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Report Date : |
13.01.2014 |
IDENTIFICATION DETAILS
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Name : |
SWALS
EXIM PVT. LTD. |
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Registered Office : |
Room 516, 5/F., |
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Country : |
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Date of Incorporation : |
15.10.2008 |
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Com. Reg. No.: |
39889748 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
trader of garments & home textiles including :- · Blouses; Children’s
Wear; Denim
Garments; Dresses
& Skirts; Shirts; Suits
& Jackets - Men’s; Suits
& Jackets - Women’s; Trousers
& Slacks. |
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No. of Employees : |
4. (Including
associates) |
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) |
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Hong Kong |
A2 |
A2 |
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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 |
SWALS EXIM PVT. LTD.
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 October, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Garment Trader.
Employees: 4. (Including associates)
Main Dealing Banker: Wing Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 516, 5/F., East Ocean Centre, 98 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Business
Name:
Sundeep Energy, Hong Kong. (Same address)
Associated
Companies:-
Pennensuila Group Ltd., Hong Kong. (Same address)
Shosaan Asia Pacific, Hong Kong. (Same address)
Swals Exim Pvt. Ltd., India.
Affiliated Companies:-
Cosmos Ltd., Hong Kong. (Same address)
Traderslink International Co. Ltd., Hong Kong.
39889748
1279795
Managing Director: Mr. Sandeep Jagdishprasad Agrawal
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 15-10-2013)
|
Name |
|
No. of share |
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Sandeep Jagdishprasad AGRAWAL |
|
10,000 ===== |
(As per registry
dated 15-10-2013)
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Name (Nationality) |
Address |
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Sandeep Jagdishprasad AGRAWAL |
Flat 13C, 5/F, Lee Shing
Manison, 11-19 Wai Ching Street, Yau Ma Tei, Kowloon, Hong Kong. |
(As per registry
dated 15-10-2013)
|
Name |
Address |
Co.
No. |
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Sanling Consultants & Associates Ltd. |
Room 904, 9/F., Cheong K. Commercial Building, 84-86 Des
Voeux Road Central, Hong Kong. |
0316677 |
The subject was incorporated on 15th October, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 1/F., Mau Lam Commercial Building, 16‑18 Mau Lam Street, Jordan, Kowloon, Hong Kong where is the operating address of Buttar.HK Ltd. Buttar.HK Ltd. is a commercial service provider. The subject moved to Room 513, 5/F., Beverly Commercial Centre, 87‑105 Chatham Road, Tsimshatsui, Kowloon, Hong Kong with effect from 28th September, 2009; to Room 13, 5/F., Lee Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei, Kowloon, Hong Kong in November 2010, to Flat 5B, 7/F., Rear Block, Wah Fat Industrial Building, 10-14 Kung Yip Street, Kwai Chung, New Territories, Hong Kong with effect from 1st March, 2012, and further to the present address in March 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$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
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:-
Wing Lung Bank Ltd., Hong Kong.
HBZ Finance Ltd., Hong Kong.
Standing: Small.
Swals Exim Pvt. Ltd. is wholly-owned by Mr. Sandeep Jagdishprasad Agrawal who is an Indian. He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently. Agrawal is also the only director of the subject. He can be reached at his Hong Kong mobile phone number 852-6475 9690.
The subject was in a residential building but moved to the present address in March 2013.
Incorporated in October 2008, the subject is trading in garments & home textiles The subject 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. According to the subject, it has had cooperative partners in China, Bangladesh and India.
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.
Prime markets are the Middle East, some African countries, Eastern and Western Europe, North America, etc.
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; & etc.
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, ladies’, girls’ and boys’), ladies’ 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$0.9 to 1.2 million.
Sandeep Jagdishprasad Agrawal is also the Managing Director of India Swals Exim.
Another associated company Shosaan Asia Pacific is also located at the subject’s current operating address. This firm is engaged in the same lines of business as the subject. This firm is operated by Sandeep Jagdish Rasad Agrawal.
The history of the subject is over five years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.94 |
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1 |
Rs.102.06 |
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Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.