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Report No. : |
347062 |
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Report Date : |
02.11.2015 |
IDENTIFICATION DETAILS
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Name : |
TRINITY SERVICES (HK) LTD. |
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Formerly Known As : |
TRINITY SERVICES
(BD) LTD. |
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Registered Office : |
C/o Sky Trend Corporate Services Ltd., Room 1215-1216, 12/F., Houston Centre, 63 Mody Road, Tsimshatsui East, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
30.06.2008 |
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Com. Reg. No.: |
39508459 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject acts as
exclusive buying agents for fabrics, garments, made-ups and other
commodities. Subject is also a commission agent. |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
TRINITY
SERVICES (HK) LTD.
Registered Head
Office:-
c/o Sky Trend Corporate Services Ltd.
Room 1215-1216, 12/F., Houston Centre, 63 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong.
Holding Company:
R.R. Designs, India.
Associated/Affiliated
Companies:-
Trinity Services
232, Ananadraj Industrial Estate, Sonapur Lane, L.B.S.
Marg, Bhandup (West), Mumbai-400 078, India.
[Tel: 0091-22-2566 7962, 2566 7968; Fax: 0091-22-2566 4563]
Trinity Services (BD) Ltd., Bangladesh.
Design Studio, India.
Aastha Enterprises, India.
Aastha Designs Pvt. Ltd., India.
39508459
1251677
Managing Director:
Mr. Suhas Umashankar Pande
HK$3.00
(As per registry dated 30-06-2015)
|
Name |
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No. of shares |
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R.R. Designs 232, Ananadraj Industrial Estate, Sonapur Lane, L.B.S.
Marg, Bhandup (West), Mumbai-400 078, India. |
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2 |
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Sukhesh Surjeet BANERJEE |
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1 |
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–– |
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Total: |
3 = |
(As per registry dated 30-06-2015)
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Name (Nationality) |
Address |
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Prabhas Umashankar PANDE |
234, OM-Akruti C.H.S., Flat No. 301, Shivganga Nagar,
Ambernath, Maharashtra-421501, India. |
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Suhas Umashankar PANDE |
234, OM-Akruti C.H.S., Flat No. 303, Shivganga Nagar, Ambernath,
Maharashtra-421501, India. |
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Sukhesh Surjeet BANERJEE |
B-42, Ambamata Scheme, Udaipur, Rajasthan, India. |
(As per registry dated 30-06-2015)
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Name |
Address |
Co. No. |
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Sky Trend Corporate Services Ltd. |
Room 15-16, 12/F., Houston Centre, 63 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong. |
1255765 |
The subject was
incorporated on 30th June, 2008 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the subject
was registered under the name of the current name, name changed to Trinity
Services (BD) Ltd. on 14th July, 2008 and changed back to the old name on 9th
September, 2008.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Formerly Trinity
Services (HK) Ltd. had issued 2 ordinary shares of HK$1.00 each and was equally
owned by two Indian, namely, Mr. Prabhas Umashankar Pande and Mr. Suhas
Umashankar Pande. Now, its ordinary shares
have been increased to 3 of which 2 are owned by R.R. Designs, an India-based
company, and 1 is owned by Sukhesh Surjeet Banerjee who is a new
shareholder. He is also a new director
of the subject.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at Room 1215-1216,
12/F., Houston Centre, 63 Mody Road, Tsimshatsui East, Kowloon, Hong Kong known
as Sky Trend Corporate Services Ltd. which is handling its correspondences and
documents. Sky Trend Corporate Services
Ltd. is also the corporate secretary of the subject.
The subject has no
employees in Hong Kong.
The subject in fact
is an associated company of Trinity Services [Trinity] which is an India-based
firm located at 232, Ananadraj Industrial Estate, Sonapur Lane, L.B.S. Marg,
Bhandup (West), Mumbai-400 078, India.
R.R. Designs is also located at the same address.
Trinity acts as
exclusive buying agents for fabrics, garments, made-ups and other commodities which
can be sourced from India, China, Bangladesh, Nepal, the Philippines and/or the
UAE. Trinity is also a commission
agent. It charges remuneration for its
services between 5~10% of buying value of the goods shipped.
Trinity is chiefly
controlled by the Pande family. The
subject is fully supported by it.
Trinity has set up an
associated company in Bangladesh besides the subject in Hong Kong.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over seven years and three 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.
Brief personal profile of directors:-
Mr.
Prabhas Umashankar PANDE is the executive partner based at Trinity’s
head office at Mumbai. He is a Science
graduate and has over 20 years experience in garment industry and international
trading. A major part of his experience
was with Buying office of C&A (Mondial India), one of the biggest chain
stores in Europe, as a Section Manager.
Besides C&A, he also worked with a German Importer at Neuss,
Germany. Requirements of many reputed
stores all over the world, such as Karstadt, Metro Group, H & M, J. C.
Penny, Target Stores, Walmart, etc. have been successfully handled by Mr.
Pande.
Mr.
Suhas Umashankar PANDE is the executive partner who is a Science
graduate with wide experience in garments exporting. He is responsible for exporting. He is also a software expert. He is based in Mumbai and handles sourcing
from Bangladesh and Nepal.
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.65.22 |
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1 |
Rs.99.93 |
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Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.