
Capital:
HK$8,500,000.00 (Divided into 8,500,000 shares of HK$1.00 each)
Issued Share
Capital: HK$8,500,000.00
Mortgage or Charge
(since 2008): (See attachment)
Profit or Loss: Making a small
profit.
Condition: Business is normal.
Facilities: Making fairly active
use of general banking facilities.
Payment: Met trade commitments on time.
Commercial
Morality:
Satisfactory.
Bankers:-
HBZ Finance Ltd.,
Hong Kong.
Punjab National Bank,
Hong Kong Branch.
Bank of Baroda,
Hong Kong Branch.
Standing:
Small.
Having
issued 8.5 million ordinary shares of HK$1.00 each, New Thought Trading
Corporation Ltd. is wholly-owned by Mr. Sumit Tuli who is an Indian. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
The
subject does not have its own operating office.
Its registered office is in a solicitors’ firm located at Flat 704,
7/F., Fashion Centre, 51-53 Wing Hong Street, Lai Chi Kok, Kowloon, Hong Kong
known as Vast Energy Ltd. which is handling its correspondences and
documents. This firm is the corporate
secretary of the subject.
The
subject has no employees in Hong Kong.
To
our knowledge, the subject is trading in PVC resins and synthetic fibres. It is sourcing PVC resins and synthetic
fibres from China and the other Asian countries and re-exports to India. It re-exports 500 tonnes of PVC resins to
India every months. The demand in India
is rather steady.
The
subject also trades in other plastic raw materials. Recently, the subject has been sourcing
polyester filament yarns in large quantities.
In
order to source more commodities from China, the subject usually participates
the China Import & Export Fair which is held in Guangzhou, Guangdong
Province, China twice a year.
The
subject’s business is chiefly handled by Mr. Sumit Tuli himself who can be
reached at his mobile phone number 6305 2484.
The subject makes a small profit or keeps a balance account in most of
the years. History in Hong Kong is
over eight years.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, on the whole, consider it good for business engagements on L/C basis.
Property
information of the company:-
Property Location:
Flat C on 51/F. of Tower 10 of Carmel Cove, Caribbean Coast, 1 Kin Tung
Road, Tung Chung, Lantau Island, Hong Kong.
Owner: New Thought Trading Corporation Ltd.
Date of
Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
31-08-2010 |
- |
HBZ Finance Ltd., Hong Kong. |
Mortgage to secure general credit facilities |
(Since 2008)
|
Date |
Particulars |
Amount |
|
30-05-2008 |
Instrument: Charge
on Deposit to secure the Depositor’s Obligations Property: A sum of
US$80,000.00 dated 29-04-2008 and 29-05-2008 bearing account No. 7141000026
and 7141000052 Mortgagee: Punjab
National Bank, Hong Kong Branch. |
As a continuing security for the payment and discharge of the Secured
Obligations |
|
08-10-2008 |
Instrument: Memorandum Property: Distinctive No.
of Receipt: 91220300000702 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
13-03-2009 |
Instrument: Memorandum Property: Distinctive No.
of Receipt: 91220300000702 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
26-03-2009 |
Instrument: Lien
and Set-off Agreement Property: Deposit No.: DFN9030280 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing general credit facility |
|
04-09-2009 |
Instrument: Charge
on Deposit to secure the Depositor’s Obligations Property: A sum of
US$95,000.00, US$75,000.00 and US$75,000.00 dated 20-08-2009, 01-09-2009 and 04-09-2009
bearing account No. 6841000015, 6841000016 and 6841000018 Mortgagee: Punjab
National Bank, Hong Kong Branch. |
As a continuing security for the payment and discharge of the Secured
Obligations |
|
30-11-2009 |
Instrument: Memorandum Property: Distinctive 91220300000702 07-10-2009 US$234,100.00 06-10-2010 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
26-02-2010 |
Instrument: Lien
and Set-off Agreement Property: Deposit No.: DFN0010008 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing general credit facility |
|
31-08-2010 |
Instrument: Mortgage Property: 49/428,830th
parts or shares of and in Tung Chung Town Lot No. 5 [Flat C on 51/F. of
Tower 10 of Phase III (now known as Carmel Cove) of Caribbean Coast, 1 Kin
Tung Road, Tung Chung, Lantau Island, Hong Kong.] Mortgagee: HBZ
Finance Ltd., Hong Kong. |
All monies |
|
02-09-2010 |
Instrument: Lien
and Set-off Agreement Property: Deposit No.: DFN0090926 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing general credit facility |
|
31-01-2011 |
Instrument: Memorandum Property: Distinctive 91220300000702 06-10-2010 US$236,964.08 06-10-2010 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
08-03-2011 |
Instrument: Mortgage Property: All those 17
equal undivided 2,506 parts of share of and in all those pieces or parcels or
ground registered in the Land Registry as Kowloon Inland Lot No. 9107, Lot
No. 10078 and Lot No. 9766 and of and in the Messuages erections and building
thereon now known as “Wah Fung Building” together with the sole and exclusive
right and privilege to hold use occupy and enjoy all that Flat B on the
Fourteen Floor of the building. Mortgagee: Bank
of Baroda, Hong Kong Branch. |
To secure all monies, obligation & liabilities |
|
09-05-2011 |
Instrument: Lien
& Set-Off Agreement Property: Deposit No.: DFN1040338 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing (General credit facilities) allowed to company from time
to time by the Bank |
|
10-08-2011 |
Instrument: Charge
on Deposit Property: Account No. Sum Deposit Dated 6841000106 US$30,000.00 05-08-2011 Mortgagee: Punjab
National Bank, Hong Kong Branch. |
To secure all monies in respect of banking facilities owing at any
time plus interest & all expenses |
|
18-04-2012 |
Instrument: Lien
& Set-Off Agreement Property: Deposit No.: 1142 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing (General credit facilities) allowed to company from time to
time by the Bank |
|
15-04-2013 |
Instrument: Memorandum Property: No. of Receipts Date of Issue Amount Due Date 91220300001067 19-11-2012 US$ 33,015.70 17-11-2013 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.94 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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.