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Report No. : |
303407 |
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Report Date : |
23.01.2015 |
IDENTIFICATION DETAILS
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Name : |
BLUE FABRICS LTD. |
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Registered Office : |
C/o Buttar.HK Ltd./Buttar Secretarial Services Ltd., Unit B, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
20.10.2003 |
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Com. Reg. No.: |
35571014 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
THE
SUBJECT IS TRADING IN THE FOLLOWING COMMODITIES: HOME TEXTILES, WORK WEAR AND
INDUSTRIAL, A COMPLETE RANGE OF FABRICS FROM 100% COTTON, BLENDED AND LYCRA STRETCH
BOTTOM WEIGHT & SHIRTING FABRICS, LIKE TWILLS, POPLINS, CANVAS,
CORDUROYS, DENIMS, RAYONS, RAMIE, 100% LINEN, LINEN BLENDS LIKE RAYON LINEN,
COTTON LINEN, VELVET, 100% POLYESTER & POLYESTER BLENDS LIKE POLY COTTON
& CVC, Y/DYED, FLANNEL, SUEDE FABRICS, JACQUARDS, DOBBY, TAPESTRY,
CHENILLE FABRICS, LYCRA FABRICS, TERRI TOWEL FABRICS. |
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No. of Employees : |
No Employees in Hongkong NOTE : It is to
be noted that the company does not have its own operating office in Hong Kong.
The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there. |
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 : |
No Operating Office in Hongkong
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Payment Behaviour : |
Unknown |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Hongkong |
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 |
HONGKONG - 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.
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Source
: CIA |
BLUE FABRICS LTD.
Registered
Office:-
C/o Buttar.HK
Ltd./Buttar Secretarial Services Ltd.
Unit B, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong.
Associated
Company:-
Blue Fabrics Shanghai Ltd.
Room C, 5/F., Building No. 1, 825 Zhaojiabang Road, Shanghai, 200032
China.
[Tel: 86-21-6464 6364
Fax: 86-21-6464 6116
Mobile: 86-1381 7851 363]
35571014
0866909
20th October, 2003.
HK$10,000.00
(As per registry
dated 20-10-2014)
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Name |
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No. of shares |
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Subramaniam Shivakumar RAPPAL |
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10,000 ===== |
(As per registry
dated 20-10-2014)
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Name (Nationality) |
Address |
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Subramaniam Shivakumar RAPPAL |
Flat A, 15/F., Pollock Building, 9-10 Tak Hing Street, Kowloon, Hong
Kong. |
(As per registry
dated 20-10-2014)
|
Name |
Address |
Co. No. |
|
Buttar Secretarial Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New Territories,
Hong Kong. |
2086550 |
The subject was incorporated on 20th October, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Horse International
Ltd., name changed to the present style on 15th November, 2006.
Apart from these, neither material change nor amendment has been ever
traced and noted.
(See attachment)
Having issued 10,000 ordinary shares of HK$1.00 each, Blue Fabrics Ltd.
is wholly owned by Mr. Subramaniam Shivakumar Rappal. He is a Hong Kong ID holder and has got the
right to reside in Hong Kong permanently.
He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Unit B, 1/F., Mau Lam Commercial Building, 16-18 Mau
Lam Street, Jordan, Kowloon, Hong Kong known as Buttar Secretarial Services
Ltd. [Buttar] which is handling its correspondences and documents. Buttar is also the corporate secretary of the
subject. This company has several
offices in Hong Kong. ‘Unit B’ is the
file number of the subject in Buttar.
The subject has no employees in Hong Kong.
The subject has had an associated company Blue Fabrics Shanghai Ltd.
[Blue Fabrics Shanghai] which is in Shanghai, China. Your given phone and fax number 86-21-6464
6364 and 86-21-6464 6116 respectively belong to Blue Fabrics Shanghai.
The subject has been banking with Citibank N.A., Hong Kong and The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Blue Fabrics Shanghai is a supplier of woven fabrics as well as garments
to foreign customers. It has had close
business ties with leading fabric and garment manufacturers of China. It also has had good association with China’s
textile industry.
Blue Fabrics Shanghai can weave fabrics and make garments to the
requirements of its customers.
Blue Fabrics Shanghai has a dedicated team of professionals providing
comprehensive pre-sales and post-sales service.
The subject is trading in the following commodities: Home textiles, work
wear and industrial, a complete range of fabrics from 100% Cotton, Blended and
Lycra stretch bottom weight & shirting fabrics, like Twills, Poplins,
Canvas, Corduroys, Denims, Rayons, Ramie, 100% linen, Linen blends like Rayon
linen, Cotton linen, Velvet, 100% Polyester & Polyester blends like Poly
Cotton & CVC, Y/dyed, Flannel, Suede fabrics, Jacquards, Dobby, Tapestry, chenille
fabrics, Lycra fabrics, Terri Towel fabrics.
Blue Fabrics Shanghai is an agent of High-end fashion fabrics. It sells its products to leading Export
Houses across India, Sri Lanka and Bangladesh.
Its shipped fabrics are being used for reputed buyers like Eddie Bauer,
Gap, M & S, Tommy Hilfiger, Dillard’s, Target, Mervyns’s, Federated Stores,
DKNY, Calvin Klein, Levi’s, Charming Shoppe, Lane Bryant, Women’ Secret, Liz
Claiborne, Carrefour, Wal-Mart, Style & Co., Sears, May & Co., Etam,
JCP, Matalan, Elcorte Ingles, etc.
The business of Blue Fabrics Shanghai is chiefly handled by
Mr. Subramaniam Shivakumar Rappal himself.
He can be reached at his China mobile phone number 86-1381 7851 363.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eleven years and
two months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
|
Date |
Particulars |
Amount |
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13-05-2008 |
Instrument: Lien & Set-off Agreement Property: Deposit No. Favouring Amount Due Date DFN8030482 Blue Fabrics Ltd. US$100,000 30/06/2008 DFN8040520 Blue Fabrics Ltd. US$50,000 10/07/2008 DFN8040561 Blue Fabrics Ltd. US$50,000 25/07/2008 Mortgagee: HBZ Finance Ltd., Hong Kong. |
For securing (general credit facility) |
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25-07-2008 |
Instrument: Lien & Set-off Agreement Property: Deposit No. Favouring Amount Due Date DFN8050723 Blue Fabrics Ltd. US$50,000 27/08/2008 DFN8050738 Blue Fabrics Ltd. US$10,000 29/08/2008 Mortgagee: HBZ Finance Ltd., Hong Kong. |
For securing (general credit facility) |
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30-01-2012 |
Instrument: Deposit Deed Property: By way of a first fixed charge and as a continuing security for the Obligations,
the Company charges and assigns absolutely all its rights, title to and
interest in the Accounts and all Deposits from time to time in the Accounts
and/or comprising the Accounts maintained with Citibank N.A., and branch
and/or Citibank (Hong Kong) Ltd. Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys |
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19-01-2012 |
Instrument: Assignment of Life Insurance Property: (i) All the Assignor’s
claims, options, privileges, right, title, interest and benefit in and under
the Insurance (ii) All the Assignor’s
claims and rights against the issuer of the Policy upon the terms herein set
out as a continuing security for the due and punctual payment of the Secured
Monies Insurance Policy No.: 28003979-50 Name of Insurance: HSBC Life
(International) Ltd. Name of the Insured: Rappal
Subramaniam Shivakumar Name of Assignor: Blue
Fabrics Ltd. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) All and any monies and liabilities; (ii) Interest on such
monies; (iii) All monies paid by the Bank; (iv) All expenses of the Bank |
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25-06-2013 |
Instrument: Assignment of Life Insurance Property: (i) All the Assignor’s
claims, options, privileges, right, title, interest and benefit in and under
the Insurance (ii) All the Assignor’s
claims and rights against the issuer of the Policy upon the terms herein set
out as a continuing security for the due and punctual payment of the Secured
Monies Insurance Policy No.: 28006890 Name of Insurance: HSBC
Life (International) Ltd. Name of the Insured: Rappal
Subramaniam Shivakumar Name of Assignor: Blue
Fabrics Ltd. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) All and any monies and liabilities; (ii) Interest on such
monies; (iii) All monies paid by the Bank; (iv) All expenses of the Bank |
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.69 |
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|
1 |
Rs.93.33 |
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Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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.