|
Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TEXPO INTERNATIONAL LTD |
|
|
|
|
Registered Office : |
Room 702, 7/F., Car Po Commercial Building, 18 Lyndhurst Terrace, Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
05.08.1986 |
|
|
|
|
Com. Reg. No.: |
10454819 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF LIGHT INDUSTRIAL
PRODUCTS, CHEMICALS, ACCESSORIES |
|
|
|
|
No. of Employees : |
6 |
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 : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 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 |
TEXPO
INTERNATIONAL LTD.
ADDRESS:
Room 702, 7/F.,
Car Po Commercial Building, 18 Lyndhurst Terrace, Central, Hong Kong.
PHONE: 852-2524 4948, 2869 9986
FAX: 852-2840 0060
E-MAIL: texpo@netvigator.com
mail@texpointernational.com
MANAGEMENT:
Managing
Director: Mr. Devang Avlani
Incorporated on: 5th August, 1986.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$2,500,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: US$60~65 million (Including associates)
Employees: 6. (Including associates)
Main Dealing Banker: DBS Bank Hong Kong Ltd., Hong Kong.
Banking Relation: Satisfactory.
TEXPO
INTERNATIONAL LTD.
Registered
Head Office:-
Room 702, 7/F.,
Car Po Commercial Building, 18 Lyndhurst Terrace, Central, Hong Kong.
Holding
Company:-
Agile Industries Ltd.,
British Virgin Islands.
Associated
Companies:-
Aegis Plus Ltd., Hong Kong. [Trading as Aegis Safety Products]
(Same address)
Birgo (H.K.) Ltd.,
Hong Kong.
Texpo
International, Hong Kong. [Ceased
business]
Texpo Unique Ltd.,
Hong Kong. [Dissolved]
10454819
0172873
Managing
Director: Mr. Devang Avlani
Nominal Share
Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share
Capital: HK$2,500,000.00
(As
per registry dated 05-08-2014)
|
Name |
|
No.
of shares |
|
Agile Industries Ltd. 263 Main Street, P.O. Box 2196, Road Town, Tortola, British Virgin
Islands. |
|
25,000 ===== |
(As
per registry dated 05-08-2014)
|
Name (Nationality) |
Address |
|
Devang AVLANI |
Room A, 13/F., Bellevue Heights, 8 Tai
Hang Drive, Hong Kong. |
(As
per registry dated 05-08-2014)
|
Name |
Address |
Co.
No. |
|
Louis
Lai & Luk Co. Secretarial Services Ltd. |
9/F., Surson Commercial Building, 140-142 Austin Road, Tsimshatsui,
Kowloon, Hong Kong. |
0686503 |
The
subject was incorporated on 5th August, 1986 as a private limited liability
company under the Hong Kong Companies Ordinance.
It
was originally registered under the name of Sonica Trading Ltd., name changed
to the present style on 1st September, 2004.
Formerly
the subject was located at 5/F., 57 Wyndham Street, Central, Hong Kong,
moved to the present address in March 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Light industrial products, chemicals, accessories.
Employees: 6. (Including associates)
Commodities Imported: Asian countries, Europe, etc.
Markets: India, other Asian countries, etc.
Annual Turnover: US$60~65 million (Including associates)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP: The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$2,500,000.00
Indebtedness: HK$4,081,193.04 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 05-08-2014)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: DBS Bank Hong Kong Ltd., Hong Kong.
Standing: Very Good.
Having
issued 25,000 ordinary shares of HK$100.00 each, Texpo International Ltd. is wholly
owned by Agile Industries Ltd. which is a BVI‑registered firm.
The
subject moved to the present address in March 2011.
The
subject has got a number of affiliated companies located at its operating
address. One of its affiliates was Texpo
International (bearing BR No. 19092828) which has ceased business since 30th
May, 2006. Another affiliate Texpo
Unique Ltd. was dissolved by deregistration on 2nd June, 2006.
Currently,
the subject is trading in the following commodities:-
·
Piecegoods - Silk (To India),
·
Spice (To India),
·
Silk , Raw (From Korea, China, to
India),
·
Bulbs (Include fuse from Taiwan,
China, to India),
·
Bulb - Energy Saving (Energy
saving lamps from China, to India),
·
Security Products (Security and
surveillance product from China, Korea and Japan, to India),
·
Sunglasses (From Korea, Japan,
Germany, Italy, to India),
·
Spectacle Frame - Metal (From
Korea, Japan, Germany & Italy, to India),
·
Spectacle Frame - Plastic (From
Korea, Japan, Germany & Italy, to India),
·
Food Chemicals (Citric Acid and its
derivatives from China & Korea, to India),
·
Pharmaceutical Chemicals (Include
pigment for Pharmaceutical),
·
Dyeing, Tanning & Colouring
Materials (Pigment for textile, to India),
·
Plastic Materials (including
Resins & Sheet ) (LDPE/HDPE, to India), etc.
Most
of the subject’s commodities are sourced from China, South Korea, Japan,
Germany, Italy, etc. Prime market is
India. Other markets are Southeast Asia,
the Middle East, Western Europe, etc.
The subject also trades in large quantities of pharmaceuticals and
chemicals.
According
to the subject in recent years, it has been emphasising in work gloves,
industrial gloves, work wear, uniforms, coveralls, helmets, safety products,
personal protective equipment, etc.
The
subject has got affiliated companies in India.
It also has had an affiliated factory in China employing about 400
persons.
Overall
business of the subject is active.
Annual sales turnover ranges from US$60 to 65 million. Business is rather profitable and
active. History in Hong Kong is over 28
years.
On the whole,
consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.