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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
LARA FASHION LTD. |
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|
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Registered Office : |
10/F., North Tower, World Finance Centre, Harbour City,19 Canton Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.09.2008 |
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Com. Reg. No.: |
39792470 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Garment Trader all kinds of garments |
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No. of Employees |
95 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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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 |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
LARA
FASHION LTD.
ADDRESS:
10/F., North Tower,
World Finance Centre, Harbour City,19 Canton Road, Tsimshatsui, Kowloon, Hong
Kong.
PHONE: 852-2270 8908, 2270 8500,
2270 8457
FAX: 852-2721 0121, 2721 8937,
2721 0171
E-MAIL: info@newry.com.hk
shelina.lai@newry.com.hk
Managing
Director: Mr. Sanjay Manohar Makhija
Incorporated on: 10th September, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Garment Trader.
Employees: 95. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
LARA
FASHION LTD.
ADDRESS:
Registered
Head Office:-
10/F., North
Tower, World Finance Centre, Harbour City,19 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.
P.O. Box 3220,
Hong Kong.
Business
Names:- (Same address)
Celebrating
Fashion, Hong Kong.
New Orient China
Manufacturing, Hong Kong.
Holding
Company:-
Newry Ltd.,
Mauritius.
Associated
Companies:-
Newry Ltd., Hong
Kong.
Soul Angles Ltd.,
Hong Kong. (Same address)
39792470
1271791
Managing
Director: Mr. Sanjay Manohar Makhija
Contact
Person: Ms. Maggie Chu
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 10-09-2012)
|
Name |
|
No.
of shares |
|
Newry Ltd. 5/F., Barkly Wharf, Le Caudan Waterfront, Port Louis, Republic of
Mauritius. |
|
10,000 ===== |
(As
per registry dated 10-09-2012)
|
Name (Nationality) |
Address |
|
Vijay Manohar
MAKHIJA |
Flat C, 34/F., Block 2, Estoril Court, 55 Garden
Road, Hong Kong. |
|
Sanjay Manohar
MAKHIJA |
Flat B, 33/F., 3 Garden Terrace, 8A Old
Peak Road, Hong Kong. |
(As
per registry dated 10-09-2012)
|
Name |
Address |
|
FUNG
Mei Ling, Rita |
Room E, 40/F., Block 1, The Pinnacle, 8 Wan Hang Road, Tseung Kwan O,
New Territories, Hong Kong. |
The
subject was incorporated on 10th September, 2008 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: Garment Trader.
Lines: All kinds of garments.
Employees: 95. (Including associates)
Commodities Imported: Imports raw materials from European countries, some of the Asian countries and finished products from China.
Markets: Eastern Europe, North America, Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
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: 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 contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Lara
Fashion Ltd. is a wholly-owned subsidiary of Newry Ltd. [Newry] which is a firm
registered in the Republic of Mauritius.
The
directors of the subject Mr. Vijay Manohar Makhija and Mr. Sanjay Manohar
Makhija are Indian but they are also Hong Kong ID holders and have got the
right to reside in Hong Kong permanently.
The
subject is a garment trader and has got the following two business names:-
·
Celebrating Fashion; &
·
New Orient China Manufacturing.
The
subject is trading in the following commodities:-
·
Suits & Jackets - Men’s;
·
Suits & Jackets - Women’s, Children’s Wear,
Anoraks, Parkas & Car‑coats, Blouses, Dresses & Skirts, Shirts,
Trousers & Slacks.
Newry
has more than 35 years experience in the apparel industry. It is specialized in casual-wear,
sports-wear, etc. It has had an
associated factory in Ningbo City, Zhejiang Province, China. The factory covers an area of about 100,000
sq.ft. and having about 1,000 workers.
The
main customers of Newry are Reebok, Wilson, Oakley, Vans and Reef, etc.
The
subject and its associates in Hong Kong have about 95 employees while 30 of
them are in-house designers.
In
Hong Kong, Newry is a member of the Indian Chamber of Commerce Hong Kong,
Hong Kong.
The
subject’s products are exported to the United Kingdom, Germany, Spain, other
European countries and some of the Asian countries, etc.
The
Contact Person of the subject Ms. Maggie Chu is a Hongkongnese.
As
the history of the subject is over five years and seven months in
Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared by
: |
PDT |
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.