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Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
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Name : |
TEXASIA TRADING (HK) LTD. |
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Registered Office : |
c/o Prima Secretaries Ltd. |
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Country : |
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Date of Incorporation : |
05.10.2007 |
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Com. Reg. No.: |
38505696 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employees : |
No employees in
Hong Kong It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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 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 |
TEXASIA TRADING
(HK) LTD.
Registered Office:-
c/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.
[Tel: 852-2376 3611; Fax: 852-2736 5115]
Associated
Companies:-
Pardesh Exports Pvt. Ltd., India.
Pardesh Agencies Pvt. Ltd., India.
Tram Design Studio Pvt. Ltd., India.
Ishan International
1/F., 199 Jor Bagh, New Delhi 110003, India.
[Tel: 91-11-2638 9140; Fax: 91-11-2461 1081]
38505696
1173229
5th October, 2007.
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER: (As per registry dated 05-10-2013)
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Name |
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No. of share |
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Martin James Colin GRAHAM |
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1,000 ==== |
DIRECTOR: (As per registry dated 13-06-2014)
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Name (Nationality) |
Address |
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Martin James Colin GRAHAM |
Swallow Barn, Kirkby Lonsdale Road, Newton, Carnforth LA6 2NZ, Lancashire, UK. |
SECRETARY: (As per registry dated 05-10-2013)
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Name |
Address |
Co. No. |
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Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong. |
0569406 |
The subject was incorporated on 5th October, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Oracle Investments (HK) Ltd., name changed to the present style on 8th December, 2010.
Formerly the subject was located at c/o Prima Secretaries Ltd., Suite 1402, 14/F., 1 Duddell Street, Central, Hong Kong, moved to the present address as Prima moved to the present address in November 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Date of Assignment of Receivables – General with Notice of Assignment: 11-11-2013
Amount: To secure all monies in respect of banking facilities owing at any time plus interest and all expenses.
Property: In consideration of the Banking Facilities, the Customer, as beneficial owner and by way of security for the payment of the Secured Monies, hereby assigns, and agrees to assign, to the Bank the Receivables until all the Secured Monies have been paid or discharged.
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Texasia Trading (HK) Ltd. is a private limited company founded in October 2007.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong known as Prima Secretaries Ltd. [Prima] which is handling its correspondences and documents. Prima is also the corporate secretary of the subject. Prima’s phone number is 852-2376 3611 and fax number is 852-2736 5115.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 1,000 ordinary share of HK$10.00 which is wholly owned by Mr. Martin James Colin Graham who is a UK passport holder. He is also the only director of the subject. Currently, Graham’s registered address is in Lancashire, the United Kingdom.
The subject increased its issued share capital from HK$10.00 to HK$10,000.00 in March 2012.
It is likely that Graham is operating a firm in India known as Ishan International. Ishan International is a manufacturer and exporter of leather and leather garments like leather jackets, leather long coats, etc. Products are exported to the United Kingdom, other European countries, North America, etc.
Graham’s old registered address located at “1/F., 199 Jor Bagh, New Delhi 110003, India” is also the operating address of Ishan International in India.
Besides, Graham is also the director of another three India companies, namely, Pardesh Exports Pvt. Ltd., Pardesh Agencies Pvt. Ltd. and Tram Design Studio Pvt. Ltd. The former two companies are also garment traders.
It is also likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The India firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject has been banking with The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. Business in Hong Kong is not very active although its history is about seven years.
On the wholes, since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.78 |
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1 |
Rs.99.27 |
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Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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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.