MIRA
INFORM REPORT
|
Report Date : |
11.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SINOCOM TRADING LTD. |
|
|
|
|
Registered Office : |
Room 1007-1008, 10/F., Hang Seng Bank Tsimshatsui Branch Building,
18 Carnarvon Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
18.09.1984 |
|
|
|
|
Com. Reg. No.: |
09391951 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Wholesaler and Re-exporter of Electrical products,
electronic products, garments and accessories, and sundry products. |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
SINOCOM TRADING
LTD.
(Business name: BRINAR ENTERPRISES)
ADDRESS: Room 1007-1008, 10/F., Hang
Seng Bank Tsimshatsui Branch Building, 18 Carnarvon Road, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 2369 2823
FAX: 2368 7769
E-MAIL: info@stlhk.com
sinocom@stlchina.com.cn
naresh@hkstar.com
MANAGEMENT
Managing Director: Mr. Naresh
Kumar Narain Bhagchandani
SUMMARY
Incorporated on: 18th
September, 1984.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Wholesaler and Re-exporter.
Employees:
12.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1007-1008, 10/F., Hang Seng Bank Tsimshatsui Branch Building, 18
Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
P.O. Box 98628, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Business Name:-
Brinar Enterprises, Hong Kong.
China Offices:-
Ningbo
Shuguang
Road, Ningbo 315000, Zhejiang Province, China.
[Tel/Fax: 86-574-8729 5806]
Guangzhou
603
Shuyin Road, 52-5 5th Building, Guangzhou, Guangdong Province, China.
[Tel: 86-20-3761 3355; Fax: 86-20-3761
3356]
Associated Company:-
Citico Trading Ltd., Hong Kong.
(Same address)
BUSINESS REGISTRATION NUMBER
09391951
COMPANY FILE NUMBER
0141610
MANAGEMENT
Managing Director: Mr. Naresh
Kumar Narain Bhagchandani
CAPITAL
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
SHAREHOLDERS
(As per registry dated 18-09-2010)
|
Name |
|
No. of shares |
|
Naresh Kumar Narain BHAGCHANDANI |
|
1,000,000 |
|
Brijkumar Chellaram MANGHO |
|
1,000,000 |
|
|
|
|
|
|
Total: |
2,000,000 ======= |
DIRECTORS
(As per registry dated 18-09-2010)
|
Name (Nationality) |
Address |
|
Naresh Kumar Narain BHAGCHANDANI |
Flat C, 18/F., Block 3, Venice Court, Realty Gardens, 41 Conduit Road,
Hong Kong. |
|
Brijkumar Chellaram MANGHO (Previous name: Brijkumar Mahtani MANGHO) |
Flat D, 5/F., Block 21, Upper Baguio Villa, 555 Victoria Road, Hong
Kong. |
SECRETARY
Naresh Kumar Narain BHAGCHANDANI
(As per registry dated 18-09-2010)
HISTORY
The subject was incorporated on 18th September, 1984 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,
Wholesaler and Re-exporter.
Lines: Electrical
products, electronic products, garments and accessories, and sundry products.
Employees: 12.
Commodities Imported: Mainly imported from China, Japan and India.
Markets: Middle
East, India, Europe, Africa, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C, D/P and
T/T.
FINANCIAL INFORMATION
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge (since 2007): (See attachment)
Profit or Loss: Traded at a profitable angle.
Condition: Keeping
in an active and good state.
Facilities: Making
active use of general banking facilities.
Payment:
So far regular.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
HBZ Finance Ltd., Hong Kong.
Commonwealth Finance Corporation Ltd.,
Hong Kong.
DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
Standing: Normal.
GENERAL
Sinocom Trading Ltd. is a private limited company which is equally owned
by two Indians, Mr. Brijkumar Chellaram Mangho and Mr. Naresh Kumar Narain
Bhagchandani. The previous name of
Brijkumar Chellaram Mangho was Brijkumar Mahtani Mangho. They are also directors of the subject.
The subject is dealing in household electric products, electronic
products, plastic raw materials, power generators, white goods, garments,
accessories, and sundry products.
Commodities are mainly imported from China while small quantities are
acquired locally, imported from India, Japan and other Asian countries. Imported and acquired products are exported
or re-exported to the Middle East, India, Europe, West Africa, etc. Business is rather active and
satisfactory. Long terms of business
ties have been developed with both foreign suppliers and foreign buyers.
In recent three years, the subject has secured general credit facilities
from three Hong Kong bankers.
The two shareholders, believed to be rather rich Indian merchants, have
got the right to reside in Hong Kong permanently.
The subject has got an associated company Citico Trading Ltd. which is
an affiliated company of B. L. Chainrai Group.
B. L. Chainrai Group commenced operations in Nigeria in 1975. Today the B. L. Chainrai Group is a leading
conglomerate of companies trading in power generators, plastic raw materials
and white goods. It is also a
manufacture of plastic household products and furniture. Its prime markets are Nigeria and West Africa.
B. L. Chainrai Group has established a strong presence in Nigeria and a
sound reputation for its integrity, professionalism and customer centric
business approach.
The subject also trades in the products of B. L. Chainrai Group.
On the whole, having a history of more than twenty-six years in Hong
Kong, the subject is considered good for normal business engagements.
MORTGAGE OR CHARGE
(Since 2007)
|
Date |
Particulars |
Amount |
|
12-04-2007 |
Instrument: Charge on Cash Deposit to secure
Liabilities of the Depositor Property: 1) By way of first fixed charge
and agreement to charge: the Deposit and all right, title and interest of the
Company 2) By way of set-off: any
sum standing to the credit of any one or more of the accounts of the Company
with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities |
|
02-06-2009 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2008/FD/386/2 23/3/2009 US$46,151.16 1.47% 23-06-2009 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.73.51 |
|
Euro |
1 |
Rs.64.76 |
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 |
|
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 SCs 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.