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Report No. : |
355487 |
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Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SOIMEX INTERNATIONALLTD. |
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Registered Office : |
Units 902-904, 9/F., Metro Loft, 38 Kwai Hei Street, Kwai Chung,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.02.1978 |
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Com. Reg. No.: |
14715724 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Exporters; Buying Agent of Garments and accessories, belts, buttons, fasteners, garment accessories, haberdashery, textile goods, piece goods, textiles-cotton, textiles-handloom, textiles-synthetic, textiles-woollen, textiles-woven and wool, denims, corduroy, twills & canvas. |
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Employees: |
20. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
SOIMEX
INTERNATIONALLTD.
ADDRESS: Units 902-904, 9/F., Metro
Loft, 38 Kwai Hei Street, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2721 0129
FAX: 852-2739
8293, 2368 3057
E-MAIL: info@soimex.com
victor@soimex.com
Managing Director: Mr. Vishwa
Prakash
Establishment: 18th
February, 1978. (Sole Proprietorship)
Incorporated on: 11th
June, 1991.
Organization: Private
Limited Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Buying Agents and Exporters.
Annual Turnover: HK$250
- 300 million.
Employees:
20.
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
SOIMEX
INTERNATIONAL LTD.
ADDRESS:
Registered Head
Office:-
Units 902-904, 9/F., Metro Loft, 38 Kwai Hei Street, Kwai Chung,
New Territories, Hong Kong.
Holding Company:-
Cadogan Properties Ltd., British Virgin Islands.
Associated
Companies:-
Sanam Tradelinks Pvt. Ltd., India.
Sarla Tradelinks Pvt. Ltd., India.
Soimex China Resources, China.
Soimex Denimagic Inc., U.S.A.
Soimex Garment Services Pvt. Ltd., India.
Soimex International Pvt. Ltd., India. [Strike Off]
Sumant Tradelinks Pvt. Ltd., India.
Sundar Tradelinks Pvt. Ltd., India.
Sundaresh Properties Pvt. Ltd., India.
Textilasia Ltd., Hong Kong. [Dissolved]
14715724
0314019
Managing Director: Mr. Vishwa
Prakash
Financial Controller: Mr.Satish
Kudyadi
Contact Person: Ms. Oyen Kwan
HK$5,000,000.00
(As per registry
dated 11-06-2015)
|
Name |
|
No. of shares |
|
Cadogan Properties Ltd. 2/F., Palm Grove House, Wickhams Cay, Road Town, Tortola, British
Virgin Islands. |
|
500,000 ====== |
(As per registry dated 11-06-2015)
|
Name (Nationality) |
Address |
|
Vishwa PRAKASH |
Units 902-904, 9/F., Metro Loft, 38 Kwai Hei Street, Kwai Chung, New
Territories, Hong Kong. |
(As per registry dated 11-06-2015)
|
Name |
Address |
|
Arun KUMAR |
Units 902-904, 9/F., Metro Loft, 38 Kwai Hei Street, Kwai Chung, New Territories,
Hong Kong. |
The subject, previously known as Soimex International, was originally
established on 18th February, 1978 as a sole proprietorship concern of
Mr. Vishwa Prakash under the Hong Kong Business Registration
Regulations. Re-organized and
incorporated on 11th June, 1991 as a private limited liability company under
the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importers
and Exporters; Buying Agent.
Lines: Garments and
accessories, belts, buttons, fasteners, garment accessories, haberdashery,
textile goods, piece goods, textiles-cotton, textiles-handloom,
textiles-synthetic, textiles-woollen, textiles-woven and wool, denims,
corduroy, twills & canvas.
Employees: 20.
Commodities Handled: Mainly
acquird in Hong Kong, imported from China, Taiwan, Korea, India and etc.
Markets: Central
Africa, Egypt, India, Mauritius, Middle East, South America, Sri Lanker,
Turkey,
etc.
Annual Turnover: HK$250 -
300 million.
Terms/Sales: L/C, D/P and D/A.
Terms/Buying: L/C or as per contracted.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: ( See attachment)
Profit & Loss: Traded
at a profitable angle.
Condition: Keeping
in an active and satisfactory manner.
Facilities: Making
active use of general banking facilities.
Payment: Regularly met.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Middle East Finance International Ltd.,
Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
Bank of Singapore Ltd., Hong Kong Branch.
Standing: Normal.
The subject’s predecessor, Soimex International was a sole
proprietorship firm owned and set up by Mr. Vishwa Prakash who is an Indian.
The sole proprietorship was established in February 1978. The limited company was incorporated in June
1991 in order to cope with expansion.
Now the subject is a wholly-owned subsidiary of Cadogan Properties Ltd.
which is a BVI-registered company.
Actually, the subject is jointly owned by the members of Prakash family
who have been in Hong Kong for a very long time.
The subject mainly acts as a buying agent. It exports fabrics, included grey fabrics to
denim, piece dyed cotton twills, corduroys and poplins to fancy dobbies, and
garment accessories to India, Sri Lanker, the Middle East, Turkey, Egypt,
Central Africa, Mauritius, South America, etc.
The following commodities are carried by the subject:-
Solid dyed & printed fabric in twill, poplin, canvas, voile, satin,
shirting etc., yarn dyed fabric mainly in cotton, T/C & CVC for twill and
poplin weave indigo, blue black and black yarn dyed regular or slub denim solid
dyed corduroy in both cotton and CV C quality, Garment accessories include
zipper, lace, button, rivet, printed label, woven label, hangtag, bungee cord,
elastic, leather tape, rubber patch, plastic stopper, thread, Velcro tape,
eyelet, sewing machines & parts, etc.
The commodities are mostly sourced in Hong Kong and from China. The subject has maintained offices in China,
India and the United States. It has its
own in-house designers, textile engineers, merchandisers and QC staff.
The annual sales turnover of the subject ranges from HK$250 to 300
million. Business is profitable and
active.
Having a history of more than 37 years, the subject has developed
business ties with a number of suppliers and overseas buyers in more than 84
countries especially in India.
The subject’s business is mainly handled by Mr. Vishwa Prakash who is a
textile designer. He has got an MBA
degree in Finance and Marketing. He is a
Hong Kong ID holder and sometimes he resides in the United States.
On the whole, we consider the subject good for normal business
engagements.
|
Date |
Particulars |
Amount |
|
29-01-1992 |
Instrument: Charge on
Deposit Obligations of the Depositor Property: All monies whether now or hereafter standing to the credit of the
Company’s Deposit Account Mortgagee: Middle East
Finance International Ltd., Hong Kong. |
To secure all moneys |
|
05-11-1992 |
Instrument: Security Over
Deposits Property: Fixed Deposit of HK$500,000 standing to the credit of the Depositor’s
Account Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong. |
To secure banking facilities |
|
12-08-2002 |
Instrument: Charge Over
Securities and Receivables Property: “Securities” means (i) all equity and debt instruments and other
instruments commonly known as securities owned by the Customer which, at any
time and for any reason, are in the possession or control of the Bank, any
nominee of the Bank or a Depository, (ii) all dividends, interest,
distributions and other moneys derived therefrom and (iii) all accretions,
allotments, and other benefits accruing or arising in respect thereof; “Receivables” means all receivables attributable to any certificate of
deposits or other instruments owned by the Customer and are either held in
the name of the Bank or any nominee of the Bank or are in the possession or
control of the Bank, its nominee or a Depositary. Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong. |
(i) all moneys in any currency owing by the Customer to the Bank at
any time, actually or contingently, in any capacity, alone or jointly with
any other person, (ii) interest on such moneys, to the date on which the
Bank receives payment, at the rates payable by the Customer or which would
have been payable but for any circumstance which restricts payment,
(iii) all expense of the Bank in making payment in respect of the
Securities on behalf of the Customer, as a result of failure by the Customer
to make such payment when due and (iv) all expenses of the Bank in perfecting
or enforcing the Charge |
|
10-05-2004 |
Instrument: Mortgage Property: 199/33,332nd parts or shares of and in Kwai Chung Town Lot No. 448
(Unit Nos. 2, 3 & 4 on 9/F. and Car Parking Space No. 28 & 30 on 3/F.
of Metro Loft, No. 38 Kwai Hei Street, Kwai Chung, New Territories, Hong
Kong.) Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong. |
To secure “all moneys” in respect of general banking facilities |
|
25-04-2005 |
Instrument: Assignment of
DC Proceeds re export bills restricted to other banks for negotiation/payment Property: By way of assignment or agreement to assign in each case as beneficial
owner. All monies in any currency
representing proceeds payable or to be paid to the Customer under the
Documentary Credits, all the Customer’s right, title and interest in the said
Documentary Credits and the benefit of all powers and remedies for enforcing
the Documentary Credits. Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the
Customer against documents submitted under a Documentary Credit, all monies
and liabilities in any currency owing by the Customer to the Bank at any
time, whether separately or jointly, actually or contingently, present or
future, interest on all loans and advances and such monies and all expenses
of the Bank in perfecting or enforcing the Assignment |
|
10-10-2006 |
Instrument: Undertaking Relating
to Deposits Property: Distinctive No. of Receipt: ME 264416 & ME 264514 Mortgagee: Indian Overseas
Bank, Hong Kong Branch. |
All and any liabilities |
|
27-11-2006 |
Instrument: Letter of
Set-Off & Appropriation Property: Fixed Deposits: A/C No. 031813; Deal No. 117285, 118143, 119228 &
119227 Mortgagee: Bank of India,
Hong Kong Branch. |
Advances and other banking facilities |
|
25-08-2008 |
Instrument: Letter of
Set-Off & Appropriation Property: Fixed deposit deal No. 144646 dated 03-07-2008 for EUR 249,834.41 of
A/C/ No. 031813 Mortgagee: Bank of India,
Hong Kong Branch. |
Advances and other banking facilitieis |
|
29-11-2013 |
Instrument: Mortgage Property: 69/33,332nd parts or shares of and in Kwai Chung Town Lot No. 448
(Unit No. 1 on 9/F., Metro Loft, 38 Kwai Hei Street, Kwai Chung, New
Territories, Hong Kong.) Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong. |
All moneys |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
HKD |
1 |
Rs.8.52 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
SDA |
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.