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Report No. : |
354136 |
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Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SHROFF & CO. LTD. |
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Registered Office : |
Unit D & E, 25/F., YHC Tower, 1 Sheung Yuet Road, Kowloon Bay, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
08.04.1981 |
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Com. Reg. No.: |
07161558 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of garments, kitchenware. |
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No. of Employees : |
12 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
SHROFF & CO. LTD.
ADDRESS: Unit D & E,
25/F., YHC Tower, 1 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2522 9833
FAX: 852-2845 0231
E-MAIL: shroff@shroff.com.hk
nshroff@shroff.com.hk
MANAGEMENT:
Managing Director: Mr. Neville
Savak Shroff
Incorporated on: 8th April, 1981.
Organization: Private Limited
Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 12.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
SHROFF & CO. LTD.
Registered Head
Office:-
Unit D & E, 25/F., YHC Tower, 1 Sheung Yuet Road, Kowloon Bay,
Kowloon, Hong Kong.
Mailing Address: G.P.O. Box 2495,
Hong Kong.
Associated
Company:-
Direct International (Hong Kong) Ltd., Hong Kong.
07161558
0095874
Managing Director: Mr. Neville
Savak Shroff
Merchandising Manager: Ms. Wendy Tsang
Contact Person: Ms. Christine
Wong
HK$1,000,000.00 (Divided into 1,000 ordinary shares of HK$1,000.00 each)
(As per registry dated 08-04-2015)
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Name |
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No. of shares |
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Neville Savak SHROFF |
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550 |
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Burji Savak SHROFF |
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450 |
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––––– |
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Total: |
1,000 ==== |
(As per registry dated 08-04-2015)
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Name (Nationality) |
Address |
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Neville Savak SHROFF |
4 Rutland Quadrant, Kowloon Tong, Kowloon, Hong Kong. |
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Burji Savak SHROFF |
4 Rutland Quadrant, Kowloon Tong, Kowloon, Hong Kong. |
(As per registry dated 08-04-2015)
|
Name |
Address |
Co. No. |
|
Prime Pillar Professional Services Ltd. |
Office B, 20/F., Wing Cheong Commercial Building, 19 Jervois Street,
Sheung Wan, Hong Kong. |
1227506 |
The subject was incorporated on 8th April, 1981 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject was located at ‘Room 2709-2711, 27/F., 113-115
Argyle Street, Mongkok, Kowloon, Hong Kong’, moved to the present address
in March 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of garments, kitchenware.
Employees: 12.
Commodities Imported: China, other
Asian countries.
Markets: Asian
countries, Europe, North America, Australia.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P.
MEMBERSHIP: The
Hong Kong General Chamber of Commerce, Hong Kong. [Membership No. HKS0084]
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Issued Share Capital: HK$1,000,000.00
(Divided into 1,000 ordinary shares of HK$1,000.00 each)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
condition.
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: Very Good.
Having issued 1,000 ordinary shares of HK$1,000.00 each, Shroff &
Co. Ltd. is jointly owned by Mr. Neville Savak Shroff, holding 55% interests;
and Mr. Burji Savak Shroff, holding 45%.
They are also directors of the subject.
Both belong to the Shroff family.
The subject is a family business.
The Shroff family is amongst the oldest Parsi families in Hong Kong,
with over four generations having lived here in more than a century. 55-year-old Neville Savak Shroff’s ancestors
established a thriving silk textiles business in Shanghai, following which his
father moved the business to Hong Kong. Neville, who is now the President of
the Hong Kong Zoroastrian Association and has been running the family trading
business for a very long time.
The subject moved to the present new address in April 2015.
According to the subject, its associate or predecessor was established
in Hong Kong in 1950. Since then,
it has been engaged in the garment industry.
With factories across Asia, the subject services the customers of the
United States, Europe, Canada, Australia, New Zealand and Japan.
The subject is specialised in garments trading and manufacturing and has
over 60 years of experience in garment manufacturing, delivery and designing
for global companies. The subject has
set up three garment divisions: ladies (40%), men (40%) and children (20%).
The followings are
its garment products:-
Knit and wowen shirts such as t-shirts,
polo-shirts, sport shirts, dress shirts and tuxedo shirts. Also sweaters, trousers, jeans, golfingwear,
ski-jackets and street-wear.
Woven and knits such as t-shirts and
polo-shirts, blouses, suits, jeans, pants and skirts. Eveningwear, sportswear such as golfingwear,
ski‑jackets and street-wear.
Rompers, tops, dresses, shirts and
coats. Woven and knit pants as well as
denim.
Associated factories are mainly in China, Macau, India, Sri Lanka,
Vietnam and Bangladesh.
Besides garments, the subject also trades in household kitchenware products. Its kitchenware includes the following
products:-
Tea Kettles, Polished Teapots, Tea Kettles, Food Warmers, Stainless
Steel & Aluminium Pressure Cookers, Aluminium Cooking Pots, etc.
The subject also has set up a department servicing a comprehensive and a
wide spectrum of consumer items. In
recent years, the subject has been trading in flowers, porcelain ware, and
other general merchandise, etc.
The subject has had two joint venture plants in China and an office in
Ningbo City, Zhejiang Province, China.
It also has had associated offices in London and New York.
According to the subject, it just works only with those factories that
are ISO 9002 certified. Factories
and manufacturing capabilities take place in China, Macao, India, Sri Lanka,
Vietnam and Bangladesh.
Apart from garments, the subject also trades in stainless steel
aluminium wares including teapots kettles, cookware and food warmers, stainless
and aluminium pressure cookers and pots.
Products are chiefly exported to the United States, Europe, the Middle
East, etc.
The subject has had a main affiliated factories in Xinhui, Jiangmen
City, Guangdong Province, China. The
floor area of the factory covers over 3,000 sq.m. It is a garment manufacturing factory.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities.
The subject has had associated companies engaged in exporting of branded
fashions or making investments.
The subject’s business is active and steady. Regular suppliers and customers have been
maintained. Annual sales turnover is
significant. History is long in Hong
Kong.
On the whole, consider it good for normal business engagements.
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Mar. 1991 |
Fullrate Enterprises Ltd. |
Shroff & Co. Ltd. |
Amount due |
US$85,923 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.99 |
|
|
1 |
Rs.101.78 |
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Euro |
1 |
Rs.73.47 |
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HKD |
1 |
Rs.8.64 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
TPT |
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.