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Report No. : |
348591 |
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Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
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Name : |
GROWMARK WORLDWIDE LTD. |
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Registered Office : |
16/F., Oriental Crystal Finance Centre, 107-109 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
12.08.2010 |
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Com. Reg. No.: |
52991809 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Cotton Yarns. |
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No. of Employees : |
3 |
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 Company |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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.
|
Source
: CIA |
GROWMARK WORLDWIDE
LTD.
ADDRESS: 16/F., Oriental Crystal
Finance Centre, 107-109 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 52-2424
2477
FAX: 852-2424
2487
Managing Director:
Mr. Nimish Girish Chandak
Incorporated on: 12th August, 2010.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Annual Turnover: US$25-30 million.
Employees: 3.
Main Dealing Banker: Bank
of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Office:-
Room E, 4/F., Kimberley Mansion, 15 Austin Avenue,
Tsimshatsui, Kowloon, Hong Kong.
Operation Office:-
16/F., Oriental Crystal Finance Centre, 107-109 Chatham Road
South, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:- (Same address)
Fortune Exim, Hong Kong.
Fortune Exim Ltd., Hong Kong.
52991809
1492488
Managing Director:
Mr. Nimish Girish Chandak
HK$10,000.00
(As per registry dated 12-08-2015)
|
Name |
|
No. of shares |
|
Nimish Girish CHANDAK |
|
9,999 |
|
LI Kang Tai |
|
1 |
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|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 12-08-2015)
|
Name (Nationality) |
Address |
|
LI Kang Tai |
Room 908, 9/F., Kwai Him House, Kwai Yin Court,
Tai Wo Hau, Tsuen Wan, New Territories, Hong Kong. |
|
Nimish Girish CHANDAK |
Room E, 4/F., Kimberley Mansion, 15 Austin Avenue,
Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 12-08-2015)
|
Name |
Address |
Co. No. |
|
DN Cony. Ltd. |
Unit A, 8/F., Western House, 164-170 Des Voeux Road
West, Hong Kong. |
1654346 |
The subject was
incorporated on 12th August, 2010 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Evertop Shipping Ltd., name changed to
the present style on 30th June, 2015.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Cotton
Yarns.
Employees: 3.
Commodities Imported: Imported
from India, Pakistan, etc.
Markets: Hong
Kong, China, South Korea, Turkey, Egypt, US, Canada, Spain, Italy, etc.
Annual Turnover: US$25-30
million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share Capital: HK$10,000.00
Profit or Loss: Business
is profitable.
Condition: Keeping in a rather active
state.
Facilities: Making rather active use of
general banking facilities.
Payment: Met on time.
Commercial Morality:
Satisfactory.
Banker: Bank of India, Hong Kong Branch.
Standing: Small.
Growmark Worldwide
Ltd. is almost wholly-owned by Mr. Nimish Girish Chandak who is an India
merchant.
He is a Hong Kong ID holder
and has got the right to reside in Hong Kong permanently. He and Mr. Li Kang Tai, a minor-shareholder
of the subject, are directors of the subject.
The registered
address of the subject located at ‘Room E, 4/F., Kimberley Mansion, 15 Austin
Avenue, Tsimshatsui, Kowloon, Hong Kong’ is the residential address of N G
Chandak.
N G Chandak can be
reached at his Hong Kong mobile phone number 852‑6078 3051.
The subject has had
the following two Hong Kong associated companies located at the same address:-
· Fortune Exim
· Fortune Exim Ltd.
The subject is
trading in all kinds of cotton yarns.
Commodities are chiefly imported from India and Pakistan. It supplies
“A” grade yarns from India, Pakistan, China, Indonesia, Vietnam, Canada, Dubai
from NE 4/1 to 120/1 (multiple ply possible).
Currently, the subject is trading the following
commodities and offering clients with the following services:-
|
Product/Service |
Product/Service Remarks |
|
Yarns, Piecegoods and Textiles |
|
|
Yarn |
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Yarn – Cotton and Polyester / Cotton |
Cotton yarn from India, Pakistan, Indonesia, Canada,
Turkey (Exporter) Cotton yarn from India, Pakistan, Indonesia, Turkey and
Canada (Importer) |
The subject markets
the products in Hong Kong, China as well as other parts of the world including
South Korea, Turkey, Egypt, the United States, Canada, Spain and Italy,
etc. However, Hong Kong is just a minor
market.
The business of the
subject is normal as regular suppliers and customers have been maintained. The annual sales turnover ranges from US$25
to 30 million. Making a small profit
every year.
Since the history of
the subject is over five years and two months in Hong Kong, consider it
good for normal business engagements in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
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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.