MIRA INFORM REPORT

 

 

Report Date :           

22.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SUNWISE  INTERNATIONAL  (HK)  LTD.

 

 

Registered Office :

c/o Ford Secretaries Ltd., Room 1021, 10/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

17.04.2008

 

 

Com. Reg. No.:

39455470

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of jewellery products.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUNWISE  INTERNATIONAL  (HK)  LTD.

 

 

Company ADDRESS

 

c/o Ford Secretaries Ltd.

Room 1021, 10/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.

PHONE:            2827 6836

FAX:                 2827 5086

E-MAIL:                        sunwiseinternational@gmail.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Ashish Kumar Bagla

 

 

SUMMARY

 

Incorporated on:             17th April, 2008.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$1,510,000.00

Issued:              HK$1,500,001.00

 

Business Category:        Diamond Trader.

 

Employees:                   Nil.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

c/o Ford Secretaries Ltd.

Room 1021, 10/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.

 

Affiliated/Associated Companies:-

·         Accord Overseas Ltd., Hong Kong.

·         Denzong Trade Link

·         Room 1805, 18/F., Royal Commercial Centre, 56 Parkes Street, Jordan, Kowloon, Hong Kong.  [Tel: 2723 8407;  Fax: 2723 8487]

·         Sunshine Overseas Ltd.

·         c/o Aall & Zyleman Co. Ltd.

·         3/F., Jonsim Place, 228 Queen’s Road East, Wanchai, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

39455470

 

 

COMPANY FILE NUMBER

 

1228220

 

 

MANAGEMENT

 

Managing Director:  Mr. Ashish Kumar Bagla

 

 

CAPITAL

 

Nominal Share Capital:   HK$1,510,000.00 (Divided into 1,510,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,500,001.00

 

 

SHAREHOLDER

(As per registry dated 17-04-2011)

 

Name

 

No. of shares

Ashish Kumar BAGLA

 

1,500,001

=======

 

 

DIRECTOR

(As per registry dated 17-04-2011)

 

Name

(Nationality)

 

Address

Ashish Kumar BAGLA

5 Upper Bukit Timah View, #04-10 Bukit Regency, Singapore 588134.

 

 

SECRETARY 

(As per registry dated 17-04-2011)

 

Name

Address

Co. No.

Ford Secretaries Ltd.

Room 1021, 10/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.

0039162

 

 

HISTORY

 

The subject was incorporated on 17th April, 2008 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:                           All kinds of jewellery products.

 

Employees:                   Nil.

 

Commodities Imported:   India, Europe, etc.

 

Markets:                       Singapore, other Asian countries, etc.

 

Terms/Sales                  L/C, T/T, etc.

 

Terms/Buying:               L/C, etc.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$1,510,000.00 (Divided into 1,510,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,500,001.00

 

Alternation of Capital:-

17-04-2008

paid up

HK$      1.00

09-06-2009

paid up

HK$      1,500,000.00

 

 

–––––––––––––––

Total:

paid up

HK$      1,500,001.00

==============

 

Increase of Nominal Capital:-

From

HK$10,000.00

to

HK$1,510,000.00

on

09-06-2009

 

Profit or Loss:                Keeping a balance account in Hong Kong.

 

Condition:                      Business is not active in Hong Kong.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Having issued 1,500,001 ordinary shares of HK$1.00 each, Sunwise International Ltd. is wholly owned by Mr. Ashish Kumar Bagla who is an India passport holder.  Currently residing in Singapore, Bagla is also the only director of the subject.

Your given phone number 0065 98738751 is not a Hong Kong line.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at Room 1021, 10/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong known as Ford Secretaries Ltd. [FSL] which is handling its correspondences and documents.  FSL is also the corporate secretary of the subject.  FSL is an affiliated company of Li, Tang, Chen & Co. which is an accounting firm.

The subject has no employees in Hong Kong.  Its lines of business are unknown since the secretarial firm declined to divulge any information about it.  It is likely that the subject is a diamond trader.  Commodities are chiefly imported from India and the other European countries.

It is likely that the subject has got an affiliated company in Singapore which is operated by Bagla.  However, details are unknown.

The Singapore firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.

The subject has had an associated company known as Accord Overseas Ltd. [Accord Overseas] which is also a Hong Kong-registered firm.

Having issued 1,000 ordinary shares of HK$1.00 each, Accord Overseas is wholly owned by Mr. Ashish Kumar Bagla.  Accord Overseas is also a diamond trader.

Bagla currently also owns another firm known as Sunshine Overseas Ltd. located at the operating address of Aall & Zyleman Co. Ltd.  Sunshine Overseas and the subject are engaged in the same lines of business.

The subject’s business in Hong Kong is not very active.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.

DIAMOND INDUSTRY – INDIA

 

-          From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-          The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-          The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-          Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-          Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

-          Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-          Excerpts from Times of India dated 30th October 2010 is as under –

 

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

 

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

-          Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.67

UK Pound

1

Rs.82.53

Euro

1

Rs.69.13

 

 

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 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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.