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Report Date : |
25.11.2014 |
IDENTIFICATION DETAILS
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Name : |
CANRICH INDUSTRIES LTD. |
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Registered Office : |
Flat C, 8/F., Block 2, |
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Country : |
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Date of Incorporation : |
10.03.1987 |
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Com. Reg. No.: |
10872219 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of bicycle and bicycle parts,
batteries, footwear, garments, mosquito coils, casual wear, active sportwear,
denims, blouses, towels, textiles, bags, household appliances, toys,
toiletries, healthcare products |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRAs 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 : |
Exist |
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 June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A1 |
A1 |
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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 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
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Source
: CIA |
(Formerly located at:
Room 502-503, 5/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.)
CANRICH INDUSTRIES
LTD.
ADDRESS: Room 401-402, 4/F., Houston Centre, 63 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2541 4566~7, 2541 0671~3
FAX: 852-2541 2640, 2541 4228
E-MAIL: ashoku@canrich.com
Managing Director: Mr. Pashmina Vivek Bhagnari
Incorporated on: 10th March, 1987.
Organization: Private Limited Company.
Capital: Nominal:HK$5,000,000.00
Issued: HK$4,000,000.00
Business Category: Importer and Exporter.
Employees: 15. (Including associate)
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp.
Ltd.,
Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Address:
Flat C, 8/F., Block 2, Estoril Court, 55 Garden Road, Hong Kong.
Operating Office:-
Room 401-402, 4/F., Houston Centre, 63 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
Mailing Address:-
G.P.O. Box 7112, Hong Kong.
Overseas Branch:-
Room 301, 3/F., #200, Nanking East Road, Section 3, Taipei, Taiwan.
[Tel: 886-2-7112500; Fax: 886-2-7211961]
Associates/Subsidiaries:-
Canrich Apparels Ltd., Hong Kong. [Dissolved]
Fens International (Taiwan) Ltd., Taiwan.
Goldtex Ltd., Hong Kong. (Same address)
Affiliates:-
USA, Egypt, Lome (Togo), Accra (Ghana), Panama Cotonou (Benin), Iquique (Chile), etc.
10872219
0184498
Managing Director: Mr. Pashmina Vivek Bhagnari
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
SHAREHOLDERS: (As per registry dated 10-03-2014)
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Name |
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No. of shares |
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Neena Arjandas DARYANAN |
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800,000 |
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Arjan Tarachand DARYANANI [Died on 12-08-2001] |
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3,200,000 |
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Total: |
4,000,000 ======= |
DIRECTOR: (As per registry dated 10-03-2014)
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Name (Nationality) |
Address |
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Pashmina Vivek BHAGNARI |
Room 401-402, 4/F., Houston Centre, 63 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. |
SECRETARY: (As per registry dated 10-03-2014)
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Name |
Address |
Co. No. |
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Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong. |
1273165 |
The subject was incorporated on 10th March, 1987 as a private limited liability company under the Hong Kong Companies Ordinance.
Initially the subject was located at Room 2206, 22/F., Far East Consortium Building, 21 Des Voeux Road Central, Hong Kong, moved to 12/F., Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong in early 1996, to Room 502-503, 5/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong in November 1998, and further to the present address in April 2002.
Its registered address moved to Flat C, 8/F., Block 2, Estoril Court, 55 Garden Road, Hong Kong in April 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of bicycle and bicycle parts, batteries, footwear, garments, mosquito coils, casual wear, active sportwear, denims, blouses, towels, textiles, bags, household appliances, toys, toiletries, healthcare products
Employees: 15. (Including associate)
Commodities Imported: Imported from Germany, India, China, Taiwan, etc.
Markets: Hong Kong, Spain, Middle East, South America, USA, Ghana, Egypt, West Africa, etc.
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
Profit or Loss: Business is profitable.
Condition: Keeping in an active and good manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
Credit Agricole Corporate & Investment Bank, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
HBZ Finance Ltd., Hong Kong.
Standing: Good.
Canrich Industries Ltd. is an Indian company formed in 1987. Having issued 4 million ordinary shares of HK$1.00 each, it is jointly owned by Mr. Arjan Tarachand Daryanani, holding 80% interests; and Mr. Neena Arjandas Daryanani, holding 20%. However, the former passed away on 12th Auguest, 2001.
The Managing Director of the subjet Mr. Pashmina Vivek Bhagnari is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject is an importer and exporter of general merchandise. It is trading in the following commodities:-
Health and Medical Care Products;
Jeans and Garments;
Textile Products;
Household electric appliances;
Toiletries;
Personal Care Products;
Toys;
Bags;
Food Products; &
Other Light Industrial Products.
Products are sourced from India, China, Taiwan and the other Asian countries. Prime markets are Hong Kong, Spain, the Middle East, South America, the United States, Ghana, Egypt, West Africa, etc.
According to the subject, it has had offices/associates in Taiwan, the United States, Egypt, Lome (Togo), Accra (Ghana), Panama Cotonou (Benin), Iquique (Chile), etc. It has developed business ties with a number of suppliers and overseas customers. Business has been active.
The history of the subject is about twenty-seven years and eight months in Hong Kong.
On the whole, consider it good for normal business engagements.
Court case record:-
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Date |
Plaintiff |
Defendant |
Cause |
Amount |
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July 1996 |
Heeros Textiles |
Canrich Industries Ltd. |
Amount due |
US$27,750 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.78 |
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1 |
Rs.96.78 |
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Euro |
1 |
Rs.76.59 |
INFORMATION DETAILS
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Analysis Done by
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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 SCs 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.