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Report No. : |
319101 |
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Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
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Name : |
EASTERN INDUSTRIES |
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Registered Office : |
Room 1116-1117, 11/F., Beverley Commercial Centre, 87-105 Chatham Road
South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.12.2001 |
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Com. Reg. No.: |
32246456-000-12 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is importer,
exporter and wholesaler of all kinds of garments, textile products, household
accessories |
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No. of Employee : |
15 |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
|
Source
: CIA |
EASTERN INDUSTRIES
Room 1116-1117,
11/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 852-3184 0841
FAX: 852-3184 0891
E-MAIL: smodi@easternind.com
Manager: Mr. Himanshu Modi
Establishment: 8th December, 2001.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: 15.
Main Dealing Banker: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head
Office:-
Room 1116-1117, 11/F., Beverley Commercial
Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
Affiliated/Associated
Companies:-
Eastern Industries Central Ltd., Hong
Kong.
Eastern Industries
Ltd., Hong Kong.
Hangzhou Anteng
Garment Co. Ltd., China.
Hangzhou Anteng
Trading Co. Ltd., China.
Shirav
International, India.
32246456-000-12
Manager: Mr. Himanshu Modi
(Mobile Phone: 852-9844 1551)
Name: Mr. Himanshu MODI
Residential
Address: Flat D, 6/F., Golden Mansion, 83-85 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong.
The
subject was established on 8th December, 2001 as a sole proprietorship concern
owned by Mr. Himanshu Modi under the Hong Kong Business Registration
Regulations.
Initially
the subject was located at Flat D, 6/F., Golden Mansion, 83‑85 Chatham
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in August
2005.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of garments, textile products,
household accessories, etc.
Employees: 15.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: China, Australia, Eastern Europe, Hong Kong,
Japan, South Korea, North America, Taiwan, Western Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making active use of general banking
facilities.
Payment: Met trade commitments as required.
Commercial
Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
Eastern
Industries is a sole proprietorship set up and owned by Mr. Himanshu Modi who
is an Indian. He is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently.
Business
commenced in December 2001, the subject is trading in the following commodities:-
·
Jacket – Men (Excluding Ski-Jacket) (OEM);
·
Jacket – Ladies (Excluding Ski-Jacket) (OEM);
·
Sporting Knitwear (OEM);
·
Knitted Garments (OEM);
·
Tee and Sweat Shirts (OEM);
·
Sport Suits (Yoga Practise Wear, Yoga Practise
Wear, OEM); &
·
Fitness / Gymnastic Mat (Yoga Mat, Yoga Mat, OEM).
The
subject also trades in “Yoga 4 Yogi” products.
Its natural yoga wear is suitable for both yoga practice and casual
wear. The subject’s yoga products bear
the following brand names: “ANAHATA YOGA”, “The Yoga Room”, “Yoga Place”, “M”, etc.
The subject’s yoga products are famous in Hong Kong. The followings are some of the related
products: Long Lotus Yoga Pants, Short Yoga Pants, Swastika Yoga Tops, Yoga 4
Yogi Aum Tops, Yoga 4 Yogi Chakra Yoga Tank Tops, etc.
In
recent years, the subject’s product lines have been expanded to lighting
products, furniture, floor and wall coverings, furnishing products, room
amenities, etc. apart from garments.
Commodities
are imported from, China, other Asian countries, etc. Prime markets are India, Australia, Eastern
Europe, Hong Kong, Japan, South Korea, North America, Taiwan, Western Europe,
etc. Business is rather active.
The
subject has got two affiliated companies in China, namely, Hangzhou Anteng
Trading Co. Ltd. and Hangzhou Anteng Garment Co. Ltd. These two firms are responsible for sourcing
commodities in China for the subject.
The former is sourcing bedding sets, quilts, blankets and other textile
products while the latter is sourcing garments.
The
head office of the subject is in Nariman Point, Mumbai, India while its China
office is located at 1509 – 1512, Quanjiang International Business Centre, 6
Quanjiang Road, Hangzhou City, Zhejiang Province, China.
The
subject’s business is chiefly handled by Mr. Himanshu Modi himself. He can be reached at his Hong Kong mobile
phone number 852-9844 1551.
As
the history of the subject is over thirteen years and four 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.63.61 |
|
|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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 |
-- |
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.