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Report Date : |
02.04.2014 |
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, plastic cloth, monofilament rope |
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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
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A1 |
A1 |
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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 has no tariffs on imported goods, and it levies excise duties on
only four commodities, whether imported or produced locally: 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, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
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: 852-2543 0565
FAX: 852-2854
3813, 2544 5373
E-MAIL: info@ptwideactionjayaltd.com
Managing Director: Mr. Hiroo
Kishinchand Melwani
Incorporated on: 18th October, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$4,450,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: HBZ
Finance Ltd., Hong Kong.
Banking Relation: Satisfactory.
P.T. WIDE
ACTION JAYA LTD.
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$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,450,000.00
(As per registry dated 15-01-2014)
|
Name |
|
No. of shares |
|
Hiroo Kishinchand MELWANI |
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4,450,000 ======= |
(As per registry dated 18-10-2013)
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Name (Nationality) |
Address |
|
Hiroo Kishinchand MELWANI |
Room 501, 5/F., E4 Tower - 1st Block, Fugui Building, Buxing Jie -
Jiuer Road, Shishi City‑362700, Fujian Province, China. |
(As per registry dated 18-10-2013)
|
Name |
Address |
Co. No. |
|
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.
The subject increased its issued share capital from 3,000,000 to
4,450,000 in early 2014.
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, plastic cloth, monofilament rope
Employees: Nil.
Commodities Imported: India, China,
South Korea, other Asian countries
Markets: Eastern
Asia, Middle East, Africa, North America, Southeast Asia
Terms/Sales: L/C, T/T.
Terms/Buying: COD or as per contracted
Nominal Share Capital: HK$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,450,000.00
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.
Having issued 4,450,000 ordinary shares of HK$1.00 each, P.T. Wide Action
Jaya Ltd. is wholly-owned by Mr. Hiroo Kishinchand Melwani who is an India
passport holder. He is also the only
director of the subject and currently residing in Shishi City, Fujian Province,
China. He had resided in Guangzhou,
Guangdong Province but moved to Shishi City, Fujian Province in June 2013.
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.
[Multi-Chain] which is handling its correspondences and documents. Multi-Chain is also the corporate secretary
of the subject. Your given phone and fax
number belong to Multi-Chain.
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 the following commodities:
Household Articles, Plastic ware, Steel ware, Galvanized Corrugated
Sheets, Galvanized Pipes, PPGI, Hollow Tubes, Steel Re-Enforced De‑Bars,
Steel Flats and Angles, Hardware, Vinyl Flooring, Safety Matches, White Shell
Egg, HDPE Ropes, PP Ropes, Mono Filament Ropes, Blue Tarpaulins, Footwear,
Fabrics, Readymade Garments, Biscuits, Cream Crackers, Table Salt,
Confectionery, Towels, Non Woven Shopping Bags With & Without Printing,
etc.
One of the main suppliers is Sarveshwar Plast which is an Indian firm
located at Gujarat, India. Other
supplying countries are Turkey, Vietnam, and the Middle East, China, etc.
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 Fujian Province, China operating China
WAJ which has set up an office in Shishi City, Fujian Province, China.
The subject’s business in Hong Kong is not active. It 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.
The history of the subject is over nine 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 for the time being.
|
Date |
Particulars |
Amount |
|
22-06-2006 |
Instrument: Lien and Set-Off Agreement Property: Fixed Deposit Receipt No.: DFN6040496 Mortgagee: HBZ Finance Ltd., Hong Kong. |
For securing general credit facility |
|
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 |
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
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 |
|
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.