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Report No. : |
339305 |
|
Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
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Name : |
P. ASSUDAMAL (H.K.) LTD. |
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|
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Registered Office : |
14/F., Wyndham Place, 40-44 Wyndham Street, Central |
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Country : |
Hongkong |
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Date of Incorporation : |
14.09.2009 |
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Com. Reg. No.: |
51162964 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer,
Exporter and Wholesaler of Consumer electronics, electric appliances, resins,
power products, general merchandise. |
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No. of Employees : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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.
|
Source
: CIA |
P.
ASSUDAMAL (H.K.) LTD.
ADDRESS: 14/F.,
Wyndham Place, 40-44 Wyndham Street, Central, Hong Kong.
PHONE: 852-3124
2400
FAX: 852-2801
4848
E-MAIL: kumar@pahkltd.com
Managing Director:
Mr. Kishin Assudamal Vaswani
Incorporated on: 14th September, 2009.
Organization: Private Limited Company.
Issued Share Capital: HK$30,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Group Turnover: US$100 – 120 million.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
14/F., Wyndham Place, 40-44 Wyndham Street, Central, Hong
Kong.
Associated
Companies:-
Caz Neon (Nig) Ltd., Nigeria.
Radiant Plastics Industries Pvt. Ltd., India.
Sameer Enterprises (Nig) Ltd., Nigeria.
Vas (Nig) Ltd., Nigeria.
Affiliated
Companies:-
A & P Foods (Nig) Ltd., Africa.
Assudamal & Sons (H.K.) Ltd., Hong Kong.
Assudamal Holdings Ltd., British Virgin Islands.
Ceekay (HK) Ltd., Hong Kong.
Deekay & Sons (Nig) Ltd., Africa.
Haano Industries Ltd., Nigeria.
Haansbro (Nig) Ltd., Africa.
Haansbro Edu-Toys, Africa.
Haansbro Private Ltd., Zimbabwe.
Jovicoop Trading Ltd., Hong Kong.
Map Leaf Press Ltd., Nigeria.
Nexus For Life Ltd., Nigeria.
Roc Media Ltd., United Kingdom.
RocSearch India Pvt. Ltd., India.
RocSearch Ltd., United Kingdom.
Shouson Development Ltd., British Virgin Islands.
Supersonic Distribution & Services Pvt. Ltd., India.
51162964
1372634
Managing Director:
Mr. Kishin Assudamal Vaswani
HK$30,000,000.00
(As per registry dated 14-09-2014)
|
Name |
|
No. of shares |
|
Kishin Assudamal VASWANI |
|
1,500,000 |
|
Manisha Kishin VASWANI |
|
750,000 |
|
Anusha Kishin VASWANI |
|
750,000 |
|
|
|
–––––––– |
|
|
Total: |
3,000,000 ======= |
(As per registry dated 14-09-2014)
|
Name (Nationality) |
Address |
|
Jagdish Assudamal VASWANI |
Room A, 6/F., Woodland Heights, 2 Wongneichung Gap
Road, Hong Kong. |
|
Manisha Kishin VASWANI |
Room A, 6/F., Woodland Heights, 2 Wongneichung Gap
Road, Hong Kong. |
|
Anusha Kishin VASWANI |
Room A, 6/F., Woodland Heights, 2 Wongneichung Gap
Road, Hong Kong. |
|
Kishin Assudamal VASWANI |
Room A, 6/F., Woodland Heights, 2 Wongneichung Gap
Road, Hong Kong. |
(As per registry dated 14-09-2014)
|
Name |
Address |
Co. No. |
|
Harris Secretaries Ltd. |
8/F., Hong Kong Trade Centre, 161-167 Des Voeux Road
Central, Hong Kong. |
0031138 |
The subject was
incorporated on 14th September, 2009 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.
Activities: Importer,
Exporter and Wholesaler.
Lines: Consumer
electronics, electric appliances, resins, power products, general merchandise.
Employees: 6.
Commodities Imported: China,
other Asian countries, etc.
Markets: Africa,
Eastern Europe, etc.
Annual Turnover: US$100
– 120 million.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Issued Share Capital: HK$30,000,000.00
Mortgage or Charge:
(See attachment)
Profit or Loss: Making
a profit every year.
Condition: Keeping in an active manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
BNP Paribas, Hong
Kong Branch.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
P.Assudamal (H.K.)
Ltd. is a business of the Vaswani family.
The largest shareholder is Mr. Kishin Assudamal Vaswani who is holding
50% stake. The other 50% is equally held
by Mr. Manisha Kishin Vswani and Mr. Anusha Kishin Vaswani [A K Vaswani]. The three shareholders are also directors of
the subject.
All of them are Hong
Kong ID holders and have got the right to reside in Hong Kong permanently.
The subject belongs
to Vas Group. Besides the subject, the
following companies also belong to the Group:-
· Caz Neon (Nig) Ltd., Nigeria.
· Radiant Plastics Industries Pvt. Ltd. [Radiant], India.
· Sameer Enterprises (Nig) Ltd., Nigeria.
· Vas (Nig) Ltd., Nigeria.
The origin of the
group dates back to 1929 when Utoomal & Assudamal Co. was one of the few
trading companies in Hong Kong. The late
Assudamal Vaswani founded this company.
In 1959 his sons C. A. Vaswani and K. A.Vaswani founded their own
company, which operated as a partnership firm, and in 1971 Assudamal & Sons
(HK) Limited was incorporated as a limited liability company. Realizing the potential of the African
market, the company ventured into setting up its own operations in Nigeria in
1972 which today accounts for a major share of the group’s business. The business has been growing substantially
during the last few years and as the members of the founding families also have
been growing, it was felt that it would be expedient for both C.A Vaswani and
K.A Vaswani to separate amicably their businesses for more effective
control. With that in view Mr. K.A
Vaswani incorporated the subject in September 2009 with full-fledged operations
starting 1st April, 2010 after its formal separation from Assudamal & Sons
(HK) Ltd on 31st March, 2010.
Now, the subject is
chiefly trading in consumer electronics, electric appliances, resins, power
products, household sundry products, general merchandise, etc. Commodities are chiefly sourced from China,
India, other Asian countries, etc. Prime
market is Nigeria of Africa. Other
markets are Eastern Europe, etc.
The subject has had a
main associated company in India known as Radiant Plastics Industries Pvt. Ltd.
[Radiant] which is one of the members of the Vas Group. Set up in 1973, Vas Group is trading in the
following commodities: Tyres, PVC Carpets, Engines, Water Dispensers, Cookers,
Plastic Raw Materials, White Cement, White Goods, Rice, Canned Foodstuffs, etc.
Radiant is trading in
plastic materials.
The annual sales
turnover of the Group is over US$100 million.
Business is active and profitable.
The subject’s
business is owned and operated by the Vaswani family in Hong Kong. History is about six years in Hong Kong.
On the whole,
consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
18-11-2009 |
Instrument: Mortgage Property: 12,754/334,499th
parts or shares of Inland Lot No. 146, Inland Lot No. 4076 and Inland Lot No.
4096 (14/F. and Carpark No. C19 on 4/F. of Wyndham Place, 44 Wyndham
Street, Hong Kong) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All sums in respect
of general banking facilities |
|
28-04-2010 |
Instrument: Security Over Deposits Property: A deposit with
chargee in the amount for US$1,900,000 or its equivalent in other foreign
currencies under Deposit Account No. 808-692487 Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount Secured –
(i) all monies in any currency; (ii) interest on such monies; and (iii) all
expenses of the chargee in perfecting or enforcing the charge |
|
28-04-2010 |
Instrument: Deed of Charge and Assignment Over
Assets – Own Liabilities Property: The Company, as beneficial
owner, charges, assigns, mortgages, pledges and agrees to charge, assign,
mortgage and pledge to the Bank by way of first fixed charge or mortgage and
releases to the Bank all the present and future rights, title and interest of
the Company The Company,
beneficial owner and/or with full title guarantee, assigns absolutely and
agrees to assign absolutely to the Bank all the present and future rights,
title and interest of the Company The Company as
beneficial owner charges and agrees to charge in favour of the Bank by way of
first floating charge, all its rights, title and interest whatsoever, both
present and future, in and to the Charged Assets Negative Pledge Mortgagee: BNP Paribas, Hong Kong Branch. |
To secure the
payment and discharge of (i) all present and future indebtedness, obligations
and liabilities; (ii) interest on such moneys; (iii) any expense of the Bank
making payment in respect of Charged Assets and (iv) all expenses of the Bank
in enforcing the Deed on a full indemnity basis |
|
15-04-2011 |
Instrument: Security Agreement over Bank Account
(All moneys) Property: By way of first
fixed charge all of the Chargor’s rights in respect of any amount standing to
the credit of the Account from time to time and the debt represented by it. Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the
payment and satisfaction of all present and future obligations and
liabilities |
|
05-10-2012 |
Instrument: Security Agreemnt over Securities (All
moneys) Property: By way of first
fixed charge; By way of
assignment, all the Chargor’s rights, title and interest, present and future,
in and to any Specified Securities and any Related Rights Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment
and satisfaction of all present and future obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
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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 |
|
|
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 |
|
|
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 |
|
|
-- |
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.