MIRA INFORM REPORT
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Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
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Name : |
SINOTRADE
GLOBAL LTD. |
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Registered Office : |
c/o Prima Secretaries Ltd., Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.09.2004 |
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Com. Reg. No.: |
34918706 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Chemicals, consumer electronics, textile products, gifts, novelties, tableware, hotel ware, etc. |
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No. of Employees
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Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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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 |
SINOTRADE GLOBAL LTD.
c/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.
PHONE: 2376 3611
FAX: 2736 5115
Managing Director: Mr. Anand Kumar Damani
Incorporated on: 15th September, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$780,000.00
Issued: HK$780,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Bank of Baroda, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.
Associated Companies:-
Feather Touch Ltd., Hong Kong.
Sinotrade International Ltd., China.
34918706
0922746
Managing Director: Mr. Anand Kumar Damani
Nominal Share Capital: HK$780,000.00 (Divided into 780,000 shares of HK$1.00 each)
Issued Share Capital: HK$780,000.00
(As per registry
dated 15-09-2011)
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Name |
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No. of shares |
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Anand Kumar DAMANI |
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780,000 ====== |
(As per registry dated
15-09-2011)
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Name (Nationality) |
Address |
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Anand Kumar DAMANI |
Block A, 23D, Regal Court, 75 Longkou Xi Road, Guangzhou, Guangdong Province, China. |
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Indra Kumar BAGRI |
Block B, 23C, Regal Court, 75 Longkou Xi Road, Guangzhou, Guangdong Province, China. |
(As per registry
dated 15-09-2011)
|
Name |
Address |
Co.
No. |
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Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong. |
0569406 |
The subject was incorporated on 15th September, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Suite 1402, 14/F., 1 Duddell Street, Central, Hong Kong where was the operating office of Prima Secretaries Ltd., Prima Secretaries Ltd. moved to the present address with effect from 28th September, 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Chemicals, consumer electronics, textile products, gifts, novelties, tableware, hotel ware,
etc.
Employees: Nil.
Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished
products from China.
Markets: India, Southeast Asia, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$780,000.00 (Divided into 780,000 shares of HK$1.00 each)
Issued Share Capital: HK$780,000.00
Indebtedness: US$211,000.00 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 15-09-2011)
Mortgage or Charge: (See attachment)
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: Bank of Baroda, Hong Kong Branch.
Standing: Small.
Having issued 780,000 ordinary shares of HK$1.00 each, Sinotrade Global Ltd. is wholly owned by Mr. Anand Kumar Damani who is an Indian. The directors of the subject are Mr. Indra Kumar Bagri and Mr. Anand Kumar Damani, both of whom are residing in Guangzhou, Guangdong Province, China. They are India passport holders.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong known as Prima Secretaries Ltd. [Prima] which is handling its correspondences and documents. This firm is also the corporate secretary of the subject. Formerly Prima was located at Suite 1402, 14/F., 1 Duddell Street, Central, Hong Kong, moved to the present address with effect from 28th September, 2009. The subject has no employees in Hong Kong.
To our knowledge, the subject has had an associated company in Hong Kong known as Feather Tough Ltd. [Feather Tough] which is also located at the operating office of Prima. The operations of Feather Tough is also in Guangzhou, Guangdong Province, China. The subject and Feather Tough are engaged in the same lines of business.
The subject is trading in the following commodities: leather chemicals, consumer electronics, textile products, fabrics, garments, gifts, novelties, tableware, hotel ware, etc. Most of the products are sourced from China. However, garments trading are the main line business of the subject. Prime markets are India, other Asian countries, Europe and North America, etc. The subject has had another associated company bearing the name of Sinotrade International Ltd.[China Sinotrade] in Guangzhou, Guangdong Province, China. It is reprorted that China Sinotrade was set up in 1997. The subject also has had an associated firm in India. The contact person of China Sinotrade is Mr. Abhishek Kothari who is also an Indian.
Most of the time, the two directors are residing in Guangzhou, Guangdong Province, China. The history of the subject in Hong Kong is over seven years and five months. Business in China is satisfactory.
Since the subject does not have its own operating office and has no employees in Hong Kong, on the whole, consider it good for business engagements on secured basis.
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Date |
Particulars |
Amount |
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13-05-2011 |
Instrument: Memorandum Property: Distinctive 91210300004225 22-07-2010 US$211,000.00 22-07-2011 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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16-09-2011 |
Instrument: Memorandum Property: Distinctive 91210300004968 26-05-2011 US$ 40,000.00 28-11-2011 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.05 |
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UK Pound |
1 |
Rs.77.78 |
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Euro |
1 |
Rs.65.89 |
RATING EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.