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Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN POWER ASIA PACIFIC LTD. |
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Registered Office : |
Flat C, 21/F., EGL Tower, 83 Hung To Road, Kwun Tong,
Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.05.2004 |
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Com. Reg. No.: |
34595152 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Garments, Textile
Products |
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No. of Employees |
08 |
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) |
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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 |
GOLDEN POWER ASIA
PACIFIC LTD.
ADDRESS: Flat C, 21/F., EGL Tower, 83 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2763 6121, 6445 8395
FAX: 852-2763 7898
Managing Director: Mr. Pooja Khanduri Chawla
Incorporated on: 21st May, 2004.
Organization: Private Limited Company.
Capital: Nominal:HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: Dah Sing Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat C, 21/F., EGL Tower, 83 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
Associated
Companies:-
Golden Power Lusine Ltd., Bangladesh.
Golden Power PN Ltd., Bangladesh.
34595152
0902359
Managing Director: Mr. Pooja Khanduri Chawla
Contact Person: Ms. Peggy Chan Pik Kwan
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
SHAREHOLDERS: (As per registry dated 21-05-2013)
|
Name |
|
No. of shares |
|
Pooja KHANDURI CHAWLA |
|
1,999,999 |
|
CHAN Pik Kwan, Peggy |
|
1 |
|
|
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–––––––– |
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Total: |
2,000,000 ======= |
DIRECTORS: (As per registry dated 24-01-2014)
|
Name (Nationality) |
Address |
|
Pooja KHANDURI CHAWLA |
Flat A, 7/F., Hong Kong Garden, 100 Castle Peak Road, New Territories, Hong Kong. |
|
CHAN Pik Kwan, Peggy |
Flat F, 4/F., Block 13, Hong Kong Garden, 100 Castle Peak Road, New Territories, Hong Kong. |
SECRETARY: (As per registry dated 21-05-2013)
|
Name |
Address |
Co. No. |
|
Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong. |
1273165 |
The subject was incorporated on 21st May, 2004 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: Importer, Exporter and Wholesaler.
Lines: Garments, Textile Products
Employees: 8.
Commodities Imported: China, Europe, other Asian countries,
Markets: Asian countries, Europe, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Dah Sing Bank Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
Standing: Normal.
Having issued 2 million ordinary shares of HK$1.00 each, Golden Power Asia Pacific Ltd. is almost wholly owned by Mr. Pooja Khanduri Chawla. The minor shareholder Ms. Chan Pik Kwan, Peggy is a Hong Kong businesswoman. The former is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. The two shareholders are also directors of the subject.
Incorporated in May 2004, the subject is trading in garments and textile products.
The subject has its active presence in China, Bangladesh, India, Vietnam & South Africa for Productions and material procurements. At each of the locations mentioned above, the company either has its own office or partnership offices to meticulously carry out the order process activities.
The company caters to garment customers in the United States, Canada and Europe.
The subject has been the leader in providing end to end solutions to its customers in the garments & textile products sourcing.
The subject has its affiliated sourcing office in China. We buy fabrics and accessories for each and every garment order placed by its customers, there after it uses the wide range of its partner factories located in Bangladesh / China / India / Vietnam Or Lesotho ( South Africa) to execute productions.
In October 2011, the subject set up an office in New York, the United States.
The subject has a sampling & fabric R&D set up in Zhangjiagang City, Jiangsu Province, for wovens & Ningbo City, Zhejiang Province for knitted wear in China.
The subject has a joint venture with a knitted wear factory in Bangladesh. This is a Vertical Knit wear manufacturing Plant in Dhaka, with a capacity of 50,000 garments per day. This factory is fully equipped to make in house fabrics Knitting / Dyeing / Printing / Embroidery. With a workforce of 1,500 and quality & merchandising staff of 200 people, this factory is able to handle orders of mass merchandise as well as value added products, in all categories - including Men’s / Women’s / Kids’ garments, etc.
The subject also has a joint venture with a sweater factory in Bangladesh. This factory is also in Dhaka with a capacity to produce 280,000 garments per month. This factory has been equipped with 1,810 sets knitting machines. With over 3000 employees under the company payroll, this factory is able to handle all kinds of sweaters for men, women and kids.
The subject also has made investments in 2 other factories where in dedicated Production lines are allocated exclusively for its orders. The invested factories are able to manufacture 75,000 shirts / Tops as well as 100,000 bottoms per month.
The subject has had a separate division handling home products, accessories, motor vehicles, auto accessories, audio-video products, etc. in small quantities. Some of its apparel customers will also order the above-mentioned products as well.
The contact person of the subject is Ms. Peggy Chan Pik Kwan. History in Hong Kong is over ten years.
On the whole, consider the subject good for normal business engagements.
1. Property information of the company:-
Property Location: Car Parking Space No. 165, 1/F., Carpark D, Hong Kong Garden (Phase 3), 100 Castle Peak Road, Tsing Lung Tau, Tsuen Wan, New Territories, Hong Kong.
Owner: Golden Power Asia Pacific Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
26-11-2007 |
- |
Dah Sing Bank Ltd., Hong Kong. |
All monies to secure general banking facilities |
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Date |
Particulars |
Amount |
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26-11-2007 |
Instrument: Mortgage Property: 1/26981 part or share of and in the Remaining Portion of Tsing Lung Tau Lot No. 60 (Car Parking Space No. 165, 1/F., Carpark D, Hong Kong Garden (Phase 3), 100 Castle Peak Road, Tsing Lung Tau, Tsuen Wan, New Territories, Hong Kong.) Mortgagee: Dah Sing Bank Ltd., Hong Kong. |
All monies |
|
24-11-2009 |
Instrument: Letter of Lien Property: 1. Nature of
Deposit: Fixed Deposit 2. Nature of
Deposit: Fixed Deposit Mortgagee: Bank of India, Hong Kong Branch. |
US$1,400,000.00 |
|
24-11-2009 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and invoices, or any other documents representing or relating to goods. The company agree that the same and all goods thereby represented or to which the document relate shall be hypothecated by way of first charge as a continuing security for all sums in which the company from time to time be actually or cantingently indebted or liable to bank on any account Mortgagee: Bank of India, Hong Kong Branch. |
All the money |
|
29-12-2010 |
Instrument: Letter of Lien Property: 1. Nature of
Deposit: Fixed 2. Nature of
Deposit: Fixed 3. Nature of
Deposit: Fixed 4. Nature of
Deposit: Fixed 5. Nature of
Deposit: Fixed 6. Nature of
Deposit: Fixed 7. Nature of
Deposit: Fixed Mortgagee: Bank of India, Hong Kong Branch. |
US$2,300,000.00 |
|
29-12-2010 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and invoices, or any other documents representing or relating to goods. The company agree that the same and all goods thereby represented or to which the document relate shall be hypothecated by way of first charge as a continuing security for all sums in which the company from time to time be actually or cantingently indebted or liable to bank on any account Mortgagee: Bank of India, Hong Kong Branch. |
All money |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.16 |
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|
1 |
Rs.102.23 |
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Euro |
1 |
Rs.82.04 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
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.