|
Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SOUL ANGELS LTD. |
|
|
|
|
Registered Office : |
10/F., North Tower, World Finance Centre, Harbour City, 19 Canton
Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
06.08.2007 |
|
|
|
|
Com. Reg. No.: |
38257809 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Garment Trader of All kinds of garments. |
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|
|
|
No. of Employees : |
95.
(Including associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 |
|
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 |
SOUL ANGELS LTD.
10/F., North Tower, World Finance Centre, Harbour City, 19 Canton Road,
Tsimshatsui, Kowloon, Hong Kong.
(Formerly located at:
10/F., South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.)
PHONE: 852-2270 8908, 2270 8500
FAX: 852-2721 0121,
2721 8937
E-MAIL: info@newry.com.hk
Managing Director: Mr. Sanjay Manohar Makhija
Incorporated on: 6th
August, 2007
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Garment Trader.
Employees:
95. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
SOUL ANGELS LTD.
Registered Head
Office:-
10/F., North Tower, World Finance Centre, Harbour City, 19 Canton Road,
Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Newry Ltd., Mauritius.
Associated
Companies:-
* Celebrating Fashion,
Hong Kong.
* Lara Fashion Ltd., Hong
Kong.
* New Orient China
Manufacturing, Hong Kong.
Newry Ltd., Hong Kong.
(* same address)
38257809
1156157
Managing Director: Mr. Sanjay
Manohar Makhija
Contact Person: Ms. Maggie Chu
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 06-08-2013)
|
Name |
|
No. of shares |
|
Newry Ltd. 5/F., Barkly Wharf, Le Caudan Waterfront, Port Louis, Refpublic of
Mauritius. |
|
1 = |
(As per registry dated 06-08-2013)
|
Name (Nationality) |
Address |
|
Vijay Manohar MAKHIJA |
Flat C, 34/F., Block 2, Estoril Court, 55 Garden Road, Hong Kong. |
|
Sanjay Manohar MAKHIJA |
Flat B, U33/F., 3 Garden Terrace, 8A Old Peak Road, Hong Kong. |
(As per registry dated 06-08-2013)
|
Name |
Address |
|
Sanjay Manohar MAKHIJA |
Flat B, U33/F., 3 Garden Terrace, 8A Old Peak Road, Hong Kong. |
The subject was incorporated on 6th August, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at 10/F.,
South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsimshatsui,
Kowloon, Hong Kong. moved to the present address in May 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Garment Trader.
Lines: All kinds of garments.
Employees: 95.
(Including associates)
Commodities Imported: Imports raw
materials from European countries, some of the Asian countries and finished
products from China.
Markets: Eastern Europe, North America, Asian
countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Making a small
profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
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:
Good.
Soul Angels Ltd. is a wholly-owned subsidiary of Newry Ltd. [Newry]
which is a firm registered in the Republic of Mauritius.
The directors of the subject Mr. Vijay Manohar Makhija and Mr. Sanjay
Manohar Makhija seem to be Indian but they are Hong Kong ID Card holders and have
got the right to reside in Hong Kong permanently.
The subject is a garment trader.
It is trading in all kinds of ladies jacket, casual wear, ladies pants,
ladies sleeveless jackets, etc.
The subject has had an associated company Lara Fashion Ltd. located at
the same address. The subject and Lara
Fashion are engaged in the same lines of business, more or less.
Newry has more than 35 years experience in the apparel industry. It is specialized in casual-wear,
sports-wear, etc. It has had an associated
factory in Ningbo City, Zhejiang Province, China. The factory covers an area of about 100,000
sq.ft. and having about 1,000 workers.
The main customers of Newry are Reebok, Wilson, Oakley, Vans and Reef,
etc.
Newry is a member of The Indian Chamber of Commerce Hong Kong, a
Hong Kong-registered Indian association.
The subject and its associates in Hong Kong have about 95 employees
while 30 of them are in-house designers.
The subject’s products are exported to the United Kingdom, Germany,
Spain, other European countries and some of the Asian countries, etc. Business is rather active.
The Contact Person of the subject Ms. Maggie Chu is a Hongkongnese.
As the history of the subject is over six years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.