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Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
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Name : |
PEARL GLOBAL (HK) LTD. |
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Registered Office : |
7/F., |
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Country : |
Hongkong |
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Date of Incorporation : |
22.12.2009 |
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Com. Reg. No.: |
51589415 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Trader of all kinds of garments. |
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No. of Employees : |
22 (Including associates in |
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) |
|
Hongkong |
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 |
Hongkong- ECONOMIC OVERVIEW
|
Source
: CIA |
PEARL GLOBAL (HK)
LTD.
ADDRESS: 7/F.,
PHONE: 852-3588 1988,
2116 3830
FAX: 852-2117
0079
E-MAIL: accounts@norwest.com.hk
General Manager: Mr. Sandeep
Malhotra
Incorporated on: 22nd December, 2009.
Organization: Private Limited Company.
Capital: Nominal: US$10,000.00
Issued: US$10,000.00
Business Category: Garment
Trader.
Group Turnover: Rs
38,202,401,476 (Year ended 31-03-2013)
Employees: 22.
(Including associates in
Main Dealing Banker: Standard Chartered Bank (Hong
Kong) Ltd.,
Banking Relation: Good.
Registered Head Office:-
7/F.,
Holding Company:-
Pearl Global Industries Ltd.,
[Formerly known as House of Pearl Fashions Ltd.]
Associated Companies:-
Norwest Industries
Ltd.,
Designed &
Sourced Ltd.,
GEM Australia
Manufacturing Co. Ltd.,
Grand
Nor Europe
Manufacturing Co. Ltd.,
Nor France
Manufacturing Co. Ltd.,
Nor
Nor India Manufacturing Co. Ltd.,
Nor Lanka Colombo
Manufacturing Co. Ltd.,
Nor Lanka
Manufacturing Ltd.,
Norwest USA Inc.,
US.
Sino West
Manufacturing Co. Ltd.,
Spring Near East
Manufacturing Co. Ltd.,
House of Pearl Fashions Group of Companies
Casa Forma Ltd.,
FX Import Co. Ltd.,
FX Import Hong Kong Ltd.,
GHouse of
Global Textiles Group Ltd.,
House of
Lerros Fashions India Ltd.,
Lerros Moden
Magic Global Fashion Ltd.,
Nahata Ltd.,
Nor Delhi Manufacturing Ltd.,
Norp Knit Industries Ltd.,
PT. Pinnacle Apparels,
Pacific Logistics Ltd.,
Pacific Supply Chain Ltd.,
PDS Multinational Fashions Ltd.,
Pearl GES Home Group
Pearl Global Fareast Ltd.,
Pearl Global Ltd.,
PG Group Ltd.,
PG Home Group
Ltd.,
Poetic Knitwear Ltd.,
Poeticgem (
Poeticgem Ltd.,
Propur Invest Ltd.,
PS Sourcing Ltd.,
Razamtazz Ltd.,
SACB Holdings Ltd.,
Simple Approach Ltd.,
Zamira Fashion Ltd.,
Zamira Fashions (Europe) Ltd.,
PDS Asia Star Corporation Ltd.,
etc.
51589415
1404292
General Manager: Mr. Sandeep Malhotra
Nominal Share Capital: US$10,000.00 (Divided into
10,000 shares of US$1.00 each)
Issued Share Capital: US$10,000.00
(As per registry
dated 22-12-2012)
|
Name |
|
No.
of shares |
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Pearl Global
Industries Ltd. 446, Udyog Vihar, Phase-V, Gurgaon-122
016, |
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10,000 ===== |
(As per registry
dated 01-07-2013)
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Name (Nationality) |
Address |
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Pulkit SETH |
Krish Nayan, 9 Avenue Ashok West End, Green Farms
Rajokari, New Delhi-110038, |
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Mahesh Kumar SETH |
35 W 90 ST 7D, |
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Deepak Kumar SETH |
9 Avenue, Ashok West End, Green Farms Rajokari, |
(As per registry
dated 03-09-2013)
|
Name |
Address |
|
|
Tricor Corporate Secretary Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, |
0714799 |
The subject was incorporated on 22nd December, 2009 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: Garment Trader.
Lines: All kinds of garments.
Employees: 22. (Including associates in
Commodities Imported:
Markets:
Annunal Turnover:-
|
FY |
Company |
Group |
|
Year ended 31-03-2011 |
--- |
Rs 22,510,310,300 |
|
Year ended 31-03-2012 |
US$21,831,903 |
Rs 27,984,910,633 |
|
Year ended 31-03-2013 |
US$24,283,300 |
Rs 38,202,401,476 |
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of US$1.00 each)
Issued Share Capital: HK$10,000.00
Indebtedness: US$3,265,908.45 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 22-12-2012)
Mortgage or Charge: (See attachment)
Net Profit/(Loss):-
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FY |
Company |
Group |
|
Year ended 31-03-2011 |
--- |
Rs 195,650,301 |
|
Year ended 31-03-2012 |
US$2,169,371 |
Rs 314,900,466 |
|
Year ended 31-03-2013 |
(US$1,842,909) |
Rs 237,883,451 |
Net Worth:-
|
FY |
Company |
Group |
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Year ended 31-03-2011 |
--- |
Rs 4,713,030,154 |
|
Year ended 31-03-2012 |
US$2,174,980 |
Rs 5,480,793,269 |
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Year ended 31-03-2013 |
US$ 349,449 |
Rs 6,139,870,418 |
Profit or Loss: Made a loss in FY 2013.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong
Kong) Ltd.,
Bank of
Standing:
Pearl Global (HK) Ltd. is a wholly-owned subsidiary of Pearl Global Industries Ltd. [PGIL] which is an India-based company. PGIL including its subsidiaries and associates are referred as the Pearl Global Group.
The principal activities of the subject are investment holding and garment trading.
PGIL is engaged in multinational ready to wear apparel
business. It currently operates in 11
strategic locations and six continents, leveraging the strengths of each
country in creating a strong value for its clients. PGIL provides global supply chain solutions
for the fashion industry. It has a
complete control on the services from designing, developing, manufacturing or
sourcing. PGIL has teams of
international designers working in
PGIL (Formerly House of Pearl Fashion Limited) is a public
limited company domiciled in
The Group carries two brands “Kool hearts” and
“DCC” in the
PGIL is operating in three business streams: manufacturing,
marketing and distribution and sourcing of garments through its
subsidiaries. It also provides total
supply chain solutions to its customers, which include value retailers as well
as higher-end fashion brand retails in the
The Group also has fabric development centres in
For the year ended 31st March, 2013, the turnover of the subject amounted to US$24.3 million, grew by 11.5% as compared with US$21.8 million in FY 2012; loss for the year was US$1.8 million as compared with a net profit of US$2.2 million in FY 2012.
The Group works only with customers who have sound financial credibility. All orders are either backed by bank consigned L/C or insured with Banks / Euler Hermes. The Group does not take any risk on account of stock. All inventory / purchases are backed by confirmed customer orders rupee appreciation is always a major concern to its type of industry.
With the recent trends, the future of the garment industry
in
Despite decline in initial months in the industry PGIL has achieved a gross income of Rs 3820.24 Crore compared to Rs 2798.49 Crore in last financial year on consolidated basis, a growth of 36%.
The subject is fully supported by PGIL.
On the whole, in view of the parentage and background of the subject, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
15-11-2012 |
Instrument: Security Agreement over Bank Account Property: The Chargor, as beneficial owner, charges by way of a first floating charge all of its rights in respect of any amount standing to the credit of the account from time to time and the debt represented by it Note: 1) Restriction on Dealings The Chargor must not: (a) Create or allow to subsist any Security Interest (b) Sell, transfer, licence, lease or otherwise dispose of any Security Asset 2) Further Assurances The Chargor must, at its own expense, take whatever action the bank may require for: (a) Creating, perfecting or protecting any security intended to be created by the security agreement, or (b) Facilitating the realisation of any security asset, or the exercise of any right, power or discretion exercisable, by the bank or any of its delegates or sub-delegates in respect of any security asset, including: i) The execution of any transfer, conveyance, assignment or assurance of any property, whether to the Bank or to its nominee; or ii) The giving of any notice, order or direction and the making of any registration, Which, in any such case, the Bank may think expedient Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., |
All present and future obligations and liabilities of
the chargor to the bank or to any other company of the Standard Chartered
group being Standard Chartered Bank, the Holding company, subsidiary or associated
company of SCB anywhere |
|
15-11-2012 |
Instrument: Charge Over Receivables Property: The Chargor, as beneficial owner and as continuing security for the payment and discharge of all secured obligations, charges by way of flothing charge all of its present and future rights, title and interest in and to all receivables, all rights and remedies in connection with the receivables and all proceeds and claims arising therefrom Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., |
All present and future obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.30 |
|
|
1 |
Rs.101.36 |
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Euro |
1 |
Rs.84.60 |
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.