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Report No. : |
305263 |
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Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
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Name : |
TEX TREND
ASIA LTD |
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Registered Office : |
c/o PAMM Corporate Secretary Ltd. Flat A, 15/F., Hillier Commercial Building, 65-67 Bonham Strand East, Sheung Wan |
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Country : |
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Date of Incorporation : |
24.10.2011 |
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Com. Reg. No.: |
59093258 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Bed and |
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No of Employees : |
no employees in It is to
be noted that the company does not have its own operating office in |
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 Hong Kong
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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
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 levies excise duties on only four
commodities, namely: 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, it
again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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.
|
Source
: CIA |
TEX TREND
ASIA LTD.
c/o PAMM Corporate Secretary Ltd.
Flat A, 15/F., Hillier Commercial Building, 65-67 Bonham Strand East, Sheung Wan, Hong Kong.
PHONE: 852-2151 8009
FAX: 852-3175 3155
Managing Director: Mr. Praveen Dhanda
Incorporated on: 24th October, 2011.
Organization: Private Limited Company.
Issued Share Capital: HK$100.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o PAMM Corporate Secretary Ltd.
Flat A, 15/F., Hillier Commercial Building, 65-67 Bonham Strand East, Sheung Wan, Hong Kong.
Associated
Companies:-
Anubhav Inc.
85, Sector-12, Huda, Panipat, Haryana, India.
[Tel: 91-180-2662652; Fax: 91-180-4013250
E-mail:
services@anubhavinc.com]
D-Mark Stores, India.
Tex Trend Australia, Australia.
Tex Trend Europe, Germany.
Tex Trend India, India.
Tex Trend Malaysia, Malaysia.
59093258
1674101
Managing Director: Mr. Praveen Dhanda
HK$100.00
(As per registry
dated 24-10-2014)
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Name |
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No.
of shares |
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Praveen DHANDA |
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100 === |
(As per registry
dated 24-10-2014)
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Name (Nationality) |
Address |
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Praveen DHANDA |
85, Sector-12, Huda, Panipat, Haryana, India. |
(As per registry
dated 24-10-2014)
|
Name |
Address |
Co.
No. |
|
PAMM Corporate Secretary Ltd. |
Flat A, 15/F., Hillier Commercial Building, 65-67 Bonham
Strand East, Sheung Wan, Hong Kong. |
1646493 |
The subject was incorporated on 24th October, 2011 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: Importer, Exporter and Wholesaler.
Lines: Bed and Bath fashions, Towels, Rugs & Home Furnishing Products.
Employees: Nil.
Commodities Imported: India, China, other Asian countries, etc.
Markets: India, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: As per contracted.
Issued Share Capital: HK$100.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 100 ordinary shares of HK$1.00 each, Tex Trend Asia Ltd. is wholly owned by Mr. Praveen Dhanda who is an India merchant. He is an India passport holder and does not have 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 Flat A, 15/F., Hillier Commercial Building, 65-67 Bonham Strand East, Sheung Wan, Hong Kong known as PAMM Corporate Secretary Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It has had an associated company in India known as Tex Trend India. The subject and Tex Trend India belong to Tex Trend Group. The President of the Group is Mr. Berton Mill while Praveen Dhanda is the Vice President. Praveen Dhanda is responsible for the business of Tex Trend India as he is responsible for the marketing and logistics business.
Tex Trend Group is one of the largest Supplier of Towels, rugs and home furnishings Products. It serves the European, Canadian and American home decor market and Fashion Market. It is specialized in Bed & Bath fashions which include Towels, rugs, bathmats, bathrobes and shower curtains.
The Group is one of India’s premier manufacturers and marketers of bed and bath home fashions sheets, towels and bath accessories, blankets, throws, decorative pillows, bedding accessories and bed pillows.
The products of the Group are sold in the department stores and specialty stores, major chains, mass merchants, warehouse clubs, catalogues, TV shopping networks, the Internet, supermarkets, outlet stores of the United States, Canada, Europe, New Zealand, Australia, etc.
According to the Group it has had 20 associates, 6 manufacturing facilities and 6 distribution centres worldwide.
The subject has had another associate Anubhav Inc. [Anubhav] which is also in India. It is a member of Anubhav Group. Anubhav is trading in the same products as Tex Trend India, more or less.
Praveen Dhanda is also the Vice President of Anubhav which is a leading India buying office. Its customers include leading retailers from the United States, Canada, France, Germany, Spain, Italy, Poland, New Zealand, Israel and Australia.
The India firms deal with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The India firms also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
In order to penetrate the international market further, Tex Trend Group has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it usually takes part in “Hong Kong International Home Textiles Fair” which is held in Convention and Exhibition Centre, Wanchai, Hong Kong during annually.
Besides, Tex Trend Group is going to take part in Heimtextil Fair India 2015 which will be held in New Delhi, India, in June 2015.
The subject is fully supported by Tex Trend Group.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over three years and a month.
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.
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.41 |
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|
1 |
Rs.93.18 |
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Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
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.