|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SANDA
KING INDUSTRIES LTD. |
|
|
|
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Registered Office : |
Room 1501, 15/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.08.1987 |
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Com. Reg. No.: |
12644634 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Digital products, computer related products, audio and video products, Mobile phones, etc. |
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No. of Employees : |
06 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 |
SANDA KING
INDUSTRIES LTD.
Room 1501, 15/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2723 5613, 2724 2096
FAX: 2723 1263
E-MAIL: sandaking@sandaking.com
Managing Director: Ms. Lu Yuan Chun
Incorporated on: 28th August, 1987.
Organization: Private Limited Company.
Capital: Nominal: HK$13,000,000.00
Issued: HK$13,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1501, 15/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
P.O. Box 98808, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Taiwan Branch:-
Sandal King Industries Ltd.
Room 6, 5F, 43 Alley, 115 Cheongsam North Road, Section 2, Taipei, Taiwan.
[Tel: 886-2-2531-9720; Fax: 886-2-2571-2696]
Shenzhen Office:-
Sandal King Management & Consultant (Shenzhen) Co. Ltd.
Room 2201-04, 22/F., Nonempty Building, 6013 Shannon Road, Fustian, Shenzhen Special Economic Zone, China.
[Tel: 86-755-8283 9303; Fax: 86-755-8283 9379]
Associated/Affiliated
Companies:-
Master Electronics Industries Ltd., Hong Kong.
Ram Ever Prosper International Inc., Taiwan.
12644634
0197364
Chairman: Mr. N Kaka Shaker
Managing Director: Ms. Lu Yuan Chun
Marketing Officer: Mr. Zoe Lam
Nominal Share Capital: HK$13,000,000.00 (Divided into 11,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$13,000,000.00
(As per registry
dated 28-08-2012)
|
Name |
Occupation |
No. of shares |
|
LU Yueh Chun |
Merchant |
13,000,000 ======== |
(As per registry
dated 28-08-2012)
|
Name (Nationality) |
Address |
|
LU Yueh Chun |
Suite 2506, 25/F., Hampton Court, Gateway Apartment, Harbour City, Canton Road, Kowloon, Hong Kong. |
(As per registry
dated 28-08-2012)
|
Name |
Address |
Co.
No. |
|
Welldone Accounting & Secretarial Ltd. |
Flat B, 6/F., Wing Wong Commercial Building, 557-559 Nathan Road, Kowloon, Hong Kong. |
0208931 |
The subject was incorporated on 28th August, 1987 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: Digital products, computer related products, audio and video products, Mobile phones,
etc.
Employees: 6.
Commodities Imported: China and other Asian countries.
Markets: Taiwan, India, and other Asian countries, Europe, North and South America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C or as per contracted.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$13,000,000.00 (Divided into 11,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$13,000,000.00
Mortgage or Charge
(since June 2009): (See attachment)
Profit & Loss: Made small profits in the past years.
Condition: Business is normal.
Facilities: Making active use of general banking facilities.
Payment: Met obligations as required.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· HBZ Finance Ltd., Hong Kong.
· BNP Paribas, Hong Kong Branch.
· Shanghai Commercial Bank Ltd., Hong Kong.
· National Bank of Pakistan Kowloon Branch, Hong Kong.
Standing: Normal.
Having issued 13 million ordinary shares of HK$1.00 each, Sanda King Industries Ltd. is wholly-owned by Ms. Lu Yueh Chun who is a Taiwan businesswoman. Ms. Lu has been in Hong Kong for a very long time. She is also the only director of the subject.
The Chairman of the subject Mr. N Kaku Shankar seems to be an Indian.
The subject has got a branch in Taiwan also known as Sanda King Industries Ltd. [Taiwan Sanda King]. Taiwan Sanda King is the head office of the Sanda King Group of companies.
Set up in 1987,
the subject is trading in the following commodities:-
B/W TVs, CRT TVs, LCD TVs, TFT TVs, car speakers, car stereos, car MP3 FM Modulator, head phones, DVDs and VCDs, Hi-Fi systems, home theatres, personal sterols, plasma TVs, radio cassettes, satellite receivers, digital products, computer related products, mobile-phones, etc.
In general, the subject is trading in three main categories, namely, Audio & Video Equipment, Digital Products and Computer Related Products.
Commodities are sourced from China and other Asian countries.
The subject’s firm in China is known as Sanda King Management & Consultant (Shenzhen) Co. Ltd. [China Sanda King].
China Sanda King is responsible for the sourcing activities. It is responsible for sourcing commodities from China, mainly electronic products, small household electric appliances, giftware, etc, and exporting to Turkey and South America. Business is rather active.
The Contact Person Ms. Jiang Yunshan is a Chinese.
The prime markets of the subject are Taiwan, India, Southeast Asia, North America, South America, Europe, the Middle East, etc. The subject also has got business partners in Turkey for over eighteen years.
To our knowledge, the subject has got a number of customers in India, Bangladesh, Taiwan, Europe, etc.
Formerly the subject was owned by a number of Indian. In recent years, it has been acquired by Ms. Lu Yueh Chun. Lu seems to be also the owner of Taiwan Sanda King.
The subject has set up sourcing teams in Taiwan apart from China and Hong Kong.
The history of the subject in Hong Kong is over 25 years.
On the whole, consider it good for normal business engagements.
REMARKS:
Court case
record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Feb. 1996 |
Jardine Shipping Agencies (Hong Kong) Ltd. |
Sanda King Industries Ltd. |
Amount due |
HK$28,197 |
(Since June 2009)
|
Date |
Particulars |
Amount |
|
25-06-2009 |
Instrument: Assignment of Receivables – Specific Arrangement Property: The Customer, as beneficial owner
and by way of security for the payment of the Secured Monies, hereby assigns,
and agrees to assign, to the Bank the Receivables until all the Secured
Monies have been paid or discharged Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
“Secured Monies” means (i) all monies and liabilities; (ii) interest on such monies; and (iii) all expanese of the Bank |
|
25-06-2009 |
Instrument: Assignment of Receivables – Specific Arrangement Property: The Customer, as beneficial owner
and by way of security for the payment of the Secured Monies, hereby assigns,
and agrees to assign, to the Bank the Receivables until all the Secured
Monies have been paid or discharged Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
“Secured Monies” means (i) all monies and liabilities; (ii) interest on such monies; and (iii) all expanese of the Bank |
|
25-06-2009 |
Instrument: Assignment of Receivables – Specific Arrangement Property: The Customer, as beneficial owner
and by way of security for the payment of the Secured Monies, hereby assigns,
and agrees to assign, to the Bank the Receivables until all the Secured
Monies have been paid or discharged Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
“Secured Monies” means (i) all monies and liabilities; (ii) interest on such monies; and (iii) all expanese of the Bank |
|
25-06-2009 |
Instrument: Assignment of Life Insurance Property: (i) all the Assignor’s claims, options, privileges, right, title, interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the Policy in respect of the Policy upon the terms herein set out as a continuing security for the due and punctual payment of the Secured Indebtedness and the due and punctual performance and observance by the Borrower of all other obligations of the Borrower contained in the Facility Letter Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
“Secured Indebtedness” means (i) all and any moneys; (ii) interest on such moneys; and (iii) all expanese of the Bank |
|
20-08-2010 |
Instrument: Deed of Charge on Account and Set Off Property: All funds and/or moneys standing to the credit of any existing account No. 33582-14436-6, 33533-03861-0, 33518-01913-6, 33528-02427-9 Mortgagee: Shanghai Commercial Bank Ltd., Hong Kong. |
To secure banking facilities and interest thereof granted or to be granted to Sanda King Industries Ltd. |
|
24-06-2011 |
Instrument: Assignment of Life Insurance Property: (1) All the Assignor’s claims under the Insurance: Insurance Policy No: 42758996 Name of Insurance Co.: Transamerica Life (Bermuda) Ltd. Name of the Insured: Lu Yueh Chun Assignor / Policy Owner: Sanda King Industries Ltd. (2) All the Assignor’s claims against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All and any monies in any currency owing by the Assignor to the Bank (ii) interest on such monies (iii) all monies paid by the Bank in respect of the Policy |
|
02-03-2012 |
Instrument: General Form of Trust Receipt Property: The Shipping Document of Documents for any goods hypothecated to the Bank Mortgagee: National Bank of Pakistan, Hong Kong Branch. |
Any draft or bill upon the Company and accepted by the Company |
|
02-03-2012 |
Instrument: General Agreement relating to Documentary Bills Property: Bills of exchange drawn, accepted or indorsed by the Company accompanied by shipping or other documents Mortgagee: National Bank of Pakistan, Hong Kong Branch. |
Advancement of money or provision of banking facilities of such extent as the Bank considers fit and appropriate |
|
09-03-2012 |
Instrument: Letter of Lien Property: FDR No. F368033 issued on 09-03-2012 in the amount of HK$150,000.00 Mortgagee: National Bank of Pakistan, Hong Kong Branch. |
All kinds of banking facilities/ accommodations including Letters of Credit, Trust Receipt, Overdraft, Bills Purchased and Negotiated etc. allowed/ to be allowed by the Bank from time to time |
|
09-03-2012 |
Instrument: Letter of Lien and Authority for advances to the constituent/ borrower against fixed deposits/ call deposits/ special deposits/ margin deposits, etc Property: Fixed deposit account under No. F368033 with balance of HK$150,000.00 Mortgagee: National Bank of Pakistan, Hong Kong Branch. |
A loan/ overdraft/ cash credit/ credit/ accommodation/ financial assistances of HK$27,000,000.00 with all interest due thereon and all costs, charges, and expenses for recovery thereof |
|
02-03-2012 |
Instrument: Letter of Lien Property: FDR No. F367969 issued on 03-03-2011 in the amount of HK$4,050,000.00 Mortgagee: National Bank of Pakistan, Hong Kong Branch. |
All kinds of banking facilities/ accommodations including Letters of Credit, Trust Receipt, Overdraft, Bills Purchased and Negotiated etc. allowed/ to be allowed by the Bank from time to time |
|
02-03-2012 |
Instrument: Letter of Lien and Authority for advances to the constituent/ borrower against fixed deposits/ call deposits/ special deposits/ margin deposits, etc Property: Fixed deposit account under No. F367969 with balance of HK$4,050,000.00 Mortgagee: National Bank of Pakistan, Hong Kong Branch. |
A loan/ overdraft/ cash credit/ credit/ accommodation/ finacial assistances of HK$27,000,000.00 with all interest due thereon and all costs, charges, and expenses for recovery thereof |
|
02-03-2012 |
Instrument: Overdraft Agreement Property: All certificated (with or without duly stamped, transfers) for stock, shares, debentures and other marketable securities belonging to the Company and now or for the time being in the Banks custody and the property thereby represented Mortgagee: National Bank of Pakistan, Hong Kong Branch. |
All money now owing or to be become owing to the Bank by the Company on the Company’s current account with the Bank or any account whatsoever |
|
02-03-2012 |
Instrument: Application and Agreement for Irrevocable Letters of Credit Property: Title and ownership of all goods shipped under or in connection with the credits or in any way relating thereto whether or not released to the Company against trust or bailer receipt and of the proceeds of such goods and of all bills of lading, policies, or certificates of insurance or the documents given Mortgagee: National Bank of Pakistan, Hong Kong Branch. |
All sums advanced in connection with the Credited, the documents, or the goods including Commission, interest and charges or with the whole or part of the amount of the credits at any time to times if the Bank thinks fit |
|
02-03-2011 |
Instrument: General Letter of Hypothecation Property: All goods, stocks, coin, bullion, money, currency, margin, deposits, shares, bonds, debentures, fixed deposits receipts, certificates of deposit, warehouse or godown warrants, bills of lading, bills of exchange, or other evidences of value and all other property or securities Mortgagee: National Bank of Pakistan, Hong Kong Branch. |
Loans/ discounts/ overdrafts/ letters of credit/ accommodation to others at the Company’s request |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.53 |
|
UK Pound |
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.03 |
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.