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Report No. : |
307891 |
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Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
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Name : |
UNITED EXIM LTD. |
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Registered Office : |
Room 13C, 5/F., Lee Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
11.10.2012 |
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Com. Reg. No.: |
60464244 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of All Kinds of Denim, Other Types of Garment. |
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No. of Employees : |
03 |
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 : |
Business Under Development |
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Payment Behaviour : |
Slow |
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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 |
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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 |
UNITED EXIM LTD.
ADDRESS: Room 13C, 5/F., Lee
Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei, Kowloon, Hong Kong.
PHONE: 852-2377 4436
FAX: 852-2377 4055
Managing Director: Mr. Manish
Dineshchandra Panwala
Incorporated on: 11th October,
2012.
Organization: Private Limited
Company.
Issued Share Capital: HK$10,000.00
Business Category: Garment
Trader.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Too early to
comment.
UNITED EXIM LTD.
Registered Head
Office:-
Room 13C, 5/F., Lee Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei,
Kowloon, Hong Kong.
Associated
Companies:-
Cosmos Ltd., Hong Kong. (Same
address)
Shosaan Asia Pacific, Hong Kong.
Swals Exim Pvt. Ltd., Hong Kong.
60464244
1810578
Managing Director: Mr. Manish
Dineshchandra Panwala
HK$10,000.00
(As per registry dated 11-10-2014)
|
Name |
|
No. of shares |
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Manish Dineshchandra PANWALA |
|
10,000 ===== |
(As per registry dated 17-11-2014)
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Name (Nationality) |
Address |
|
Sandeep Jagdishprasad AGRAWAL |
Room 13C, 5/F., Lee Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei,
Kowloon, Hong Kong. |
|
Manish Dineshchandra PANWALA |
10/1376, Smart Falia Gopipura, Surat City-395001 Gujarat, India. |
(As per registry dated 11-10-2014)
|
Name |
Address |
Co. No. |
|
Sanling Consultants & Associates Ltd. |
Room 904, 9/F., Cheong K. Commercial Building, 84-86 Des Voeux Road Central,
Hong Kong. |
0316677 |
The subject was incorporated on 11th October, 2012 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: Garment
Trader.
Lines: All kinds of
denim, other types of garments.
Employees: 3.
Commodities Imported: India.
Markets: India, other
Asian countries.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$10,000.00
Profit or Loss: Made a very small
profit in 2014.
Condition: Business is
under development.
Facilities: Making fairly
active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The Hong Kong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, United Exim Ltd.
is wholly owned by Manish Dineshchandra Panwala who is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. He and Sandeep Jagdishprasad Agrawal are the
directors of the subject. The latter was
appointed on 17th November, 2014.
Agrawal is a Hong Kong ID holder.
The subject commenced business in October 2012.
The subject’s registered address is in a private building located at
Room 13C, 5/F., Lee Shing Mansion, 11-19 Wai Ching Street, Yau Ma Tei, Kowloon,
Hong Kong. This is the residence of
Sandeep Jagdishprasad Agrawal.
A firm known as Swals Exim Pvt. Ltd. [Swals Exim] is also a garment
trader. It is also operated by
Agrawal. Besides Swals Exim, there are
two more firms also operated by Agrawal, namely, Cosmos Ltd. and Shosaan Asia
Pacific.
The residential building is not trespassed by outsiders.
We can reach the subject at its Hong Kong phone number 852-2377 4436.
The subject is
trading in the following commodities:-
·
Blouses, Skirts;
·
Children’s Wear;
·
Denim Garments;
·
Dresses & Skirts;
·
Shirts;
·
Suits & Jackets, Casual Wear - Men’s;
·
Suits & Jackets, Shirts - Women’s; &
·
Trousers & Slacks, Kids’ Pants, T-Shirts.
Commodities are sourced from China, other Asian countries. Prime markets are India, the other Asian
countries, etc. Business is still under
development.
The subject and Swals Exim are engaged in the same lines of business.
The history of the subject in Hong Kong is just over two years and four
months.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis or in very small credit
amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
|
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.