|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
PICASSO CO. LTD. |
|
|
|
|
Registered Office : |
Room 622, 6/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
01.10.1991 |
|
|
|
|
Com. Reg. No.: |
14955411 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garments, footwear,
bags, household items, sundry items |
|
|
|
|
No of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
PICASSO CO.
LTD.
ADDRESS: Room 622, 6/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.
PHONE: 852-2311 8522
FAX: 852-2723 5579
E-MAIL: picasso@picassochina.com
Managing Director: Mr. Hiranand
Harkishindas Dayaram
Incorporated on: 1st October,
1991.
Organization: Private Limited
Company.
Capital: Nominal: HK$500,000.00
Issued:
HK$500,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Annual Turnover: HK$2.0-2.2
billion.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Banking Relation: Good.
PICASSO
CO. LTD.
Registered Head
Office:-
Room 622, 6/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
Mailing Address:-
G.P.O. Box 1335, Hong Kong.
Coronilla Holdings Ltd., British Virgin Islands.
Shenzhen, Guangzhou (Guangdong), Shishi (Fujian), Yiwu (Zhejiang).
H Daya International Co. Ltd., Hong Kong.
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.
Ravi International Co. Ltd., Hong Kong.
Taifana International Ltd., Hong Kong.
etc.
14955411
0327884
Managing Director: Mr. Hiranand Harkishindas Dayaram
Nominal Share Capital: HK$500,000.00 (Divided into 5,000 shares of HK$100.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 01-10-2013)
|
Name |
|
No. of shares |
|
Coronilla Holdings Ltd. P.O. Box 957, Offshore, Incorporations Centre, Road Town,
Tortola, British Virgin Islands. |
|
5,000 ==== |
(As per registry dated 01-10-2013)
|
Name (Nationality) |
Address |
|
Dave R SABNANI |
17/F., East Sun Mansion, 39-41 Robinson Road, Hong Kong. |
|
Mukesh Harkishindas DAYARAM |
Flat B-1, 1/F., 46 Stubbs Road, Hong Kong. |
|
Hiranand Harkishindas DAYARAM |
Flat A-1, 6/F., 43 Stubbs Road, Hong Kong. |
|
Satesh DAYARAM |
A1, 6/F., Evergreen Villa, 43 Stubbs Road, Hong Kong. |
(As per registry dated 01-10-2013)
|
Name |
Address |
Co. No. |
|
Marfan & Associates Ltd. |
11/F., Fortis Tower, 77-79 Gloucester Road, Hong Kong. |
0094488 |
The subject was incorporated on 1st October, 1991 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: All kinds of garments, footwear, bags, household items, sundry items, etc.
Employees: 5.
Commodities Imported: From China other Asian countries, etc.
Markets: Australia, Middle East, Central & South America.
Terms/Sales: L/C, D/P or D/A.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$500,000.00 (Divided into shares of HK$ each)
Issued Share Capital: HK$500,000.00
Indebtedness: US$14,148,100.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 01-10-2013)
Mortgage or Charge:-
Date of Mortgage or Charge: 20-01-1993
Amount: All moneys
Property: All Those 51/32,476 part or shares of and in Kowloon Inland Lot No. 10598 (Unit 601, 6/F., Peninsula Centre, 67 Mody Road, Kowloon, Hong Kong.)
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit & Loss: Business is profitable.
Condition: Business is active.
Facilities: Making active use of general banking facilities.
Payment: Regularly met.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Picasso Co. Ltd. is an Indian trading chiefly owned and operated by the
Dayaram family in Hong Kong.
Having issued 5,000 ordinary shares of HK$100.00 each, the subject is a
wholly owned subsidiary of Coronilla Holdings Ltd. which is a BVI-registered
company.
The subject actually belongs to the H. Daya group of companies while the
flagship company is H. Daya International Co. Ltd. The Group has around 250 employees throughout
the world. It ranks as one of the
largest Indian Exporters of Hong Kong.
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.
Two of the Group companies the subject and Picasso China Ltd. deal in
the export of bags, electronics, household items, gift articles and the other
sundry items exclusively.
Commodities are exported to Australasia, Central & South America,
the Middle East, North America, Western Europe, etc. Business is active.
The subject has had associated representative offices in China where
most of the commodities are sourced.
The annual sales turnover of the Group ranges from HK$2.0 to 2.2
billion. Making a small profit every
year.
The history of the subject in Hong Kong is over 22 years. It is fully supported by the H. Daya Group.
On the whole, consider it good for normal business engagements.
Property information of the company:-
1. Property Location: Unit 601, 6/F., Peninsula Centre, 67 Mody Road, Kowloon, Hong Kong.
Owner: Picasso Co., Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of
Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
20-01-1993 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.27 |
|
|
1 |
Rs. 103.66 |
|
Euro |
1 |
Rs. 85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.