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Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
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Name : |
SUN FORTUNE LTD. |
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Registered Office : |
Room 2007-2011, 20/F., Tins Enterprises Centre, |
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Country : |
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Date of Incorporation : |
23.10.2002 |
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Com. Reg. No.: |
33280542 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Textile and non-textile products,
etc. |
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No. of Employees : |
15 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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 re-exports, is about four times GDP. 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, helped it to make an initial recovery more quickly than many
observers anticipated, it again faces a possible slowdown as exports to the
Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011,
an increase of over 59% since the beginning of the year. 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
exports 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 28 million in 2011, outnumbering visitors from all other
countries combined. Hong Kong has also established itself as the premier stock
market for Chinese firms seeking to list abroad. In 2011 mainland Chinese
companies constituted about 43% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011.
Credit expansion and tight housing supply conditions caused Hong Kong property
prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and
middle income segments of the population are increasingly unable to afford
adequate housing. Hong Kong continues to link its currency closely to the US
dollar, maintaining an arrangement established in 1983.
Source
: CIA
SUN FORTUNE LTD.
Room 2007-2011, 20/F., Tins Enterprises Centre, 777 Lai Chi Kok Road,
Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 2723 6631
FAX: 2311 1596
E-MAIL: info@sunfortune.com
Managing Director: Ms. Elena
Lange Geb. Bozin
Incorporated on: 23rd October, 2002
Organization: Private Limited Company.
Capital: Nominal: HK$20,000,000.00
Issued: HK$20,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 15.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SUN FORTUNE LTD.
Registered Head
Office:-
Room 2007-2011, 20/F., Tins Enterprises Centre, 777 Lai Chi Kok Road,
Cheung Sha Wan, Kowloon, Hong Kong.
Holding Company:-
NKD Vertriebs GmbH, Germany.
Ultimate Holding
Company:-
Daun & Cie AG, Germany.
Associated
Companies:-
NKD d.o.o., Slovenia.
NKD Italia Srl, Italy.
NKD Moda d.o.o., Croatia.
NKD Osterreich GmbH, Austria.
NKD Schweiz GmbH, Switzerland.
NKD Vertriebs GmbH Polska, Poland.
Sun Fortune Trading (Suzhou) Co. Ltd., China.
33280542
0818926
Managing Director: Ms. Elena
Lange Geb. Bozin
Contact Persons: Ms. Anna Wong,
Mr. Joe Tang
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$20,000,000.00
(As per registry dated 23-10-2012)
|
Name |
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No. of shares |
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NKD Vertriebs GmbH Buhlstrabe 5, 95463 Bindlach, Germany. |
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19,999,999 |
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Claas Edmund DAUN |
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1 |
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––––––––– |
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Total: |
20,000,000 ======== |
(As per registry dated 23-10-2012)
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Name (Nationality) |
Address |
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Joerg ROSSBERG |
Hutgasse 8, 95488 Eckersdorf/Oberwaiz, Germany. |
|
Elena LANGE GEB. BOZIN |
Apartment 4113, 13/F., Block 41, Baguio Villa, Pokfulam, Hong Kong. |
(As per registry dated 23-10-2012)
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Name |
Address |
Co. No. |
|
WBC Secretaries Ltd. |
Room 1902, 19/F., MassMutual Tower, 38 Gloucester Road, Wanchai,
Hong Kong. |
0018669 |
The subject was incorporated on 23rd October, 2002 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.
Activities: Importer,
Exporter and Wholesaler.
Lines: Textile
and non-textile products, etc.
Employees: 15.
Commodities Imported: China,
India, Bangladesh, other Asian countries, Europe, etc.
Markets: Europe,
North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc
FINANCIAL INFORMATION
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$20,000,000.00
Profit or Loss: Making a small
profit every year.
Condition: Keeping in an active
manner.
Facilities: Is making use of
general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Sun Fortune Ltd. is a wholly-owned subsidiary of NKD Vertriebs GmbH
which is a Germany-based firm. The
ultimate holding company of the subject Daun & Cie AG is also a
Germany-based firm.
The managing director of the subject Elena Lange Geb. Bozin is residing
in Hong Kong.
The subject in fact is a member of the NKD Group. It is trading in garments, textile products
and other products. Products are chiefly
sourced from China, India, Bangladesh, other Asian countries, Europe, etc. Prime markets are Europe, North America,
etc. Business is active.
The subject is the buying office of the Group. It is responsible for the procurement of all
by NKD imported consumer goods in the field of textiles and non-textiles. It is administering three more offices in
China, India, and Bangladesh. It is
carrying the following commodities: suits & jackets - men’s, suits &
jackets - women’s, children’s wear, blouses, coats, jeans, dresses &
skirts, shirts, trousers, slacks, tee & sweat shirts, underwear - men’s,
sport suits, windbreaker, swimwear, yachting & fishing suit, winter sports
apparel, educational toys - non-electronic, battery operated toys, plush toy,
cutlery & flatware, kitchen utensils - metal, kitchen utensils - plastic,
tableware - disposable, household products - metal, household products -
wooden, household cleaning tool, rattanware/bambooware/strawware/ wickerwork,
babies’ wear, handheld video game, video game accessories, etc.
The headquarters of the NKD Group are located in Bindlach, near Bayreuth
of Germany. The NKD Logistics receives
and dispatches eight million items or 2,800 tonnes of merchandise every
month. The hub of the logistics
department is the central warehouse in Bindlach.
Its retail network comprises almost 2,000 shops in Germany, Austria,
Italy, Slovenia, Croatia, Poland and Switzerland. There are about 7,000 employees in the
Group. The Group is a trend-oriented
textile discounter.
NKD Vertriebs GmbH was taken over by Daun & Cie AG in 2003.
In 2010, the subject took over the offices of the trade agency Goalmax
in Suzhou City, Jiangsu Province, China.
The office changed name to Sun Fortune Trading (Suzhou) Co. Ltd.
NKD Vertriebs GmbH is one of the largest textiles retailers in Germany
and Austria. It is trading in garments,
home furnishings, home accessories, etc.
The revenue of this company amounted to EUR 599 million in 2011.
The contact persons of the subject are Ms. Anna Wong and Mr. Joe Tang.
The business of the subject is profitable. History in Hong Kong is over ten years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.34 |
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|
1 |
Rs.86.97 |
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Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.