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Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
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Name : |
TIME GARMENT LTD. |
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Registered Office : |
c/o Tam &
Wongs Nominee Ltd. 1/F., Hang Lung House, 188 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.03.2011 |
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Com. Reg. No.: |
58133405 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is the garment trader |
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No. of Employees : |
No employees in Hong Kong It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office In Hong Kong |
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|
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Payment Behaviour : |
Unknown |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
TIME GARMENT LTD.
Registered Office:-
c/o Tam &
Wongs Nominee Ltd.
1/F., Hang Lung
House, 188 Queen’s Road Central, Hong Kong.
58133405
1578588
24th March, 2011.
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
(As
per registry dated 24-03-2013)
|
Name |
|
No.
of share |
|
Naresh Chandra MENARIA |
|
1 = |
(As
per registry dated 15-01-2014)
|
Name (Nationality) |
Address |
|
Alkesh Shankar
RAMWANI |
7/7 Ramakrishna Society, J.V.P.D. Scheme
9th Road, Mumbai-400 049, India. |
(As
per registry dated 24-03-2014)
|
Name |
Address |
Co.
No. |
|
Tam
& Wongs Nominee Ltd. |
1/F., Hang Lung House, 188 Queen’s Road Central, Hong Kong. |
0187810 |
Time
Garment Ltd. was incorporated on 24th March, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at 1/F.,
Hang Lung House, 188 Queen’s Road Central, Hong Kong known as Tam & Wongs
Nominee Ltd. which is handling its correspondences and documents. This company is also the corporate secretary
of the subject. Tam & Wongs Nominee
Ltd. is an associated company of an accountant company Wong & Tam Certified
Public Accountants which is also located at the above-mentioned address.
Your
given phone number 852-2544 9331 belongs to Tam & Wongs Nominee Ltd. It has no employees in Hong Kong.
According
to the Companies Registry of Hong Kong, the subject has issued just one
ordinary share of HK$1.00 which is owned by Mr. Naresh Chandra Menaria who is
an India merchant. The director of the
subject Alkesh Shankar Ramwani is also an India merchant. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the
subject. The registered address of
Ramwani is in Mumbai, India.
The
subject is a garment trader. It imports
garments from Asian countries and re-exports to worldwide countries. Business is still under development.
It
is likely that the subject has got an associated company in India which is also
operated by the shareholder or director of the subject. The India company is also a garment trader.
We
are not sure whether the subject has been banking with The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong, or not.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is just about three years.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis.
NOTE:
It is to be noted that the company does not have its own operating
office in Hong Kong. The company uses the address of its secretariat as its
correspondence address only. Subject operates from some other country and does
not have a base in Hong Kong. Such companies are registered in Hong Kong just
to tax benefit purpose and due to the strict privacy laws prevailing in the
country. In such cases, the companies are not required to have any employees in
Hong Kong nor do have an office there
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.