MIRA INFORM REPORT

 

 

Report No. :

325363

Report Date :

05.06.2015

 

IDENTIFICATION DETAILS

 

Name :

MATSUMOTO INDUSTRIAL LTD.

 

 

Registered Office :

Flat F, 19/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central

 

 

Country :

Hongkong

 

 

Date of Incorporation :

05.11.1991

 

 

Com. Reg. No.:

15246869

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Garments, Piecegoods, Buttons, Buckles, Zippers, Fashion Accessories.

 

 

No. of Employees :

5. (Including associates)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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)

Hongkong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.

 

Source : CIA

 

Company Name and address

 

MATSUMOTO INDUSTRIAL LTD.

 

ADDRESS:                   Flat F, 19/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.

 

PHONE:                        852-2851 6992

 

FAX:                             852-2851 7170

 

E-MAIL:                        bharat@matsumotoind.com.hk

 

 

MANAGEMENT

 

Managing Director:        Mr. Bharat Gohel

 

 

SUMMARY

 

Incorporated on:            5th November, 1991.

 

Organization:                 Private Limited Company.

 

Issued Share Capital:     HK$10.00

 

Business Category:       Importer, Exporter and Wholesaler.

 

Annual Turnover:           HK$25~30 million.

 

Employees:                  5. (Including associates)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Registered Head Office:-

Flat F, 19/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

15246869

 

 

COMPANY FILE NUMBER

 

0331717

 

 

MANAGEMENT

 

Managing Director:  Mr. Bharat Gohel

 

 

ISSUED SHARE CAPITAL

 

HK$10.00

 

 

SHAREHOLDERS

(As per registry dated 05-11-2014)

 

Name

 

No. of shares

Bharat GOHEL

 

9

Gohel Indulal Premanand

 

1

 

 

––

 

Total:

10

==

 

 

DIRECTOR    

(As per registry dated 05-11-2014)

 

Name

(Nationality)

 

Address

Bharat GOHEL

Flat C, 24/F., Block 24, Baguio Villa, 555 Victoria Road, Pokfulam, Hong Kong.

 

 

SECRETARY

(As per registry dated 05-11-2014)

 

Name

Address

POON So Ling

Flat F, 19/F., Ho Lee Commercial Building, 38‑44 D’Aguilar Street, Central, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 5th November, 1991 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Formerly the subject was located at Flat B, 18/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong, moved to Flat F, 19/F. of the same building in June 2006.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Garments, piecegoods, buttons, buckles, zippers, fashion accessories

 

Employees:                  5.  (Including associates)

 

Commodities Imported: China and other Asian countries.

 

Markets:                        India, other Asian countries, Middle East, Europe, North America, etc.

 

Annual Turnover:           HK$25~30 million.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               As per contracted.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10.00

 

Profit or Loss:               Business is profitable.

 

Condition:                     Keeping in a normal and steady condition.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      So far so good.

 

Commercial Morality:     Satisfactory.

 

Banker:                          The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Good.

 

 

GENERAL

 

Having issued 10 ordinary shares of HK$1.00 each, Matsumoto Industrial Ltd. is jointly owned by Mr. Bharat Gohel, holding 9 shares; and Mr. Gohel Indulal Premanand, holding 1 share.  Bharat Gohel is an Indian who has been in Hong Kong for a very long time.  He has got the right to reside in Hong Kong permanently.  He is also the only director of the subject.

 

The subject is owned and operated by the Gohel family.  It is trading in the following commodities:-

 

Product/Service

Produce/Service Remarks

Piecegoods – Vegetable Fibre

Denim – Cotton, Woven

Lace & Trimming

 

Shirts (Men’s, Women’s and Children’s)

Other kinds of garments

 

Haberdashery

Zipper

Button – Plastic

Button – Metal

Buckle – Plastic

Buckle – Metal

Padding and Pad

Lining and Inter-Lining

 

Fashion Accessories

Ribbon (Cut-Edge)

Lace and Trimming

 

Machinery – Textile and Garment

Sewing Machines and Parts – Household

 

Sewing machines from Japan, China (Importer and Exporter)

 

Most of the commodities are imported from China, Japan, the other Asian countries, etc.  Prime markets are Asian countries, North America, Europe, the Middle East, etc.

 

The annual turnover of the subject and its associate ranges from HK$25 to 30 million.  Business is normal and steady as regular suppliers and foreign customers have been maintained.

 

The Gohel family is rather wealthy in Hong Kong.

 

On the whole, as the history of the subject is over twenty-three years and seven months in Hong Kong, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.18

UK Pound

1

Rs.98.30

Euro

1

Rs.72.25

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.