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Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
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Name : |
H. DAYA INTERNATIONAL CO. LTD. |
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Registered Office : |
Room 601-604, 6/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, |
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Country : |
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Date of Incorporation : |
23.03.1973 |
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Reg. No.: |
03813270 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Import - Footwear, garments, textiles, yarns, toys, porcelain ware and sundry items. Export - Footwear, garments, toys and sundry items. |
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No. of Employees : |
20 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A2 |
A2 |
|
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 |
H. DAYA INTERNATIONAL CO. LTD.
ADDRESS: Room 601-604, 6/F.,
Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2722 4768 (16 lines), 2369 4313,
2367 9364, 3658 8111
FAX: 852-2723 6709
E-MAIL: hdaya@hdaya.com
halina@hdaya.com
Managing Director: Mr. Hiranand Harkishindas Dayaram
Incorporated on: 23rd
March, 1973.
Organization: Private
Limited Company.
Capital: Nominal: HK$100,000,000.00
Issued: HK$50,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$2.0-2.2
billion.
Employees:
20.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
H. DAYA
INTERNATIONAL CO. LTD.
ADDRESS
Registered Head
Office:-
Room 601-604, 6/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.
Mailing Address:-
G.P.O. Box 1335, Hong Kong.
Holding Company:-
Coronilla Holdings Ltd., British Virgin Islands.
China
Representative Offices:-
Shenzhen, Guangzhou (Guangdong), Shishi (Fujian), Yiwu (Zhejiang).
Subsidiary/Associated
Companies:-
H. Daya International, India.
H. Daya Investments Ltd., Hong Kong.
Huge Wisdom Ltd., Hong Kong.
Mukesh Traders, United Arab Emirates.
Neelum Enterprises, Hong Kong.
Nigon Hong Kong Ltd., Hong Kong.
Picasso China Ltd., China.
Picasso Co. Ltd., Hong Kong.
Ravi International Co. Ltd., Hong Kong.
(Same address)
Taifana International Ltd., Hong Kong.
etc.
03813270
0032642
Managing Director: Mr. Hiranand
Harkishindas Dayaram
Contact Person: Mr. Wilson L. C.
Wong
Nominal Share Capital: HK$100,000,000.00 (Divided into 1,000,000 shares
of HK$100.00 each)
Issued Share Capital: HK$50,000,000.00
(As per registry dated 23-03-2013)
|
Name |
|
No. of shares |
|
Coronilla Holdings Ltd., P. O. Box 957, Offshore, Incorporations Centre, Road Town,
Tortola, British Virgin Islands. |
|
500,000 ====== |
(As per registry dated 23-03-2013)
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Name (Nationality) |
Address |
|
Mr. Satesh DAYARAM |
Flat A-1, 6/F., 43 Stubbs Road, Hong Kong. |
|
Mr. Mukesh Harkishindas DAYARAM (Canadian) [Younger brother] |
Flat B-1, 1/F., 43 Stubbs Road, Hong Kong. |
|
Mr. Hiranand Harkishindas DAYARAM |
Flat A-1, 6/F., 43 Stubbs Road, Hong Kong. |
(As per registry dated
23-03-2013)
|
Name |
Address |
Co. No. |
|
Marfan & Associates Ltd. |
11/F., Belgian Bank Tower, 77-79 Gloucester Road, Hong Kong. |
0094488 |
The company was incorporated on 23rd March, 1973 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines:-
Import - Footwear,
garments, textiles, yarns, toys, porcelain ware and sundry items.
Export - Footwear,
garments, toys and sundry items.
Employees: 20.
Commodities Imported: From China other Asian countries, etc.
Markets: Australia,
Middle East, Central & South America.
Annual Turnover: HK$2.0-2.2 billion.
Terms/Sales:
L/C, D/P or D/A.
Terms/Buying: As
per contracted.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKH0349]
Nominal Share Capital: HK$100,000,000.00 (Divided into 1,000,000
shares of HK$100.00 each)
Issued Share Capital: HK$50,000,000.00
Indebtedness: HK$484,369,185.00 (Total amount outstanding on
all mortgages and charges as per last Annual Return dated 23-03-2013)
Mortgage or Charge (since June 2013): (See attachment)
Profit & Loss: Business is profitable.
Condition:
Business is
active.
Facilities:
Making active
use of general banking facilities.
Payment:
Regularly met.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Credit Agricole Indosuez, Hong Kong
Branch.
Banque Nationale de Paris, Hong Kong
Branch.
Standard Chartered Bank, Hong Kong
Branch.
Standing: Very Good.
H. Daya International Co. Ltd. is an Indian trading firm set up and
owned by the Dayaram family.
Having issued 500,000 ordinary shares of HK$100.00 each, the subject is
a wholly owned subsidiary of Coronilla Holdings Ltd. which is a BVI-registered
company.
Management has been passed to the 3rd generation of the family. It belongs to H. Daya group of companies
while the subject is the flagship company.
The present management is of the third generation having been groomed in
the business ever since their teenage years.
The Group has around 250 employees throughout the world. It ranks as one of the largest Indian
Exporters of Hong Kong. The subject operates
mainly from Hong Kong and has associates and other group companies operating
from China, Indonesia, Thailand, India as well as Dubai, Saudi Arabia, Egypt,
Panama and Chile.
During the year 2002, the subject made a foray into new markets like the
United Kingdom, the United States and Europe.
The Group exports readymade garments and shoes and other forms of
footwear as well as bicycles, household articles, electronics, gift articles
and other sundry items. The strength of the group comes from its close
relationship with its customers as well as suppliers having worked with most of
them for decades.
The subject has had design centers in Hong Kong as well as in China and
in Indonesia. Besides, the subject
together with other group companies participates in exhibitions and trade fairs
both in the United States and Europe including those in Las Vegas of the US and
Manchester of the UK as well as Cologne, Germany besides those in Hong Kong.
The subject is trading in the following garments:
·
Blouses (From China);
·
Children’s Wear (From China);
·
Hosiery, Footwear - PVC & Plastic, Footwear -
Rubber & Textile (Kung Fu shoes);
·
Jeans, Dresses & Skirts (From China);
·
Nightwear & Pyjamas (From China);
·
Shirts (From China);
·
Slippers, Babies’ Wear (From China);
·
Suits & Jackets - Men’s (From China);
·
Suits & Jackets - Women’s (From China);
·
Swimwear (From China);
·
Tee & Sweat Shirts (From China);
·
Trousers, Slacks, Cardigan , Sweater & Pullover
(From China);
·
Underwear - Children’s (From China);
·
Underwear - Men’s (From China); &
·
Underwear - Women’s (From China), etc.
Commodities are exported to Australasia, Central & South America,
the Middle East, North America, Western Europe, etc. Business is active.
It has set up representative offices in China where most of the
commodities are sourced.
The annual sales turnover of the subject ranges from HK$2.0 to 2.2
billion. Making a small profit every
year. Overall financial position is
good. History in Hong Kong is over 40
years.
The subject operates from its own office in Hong Kong. On the whole, consider it good for normal
business engagements.
Property information of
the company:-
1. Property Location: Unit 602 & 603 on 6/F., Peninsula
Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
Owner: H. Daya International Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
22-05-1981 |
HK$6,300,000 |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
22-09-1982 |
HK$6,300,000 |
- ditto - |
Further charge and deed of variation |
2. Property Location: Unit 604 on 6/F., Peninsula Centre, 67
Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
Owner: H. Daya International Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
17-12-1992 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
3. Property Location: Unit 622 on 6/F., Peninsula Centre, 67
Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
Owner: H. Daya International Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
16-03-1994 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
4. Property Location: Car Parking Spaces Nos. 19 & 19A
on Basement, Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong.
Owner: H. Daya International Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
27-05-1987 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
5. Property Location: Workshops 11-15 on 6/F., Wah Wai
Industrial Centre, 38‑40 Au Pui Wan Street, Fo Tan, Shatin,
New Territories, Hong Kong.
Owner: H. Daya International Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
17-07-1992 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
Note: Part or the property or
undertaking charge has been released from the charge in Workshops 11 on 13th
January, 2010.
6. Property Location: 5/F. and Car Port No. 5 on G/F., Mei
Kei Industrial Building, 30‑40 Wing Lap Street & 23-29 Wing Kei
Road, Kwai Chung, New Territories, Hong Kong.
Owner: H. Daya International Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
14-10-1981 |
HK$1,400,000 |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
7. Property Location: 10/F. and Car Parking Space No. 52 on Level
3, Wah Yiu Industrial Centre, 30-32 Au Pui Wan Street, Fo Tan, Shatin, New
Territories, Hong Kong.
Owner: H. Daya International Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
17-01-1994 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
8. Property Location: Flat F on 7/F., Far East Mansion, 5-6
Middle Road, Kowloon, Hong Kong.
Owner: H. Daya International Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
09-01-1995 |
- |
Banque Nationale de Paris, Hong Kong Branch. |
Mortgage to secure general banking facilities |
9. Property Location: Flat A-1 on 6/F. of Block A, Car
Parking Space No. 138 on 1/F. and Car Parking Space No. G100 on G/F.,
Evergreen Villa, 43 Stubbs Road, Hong Kong.
Owner: H. Daya International Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
07-05-1987 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
(Since June 2013)
|
Date |
Particulars |
Amount |
|
28-06-2013 |
Instrument: Mortgage Property: 30,843 equal undivided 1,644,286 part or share of and in The Remaining
Portion of Kwai Chung Town Lot No. 215 [Whole Floor of Lever 16 (comprising
Office Unit No. 1-3, 5-13 and 15-18) of Tower B and All those Car Park Unit
No. P73-79 on Lever 5 of Kowloon Commerce Centre, 51 Kwai Cheong Road, Kwai
Chung, New Territories, Hong Kong. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All sums from time to time advanced by the lender to the Borrower
whether alone or jointly with any person and outstanding in respect of
general facilities |
|
28-06-2013 |
Instrument: Rent Assignment Property: 30,843 equal undivided 1,644,286 part or share of and in The Remaining
Portion of Kwai Chung Town Lot No. 215 [Whole Floor of Lever 16 (comprising
Office Unit No. 1-3, 5-13 and 15-18) of Tower B and All those Car Park Unit No.
P73-79 on Lever 5 of Kowloon Commerce Centre, 51 Kwai Cheong Road, Kwai
Chung, New Territories, Hong Kong. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All sums from time to time advanced and outstanding and interest
thereon and all other moneys and obligation in respect of moneys which the
Borrower covenanted to pay to the Lender under the Mortgage dated 28th June,
2013 made between the Borrower as borrower and the Lender as lender |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.