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Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
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Name : |
GOODWILL FAR EAST CO. |
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Registered Office : |
Room F, 12/F., Block 6, |
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Country : |
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Date of Incorporation : |
14.12.2000 |
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Com. Reg. No.: |
31456135-000-12 |
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Legal Form : |
Partnership. |
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Line of Business : |
Importer, Exporter and Wholesaler of Textiles, garments, wax,
batteries, household electric appliances, luggage, sundry items |
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No. of Employees : |
1. (Including associate) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 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 |
GOODWILL FAR EAST
CO.
ADDRESS: Room F, 12/F., Block 6, Lily Mansions,
Whampoa Garden, 8 Tak Fung Street, Kowloon, Hong Kong.
PHONE: 852-2312 0488, 2366 4987
E-MAIL: goodwill@vinay.com.hk
Manager: Mr. Pradip Hiralal
Sachanandani
Establishment: 14th December, 2000.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Importer,
Exporter and Wholesaler.
Employee: 1.
(Including associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
GOODWILL FAR EAST
CO.
Head Office:-
Room F, 12/F., Block 6, Lily Mansions, Whampoa Garden, 8 Tak Fung
Street, Kowloon, Hong Kong.
Operating Office:
Room 804-805, 8/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.
[Tel: 852-2366 4791, Fax:
852-2366 4790]
Affiliated
Company:-
Sunshine (Far East) Ltd., Hong Kong.
(Same address)
31456135-000-12
Manager: Mr. Pradip Hiralal
Sachanandani
Name: Pradip Hiralal SACHANANDANI
Residential Address: Room
1107, 11/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong
Kong.
Name: Laju Kishinchand MIRPURI
Residential Address: Flat 4,
1/F., Block B, Parmar Paradise, Pune, India.
The subject was established on 14th December, 2000 as a partnership
concern jointly owned by Pradip Hiralal Sachanandani and Yogesh Kumar Puri
under the Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Pradip Hiralal SACHANANDANI |
14-12-2000 |
--- |
|
Yogesh Kumar PURI |
14-12-2000 |
02-09-2008 |
|
Laju Kishinchand MIRPURI |
01-09-2008 |
--- |
Initially the subject’s registered office was located at Room 1107,
11/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong
Kong, moved to Room 804-805 of the same building in August 2008, and
further moved to the present address in April 2011. However, its operating office is still
located at Room 804-805, 8/F., Peninsula Centre, Peninsula Centre, 67 Mody
Road, Tsimshatsui East, Kowloon, Hong Kong.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Textiles,
garments, wax, batteries, household electric appliances, luggage, sundry items
Employee: 1. (Including associate)
Commodities Imported: India,
China, other Asian countries
Markets: Southeast
Asia, India, the Middle East, Africa, Europe
Terms/Sales: L/C, T/T
Terms/Buying: Various Terms.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
Condition: Business
is normal.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Goodwill Far East Co. is a partnership jointly owned by Mr. Pradip
Hiralal Sachanandani and Mr. Laju Kishinchand Mirpuri, both of whom are
Indian. They are Hong Kong ID Card
holders and have got the right to reside in Hong Kong permanently.
The subject’s business is chiefly handled by Sachanandani who can be
reached at his mobile phone number 852-9809 0631.
The subject’s registered address is in a private building located at
Room F, 12/F., Block 6, Lily Mansions, Whampoa Garden, 8 Tak Fung Street,
Kowloon, Hong Kong. This is the
residence of Sachanandani who moved to this address in April 2011. The residential building is not trespassed by
outsiders. However, its operating office
is located at Room 804-805, 8/F., Peninsula Centre, Peninsula Centre,
67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. We also can reach Sachanandani at your given
Hong Kong phone number 852-2366 4791.
According to Sachanandani, the subject is trading in sundry items.
The subject shares the same operating office in Peninsula Centre,
67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong with Sunshine (Far
East) Ltd. [Sunshine] which is a private limited company jointly owned by Mr.
Laxman Shabhunath Vaswani, holding 75.0%; Mr. Manju Laxman Vaswani, holding
12.5%; and Mr. Vaswani Parshotam Shambhunath, also 12.5%. The last shareholder is residing in Jakarta,
Indonesia. All the shareholders are
Indian.
The subject is trading in the same commodities as Sunshine, more or
less.
Sunshine is trading in textiles, garments, wax, batteries, household
electric appliances, luggage, sundry items, etc. Commodities are sourced from India, China, other
Asian countries, Europe. Prime markets
are Indonesia, Sri Lanka, the Middle East, Africa, etc. Business is rather active, so does the
subject.
Sunshine has got an affiliated company Vinay Holdings Ltd. located at
the same operating address. However,
Vinay Holdings Ltd. is not a Hong Kong‑registered company.
Currently, the subject’s business is chiefly handled by Sachanandani
himself. He is also the contact person
of the subject. History in Hong Kong is
over thirteen years.
On the whole, consider the subject good for normal business engagements
in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
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|
1 |
Rs.103.67 |
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Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.