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Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
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Name : |
SINOWIN
PACIFIC LTD. |
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Registered Office : |
Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.12.2003 |
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Com. Reg. No.: |
34432308 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Re-exporter of all kinds of pharmaceuticals, chemicals and poisons |
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No. of Employees : |
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 : |
Moderate |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
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 |
SINOWIN PACIFIC
LTD.
Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2368 3777, 2366 9260
FAX: 2724 2912
Managing Director: Mr. Sadhak Mushtak Ahmed Yaseen
Incorporated on: 10th December, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Chemical Trader.
Employees: Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Shamas, Hong Kong. (Same address)
34432308
0874736
Managing Director: Mr. Sadhak Mushtak Ahmed Yaseen
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry
dated 10-12-2011)
|
Name |
|
No. of shares |
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Ziauddeen Ahmed AHMED YASEEN |
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1 |
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Sadhak Mushtak AHMED YASEEN |
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1 |
|
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|
–– |
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Total: |
2 = |
(As per registry dated
10-12-2011)
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Name (Nationality) |
Address |
|
Ziauddeen Ahmed AHMED YASEEN |
Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong. |
|
Sadhak Mushtak AHMED YASEEN |
Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 10-12-2011)
|
Name |
Address |
Co.
No. |
|
VMC Secretaries Ltd. |
Room 1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong. |
0750831 |
The subject was incorporated on 10th December, 2003 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 and Re-exporter.
Lines: All kinds of pharmaceuticals, chemicals and poisons.
Employees: Nil.
Commodities Imported: Imported from Europe and India.
Markets: Hong Kong, China, other Asian countries.
Terms/Sales: L/C, T/T or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Profit or Loss: Making a small profit in the past years.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Met obligations as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Incorporated in December 2003, Sinowin Pacific Ltd. is a private limited company equally owned by two Arabian: Mr. Ziauddeen Ahmed Ahmed Yaseen and Mr. Sadhak Mushtak Ahmed Yaseen. Both of them, belong to the Ahmed Yaseen family, have been in Hong Kong for a very long time. They are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
The subject has just issued 2 ordinary shares of HK$1.00 each while each of the shareholders holds a single share. They are also directors of the subject.
The subject’s registered office is located at Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong where is a residential building. The residential building is not trespassed by outsiders. The subject’s registered office is also the residence of the two Ahmed Yaseens. To our knowledge, the premises is owned by Mr. Momin Khan who bought it in December 1985 at a consideration of HK$850,000.00. The two Ahmed Yaseens have been leasing the premises from Mr. Khan Shabbir Ahmed who is the attorney of the premises.
The subject has no employees in Hong Kong.
The subject is trading in pharmaceuticals, chemicals, chemical raw materials and poisons. It is one of the licensed wholesalers of poisons approved by the Government of the Hong Kong Special Administrative Region. Commodities are imported from Germany, other European countries and India. Hong Kong is its prime market. It also re-exports some of the pharmaceuticals and chemicals to China, other Asian countries and the Middle East. Business is normal.
The subject has been trying to find more foreign suppliers and increase its market shares in Asia and the Middle East.
The subject has had an associated company known as Shamas located at its operating address. Shamas is a partnership jointly owned by Mr. Ziauddeen Ahmed Ahmed Yaseen and Mr. Sadhak Mushtak Ahmed Yaseen.
Business commenced in July 1975, Shamas is trading in diamond, ruby, sapphire, precious stones, semi-precious stones, gold and general merchandises, etc. Rough diamonds, polished and cut diamonds are imported from India and Belgium, Israel, etc. Finished products are marketed in Hong Kong, exported to India, other Asian countries, Europe, etc. Business has been active.
The businesses of the subject and Shamas are chiefly handled by the two Ahmed Yaseens. The subject’s history is over eight years and seven months in Hong Kong.
On the whole, consider the subject good for normal business engagements in small credit amounts.
Important Note
Please be advised
that:
·
Sinowin Pacific Ltd. is chiefly a chemical trader.
·
There is a firm known as Shamas located at the same
address which is also partly owned by Mr. Sadhak Mushtak Ahmed Yaseen who is the managing director of
Sinowin. Business
commenced in July 1975, Shamas is trading in diamonds, ruby, sapphire, precious stones,
semi-precious stones, gold and general merchandises, etc. We have
already mentioned these in our report.
·
In the point of view of Mr. Sadhak Mushtak Ahmed Yaseen, Sinowin
is not only a chemical trader but also a diamond trader. There are no
differences between these two firms.
·
In vice-versa, Shamas is not only a diamond trader,
but also a chemical trader, this is in the point of view of Sadhak Mushtak Ahmed Yaseen.
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.55.52 |
|
UK Pound |
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
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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 |
|
<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.