MIRA INFORM REPORT
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Report No. : |
308673 |
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Report Date : |
04.03.2015 |
IDENTIFICATION DETAILS
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Name : |
TOPNET INTERNATIONAL LTD. |
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Registered Office : |
Unit 8F, 8/F., Phase 2, Kwai Shing Industrial Building, 42-46 Tai Lin Pai
Road Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.04.2000 |
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Com. Reg. No.: |
31114818 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Piecegoods, Trimmings |
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No. of Employee : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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
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 |
Company
name and address
TOPNET INTERNATIONAL LTD.
ADDRESS: Unit 8F, 8/F., Phase 2, Kwai
Shing Industrial Building, 42-46 Tai Lin Pai Road Kwai Chung, New Territories,
Hong Kong.
PHONE: 852-2242
6424
FAX: 852-2335
5939
MANAGEMENT
Managing Director: Mr. Sawhney
Neeraj
SUMMARY
Incorporated on: 7th April, 2000.
Organization: Private Limited Company.
Issued Share Capital: HK$4,700,000.00
Business Category: Importer,
Exporter and Wholesaler.
Annual Turnover: US$7 – 8 million.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Unit 8F, 8/F., Phase 2, Kwai Shing Industrial Building, 42-46 Tai Lin
Pai Road Kwai Chung, New Territories, Hong Kong.
BUSINESS
REGISTRATION NUMBER
31114818
COMPANY
FILE NUMBER
0711831
MANAGEMENT
Managing Director: Mr. Sawhney
Neeraj
ISSUED
SHARE CAPITAL
HK$4,700,000.00
SHAREHOLDERS
(As per registry dated 07-04-2014)
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Name |
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No. of shares |
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Naresh Kheraj MAJITHIA |
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2,350,000 |
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Sawhney NEERAJ |
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2,350,000 |
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–––––––– |
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Total: |
4,700,000 ======= |
DIRECTORS
(As per registry dated 07-04-2014)
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Name (Nationality) |
Address |
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Sawhney NEERAJ |
Flat B, 27/F., Block 8, Phase 2, Caribbean Coast, Tung Chung,
Lantau Island, Hong Kong. |
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Naresh Kheraj MAJITHIA |
Flat H, 37/F., Block 13A, South Horizon, Ap Lei Chau, Hong Kong. |
SECRETARY
(As per registry dated 07-04-2014)
|
Name |
Address |
Co. No. |
|
Arrow Accounting Services Ltd. |
Flat C, 61/F., Block A, La Rossa, Coastal Skyline, 12 Tung Chung Water
Front Road, Tung Chung, Hong Kong. |
2006864 |
HISTORY
The subject was incorporated on 7th April, 2000 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.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Piecegoods,
Trimmings
Employees: 8.
Commodities Imported: China, other
Asian countries
Markets: India,
other Asian countries, Europe
Annual Turnover: US$7 – 8
million.
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
FINANCIAL
INFORMATION
Issued Share Capital: HK$4,700,000.00
Indebtedness: HK$6,778,732.96
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 07-04-2014)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making rather 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: Normal.
GENERAL
Having issued 4,700,000 ordinary shares of HK$1.00 each, Topnet
International Ltd. is equally owned by Naresh Kheraj Majithia and Sawhney
Neeraj. They are Hong Kong ID holders
and have got the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject is trading in garment accessories in the like labels,
cottons, zipper, tapes, laces, artificial fur and many more trimmings.
The subject is one of the leading Manufacturers and Developers of
Premium Cotton yarns, Fancy Yarns, Knitted and Woven fabrics, Accessories. It has set up Joint Venture production
facilities in China, India and Indonesia with a network of branches servicing
key markets worldwide.
The subject manufactures and develops for the world’s well-known brands,
including Tommy Hilfiger, Brooks Brothers, Abercrombie & Fitch, Nike,
Reebok, Muji, Ann Taylor, Esprit and major retailers such as Marks &
Spencer, Walmart
Its main products include Yarns & Fabrics. Topnet Procures Indian S6
Cotton, Xinjiang China Extra Long Staple (ELS) Cotton, Supima, Organic &
Fair Trade Cotton, Modal, Tencel, Bamboo, for spinning in its factories in
India, Indonesia and China.
Now, the subject is trading in the following commodities: Piecegoods -
Vegetable Fibre (Woven), Fabric - Cotton, Knitted, Piecegoods - Blended
(Woven), Fabric - Blended, Knitted, Yarn - Cotton & Polyester / Cotton,
Fashion Accessories (Artificial Fur), Lace & Trimming, Haberdashery, Tape -
Textile ( include Bias ), Button - Metal, Button - Plastic, Zipper, Labels for
Garment, Handbag - Textile, Non-Embroidered (Nylon), Furniture - Western Style,
Lamps, Lighting Fixtures & Fittings
Prime markets are China, other Asian countries, etc. Business is active.
The subject is also the following certificates holder: Cotton USA
Licensee and Supima License Holder.
The subject’s business is chiefly handled by the two shareholders. History in Hong Kong is over fourteen years
and ten months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.84 |
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1 |
Rs.95.14 |
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Euro |
1 |
Rs.69.25 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ANK |
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.