MIRA INFORM REPORT
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Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. WIDE ACTION JAYA LTD. |
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Registered Office : |
C/o Multi-Chain Ltd. Room 301, 3/F., Kam On Building, 176A Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.10.2004 |
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Com. Reg. No.: |
35007328 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Vinyl Flooring, Plastic Rope, PP Rope,
Twine, Niwar, Plastic Cloth, Monofilament Rope, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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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 – March 31st, 2013
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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
P.T. WIDE ACTION
JAYA LTD.
ADDRESS: c/o Multi-Chain
Ltd.
Room 301, 3/F.,
Kam On Building, 176A Queen’s Road Central, Hong Kong.
PHONE: 2543 0565
FAX: 2854
3813, 2544 5373
Managing Director: Mr. Hiroo Kishinchand Melwani
Incorporated on: 18th October, 2004.
Organization: Private Limited Company.
Capital: Nominal:HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: HBZ
Finance Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Multi-Chain Ltd.
Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Hong Kong.
Associated
Companies:-
Baladewa Ltd., Hong Kong. (Same
address)
P.T. Wide Action Jaya Ltd. Guangzhou Office, China.
P.T. Wide Action Jaya Ltd., Indonesia.
35007328
0928312
Managing Director: Mr. Hiroo
Kishinchand Melwani
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry dated 18-10-2012)
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Name |
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No. of shares |
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Hiroo Kishinchand MELWANI |
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3,000,000 ======= |
(As per registry dated 18-10-2012)
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Name (Nationality) |
Address |
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Hiroo Kishinchand MELWANI |
Flat H,18/F., Block A, Regal Court, Long Kou Shi Road, Tianhe Area, Guangzhou,
Guangdong, China. |
(As per registry dated 18-10-2012)
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Name |
Address |
Co. No. |
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Multi-Chain Ltd. |
Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Hong Kong. |
0209214 |
The subject was incorporated on 18th October, 2004 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: Vinyl
flooring, plastic rope, pp rope, twine, niwar, plastic cloth, monofilament
rope, etc.
Employees: Nil.
Commodities Imported: India,
China, South Korea, other Asian countries, etc.
Markets: Eastern
Asia, Middle East, Africa, North America, Southeast Asia, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$3,000,000.00
(Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Keeping
a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
HBZ Finance Ltd., Hong Kong.
Bank of Baroda, China.
Standing: Small.
P.T. Wide Action Jaya Ltd. is wholly-owned by Mr. Hiroo Kishinchand
Melwani who is an India passport holder.
He is the only director of the subject and currently residing in
Guangzhou, Guangdong Province, China.
Registered in Hong Kong on 18th October, 2004, the subject does not have
its own operating office. Its registered
office is in a commercial service firm located at Room 301, 3/F., Kam On
Building, 176A Queen’s Road Central, Hong Kong known as Multi-Chain Ltd. which
is handling its correspondences and documents.
Multi-Chain Ltd. is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
To our knowledge, the subject has had a main associated company in
Indonesia bearing the same name [Indonesia WAJ] and a China office [China WAJ]
in Guangzhou, Guangdong Province, China.
The subject is trading in monofilament ropes, PP ropes, twines, niwar,
mono cloth, PP sutali, baler twines, monofilament ropes, ropes, HDPE ropes, PP
twines, HDPE twines, PP sutali, sutali, PP baler twines, PP rope, plastic
cloth, PP poly bags, high density polyethylene rope, polypropylene rope, etc.
One of the main suppliers is Sarveshwar Plast which is an Indian firm
located at Gujarat, India. Other
supplying countries are South Korea and China.
China WAJ is also responsible for the sourcing of commodities in China.
Prime markets are Eastern Asia, the Middle East, Africa, North America,
Southeast Asia, etc.
China WAJ and Indonesia WAJ might deal with foreign parties under the
name of the subject and let foreign firms correspond with the subject’s
registered address in Hong Kong. These
firms also export commodities to foreign markets under the name of the subject
and its registered address in Hong Kong.
Most of the time, Melwani is in Guangzhou, China operating China WAJ.
The subject’s business in Hong Kong is not very active.
The subject has had an associated company Baladewa Ltd. [Baladewa] which
is located at the same address.
Having issued 5 million ordinary shares of HK$1.00 each, Baladewa is
equally owned by three Indian, namely, Mr. Sushil Jaikishin Rajwani, Mr. Jaiprakash
Vensimal Bhojwani and Mr. Hiroo Kishinchand Melwani. The third shareholder is also the managing
director of the subject.
Baladewa currently is trading in the following commodities:-
Hardware, Kitchen Ware, Plastic Ware, Toys, Floor Tiles, Sanitary Ware,
Carpets, Wooden Flooring, Vinyl Flooring, Garments, Bathroom Accessories,
Designer Furniture For Homes And Offices, Budget Furniture, Stationary, Outdoor
Furniture(Patio And Garden), Electronics, Vehicle Parts, Sports Wheels (Mags),
Tyres, Car Accessories, Electrical Equipment, Computer Parts, Catering
Equipment, Shop Fittings, Bicycles, Motor Cycles, Generators, Electrical Parts,
etc.
All the commodities are sourced from China. Prime markets are the United Kingdom, South
Africa, South America, and India.
Baladewa is also able to arrange imports from India and Indonesia apart
from China.
China WAJ is dealing with foreign parties under the name of the subject
and its registered address in Hong Kong.
History is over eight years.
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.
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Date |
Particulars |
Amount |
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22-06-2006 |
Instrument: Lien and Set-Off Agreement Property: Fixed Depsoit Receipt No.: DFN6040496 Mortgagee: HBZ Finance Ltd., Hong Kong. |
For securing general credit facility |
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15-10-2012 |
Instrument: Memorandum Property: Distinctive No. of Receipts Date of
Issue Amount Due Date 90410300000042 22-09-2012 US$164438.83 22-03-2013 90410300000050 28-09-2012 US$290000.00 28-03-2013 Mortgagee: Bank of Baroda, China. Unit 2011-13 Metro Plaza, 183 Tian He Bei Road, Guangzhou 510630,
China |
Loan or credit or other facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.04 |
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1 |
Rs.83.61 |
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Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
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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.