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Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
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Name : |
SANTEX INT’L (HK) LTD. |
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Registered Office : |
Room 301-302, 3/F., Hankow Centre, |
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Country : |
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Date of Incorporation : |
11.03.2008 |
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Com. Reg. No.: |
39031951 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading in Children’s Wear, Men’s Wear and Women’s Wear, Jeans |
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No of Employees : |
6 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 |
SANTEX INT'L
(HK) LTD.
ADDRESS: Room 301-302, 3/F., Hankow
Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3156 2772
FAX: 852-3156 2775
E-MAIL: santex31@netvigator.com
10331@test.com
Managing Director: Mr. Gurcharan
Singh Sandhu
Incorporated on: 11th March, 2008.
Organization: Private Limited Company.
Issued Capital: HK$2,000,000.00
Business Category: Garment
Trader.
Employees: 6.
Main Dealing Banker: Indian
Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
SANTEX INT’L (HK)
LTD.
Registered Head
Office:-
Room 301-302, 3/F., Hankow Centre, 5-15 Hankow Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Company:-
Nitnam International, Hong Kong.
(Same address)
[Tel: 852-2834 2202, Fax:
852-2591 4493]
39031951
1216835
Managing Director: Mr. Gurcharan
Singh Sandhu
HK$2,000,000.00
(As per registry dated 11-03-2014)
|
Name |
|
No. of shares |
|
Gurcharan Singh SANDHU |
|
1,996,000 |
|
Parminder Singh SANDHU |
|
4,000 |
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|
––––––––– |
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Total: |
2,000,000 ======= |
(As per registry dated 11-03-2014)
|
Name (Nationality) |
Address |
|
Parminder Singh SANDHU |
Flat G, 48/F., Tower 6, Phase 2 Caribbean Coast, 1 Kin Tung Road, Tung
Chung, Lantau Island, Hong Kong. |
|
Gurcharan Singh SANDHU |
Flat G, 48/F., Tower 6, Phase 2 Caribbean Coast, 1 Kin Tung Road, Tung
Chung, Lantau Island, Hong Kong. |
(As per registry dated 11-03-2014)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16‑18 Mau Lam Street,
Jordan, Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 11th March, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of SKG Investment
Ltd., name changed to the present style on 8th March, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Garment
Trader.
Lines: All
kinds of garments, jeans
Employees: 6.
Commodities Imported: Imports raw
materials from European countries, some of the Asian countries and finished
products from China.
Markets: Asian
countries, Europe
Terms/Sales: L/C, Advanced T/T
Terms/Buying: L/C, D/P, O/A
MEMBERSHIP: The
Indian Chamber of Commerce Hong Kong, Hong Kong.
Issued Capital: HK$2,000,000.00
Mortgage or Charge: (See attachment)
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.
Bankers:-
Indian Overseas Bank, Hong Kong Branch.
Bank of Baroda, Hong Kong Branch.
Standing: Normal.
Having issued 2 million ordinary shares, Santex Int’l (HK) Ltd. is
jointly owned by Gurcharan Singh Sandhu, holding 99.8% interests; and Parminder
Singh Sandhu, holding 0.02%, both are India merchants. They are Hong Kong ID holders and have
got the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject is a garment trader.
It is trading in children’s wear, men’s wear and women’s wear, jeans
The subject has had affiliated factories in Guangdong Province, China.
According to the subject, its products are sold to major fashion brands,
garment importer and apparel retail stores in the United States, Canada, South
Africa and Australia. It is also a major
denim apparel supplier to major urban-market importers in New York of the
United States.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities.
For instance, it is going to take part in “China Clothing & Textiles
Expo 2014” which will be held in Melbourne Exhibition Centre, Melbourne,
Australia during the period of 18th to 20th November, 2014. The booth number of the subject is 121.
The subject has had an associated company Nitnam International [Nitnam]
located at the same address. Nitnam is a
partnership concern jointly owned by Mr. Arshinder-Pal Singh Grewal and
Mr. Gurcharan Singh Sandhu. Established
on 5th October, 1995, Nitnam is also a garment trader.
The business of the subject is chiefly handled by the two Sandhus. History in Hong Kong is just over six years.
On the whole, consider the subject good for normal business engagements.
|
Date |
Description of
Instrument |
Mortgagee |
|
12-04-2012 |
Undertaking Relating To Deposits |
Indian Overseas Bank, Hong Kong Branch. |
|
12-11-2012 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.50 |
|
|
1 |
Rs.100.33 |
|
Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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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.