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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
ESCAN LTD. |
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Registered Office : |
C/o Nathan
Commercial Centre Group Ltd., Room 1401, 14/F., Cambridge House, 26-28
Cameron Road, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
27.05.2008 |
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Com. Reg. No.: |
39355193 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is a footwear trader.
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No. of Employees : |
No
Operating Office in Hongkong (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 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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hongkong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
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
ESCAN LTD.
Registered Office:-
c/o Nathan
Commercial Centre Group Ltd.
Room 1401, 14/F.,
Cambridge House, 26-28 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
[Tel: 852-2770
3329; Fax: 852-2770 3362]
Associated Companies:-
Escan Import &
Export Pvt. Ltd., India.
Escan Ltd.,
Russia.
Fujian Jinjiang
Rongheng Shoes & Clothes Co. Ltd., China.
Fujian Jinjiang
Rongheng Shoes Industries Co. Ltd., China.
39355193
1241729
27th May, 2008.
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As per registry dated 27-05-2013)
|
Name |
|
No.
of shares |
|
Kumar Sandzhay |
|
10,000 ===== |
(As per registry dated 27-05-2013)
|
Name (Nationality) |
Address |
|
CHEN Lili |
No. 36, East Road, Gulou District, Fuzhou
City, Fujian, China. |
(As per registry
dated 27-05-2013)
|
Name |
Address |
Co. No. |
|
Nathan Commercial Centre Group Ltd. |
Room 1401, 14/F., Cambridge House, 26‑28 Cameron
Road, Tsimshatsui, Kowloon, Hong Kong. |
0643000 |
Escan
Ltd. was incorporated on 27th May, 2008 as a private limited liability company under
the Hong Kong Companies Ordinance.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at ‘Room
1401, 14/F., Cambridge House, 26-28 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong’ known as ‘Nathan Commercial Centre Group Ltd.’ which is
handling its correspondences and documents.
This firm is also the corporate secretary of the subject.
The
subject has no employees in Hong Kong.
According
to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary
shares of HK$1.00 each which are wholly owned by Mr. Kumar Sandzhay who is
a Russia merchant. He is residing in
Moscow, Russia. The only director of the
subject Mr. Chen Lili is a China merchant.
He is a China passport holder and does not have the right to reside in
Hong Kong permanently. Currently
Chen is residing in Fuzhou City, Fujian Province, China.
The
subject is a footwear trader. It has had
an associated company in Russia bearing the same name [Russia Escan]. Russia Escan was established in 2001 in
Russia and has several footwear brands for Russia & European
countries. Its main products are sport
shoes, casual shoes and hiking shoes.
Russia
Escan is a professional manufacture and exporter of Sport, Casual, Hiking Shoes
for all ages. Its factory Fujian
Jinjiang Rongheng Shoes Industries Co., Ltd. has become a large –scale,
professional manufacturer which is able to manufacture all kind of shoes. Covering an area of nearly 16,000 square
meters, the factory has 4 production lines with a daily production capacity of
nearly 10,000 pairs and annually production capacity is nearly 3,600,000 to
4,000,000 pairs. The factory has more
than 2,000 employees while about 200 are managerial technical personnel.
The
China factory is ISO 9001 and CAS certified.
Currently, it has been equipped with 20 stitching lines, 25 cutting
lines and 4 assembling lines.
According
to Russia Escan, it has had the following brand partners in Russia: Escan,
Centro, Seto, Soter, Firemarks, etc.
Lenta
Group and Okmart Group are its business partners. Russia Escan is also working with other
supermarket equivalent to “Wall Mart” in Russia.
According
to Russia Escan, Lenta group has 40 to 45 supermarkets in Russia. Russia Escan is supplying its shoes brand
“ESCAN” 1 to 2 million pairs annually to them.
OKMART
Group has 35 to 50 supermarkets in Russia.
Russia Escan is supplying its brand “Firemark” 80,000 to100,000 pair
annually to them.
Otto
group has more than 800 retail shops in Russia.
Russia Escan is supplying its brand “Centro” 1 million pairs annually to
them.
Russia
Escan has more than 200 shoes retailing shops in Russia. It is selling its own brands Escan, Centro,
Firmarks, Seto and Soter in its rattail shops.
Russia
Escan has had its India Office located at L-290, Ground Floor, Street No.-7,
Mahipalpur Extn., New Delhi, 110037, India.
Russia
Escan deals with foreign parties under the name of the subject and let foreign
firms correspond with the subject’s registered address in Hong Kong. Russia Escan also exports commodities to
foreign markets under the name of the subject and its registered address in
Hong Kong.
The
subject is fully supported by Russia Escan.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over five years and four months.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.