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Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUNRICH
TRADERS LTD. |
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Registered Office : |
8/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon |
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Country : |
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Date of Incorporation : |
11.04.2001 |
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Com. Reg. No.: |
31716244 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Textiles, towels, bed sheets, underwear, outerwear, handkerchiefs, socks, pyjamas, gowns, blankets, hardware, tools, stationery, toys, thread, cigarette lighters, footwear, cosmetics, vacuum flasks, playing cards, audio/video products, batteries, bulbs, flashlight torches and porcelain ware. |
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No. of Employees : |
35. (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 |
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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 |
SUNRICH TRADERS LTD.
8/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 2722 2333
FAX: 2721 5577
E-MAIL: sprasad@sunrich-hk.com
Managing Director: Mr. Jairam Mangharam Gidwani
Incorporated on: 11th April, 2001.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Sundry Product Trader.
Employees: 35. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
· 8/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
P.O. Box 90162, Tsim Sha Tsui Post Office,
Kowloon, Hong Kong.
Holding Company:-
Sodima Holding Ltd., British Virgin Islands.
Associated/Affiliated
Companies:-
Brody Ltd., Hong Kong. [Dissolved]
District 15 Asset Management Ltd., Hong Kong.
District 15 Holdings Ltd., Hong Kong.
Finemaster International Traders Ltd., Hong Kong.
Kush Concepts Ltd., Hong Kong.
Solar Exports Ltd., Hong Kong.
Solar Time Ltd., Hong Kong
Sonex China Ltd., Hong Kong. [Dissolved]
Sonex Electronics Ltd., Hong Kong. [Dissolved]
Sonex Impex Ltd., UK.
Sonex Ltd., Hong Kong.
Sonex Overseas Ltd., Hong Kong.
Sonex Pacific Ltd., Hong Kong. [Dissolved]
Sonex Taiwan Ltd., Hong Kong. [Dissolved]
Sonex Traders Ltd., Hong Kong.
Sunrich Taiwan Ltd., Taiwan.
Sunrich Traders Ltd., Hong Kong.
Tonald Investment Ltd., Hong Kong. [Dissolved]
31716244
0753490
Managing Director: Mr. Jairam Mangharam Gidwani
Contact Person: Mr. Sreenivasa Rangarajan
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry
dated 11-04-2012)
|
Name |
|
No. of shares |
|
Dinesh GIDWANI |
|
2,500,000 |
|
Sodima Holding Ltd. P. O. Box 957, Offshore Corporations Centre, Road Town, Tortola, British Virgin Islands. |
|
2,500,000 |
|
|
|
–––––––– |
|
|
Total: |
5,000,000 ======= |
(As per registry
dated 11-04-2012)
|
Name (Nationality) |
Address |
|
Jairam Mangharam GIDWANI |
No. 30 La Salle Road, Kowloon Tong, Kowloon, Hong Kong. |
|
Dinesh GIDWANI |
No. 30 La Salle Road, Kowloon Tong, Kowloon, Hong Kong. |
|
Sonia Jairam GIDWANI |
No. 30 La Salle Road, Kowloon Tong, Kowloon, Hong Kong. |
(As per registry
dated 11-04-2012)
|
Name |
Address |
|
LEE Yat Tong |
Room 1610, Lung Yuet House, Kam Lung Court, Ma On Shan, Shatin, New Territories, Hong Kong. |
The subject was incorporated on 11th April, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1501-1507, 15/F., AIA Tower, New World Centre, 20 Salisbury Road, Tsimshatsui, Kowloon Hong Kong where is the operating address of Sonex Traders Ltd., an affiliate of the subject. Moved to the present address in September 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: Textiles, towels, bed sheets, underwear, outerwear, handkerchiefs, socks, pyjamas,
gowns, blankets, hardware, tools, stationery, toys, thread, cigarette lighters, footwear, cosmetics, vacuum flasks, playing cards, audio/video products, batteries, bulbs, flashlight torches and porcelain ware.
Employees: 35. (Including affiliates)
Commodities Imported: Mainly bought in Hong Kong or from China, South Korea, Taiwan, Japan and Philippines.
Markets: India, Africa, Middle East, Latin America, Europe, etc.
Terms/Sales: Various terms.
Terms/Buying: L/C or as per contracted.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Increase of
Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$5,000,000.00 |
on |
11-04-2001 |
Indebtedness: US$5,455,311.89
& HK$13,245,272.37 (Total amount outstanding on all mortgages and charges
as per last Annual Return dated 11-04-2012)
Mortgage or Charge: (See attachment)
Profit & Loss: Business is profitable.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Citibank
N.A., Hong Kong Branch.
DBS
Bank Ltd., Hong Kong Branch.
Standing: Normal.
Operation started in April 2001, Sunrich Traders Ltd. is a private limited company equally owned by Mr. Dinesh Gidwani and Sodima Holding Ltd. which is a BVI-registered firm. The former is an Indian belongs to the Gidwani family.
The subject is actually owned by and operated by the Gidwani family. It has had an associated company Finemaster International Traders Ltd. [Finemaster] located at its operating address. This firm is engaged in the same lines of business as the subject.
The subject is trading in gloves, men’s briefs, garments, electronics, household electric appliances, fixtures, hardware, fittings, dinettes, sofas, tables, chairs, beds, cabinets, other furniture, foodstuffs, perfumes, towels, soap, detergent, combs, plastic products, batteries, electronic products, baby products, luggage, kitchenware, bicycles and spare parts, etc.
Commodities are acquired in Hong Kong and imported from China, the Philippines, Taiwan, Thailand, Indonesia, India, etc. Commodities are exported or re-exported to Asian countries, Panama, Chile, Argentina, Paraguay, Brazil, Peru, Ecuador, Colombia, Venezuela, Bolivia, Curacao, etc. Famous trade marks carried are “Legend”, “Muzzo Surf”, etc.
The subject also deals with some countries in the Middle East and Africa. Currently, the subject is looking for new furniture suppliers in Asia.
The subject is mainly controlled by Mr. Jairam Mangharam Gidwani, an Indian merchant who has been in Hong Kong for a long time.
The subject is mainly controlled by Mr. Jairam Mangharam Gidwani, an Indian merchant who has been in Hong Kong for a long time.
Besides the subject, Mr. J. M. Gidwani has set up Sonex Group of companies which are located at the same address. The Sonex Group consists of a number of firms bearing the initial of Sonex while most of them are in Hong Kong. Sonex Group also has got affiliated companies in the Philippines, Thailand and Indonesia.
The operations of the Sonex Group have been good.
The annual sales turnover of the Sonex Group ranges from HK$500 to 550 million. Making a small profit every year. The operations of the Sonex Group have been active.
The Contact Person of the subject Mr. Sreenivasa Rangarajan is also an Indian. The history of the subject in Hong Kong is over eleven years in Hong Kong.
On the whole, consider it good for normal business engagements.
REMARKS:
Property
information of affiliates:-
1. Property Location: 15/F. and Car Parking Space No. 5 on Basement, Kowloon Centre, 33 Ashley Road, Kowloon, Hong Kong.
Owner: Solar Time Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-05-2000 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Shop No. 57B on 1/F., Chungking Mansion, 40 Nathan Road, Kowloon, Hong Kong.
Owner: Solar Time Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
16-02-1989 |
- |
Wayfoong Credit Ltd., Hong Kong. |
Mortgage to secure general credit facilities |
3. Property Location: Shop No. 64 on 1/F., Chungking Mansion, 40 Nathan Road, Kowloon, Hong Kong.
Owner: Solar Time Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances: (Under the same mortgage deed as Property 2)
4. Property Location: Workshops Nos. 1-12 on 11/F., Wah Yiu Industrial Centre, 30‑32 Au Pui Wan Street Shatin, New Territories, Hong Kong.
Owner: Sonex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-06-1993 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
5. Property Location: Workshops Nos. 13-24 on 11/F., Wah Yiu Industrial Centre, 30‑32 Au Pui Wan Street Shatin, New Territories, Hong Kong.
Owner: Sonex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-06-1992 |
- |
Banque Nationale de Paris, Hong Kong Branch. [Now known as BNP Paribas] |
Mortgage to secure general banking facilities |
6. Property Location: Flat D on 39/F. of Block 2 and Car Parking Space No. 159 on 1/F., Estoril Court, 55 Garden Road, Hong Kong.
Owner: Sonex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
17-01-1994 |
- |
Banque Nationale de Paris, Hong Kong Branch. [Now known as BNP Paribas] |
Mortgage to secure general banking facilities |
7. Property Location: Flat B on 18/F. of Block C and Car Parking Space No. 8, The Crescent, 11 Ho Man Tin Hill Road, Kowloon, Hong Kong.
Owner: Sonex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
15-09-1987 |
- |
Wayfoong Credit Ltd., Hong Kong. |
Mortgage to secure general credit facilities |
|
Date |
Particulars |
Amount |
|
16-07-2010 |
Instrument: Mortgage Property: All Those 139 equal undivided 30,000 parts or shares of and in All That piece or parcel of ground registered in the Land Registry as Kowloon Inland Lot No. 10599 And of and in the messuages erections and buildings thereon now known as Mandarin Plaza, No. 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong together with first the sole and exclusive right and privilege to hold use occupy and enjoy All Those Units 709-9, 710A and 710B on the Seventh Floor of Tower A of the Development which are more particularly shown on the 7/F. Floor Plan annexed to two Assignments registered in the Land Registry by Memorial No. UB5942444 and UB590934 respectively and thereon coloured Pink and Secondly the exclusive right and privilege to hold use occupy and enjoy in common with the other owner or owners for the time being of other areas or portions on the said 7/F., of the said Tower A of the Development All That portion of the said 7/F.more particularly shown and delineaed on the said 7 Floor Plan Plans and thereon coloured Green Mortgagee: DBS Bank Ltd., Hong Kong Branch. |
All moneys |
|
22-09-2010 |
Instrument: Legal Charge Property: 859/30,000 parts or shares of and Kowloon Inland Lot No. 10599 (8/F., Tower A, Mandarin Plaza/ No. 14 Science Museum Road, Kowloon) Mortgagee: Citibank N.A., Hong Kong Branch. |
To secure general banking facilities to the extent of unlimited amount and interest thereon |
|
22-09-2010 |
Instrument: Rental Assignment Property: All Those 859 equal undivided 30,000 parts or shares of and in All That piece or parcel of ground registered in the Land Registry as Kowloon Inland Lot No. 10599 and of and in the messuages erections and buildings thereon now known as Mandarin Plaza, No. 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong Together with the sole and exclusive right and privilege to hold use occupy and enjoy All That the Eight Floor of Tower A of the Building Mortgagee: Citibank N.A., Hong Kong Branch. |
To secure general banking facilities to the extent of unlimited amount and interest thereon |
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 |
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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 |
|
---- |
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.