|
|
|
MIRA
INFORM REPORT
|
Report No. : |
497108 |
|
Report Date : |
14.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
BRILLIANT STANDARD LIMITED |
|
|
|
|
Registered Office : |
Room 504-505, 5/F., Harbour Crystal Centre, 100 Granville
Road, Tsimshatsui East, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
04.09.2000 |
|
|
|
|
Com. Reg. No.: |
31221700 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of
Garments, Accessories, Sundries, Household Products. |
|
|
|
|
No. of Employees : |
35 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
HONG
KONG - 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
|
Source
: CIA |
Company name and address
BRILLIANT STANDARD
LIMITED
ADDRESS: Room 504-505, 5/F., Harbour Crystal
Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2368 1951
FAX: 852-2368
1953
E-MAIL: mparvani@gmail.com
bstand04@netvigator.com
sridhar@bslhk.com
MANAGEMENT
Managing Director: Mr. Madhulal Sadhuram Parvani
SUMMARY
Incorporated on: 4th
September, 2000.
Organization:
Private Limited
Company.
Issued Share Capital: HK$20,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
35.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 504-505, 5/F., Harbour Crystal Centre,
100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
31221700
COMPANY FILE NUMBER
0730107
MANAGEMENT
Managing Director: Mr. Madhulal Sadhuram Parvani
ISSUED SHARE CAPITAL
HK$20,000,000.00
SHAREHOLDERS
(As per registry dated 04-09-2017)
|
Name |
|
No. of shares |
|
Madhulal Sadhuram PARVANI |
|
6,000,000 |
|
Sharda Madhulal PARVANI |
|
6,000,000 |
|
Sachin Madhulal PARVANI |
|
4,000,000 |
|
Dinesh Madhulal PARVANI |
|
4,000,000 |
|
|
|
––––––––– |
|
|
Total: |
20,000,000 ======== |
DIRECTORS
(As per registry dated 04-09-2017)
|
Name (Nationality) |
Address |
|
Sachin Madhulal PARVANI |
Flat B, 14/F., Hong Kong Garden, 6-8
Seymour Road, Mid-Levels, Hong Kong. |
|
Dinesh Madhulal PARVANI |
Flat B, 14/F., Hong Kong Garden, 6-8
Seymour Road, Mid-Levels, Hong Kong. |
|
Sharda Madhulal PARVANI |
Flat B, 14/F., Hong Kong Garden, 6-8
Seymour Road, Mid-Levels, Hong Kong. |
|
Madhulal Sadhuram PARVANI |
Flat B, 14/F., Hong Kong Garden, 6-8
Seymour Road, Mid-Levels, Hong Kong. |
SECRETARY
(As per registry dated 04-09-2017)
|
Name |
Address |
Co. No. |
|
Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux
Road Central, Sheung Wan, Hong Kong. |
1273165 |
HISTORY
The subject was incorporated on 4th
September, 2000 as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the subject was located at ‘Room
606, 6/F., Wing On Plaza, 62 Mody Road, Tsimshatsui, Kowloon, Hong
Kong’. It moved to the present address
in November 2014.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of garments,
accessories, sundries, household products, etc.
Employees: 35.
Commodities Imported: China, other Asian countries, etc.
Markets: India, other Asian countries,
Europe, US, South America, Middle East, Africa, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying:
L/C, D/P, etc.
MEMBERSHIP
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
FINANCIAL INFORMATION
Issued Share Capital: HK$20,000,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small
profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Regular
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Citibank, N.A., Hong Kong.
Bank of Baroda, Hong Kong Branch.
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Australia and New Zealand Banking Group Ltd.,
Hong Kong.
Standing:
Very Good.
GENERAL
Having issued 20 million ordinary shares of HK$1.00 each,
Brilliant Standard Limited is wholly owned by the Parvani family all of whom
are Indian. All the Parvanis have been
in Hong Kong for a very long time. They
are Hong Kong ID holders and have got the right to reside in Hong
Kong. They are also directors of the
subject.
The subject is a prominent apparel exporter and supplier in Hong
Kong. Now, it also trades in sundry
products.
The subject sources its products from the suppliers in China and
the other Asian countries.
The subject is an experienced manufacturer and exporter of
fashionable and affordable men’s, women’s and children’s clothing and
accessories. Strategically headquartered in Hong Kong, the subject’s management
has more than 35 years’ experience in the apparel industry.
The subject is specialised in casualwear and active
sportswear. It has had long-term
co-operation with a strong network of partners in some of Asia’s leading
manufacturing centres.
Its wide range of affordable casualwear includes cotton knits,
wovens, sportswear, sweaters, denims, skirts, outerwear, travel gear, headwear,
footwear and accessories.
The subject has staff of about 35, including a team of 8 creative
in-house designers.
The subject has had an associated factory in China. This is a 40,000 sq. ft. facility in Fujian
Province of China to accommodate up to 500 workers. This facility was put into operation in late
2012.
Products are exported to India, other Asian countries, Europe, the
United States, South America, the Middle East, Africa, etc. Business is rather active.
One of its garment customers is Tiendas La Gran Via Inc.
Besides garments, the subject also trades in the other products
such as the following:
LED candle sets, Collapsible Pet Feeders, Pen sets, general
household products, gifts and premiums, etc.
Most of the commodities are sourced from China. It is able to make a small profit every year.
As the history of the subject is over 17 years and six months in
Hong Kong, on the whole, consider it good for normal business engagements.
MORTGAGE OR CHARGE
|
Date |
Description of Instrument |
Mortgagee |
|
19-05-2005 |
Mortgage |
The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
|
04-02-2008 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
|
12-10-2009 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
|
10-03-2011 |
Security Agreement over Bank Account |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
|
22-06-2012 |
Charge Over Deposit |
Australia & New Zealand Banking Group
Ltd., Hong Kong Branch. |
|
15-04-2013 |
Legal Charge/Mortgage |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
|
15-04-2013 |
Rental Assignment |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
|
02-03-2016 |
Deposit Deed |
Citibank N.A., Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.96 |
|
|
1 |
INR 90.23 |
|
Euro |
1 |
INR 80.09 |
|
HKD |
1 |
INR 8.28 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.