MIRA
INFORM REPORT
|
Report No. : |
305664 |
|
Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SOIMEX INTERNATIONAL LIMITED |
|
|
|
|
Registered Office : |
Unite 902-904, 9/F, Metro Loft, |
|
|
|
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Country : |
|
|
|
|
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Date of Incorporation : |
11.06.1991 |
|
|
|
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Com. Reg. No.: |
314019 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of fabrics & garment
accessories, |
|
|
|
|
No. of Employee : |
About 10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Unknown |
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|
|
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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 |
|
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 |
Contact Points
|
Company Name: |
Soimex International Limited |
|
Supplied Name: |
SIOMEX INTERNATION |
|
Trading Address: |
Unit 902-904, 9th Floor, Metro Loft, 38 Kwai Hei Street, Kwai Chung, N.T.
Hong Kong |
|
Supplied Address: |
UNITE 902-604/9/F, METRO LOFT, 38 KWAI HEI STREET, KWAI CHUNG, N.T.
KOWLOON, HONGKONG |
Note: The exact name and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unite 902-904,
9/F, Metro Loft, 38 Kwai Hei Street, Kwai Chung, N.T. Kowloon, Hong Kong |
|
Telephone Number: |
+852-2721-0129 |
|
Fax Number: |
+852-2739-8293 / 2368-3057 |
|
Date of Registration: |
1991-6-11 |
|
Registered Number: |
314019 |
|
Business Registration No.: |
14715724 |
|
Paid-up Capital: |
HKD 5,000,000 (USD 645,000) = 500,000
Shares@ HKD 10 (As of 2015.2, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
89983--Press-Fasteners, Snap-Fasteners and
Press-Studs and Parts Therefor; Buttons (KG) |
|
Principal Activities: |
Trading of fabrics & garment
accessories, etc. |
|
Staff: |
About 10 Employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-6-11 |
History
Subject was incorporated on 1991-6-11 with the
registered number 314019 as Private Limited Liability Company in Hong Kong.
Corporate Structure
Related Companies
|
1 |
|
|
Name: |
Soimex China Resources |
|
Address: |
Room 1207, Yinyuan Building, 37 West Guanhe
Road, Changzhou, Jiangsu Province, China 213003 |
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Tel: |
+86-519-667-3672 |
|
Fax: |
+86-519-667-3675 |
|
2 |
|
|
Name: |
Soimex Denimagic |
|
Address: |
1430 Broadway, Suite#1107 New York, NY 10018
U.S.A. |
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Tel: |
+1-212-594-7982 / 7983 |
|
Fax: |
+1-212-594-7984 |
|
3 |
|
|
Name: |
Soimex Garment Services Pvt. Ltd. |
|
Address: |
#G-9, Ramanashree Chambers, 37, Lady Curzon
Road Bangalore - 560 001 INDIA |
|
Tel: |
+9180-550210, 5550274, 5594992 |
|
Fax: |
+9180-5596365 |
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Cadogan Properties Limited |
500,000 |
100% |
|
Total |
500,000 |
100% |
Major Shareholder Information:
|
Name: |
Cadogan Properties Limited |
|
Address: |
2F, Palm Grove House, Wickhams Cay, Rd.
Town, Tortola, British Virgin Islands |
Management Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Prakash Vishwa |
|
Address: |
Unit 902-604, 9/F, Metro Loft, 38 Kwai Hei
Street, Kwai Chung, N.T. Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
XC298158(3) |
|
2 |
|
|
Name: |
Prakash Sujata |
|
Address: |
Unit 902-604, 9/F, Metro Loft, 38 Kwai Hei
Street, Kwai Chung, N.T. Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
XG447383(7) |
|
3 |
|
|
Name: |
Kumar Arun |
|
Address: |
Unit 902-604, 9/F, Metro Loft, 38 Kwai Hei Street,
Kwai Chung, N.T. Kowloon, Hong Kong |
|
Position: |
Secretary |
|
Registered Number: |
K115361(7) |
Personnel
Structure
|
Total Employees |
Operation Information
Offices &
Factories
|
|
Office |
|
Address: |
Unit 902-904, 9th Floor, Metro Loft, 38 Kwai Hei Street, Kwai Chung,
N.T. Hong Kong |
Premises
Information
Office address:
|
Address: |
Unit No.2 On 9/F Metro Loft No.38 Kwai Hei
Street Kwai Chung New Territories |
|
Owners: |
Soimex International Limited |
|
Memorial Number: |
TW1578698 |
|
Date of Instrument: |
2004-5-10 |
|
Date of Registration: |
2004-6-4 |
|
Consideration Value: |
HKD 3,153,000.00 (PT.) |
History of Premises
Owners’
|
1 |
|
|
Memorial No.: |
TW1578699 |
|
Date of Instrument: |
2004-5-10 |
|
Date of Registration: |
2004-6-4 |
|
Nature: |
Mortgage |
|
In Favor of: |
The Hongkong And Shanghai Banking
Corporation Limited |
|
Consideration: |
-- |
|
2 |
|
|
Memorial No.: |
TW1565728 |
|
Date of Instrument: |
2004-3-12 |
|
Date of Registration: |
2004-4-1 |
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Nature: |
Agreement For Sale And Purchase With Plans |
|
In Favor of: |
Soimex International Limited |
|
Consideration: |
HKD 3,153,000.00 (PT.) |
|
3 |
|
|
Memorial No.: |
TW1545115 |
|
Date of Instrument: |
2003-10-15 |
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Date of Registration: |
2003-11-7 |
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Nature: |
Deed Of Mutual Covenant And Management
Agreement With Plans |
|
In Favor of: |
Office Buildings Management Limited
"Company" |
|
Consideration: |
-- |
Production
Information
Subject is engaged in trading of fabrics &
garment accessories, etc. without any production activities.
Purchase
Information
It is introduced that subject’s products are
both purchased at home and abroad.
Sales Information
·
Subject is engaged in
sale of fabrics & garment accessories
·
It is introduced that
subject has its own designers for custom services.
·
The sales regions of the
subject are domestic market and abroad.
·
Subject has related
offices in the Mainland of China, India, USA, for sale service.
·
The detail information of the products are as
follows:
|
Category |
Products |
|
Fabrics |
Denims, rigid corduroy, pocketing fabrics,
cotton piece dyed poplin, cotton yarn dyed poplin, cotton/nylon fabrics,
polar fleece |
|
Garment accessories |
Buttons, belts and buckles,
lace/sequins/motif, thread, Velcro, elastic webbing, buckles suspenders,
rings, hangers & sizers, hook & eye, stretch lace, stoppers/cord
lock, |
Settlements
Purchase
Domestic Purchase
|
Products |
Fabrics & garment accessories |
|
Payment Terms |
T/T, Cash, etc. |
Import
|
Products |
Fabrics & garment accessories |
|
Payment Terms |
L/C, T/T, etc. |
Domestic Markets
|
Product |
Fabrics & garment accessories |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Fabrics & garment accessories |
|
Selling Terms |
L/C, T/T, etc. |
Financial Information
The subject has no
obligation to supply its financial statement to the third party according to the
relevant policy in Hong Kong and the only source from which we can obtain the
information is the subject itself.
Subject’s relevant staff rejected to disclose
the financial information; from other sources we could not obtain such
information, either.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public
Mortgage Record
|
1 |
|
|
Company Name: |
Soimex International Ltd |
|
Instrument of Creating Mortgage: |
Letter of Set-off & Appropriation |
|
Date of Creating Mortgage: |
2008-8-25 |
|
Amount Secured: |
Advances and other banking facilities
granted to the company from time to time |
|
Name of Mortgagee: |
Bank of India Hong Kong Branch |
|
Address of Mortgagee: |
2/FL., Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong |
|
Description of Property Mortgaged: |
The Bank Shall Have The Right At Any Time
And Without Prior Notice To The Company To Set-Off Any Credit Balances Due To
The Company Whether In The Company’s Current/ Savings Account Or In Respect
Of Moneys Kept By The Company On Terms Deposit Or Deposits Withdrawable After
Notice Or Any Other Deposit(S) At Any Of The Bank’s Branches, Against The
Outstanding Debit Balances Of The Company’s Loan/ Overdraft/ Cash Credit/
Trade Finance Facilities Or Other Advance Account/S With The Bank Or Against
Any Liability Incurred Or To Be Incurred By The Company To The Bank Whether
Under Or In Respect Of Guarantees Or Bills Or Otherwise Howsoever And Whether
Such Liability Be Actual Or Contingent. |
|
2 |
|
|
Company Name: |
Soimex International Ltd |
|
Instrument of Creating Mortgage: |
Mortgage |
|
Date of Creating Mortgage: |
2013-11-29 |
|
Amount Secured: |
All Monies |
|
Name of Mortgagee: |
The Hongkong and Shanghai Banking
Corporation Limited |
|
Address of Mortgagee: |
No.1 Queen’s Road Central, Hong Kong |
|
Description of Property Mortgaged: |
All Those 69/33332nd parts or shares of and in
Kwai Chung Town Lot No.448 (Unit No.1 On 9/F Metro Loft No.38 Kwai Hei Street
Kwai Chung New Territories ) |
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration
Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Name |
Ms. Lin |
|
Department: |
Sales Department |
Industry Information
89983--Press-Fasteners,
Snap-Fasteners and Press-Studs and Parts Therefor; Buttons (KG)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Argentina |
479 |
86 |
1,199 |
199 |
|
Germany |
19,420 |
4,634 |
166,755 |
32,104 |
|
Britain |
1,042 |
265 |
2,515 |
1,146 |
|
India |
3,191 |
788 |
17,555 |
2,550 |
|
Canada |
17,281 |
910 |
78,210 |
4,157 |
|
Italy |
18,145 |
8,832 |
63,414 |
35,348 |
|
Japan |
51,759 |
10,570 |
165,214 |
36,598 |
|
Korea |
1,726 |
765 |
11,997 |
5,638 |
|
Malaysia |
1,543 |
212 |
6,019 |
926 |
|
USA |
11,418 |
2,733 |
60,141 |
11,695 |
|
The Mainland of China |
1,342,050 |
110,944 |
7,217,518 |
539,770 |
|
Exports |
||||
|
Bangladesh |
79,800 |
7,108 |
268,807 |
31,054 |
|
Sri Lanka |
1,511 |
295 |
4,880 |
701 |
|
Britain |
|
|
|
|
|
India |
2,360 |
663 |
7,402 |
2,915 |
|
Mexico |
972 |
111 |
1,638 |
576 |
|
Italy |
14 |
7 |
3,122 |
423 |
|
Thailand |
1,218 |
437 |
5,474 |
2,840 |
|
Turkey |
1,351 |
244 |
8,183 |
1,945 |
|
Vietnam |
2,441 |
536 |
7,408 |
1,773 |
|
USA |
1,121 |
152 |
6,169 |
872 |
|
The Mainland of China |
36,805 |
2,975 |
154,871 |
12,545 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
Attachment
Address: Unit 902-904, 9th Floor, Metro Loft, 38 Kwai Hei Street, Kwai
Chung, N.T. Hong Kong
Metro Loft, 38 Kwai Hei Street, Kwai Chung, N.T. Hong Kong
Unit 902-904, 9th Floor, Metro Loft, 38 Kwai Hei Street, Kwai Chung,
N.T. Hong Kong
--------- End of the
Report ----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
|
|
1 |
Rs.92.71 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.