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Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAX APEX
LTD. |
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|
|
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Registered Office : |
c/o Buttar.HK
Ltd., Unit M, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street,
Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.01.2010 |
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Com. Reg. No.: |
51730494 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Fashion Trader
of all kinds of fashions, including sarees, wedding trousseau and embroidery products. |
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No. of Employees : |
No Employees In Hong Kong (It is to
be noted that the company does not have its own operating office in Hong Kong.
The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there) |
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 |
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Status : |
No Operation on 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 – 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 |
|
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'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 |
MAX APEX
LTD.
ADDRESS: c/o Buttar.HK Ltd.
Unit M, 1/F., Mau
Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
PHONE: 2312 0148
FAX: 2375 6513
E-MAIL: a_punit@hotmail.com
Managing
Director: Mr. Punit Agarwal
Incorporated
on: 7th
January, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$7,932,000.00
Business Category:
Fashion Trader.
Employee: Nil.
Main Dealing
Banker: Indian Overseas Bank,
Hong Kong Branch.
Banking
Relation: Satisfactory
Registered
Office:-
c/o Buttar.HK Ltd.
Unit M, 1/F., Mau
Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
Tanaya Enterprises
Private Ltd., India.
Promart Retail India Pvt. Ltd., India.
VEMB Lifestyle LLC, UAE.
VEMB Lifestyle Pvt. Ltd., India.
51730494
1409139
Managing
Director: Mr. Punit Agarwal
Nominal Share Capital:
HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$7,932,000.00
(As per registry dated 07-01-2012)
|
Name |
|
No.
of shares |
|
Tanaya Enterprises Private Ltd. 15/16 Krishna Complex A Wing, 4/F., Off Subhash Road A Vile Parle
(East), Mumbai 400057, India. |
|
7,932,000 ======= |
(As per registry dated 07-01-2012)
|
Name (Nationality) |
Address |
|
Punit AGARWAL |
2 Shweta Building, Port No. 42 Gulmohar Cross
Road, No. 1 J.V.P.D. Scheme Juhu Mumbai 400049, India. |
(As per registry dated 07-01-2012)
|
Name |
Address |
Co.
No. |
|
Buttar.HK
Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong. |
0975326 |
The
subject was incorporated on 7th January, 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: Fashion Trader.
Lines: All kinds of fashions, including sarees, wedding trousseau and embroidery products.
Employee: Nil.
Commodities
Imported: China, India, other Asian
countries, etc.
Markets: India, other Asian countries, Middle
East, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share
Capital: HK$10,000,000.00 (Divided
into 10,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$7,932,000.00
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 required.
Commercial
Morality: Satisfactory.
Banker: Indian Overseas
Bank, Hong Kong Branch.
Standing: Small.
Having
issued 7,932,000 ordinary shares of HK$1.00 each, Max Apex Ltd. is a wholly
owned subsidiary of Tanaya Enterprises Private Ltd. [Tanaya] which is an
India-based firm. The only director of
the subject Punit Agarwal is an Indian.
He is a Hong Kong ID Card holder and has got the right to reside in Hong
Kong permanently. However, we do not
know his permanent residential address in Hong Kong.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at “Unit
M, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon,
Hong Kong” known as “Buttar.HK Ltd.” which is handling its correspondences and
documents. This firm is also the
corporate secretary of the subject.
The
subject has no employee in Hong Kong.
Agarwal
claimed to be the second generation entrepreneur hailing from a family with
business interests in retailing of sarees, wedding trousseau and embroidery
(domestic and exports).
In
August 2003 Agarwal went independent and started Vaishali Enterprises and
within 2 years became a private limited company and formed VEMB Lifestyle Pvt.
Ltd. VEMB Lifestyle managed to create in
roads into some of the leading fashion houses of Europe doing embroidery for
their garments.
Around
2005, VEMB Lifestyle set up a garmenting unit catering to overseas
clients. This was the first non
embroidery business interests.
In
2007, Agarwal forayed into retail with the launch of Marc Cain (A German
Fashion Label) in India and this was followed up with the launch of the first
store of VEMB Fabrics in 2008 in Mumbai.
In
2008, he and his team formed a company Tanaya.
This company was formed to import raw materials and commodities from
China and other major countries of the world.
In
2010, Agarwal formed a company in the United Arab Emirates known as VEMB
Lifestyle LLC and forayed into retailing in the country with the launch of Marc
Cain in Dubai.
In
2011, Agarwal set up the second store of MARC CAIN in Juhu Mumbai and also the
second store of VEMB Fabrics in Pune. He
simultaneously acquired Promart a Division of Provogue. Promart is a multi brand discount store
model. The first store of Promart was
launched by Promart Retail India Private Limited (A Venture of VEMB Lifestyle
Pvt. Ltd. & Apple group of Companies) in Ahmedabad on 11th November 2011.
Agarwal’s
business in India is active. He travels
to Hong Kong once in a while.
It
is likely that Tanaya deals with foreign parties under the name of the subject and
let foreign firms correspond with the subject’s registered address in Hong
Kong.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over three years.
Since
the subject does not have its own operating office and has no employee in Hong
Kong, consider it good for business engagements on L/C basis.
|
Date |
Particulars |
Amount |
|
22-10-2010 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive No. of Receipt: 2010 FD 342 1 Date of Receipt:
21-10-2010 Amount of Deposit: US$250,000.00 Rate of Interest:
0.8% Maturity Date of Deposit: 19-04-2011 Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All liabilities, sole or joint, actual or contingent quantified or not,
now or hereafter owing or incurred to the Bank by the depositor or third
party. |
|
27-01-2011 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive No. of Receipt: 2010 FD 171 2 Date of Receipt:
26-01-2011 Amount of Deposit: US$3,312.76 Rate of Interest:
0.98% Maturity Date of
Deposit: 25-07-2011 Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All liabilities, sole or joint, actual or contingent quantified or
not, now or hereafter owing or incurred to the Bank by the depositor or third
party. |
|
01-06-2011 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive No. of Receipt: 2010 FD 58 1 Date of Receipt:
01-06-2011 Amount of Deposit: US$20,000.00 Rate of Interest:
0.65% Maturity Date of
Deposit: 28-11-2011 Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All liabilities, sole or joint, actual or contingent quantified or
not, now or hereafter owing or incurred to the Bank by the depositor or third
party. |
|
23-08-2011 |
Instrument: Memorandum Property: Distinctive 91210300005082 23-08-2011 HK$1,400,000 23-02-2012 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities, available to the company |
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.56.24 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.