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Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
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Name : |
SHOSAAN ASIA PACIFIC |
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Registered Office : |
Room 516, 5/F., East Ocean Centre, 98 Graville Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.12.2010 |
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Com. Reg. No.: |
53467556-000-12 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds of garments |
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No. of Employees : |
4. (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
A2 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 |
SHOSAAN ASIA
PACIFIC
ADDRESS: Room 516, 5/F., East Ocean
Centre, 98 Graville Road, Tsimshatsui, Kowloon, Hong Kong.
[The subject has had a branch office located at:
Flat B3, 16/F., Block B, 36 Wai Ching Court,
Wai Ching Street, Yau Ma Tei, Kowloon, Hong Kong.]
(Your at:
Flat B3, 16/F., Block B, 36 Wai Chung Court,
Yau Ma Tei, Kowloon, Hong Kong.
is not correct and incomplete.)
PHONE: 852-6475 9690, 2377 4436
FAX: 852-2377 4055
E-MAIL: sandeep@swalspact.in
Manager: Mr. Sandeep Jagdish
Rasad Agrawal
Establishment: 16th December, 2010.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Garment
Trader.
Employees: 4. (Including associates)
Main Dealing Banker: Wing Lung
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
SHOSAAN ASIA
PACIFIC
Registered Head
Office:-
Room 516, 5/F., East Ocean Centre, 98 Graville Road, Tsimshatsui,
Kowloon, Hong Kong.
Branch Office:
Flat B3, 16/F., Block B, 36 Wai Ching Court, Wai Ching Street, Yau Ma
Tei, Kowloon, Hong Kong.
Associated
Companies:-
Pennensuila Group Ltd., Hong Kong.
(Same address)
Swals Exim Pvt. Ltd., Hong Kong.
(Same address)
Swals Exim Pvt. Ltd., India.
Affiliated Companies:-
Cosmos Ltd., Hong Kong. (Same
address)
Traderslink International Co. Ltd., Hong Kong.
53467556-000-12
Manager: Mr. Sandeep Jagdish
Rasad Agrawal
Contact Person: Sofia Allen
Name: Mr. Sandeep Jagdish Rasad AGRAWAL
Residential
Address: Flat 13C, 5/F., Lee Shing
Mansion, 11-19 Wai Ching Street, Yaumatei, Kowloon, Hong Kong.
The subject was established on 16th December, 2010 as a sole
proprietorship concern owned by Mr. Sandeep Jagdish Rasad Agrawal under the
Hong Kong Business Registration Regulations.
Formerly the subject was located at Flat 13C, 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: All
kinds of garments.
Employees: 4. (Including associates)
Commodities Imported: China, other
Asian countries or acquired from local suppliers.
Markets: Middle
East, Africa, Europe, North America
Terms/Sales: As per contracted.
Terms/Buying: L/C or as per contracted.
Capital: Not
disclosed.
Profit or Loss: Made
a small profit in past three years.
Condition: Business
is normal.
Facilities: Making
rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:- Wing
Lung Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Shosaan Asia Pacific is a sole proprietorship owned by Mr. Sandeep
Jagdish Rasad Agrawal who is an Indian. He
is a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently. Agrawal is also the manager
of the subject. He can be reached at his
Hong Kong mobile phone number 852-6475 9690.
The contact person is Sofia Allen but your given phone number 2950566 is
not correct.
The subject has had an associated company Swals Exim Pvt. Ltd. [Swals]
located at its operating address. The
subject and Swals are engaged in the same lines of business.
The subject was in a residential building located at Flat 13C, 5/F., Lee
Shing Mansion, 11-19 Wai Ching Street, Yaumatei, Kowloon, Hong Kong. It moved to the present address in May 2013.
However, the subject has maintained another office located at Flat B3,
16/F., Block B, 36 Wai Ching Court, Wai Ching Street, Yau Ma Tei, Kowloon, Hong
Kong. We are informed by Mr. Agrawal in
this case.
Established in December 2010, the subject is trading in garments, home
textiles,. It is trading in the
following commodities:-
·
Blouses;
·
Children’s Wear;
·
Denim Garments;
·
Dresses and Skirts;
·
Shirts;
·
Suits and Jackets ‑ Men’s;
·
Suits and Jackets ‑ Women’s; &
·
Trousers and Slacks.
Commodities are sourced from China, other Asian countries or acquired
from local suppliers. Prime markets are
the Middle East, some African countries, Europe, North America
The subject has had affiliated manufacturing facilities engaged in
printing, yarn spinning, knitting, dyeing, embroidery, finishing, sewing,
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 Jagdish Rasad Agrawal is operating a website offering
clients with consultancy services on garment industry. Its business scope includes the following:-
·
Arranging warehousing and shipping for customers;
·
Forming joint ventures for two parties; &
·
Sourcing garments for buyers.
The subject has got an associated company also known as Swals Exim Pvt.
Ltd. [India Swals Exim] which is 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 It
carries the following brand names: “Van-Heusen”, “Ravel”, “Baja”, It has about 25 employees.
Sandeep Jagdish Rasad Agrawal is also the Managing Director of India
Swals Exim.
Another affiliated company Cosmos Ltd. is also located at the subject’s
operating address.
The history of the subject is just over three years.
On the whole, as the history of the subject is short in Hong Kong,
consider it good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.