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Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
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Name : |
PENNENSUILA GROUP LTD. |
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Registered Office : |
Room 516, 5/F., |
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Country : |
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Date of Incorporation : |
15.06.2011 |
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Com. Reg. No.: |
58516277 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Garments, home textiles |
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No. of Employees : |
4. (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 : |
Slow but correct |
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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) |
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Hong Kong |
A2 |
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 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.
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Source
: CIA |
PENNENSUILA GROUP
LTD.
Address: Room 516, 5/F.,
East Ocean Centre,
98 Granville
Road, Tsimshatsui,
Kowloon,
Hong Kong.
(Formerly located at:
Room 13, 5/F., Lee Shing Mansion,
11-19 Wai Ching Street, Yaumatei,
Kowloon, Hong Kong. )
Note: Room & Floor number should
be 13, 5/F., not Flat no 19, A/5 Floor.
PENNENSUILA GROUP
LTD.
ADDRESS: Room 516, 5/F., East Ocean
Centre, 98 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-6475 9690, 2377 4436
FAX: 852-2377 4055
E-MAIL: sandeep@swalspact.in
Managing Director: Mr. Sandeep
Jagdishprasad Agrawal
Incorporated on: 15th June, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$100,000.00
Business Category: Garment
Trader.
Employees: 4.
(Including associates)
Main Dealing Banker: DBS Bank
(Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
PENNENSUILA GROUP
LTD.
Registered
Office:-
Room 516, 5/F., East Ocean Centre, 98 Granville Road, Tsimshatsui,
Kowloon, Hong Kong.
Affiliated/Associated
Company:-
Cosmos Ltd., Hong Kong. (Same
address)
Shosaan Asia Pacific, Hong Kong.
(Same address)
Swals Exim Pvt. Ltd., Hong Kong.
Swals Exim Pvt. Ltd., India.
Traderslink International Co. Ltd., Hong Kong.
58516277
1616703
Managing Director: Mr. Sandeep
Jagdishprasad Agrawal
Contact Person: Mr. Habibullah
Ebrahim Akudi
Nominal Share Capital: HK$1,000,000.00
(Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry dated 03-10-2013)
|
Name |
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No. of shares |
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Sandeep Jagdishprasad AGRAWAL |
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20,000 |
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Habibullah Ebrahim AKUDI |
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20,000 |
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Shanvaz Hussain PATEL |
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60,000 |
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––––––– |
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Total: |
100,000 ====== |
(As per registry dated 07-10-2013)
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Name (Nationality) |
Address |
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Sandeep Jagdishprasad AGRAWAL |
Flat 13C, 5/F, Lee Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei,
Kowloon, Hong Kong. |
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Shanvaz Hussain PATEL |
189-2 M.G. Rd., Kacchi Mohalla, Above Jawahar Printing Press, Panvel,
DT-Raigad, MS, 410 206, India. |
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Habibullah Ebrahim AKUDI |
41 Birkdale Road, Dewsbury, West Yorkshire, WF 13 4HH, UK. |
(As per registry dated 15-06-2013)
|
Name |
Address |
Co. No. |
|
Sanling Consultants & Associates Ltd. |
Room 904, 9/F., Cheong K. Commercial Building, 84-85 Des Voeux Road Central,
Hong Kong. |
0316677 |
Pennensuila Group Ltd. was incorporated on 15th June, 2011 as a private
limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 13, 5/F., Lee Shing Mansion, 11‑19
Wai Ching Street, Yaumatei, Kowloon, Hong Kong, moved to the present address in
May 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Garments,
home textiles
Employees: 4. (Including associates)
Commodities Imported: China,
other Asian countries or acquired from local suppliers.
Markets: Middle
East, Africa, Europe, North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C or as per contracted.
Nominal Share Capital: HK$1,000,000.00
(Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital:
HK$100,000.00
Increase of Nominal Capital:-
|
Form |
HK$10,000.00 |
to |
HK$1,000,000.00 |
on |
03-10-2013 |
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$ 10,000.00 |
|
03-10-2013 |
paid up |
HK$ 90,000.00 |
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––––––––––––– |
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Total: |
paid up |
HK$100,000.00 ============ |
Profit or Loss: Made
a small profit in the past two years.
Condition: Business
is normal.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers: DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 100,000 ordinary shares of HK$1.00 each, Pennensuila Group
Ltd. is jointly owned by three India merchants, namely, Sandeep Jagdishprasad
Agrawal, holding 20% interests; Mr. Habibullah Ebrahim Akudi, also 20%; Shanvaz
Hussain Patel, 60%. They are also
directors of the subject.
The managing director of the subject Mr. Sandeep Jagdishprasad Agrawal
is a Hong Kong ID holder and has got the right to reside in Hong Kong
permanently.
The subject’s registered address was in a private building located at
Room 13, 5/F., Lee Shing Mansion, 11-19 Wai Ching Street, Yaumatei, Kowloon,
Hong Kong, moved to the present address in May, 2013.
The contact person of the subject Mr. Habibullah Ebrahim Akudi is one of
the shareholders of the subject. The
telephone number of the subject is 852-2377 4436.
The subject has had an associated company Swals Exim Pvt. Ltd.
[Swals]. The subject and Swals are
engaged in the same lines of business.
Incorporated in 15th October, 2008 as a private limited liability
company in Hong Kong, Swals is wholly-owned by Agrawal.
Swals is trading in garments, home textiles, etc. It is trading in the
following commodities:-
Blouses;
Children’s Wear;
Denim Garments;
Dresses & Skirts;
Shirts;
Suits & Jackets - Men’s;
Suits & Jackets - Women’s; &
Trousers & Slacks.
Commodities are sourced from China, other Asian countries or acquired
from local suppliers. Prime markets are
the Middle East, some African countries, Eastern and Western Europe, North
America, etc.
The subject has had affiliated manufacturing facilities engaged in
printing, yarn spinning, knitting, dyeing, embroidery, finishing, sewing, etc.
According to the subject, its annual production capacity is 1.2 million units
of outer wears and 2.4 million units of inner wears.
Besides, Sandeep Jagdishprasad Agrawal is operating a website offering
clients with consultancy services on garment industry. Its business scope includes the followings:-
Arranging warehousing and shipping for customers;
Forming joint ventures for two parties; &
Sourcing garments for buyers.
The subject has got an associated company known as Swals Exim Pvt. Ltd.
[India Swals Exim] in Mumbai, India.
India Swals Exim is an India-based firm established in 2002. It is a manufacturer and exporter of all
kinds of garments. Having its associates
all over the world, India Swals Exim has been in this industry for more than
15 years. India Swals Exim is trading
in casual wear, knitwear, men’s wear, shirts, T-shirts (men’s, ladie’s, girl’s
and boy’s), ladie’s garments, etc.
It carries the following brand names: “Van-Heusen”, “Ravel”,
“Baja”, etc. Swals Exim has about
25 employees. Annual sales turnover ranges
from US$0.7 to 0.9 million.
Sandeep Jagdishprasad Agrawal is also the Managing Director of India
Swals Exim.
In order to penetrate the international market further, Swals has taken
part in fairs and exhibitions held in Hong Kong. For instance, it is going to take part in
“Hong Kong Fashion Week for Fall/Winter” which will be held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 13th
to 16th January, 2014.
The history of the subject in Hong Kong is just over two years.
On the whole, consider it good for normal business engagements in small
credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
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|
1 |
Rs.102.25 |
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Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.