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Report No. : |
348272 |
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Report Date : |
10.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SOLAR TIME LTD. |
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Registered Office : |
15/F., Kowloon Centre, 29-39 Ashley Road, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
30.06.1977 |
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Com. Reg. No.: |
05200635 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of clocks, watches, watches-analog, watches-digital, watches-electronic, watches-mechanical, spare parts and watch movements, pens. |
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No. of Employees : |
12 |
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 – 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 |
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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.
|
Source
: CIA |
SOLAR TIME
LTD.
ADDRESS: 15/F.,
Kowloon Centre, 29-39 Ashley Road, Kowloon, Hong Kong.
PHONE: 852-2376
0009
FAX: 852-2375
7227
E-MAIL: solar@solartimeltd.com
Managing Director:
Mr. Notan Hassanand Tolani
Incorporated on: 30th June, 1977.
Organization: Private Limited Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Watches
Manufacturer and Trader.
Employees: 12.
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
15/F., Kowloon Centre, 29-39 Ashley Road, Kowloon, Hong
Kong.
Mailing Address:
P.O. Box 95280, Tsimshatsui, Kowloon, Hong Kong.
Factory:-
Bao’an, Shenzhen Special Economic Zone, China.
Subsidiary Company:-
Solar Exports Ltd., Hong Kong.
Associated Companies:
(Same address)
Bindaas Productions Ltd., Hong Kong.
Mextime Ltd., Hong Kong.
05200635
0054060
Managing Director:
Mr. Notan Hassanand Tolani
Contact Person: Ms. Amy Lau
HK$5,000,000.00
(As per registry dated 30-06-2015)
|
Name |
|
No. of shares |
|
Notan Hassanand TOLANI |
|
4,500,000 |
|
Vishal Notandas TOLANI |
|
500,000 |
|
|
|
–––––––– |
|
|
Total: |
5,000,000 ======= |
(As per registry dated 30-06-2015)
|
Name (Nationality) |
Address |
|
Vishal Notandas TOLANI |
11/F., Ocean View Court, 21 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong. |
|
Notan Hassanand TOLANI |
11/F., Ocean View Court, 21 Chatham Road, Tsimshatsui, Kowloon,
Hong Kong. |
Notan Hassanand TOLANI (As per registry dated 30-06-2015)
The subject was
incorporated on 30th June, 1977 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly the subject
was located at Blocks A & E, 1/F., Han Yee Building, 19‑21 Hankow
Road, Kowloon, Hong Kong, moved to the present location with effect from 16th
August, 2000.
The subject
registered its Chinese name on 25 February, 2005.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer,
Importer and Exporter.
Lines: All kinds of clocks,
watches, watches-analog, watches-digital, watches-electronic, watches-mechanical, spare parts and watch
movements, pens.
Trade Mark: MEXTIME, NOBLIA.
Employees: 12.
Materials/Commodities: Mainly
imported from China, Switzerland and other European countries.
Markets: Europe,
US, India, Pakistan, Africa, Middle East, Japan, Singapore, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C,
D/P and D/A.
The Chinese Manufacturers’ Association of Hong Kong,
Hong Kong.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Issued Share Capital: HK$5,000,000.00
Indebtedness: HK$45,483,679.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return
dated 30-06-2015)
Mortgage or Charge (Since 2011): (See attachment)
Profit & Loss: Making
a small profit every year.
Condition: Keeping
in a satisfactory state.
Facilities: Making
active use of general banking facilities.
Payment: Met as required.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Deutsche Bank AG,
Hong Kong Branch.
Wayfoong Credit Ltd.,
Hong Kong.
ABN AMRO Bank N.V.,
Hong Kong Branch.
Hang Seng Bank Ltd.,
Hong Kong.
Bank of Shanghai
(Hong Kong) Ltd., Hong Kong.
Citibank, N.A., Hong
Kong.
DBS Bank (Hong Kong)
Ltd., Hong Kong.
Standing: Normal.
Having issued 5
million ordinary shares of HK$1.00 each, Solar Time Ltd. is an Indian private
limited company jointly held by Mr. Notan-Hassanand Tolani, holding 90%
interests, and Mr. Vishal Notandas Tolani, holding 10%.
The subject currently
has the following two companies located at the same address:
· Mextime Ltd. [Mextime]
· Bindaas Productions Ltd. [Bindaas]
The subject is a
consolidated original designer, manufacture and marketer of watch and timepiece
accessories. It provides comprehensive private
label turnkey solutions to a variety of clients ranging from specialty retail
clients, brand-owners, corporate premium customers and other international
watch brands. Besides Original Design
Lead Manufacturing solutions for its clients, Solar Time is home to a portfolio
of in-house quality brands developed in conjunction with distribution partners
worldwide.
The subject carries
all kinds of watches, spare parts and watch movements which are mainly imported
from Switzerland and other European countries.
Quite a large mount of commodities are imported from China.
The subject has had
assembly facilities in Bao’an District, Shenzhen Special Economic Zone, China.
The subject is
trading in the following products:-
· Gent’s Watch;
· Gent’s Chronograph Watch;
· Gent’s Stainless Steel Chronograph Watch;
· Men’s Stainless Steel Automatic Watch;
· Ladies’ Ana-Digital Watch;
· Men’s Analog Watch;
· Triumph Skeleton Watch;
· Pens, etc.
Its watch products
bear the following trademarks: Giordano Watch, Triumph, Beverly Hills, Polo
Club, Mextime, etc. while its pens bear the trade mark of NOBLIA.
Mextime is trading in
the commodities bearing the brand name of Mextime.
The trade
mark NOBLIA
has registered with the Trade Marks Registry, Intellectual Property Department,
the Government of the Hong Kong SAR. The
filing date was 26th November, 2009 while the expiry date is
25th November, 2019.
Finished products are
re-exported to Europe, the United States, India, Pakistan, Africa, the Middle
East, Japan, Singapore, etc. Business
has been good.
Bindaas is a Hong
Kong company engaged in creating high-end Asian documentaries and corporate
videos.
In order to penetrate
the international market further, the subject has taken part in fairs and exhibitions
held in Hong Kong and other foreign large cities.
For instance, it is
going to take part in “Hong Kong Watch & Clock Fair 2016” which will be
held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 6th to 10th September, 2016.
The history of the
subject is over 38 years and four months.
On the whole, in view
of the subject’s background and history, consider it good for business
engagements.
Court
case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Sept. 1994 |
Ho Ling Wah, Christina Woo Yin Ha, Ho Ling Wah trading
as Power Jewellery |
Solar Time Ltd. |
Declaration |
Not stated |
Property
information of the company:-
Property Location: 15/F.
and Car Parking Space No. 5 on Basement, Kowloon Centre, 33 Ashley Road,
Kowloon, Hong Kong.
Owner: Solar Time
Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-05-2000 |
- |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Mortgage to secure general banking facilities |
(Since 2011)
|
Date |
Description
of Instrument |
Mortgagee |
|
12-05-2011 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
|
25-11-2011 |
Assignment of Insurance Policy (Two-Party) |
Hang Seng Bank Ltd., Hong Kong. |
|
12-06-2012 |
Charge Over Deposit |
Australia & New Zealand Banking Group Ltd.,
Hong Kong Branch. |
|
07-06-2013 |
Charge Over Deposits |
Bank of Shanghai (Hong Kong) Ltd., Hong Kong. |
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27-01-2014 |
Mortgage |
Bank of Shanghai (Hong Kong) Ltd., Hong Kong. |
|
23-01-2015 |
Assignment of Insurance Policy (Two-Parties) |
Hang Seng Bank Ltd., Hong Kong. |
|
12-05-2015 |
Deposit Deed |
Citibank N.A., Hong Kong Branch. |
|
29-06-2015 |
Floating Charge |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.34 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
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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 |
|
|
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 |
|
|
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.