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Report Date : |
06.03.2014 |
IDENTIFICATION DETAILS
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Name : |
EURO-EAST
EXPORTS WORLDWIDE LTD. |
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Formerly Known as: |
Euro-East
Electronics Ltd |
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Registered Office : |
Flat C, 7/F., Milton Mansion, 96 Nathan Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.04.1998 |
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Com. Reg. No.: |
21661786 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Importer, Exporter and Wholesaler of Garments, household products, hand tools, electronic products, games & toys · subject also provides customers with OEM products. |
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No. of Employees |
13. (Including
associate) |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 |
EURO-EAST EXPORTS WORLDWIDE LTD.
(Your enquiry given as: Euro East Exports Worldwide Ltd. of the same address)
Flat C, 7/F., Milton Mansion, 96 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2369 2268 (8 lines)
FAX: 852-2724 1714
E-MAIL: madhur@euroeast.com
Managing Director: Mr. Madhur Naraindas Bhojwani
Incorporated on: 7th April, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$4,500,000.00
Issued: HK$4,500,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$150-200 million.
Employees: 13. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat C, 7/F., Milton Mansion, 96 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
China Offices:-
Guangzhou Office
Kai Cheng Huating
Building, Commerce Centre, 2nd Floor, Room 201~205, 83 Xian Lie Zhong
Road, Guangzhou, 510095, China.
[Tel: 86 (20) 3766-3109 / 3209 / 3309 / 3409 /
3509 / 3107
Fax: 86 (20) 8731-7108 / 7109]
Ningbo Office
Unit B201, Da Shi Dai
Building, 105, Renmin Road, Ningbo City, Zhejiang Province, 315021 China.
[Tel: 86 (574) 8767
5475; Fax: 86 (574) 2786 3885]
Yiwu Office
Room 201, No. 7,
Tower 6, 601 Chouzhou Bei Road, Yiwu, Zhejiang Province, China.
[Tel: 86 (579)
5547434; Fax: 86 (579) 5547434]
Associated/Affiliated
Companies:-
Aquarius Traders, Hong Kong.
Euro-East Enterprises, Hong Kong.
Euro-East Exports Ltd., Hong Kong.
Harrison Enterprises, Hong Kong.
Hong Kong Trading Corporation, Hong Kong.
Leo Trading Company, Hong Kong.
Libra Enterprises, Hong Kong.
Sumo Industrial Company, Hong Kong.
21661786
0641443
Managing Director: Mr. Madhur Naraindas Bhojwani
Nominal Share Capital: HK$4,500,000.00 (Divided into 4,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,500,000.00
(As per registry
dated 07-04-2013)
|
Name |
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No.
of shares |
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Madhur
Naraindas BHOJWANI |
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2,400,000 |
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Rajesh
Madhur BHOJWANI |
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100,000 |
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Rekha Madhur BHOJWANI |
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2,000,000 |
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–––––––– |
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Total: |
4,500,000 ======= |
(As per registry
dated 07-04-2013)
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Name (Nationality) |
Address |
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Madhur Naraindas BHOJWANI |
Flat B, 5/F., Hanyee Building,
19-21 Hankow Road, Tsimshatsui, Kowloon, Hong Kong. |
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Rajesh Madhur BHOJWANI |
Flat G, 15/F., Block 1, Site
12, Bamboo Mansion, Whampoa Gardens, Hunghom, Kowloon, Hong Kong. |
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Reena Madhur BHOJWANI |
Flat B, 5/F., Hanyee Building,
19-21 Hankow Road, Tsimshatsui, Kowloon, Hong Kong. |
Madhur
Naraindas BHOJWANI (As per registry
dated 07-04-2013)
The subject was incorporated on 7th April, 1998 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Global Trade Communication Network Ltd., name changed to Euro-East Electronics Ltd. on 5th October, 2005 and further to the present style on 15th October, 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Garments, household products, hand tools, electronic products, games & toys
Employees: 13. (Including associate)
Commodities Imported: China, other Asian countries, etc.
Markets: Australia, North America, other Asian countries, Europe, etc.
Annual Turnover: HK$150-200 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$4,500,000.00 (Divided into 4,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,500,000.00
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:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· BNP Paribas, Hong Kong Branch.
· Bank of Baroda, Hong Kong Branch.
· Calyon, Hong Kong Branch.
· HBZ Finance Ltd., Hong Kong.
· UCO Bank, Hong Kong Branch.
Standing: Good.
Having issued 20,000 ordinary shares of HK$1.00 each, Euro-East Exports Worldwide Ltd. is jointly owned by Mr. Madhur Naraindas Bhojwani, holding 53.3% interests; Mr. Rajesh Madhur Bhojwani, holding 2.2%; Mrs. Rekha Madhur Bhojwani, also 44.4%.
The subject has got a main associated company Euro-East Exports Ltd. [EEEL] located at the operating address of the subject. Incorporated on 9th August, 1985, EEEL is engaged in the same lines of business as the subject. Both firms are under the same management.
The subject and EEEL are owned by the Bhojwani family who have been in Hong Kong for a very long time.
Being a buying office in Hong Kong, the subject is a trading firm owned by Indian. It is trading in varieties of products. Currently it is sourcing and exporting the following commodities:
Suits & Jackets - Men’s‚ Suits &
Jackets - Women’s‚ Children’s Wear‚ Blouses‚ Denim Garments‚ Dresses &
Skirts‚ Shirts‚ Trousers & Slacks‚ Handbags‚ Travel Bags & Luggage‚
Umbrella‚ Battery Operated Toys‚ Playing Card‚ Toys, Others‚ Clocks‚ Watches‚
Household Products - Metal‚ Household Products - Plastic‚ Frames, Picture /
Photo (Photo Frames)‚ Giftware‚ Advertising Premium‚ Hotel / Airline Amenities‚
Stationery‚ Writing Equipment‚ Locks‚ Hand Tools‚ Cosmetic Accessories &
Personal Care Items‚ Hair Accessories & Hair Care Items‚ Audio Equipment‚
Television (include LCD / Plasma Display / HDTV)‚ Lanterns & Flashlights -
B/O‚ Telephone & Telephone Equipment (Excluding Mobile Phone)‚ Video Games
(TV games)‚ Handheld Video Game‚ Calculators‚ Card - Greeting, Musical &
Fertilizers.
According to the subject, it is carrying about 25,000 types of products. Most of the products are sourced from China. It also imports from Taiwan and the other Asian countries or acquired from local suppliers. The subject also provides customers with OEM products. Prime markets are Australia, North America, Taiwan, other Asian countries, Europe, Scandinavia, etc. Business is rather active.
In order to facilitate the sourcing of commodities from China, EEEL has set up offices in China located in Guangzhou City of Guangdong Province, Ningbo City and Yiwu City of Zhejiang Province.
The subject has maintained a number of China suppliers and foreign customers in Asia and Europe.
The annual sales turnover of the subject ranges from HK$150 to 200 million. Business is active. Making a small profit every year. No derogatory data have been heard.
The subject’s business is chiefly handled by Mr. Madhur Naraindas Bhojwani.
As the history of the history of the subject in Hong Kong is over fifteen years, consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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21-05-2012 |
Instrument: Memorandum Property: Distinctive 91210300005229 14-05-2012 449,821,56 14-06-2012 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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30-06-2011 |
Instrument: Lien & Set-Off Agreement Property: Fixed Deposit Receipt No.: DFN3050887 Value Date: 30-05-2011 Principal Amount: HK$236,650.50 Maturity Date: 30th August, 2011. Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation & facilities
granted to Euro-East Exports Worldwide Ltd. from time to time by HBZ Finance
Ltd. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.86 |
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1 |
Rs.103.06 |
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Euro |
1 |
Rs.84.92 |
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.