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Report Date : |
10.04.2014 |
IDENTIFICATION DETAILS
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Name : |
MATSUMOTO INDUSTRIAL LTD. |
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Registered Office : |
Flat F, 19/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.11.1991 |
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Com. Reg. No.: |
15246869 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Garments, piecegoods,
buttons, buckles, zippers & fashion accessories |
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No. of Employees : |
05 (Including
associates) |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
MATSUMOTO INDUSTRIAL
LTD.
ADDRESS: Flat F, 19/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.
PHONE: 852-2851 6992
FAX: 852-2851 7170
E-MAIL: bharat@matsumotoind.com.hk
Managing Director: Mr. Bharat Gohel
Incorporated on: 5th November, 1991.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$25~30 million.
Employees: 5. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat F, 19/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.
Associated
Companies:- (Same address)
Capital World Corporation Ltd., Hong Kong.
Sonar (HK) Ltd., Hong Kong.
Sonar Trading Co., Hong Kong.
15246869
0331717
Managing Director: Mr. Bharat Gohel
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
(As per registry
dated 05-11-2013)
|
Name |
|
No. of shares |
|
Bharat GOHEL |
|
9 |
|
Gohel Indulal Premanand |
|
1 |
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|
–– |
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Total: |
10 == |
(As per registry dated
05-11-2013)
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Name (Nationality) |
Address |
|
Bharat GOHEL |
Apartment 2C, Glamour Court, 39 Consort Rise, Pokfulam, Hong Kong. |
(As per registry
dated 05-11-2013)
|
Name |
Address |
|
POON So Ling |
Flat F, 19/F., Ho Lee Commercial Building, 38‑44 D’Aguilar Street, Central, Hong Kong. |
The subject was incorporated on 5th November, 1991 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat B, 18/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong, moved to Flat F, 19/F. of the same building in June 2006.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Garments, piecegoods, buttons, buckles, zippers & fashion accessories
Employees: 5. (Including associates)
Commodities Imported: China and other Asian countries.
Markets: India, other Asian countries, Middle East, Europe, North America
Annual Turnover: HK$25~30 million.
Terms/Sales: L/C, T/T
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
Profit or Loss: Business is profitable.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having issued 10 ordinary shares of HK$1.00 each, Matsumoto Industrial Ltd. is jointly owned by Mr. Bharat Gohel, holding 9 shares; and Mr. Gohel Indulal Premanand, holding 1 share. Bharat Gohel is an Indian who has been in Hong Kong for a very long time. He has got the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject is owned
and operated by the Gohel family. It is
trading in the following commodities:-
|
Product/Service |
Produce/Service Remarks |
|
Piecegoods – Vegetable Fibre Denim – Cotton, Woven Lace & Trimming |
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Shirts (Men’s, Women’s and Children’s) Other kinds of garments |
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Haberdashery Zipper Button – Plastic Button – Metal Buckle – Plastic Buckle – Metal Padding and Pad Lining and Inter-Lining |
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Fashion Accessories Ribbon (Cut-Edge) Lace and Trimming |
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Machinery – Textile and Garment Sewing Machines and Parts – Household |
Sewing machines from Japan, China (Importer and Exporter) |
Most of the commodities are imported from China, Japan, the other Asian countries, etc. Prime markets are Asian countries, North America, Europe, the Middle East, etc.
The subject has got an affiliated company located at the same operating address known as Sonar (HK) Ltd. [Sonar]. Operated by Mrs. Ravi Sujanani, Sonar is also an Indian firm engaged in the same lines of business as the subject, more or less.
Sonar exports a large range of woven and knit fabrics from China that are suitable for manufacturing kids garments. At present Sonar is supplying to those factories working for Disney.
The range of fabrics include all types of cotton, cotton blended and polyester fabrics such as poplin, corduroy, jersey, fleece, pique
Sonar also supplies accessories for the ready made garment industry such as zippers, buttons (plastic and metal), rhinestones appliqué, Velcro tapes, ribbons, lace, thread
Besides trading in garment accessories, Sonar also trades in other commodities such as the followings:-
· Disposable medical products such as disposable and safety syringes, infusion sets;
· Wing needle, blood bag, urine bags and other related products.
Sonar has been in direct contact with factories that has got ISO and CE certifications. It is currently supplying to companies in Indonesia for such products.
The annual turnover of the subject and its associate ranges from HK$25 to 30 million. Business is steady as regular suppliers and foreign customers have been maintained.
The Gohel family is rather wealthy in Hong Kong.
On the whole, as the history of the subject is over twenty-two years in Hong Kong, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.07 |
|
|
1 |
Rs.100.56 |
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Euro |
1 |
Rs.82.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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.