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Report No. : |
313322 |
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Report Date : |
31.03.2015 |
IDENTIFICATION DETAILS
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Name : |
PAIMEXCO |
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Registered Office : |
Flat 37A, 3/F., Man Fai Building, 33-39 Man Yuen Street, Jordan, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
25.05.2006 |
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Com. Reg. No.: |
36785781-000-05 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturer, Supplier,
Wholesaler and Exporter of all kinds of T-shirts, Tank Top, Polo Shirt,
Pyjama, Sweat-Shirt, Sweater and Many More Readymade Garments. |
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No. of Employees : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Business |
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hongkong |
A1 |
A1 |
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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 |
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.
|
Source
: CIA |
PAIMEXCO
ADDRESS: Flat
37A, 3/F., Man Fai Building, 33-39 Man Yuen Street, Jordan, Kowloon, Hong Kong.
PHONE: 852-2127
0633
FAX: 852-3020
0152
Manager: Mr. Pranvb K Dutta
Establishment: 25th May. 2006.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: All
kinds of garments, etc.
Employee: 1.
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat 37A, 3/F., Man Fai Building, 33-39 Man Yuen Street,
Jordan, Kowloon, Hong Kong.
Associated
Companies:-
APTEX Canada Ltd., Canada.
Paimexco Ltd., Bangladesh.
Siatex (HK) Ltd., Hong Kong. [Dissolved]
Siatex Bangladesh, Ltd., Bangladesh.
36785781-000-05
Manager: Mr.
Pranvb K Dutta
Name: Mr. Pranvb K
Dutta
Residential Address: Flat
14, 4/F., Man Ying Building, 9-16 Nan Ying Street, Jordan, Kowloon, Hong Kong.
The subject was
established on 25th May. 2006 as a sole proprietorship concern owned by Mr. Pranvb
K Dutta under the Hong Kong Business Registration Regulations.
At the very
beginning, the subject was located at Flat 14, 4/F., Man Ying Building, 9-16
Nan Ying Street, Jordan, Kowloon, Hong Kong, moved to Flat 23, 6/F. of the same
building in November 2010 and further to the present address in 2014.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: All
kinds of garments
Lines: T-Shirt,
Polo Shirt, other types of garments
Employee: 1.
Commodities Imported: China,
Bangladesh, other Asian countries, etc.
Markets: Bangladesh, other Asian
countries, US, Canada, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, CAD, etc.
Capital: Not
disclosed.
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: Hang Seng Bank Ltd.,
Hong Kong.
Standing: Small.
Paimexco is a sole
proprietorship set up and owned by Mr. Pranvb K Dutta who is a Bangladesh
merchant.
The subject’s
registered address is in a private building located at Flat 37A, 3/F., Man Fai
Building, 33-39 Man Yuen Street, Jordan, Kowloon, Hong Kong. This office is also the latest residence of
Pranvb K Dutta.
The subject has had
an associated company in Bangladesh known as Siatex Corporation [Siatex].
The subject is
trading in the products of Siatex. As a
professional Manufacturer, Supplier, Wholesaler and Exporter with a factory in
Bangladesh, Siatex’s main products include all kinds of t shirts, tank top,
polo shirt, pyjama, sweat-shirt, sweater and many more readymade garments. It frequently improves its garments
production complying with world class quality standards in the fast flourishing
garments industry.
The subject also has
got another associated company known as Paimexco Ltd. in Bangladesh.
Besides, the subject
has had an associated company known as APTEX Canada Ltd. in Canada.
The business of the
subject is chiefly handled by Mr. Pranvb K Dutta himself. History in Hong Kong is over eight years and
ten months.
On the whole,
consider it good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.63 |
|
|
1 |
Rs.92.94 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
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 |
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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.