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Report Date : |
26.07.2014 |
IDENTIFICATION DETAILS
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Name : |
NAPCO LTD. |
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Registered Office : |
4/F., |
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Country : |
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Date of Incorporation : |
13.02.1970 |
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Com. Reg. No.: |
02906666 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Engaged in trading of following commodities :- Babies’ wear; Other Textile Products; Piece goods; Plastic Materials (including Resins & Sheet)(Raw
material for manufacture of plastic sandals); Plastic Scrap (EVA crumb/recycle); Shirts, Footwear - PVC & Plastic; Sports Goods; & Suits & Jackets - Men’s, Children’s Wear. |
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No of Employees : |
13 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies
excise duties on only four commodities, whether imported or produced locally:
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, its continued
reliance on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
Source
Cia
NAPCO LTD.
4/F., Carpo Commercial Building, 18-20 Lyndhurst Terrace Central, Hong Kong.
PHONE: 852-2543 3075, 2543 3396
FAX: 852-2815 1957
E-MAIL: napco@napco.com.hk
Managing Director: Mr. Pishu Wadhumal Uttamchandani
Incorporated on: 13th February, 1970.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 13.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
4/F., Carpo Commercial Building, 18-20 Lyndhurst Terrace Central, Hong Kong.
Mailing Address:-
G.P.O. Box 3962, Hong Kong.
Business Names:-
Cosmic Trading, Hong Kong.
Micron Traders, Hong Kong.
Associated
Company:-
Kudrat Ltd., Hong Kong.
02906666
0019522
Managing Director: Mr. Pishu Wadhumal Uttamchandani
Nominal Share Capital: HK$2,000,000.00 (Divided into 200,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 13-02-2014)
|
Name |
|
No. of shares |
|
Pishu
Wadhumal UTTAMCHANDANI |
|
75,000 |
|
Devi Pishu UTTAMCHANDANI |
|
25,000 |
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––––––– |
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Total: |
100,000 ====== |
(As per registry
dated 13-02-2014)
|
Name (Nationality) |
Address |
|
Devi Pishu UTTAMCHANDANI |
3/F., 3G Robinson Road, Hong Kong. |
|
Pish Wadhumal UTTAMCHANDANI |
3/F., 3G Robinson Road, Hong Kong. |
|
Mahesh UTTAMCHANDANI |
Flat A, 9/F., Cliffview Mansion, 17-19 Conduit Road,
Central, Hong Kong. |
(As per registry
dated 13-02-2014)
|
Name |
Address |
|
CHAN Wan Ming |
1/F., 20 Second Street, Sai Ying Pun, Hong Kong. |
The company was originally established on 20th July, 1964 as a sole proprietorship concern owned by Mr. P. W. Uttamchandani under the name of Napco International. This company is a successor to a partnership jointly owned by Mr. P. W. Uttamchandani and Mr. Napoloon C. Sharma under the name of Napco Corporation formed in Hong Kong in early 1960.
The subject was re-organized and incorporated on 13th February, 1970 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: Importers and Exporters; Commission Agents.
Lines: Imports: Blended textiles.
Exports: Footwear, footwear-sports, garments & accessories, gloves (other than surgical), haberdashery,
hats, jackets, leather goods (other than shoes), miscellaneous, umbrellas, textile goods, travelling goods.
Employees: 13.
Commodities Imported From: China, other Asian countries, Europe, etc.
Markets: Asian countries, South Africa, East Africa, Eastern Europe, Australia, etc.
Terms/Sales: L/C, T/T, D/P and D/A.
Terms/Buying: L/C, T/T, etc.
The Indian Chamber of Commerce, Hong Kong.
Nominal Share Capital: HK$2,000,000.00 (Divided into 200,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000,000.00
Increase of
Nominal Capital:-
|
From |
HK$200,000.00 |
to |
HK$2,000,000.00 |
on |
18-08-1972 |
Alternation of
Issued Capital:-
|
23-02-1970 |
paid up |
HK$ 200,000.00 |
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30-12-1972 |
paid up |
HK$ 200,000.00 |
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07-04-1981 |
paid up |
HK$ 600,000.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$1,000,000.00 ============== |
Mortgage or
Charge:-
Date: 29-05-2014
Description of Instrument: General Letter of Hypothecation
Mortgagee: UCO Bank, Hong Kong Branch.
Profit & Loss: Business is profitable.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
Bank of America N.A., Hong Kong Branch.
UCO Bank, Hong Kong Branch.
Banking:-
One bank source stated the firm has maintained a well conducted current account with moderate proportion balances. They have handled their export bills with satisfactory results.
Standing: Good.
Napco Ltd. was incorporated in 1970 to take over the business of Napco International which was an India trading company owned by the Uttamchandani family. The family has been in Hong Kong for a very long time.
Having issued 100,000 ordinary shares of HK$10.00 each, the subject is jointly owned by Mr. Pishu Wadhumal Uttamchandani, holding 75% interests, and Mrs. Devi Pishu Uttamchandani, holding 25%.
The subject is
trading in the following commodities:
· Babies’ wear;
Other
Textile Products;
Piecegoods;
Plastic
Materials (including Resins & Sheet)(Raw material for manufacture of
plastic sandals);
Plastic
Scrap (EVA crumb/recycle);
Shirts,
Footwear - PVC & Plastic;
Sports
Goods; &
Suits
& Jackets - Men’s, Children’s Wear.
The subject is a buying office while most of the commodities are sourced from China, the other Asian countries.
According to the subject, it also finances exports on “deferred payment”.
The management enjoys a good reputation in local trading circles and is considered capable persons.
The history of the subject in Hong Kong is over 44 years.
On the whole, consider it good for normal business engagements.
REMARKS:
Property
information of associate:-
|
Property Location |
Owner |
Date of Purchase |
Purchased |
|
3/F. and Car Park No. 15 in the
Garage, Robinson Garden Apartment, 3G Robinson Road, Hong Kong. |
Kudrat Ltd. |
29-01-1983 |
HK$360,000.00 |
(No mortgage record registered against the property)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
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UK Pound |
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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|
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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 |
-- |
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.