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MIRA INFORM REPORT
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Report No. : |
500320 |
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Report Date : |
30.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SET WAY INDUSTRIES LIMITED |
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Registered Office : |
Suite 1002-1003, 10/F., Chao’s Building, 143-145
Bonham Strand East, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.02.1990 |
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Com. Reg. No.: |
13603386 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Silk
Fabrics, Clothing Accessories, Textile Products, Electronic Products,
Jewellery, General Household Products. |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company
name and address
SET WAY
INDUSTRIES LIMITED
ADDRESS: Suite 1002-1003, 10/F., Chao’s Building,
143-145 Bonham Strand East, Sheung Wan, Hong Kong.
PHONE: 852-2546 0308
FAX: 852-2517 3406
E-MAIL: gul@setwayhk.com
mahesh@setwayhk.com
MANAGEMENT:
Managing Director: Mr. Phatu Shamdas Badlani
SUMMARY
Incorporated on: 23rd
February, 1990.
Organization:
Private Limited
Company.
Issued Share Capital: HK$5,300,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
5.
Main Dealing Banker: Union Bank of India, Hong Kong Branch.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
Suite 1002-1003, 10/F., Chao’s Building,
143-145 Bonham Strand East, Sheung Wan, Hong Kong.
BUSINESS
REGISTRATION NUMBER
13603386
COMPANY
FILE NUMBER
0271940
MANAGEMENT
Managing Director: Mr. Phatu Shamdas Badlani
ISSUED
SHARE CAPITAL
HK$5,300,000.00
SHAREHOLDERS
(As per registry dated 23-02-2018)
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Name |
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No. of shares |
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Phatu Shamdas BADLANI |
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4,300,000 |
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Mahesh Vishindas BADLANI |
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1,000,000 |
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––––––––– |
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Total: |
5,300,000 ======== |
DIRECTORS
(As per registry dated 23-02-2018)
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Name (Nationality) |
Address |
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Phatu Shamdas BADLANI |
Flat A2, 5/F., Park View Court, 1 Lyttelton
Road, Mid‑Levels, Hong Kong. |
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Mahesh Vishindas BADLANI |
Flat B, 6/F., Block 2, Scenic Garden, 9 Kotewall
Road, Hong Kong. |
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Hassnein Raza HAMADATAKI |
Rua Cidade De Mocambique, 16A, Nampula,
Mozambique. |
SECRETARY
(As per registry dated 23-02-2018)
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Name |
Address |
Co. No. |
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Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux
Road Central, Sheung Wan, Hong Kong. |
1273165 |
HISTORY
The subject was incorporated on 23rd
February, 1990 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.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Silk
fabrics, clothing accessories, textile products, electronic products,
jewellery, general
household
products
Employees: 5.
Commodities Imported: China, other Asian countries, etc.
Markets: Asian
countries, Europe, North America, Africa, Middle East, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying:
L/C, T/T, D/P, etc.
MEMBERSHIP
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
FINANCIAL
INFORMATION
Issued Share Capital: HK$5,300,000.00
Mortgage or Charge (since November
2010): (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:-
Union Bank of India, Hong Kong Branch.
Bank of Baroda, Hong Kong Branch.
Indian Overseas Bank, Hong Kong Branch.
Standing:
Normal.
GENERAL
Having issued 5.3 million ordinary shares of HK$1.00 each, Set Way
Industries Limited is jointly owned by Mr. Phatu Shamdas Badlani, holding
81.1%; and Mr. Mahesh Vishindas Badlani, holding 18.9%. Being Hong Kong ID Card holders, they
have got the right to reside in Hong Kong permanently. The two shareholders and Mr. Hassnein Raza
Hamadataki they are directors of the subject.
The subject is a family business of the Badlanis.
The subject is trading in the following products:-
Piecegoods - Silk, Stationery, Stock Lots - Clothing Accessories,
Stock Lots - Electronic Products, Stock Lots - Footwear, Stock Lots - Garments,
Knitwear, Stock Lots - Giftware & Premium, Stock Lots - Imitation / Costume
Jewellery, Stock Lots - Textiles, Stock Lots - Toys, Stock Lots - Household
Products, Yarns, Baby Products, etc.
Most of the commodities are sourced from China and the other Asian
countries. Prime markets are Asian
countries, Europe, North America, Africa, Middle East, etc.
The business of the subject are chiefly handled by the
Badlanis. History in Hong Kong is over
28 years and a month.
On the whole, consider the subject good for normal business
engagements.
MORTGAGE
OR CHARGE
(Since November 2010)
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Date |
Description of Instrument |
Mortgagee |
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17-11-2010 |
Charge on Deposit |
Union Bank of India, Hong Kong Branch. |
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31-01-2011 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
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16-03-2011 |
Charge on Deposit |
Union Bank of India, Hong Kong Branch. |
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02-09-2011 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
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09-11-2011 |
Undertaking Relating To Deposits |
Indian Overseas Bank, Hong Kong Branch. |
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25-02-2013 |
Undertaking Relating To Deposits |
Indian Overseas Bank, Hong Kong Branch. |
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09-06-2014 |
Floating Charge |
Union Bank of India, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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HKD |
1 |
INR 8.30 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.