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Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SYSCON GLOBAL LTD. |
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Registered Office : |
c/o World Trade Enterprises Consultancy Ltd. Room 2105, 21/F., BJ1206, Trend Centre, 29-31 Cheung Lee Street,
Chai Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.07.2011 |
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Com. Reg. No.: |
58678431 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Plywood, Block Boards, Timber,
Indian Organic Spices, Herbal Products |
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No. of Employees : |
No Employees in
Hong Kong [It is to be noted that the company does not have its own operating office
in Hong Kong. The company uses the address of its secretariat as its
correspondence address only. Subject operates from some other country and
does not have a base in Hong Kong. Such companies are registered in Hong Kong
just to tax benefit purpose and due to the strict privacy laws prevailing in
the country. In such cases, the companies are not required to have any
employees in Hong Kong nor do have an office there.] |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 levies
excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012,
an increase of 59% from the previous 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 34.9
million in 2012, 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 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% 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, and less than 2% in 2012.
Credit expansion and tight housing supply conditions caused Hong Kong property
prices to rise rapidly and inflation to rise 4.1% in 2012. 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 |
SYSCON GLOBAL LTD.
c/o World Trade Enterprises Consultancy Ltd.
Room 2105, 21/F., BJ1206, Trend Centre, 29-31 Cheung Lee Street,
Chai Wan, Hong Kong.
[Formerly located
at:
c/o Baililai International Group (HK) Ltd.
Room 1708, 17/F., Nan Fung Tower,173 Des Voeux Road Central,Hong Kong.]
PHONE: 852-2115 3188
Managing Director: Mr. Pravinchandra Waghanna
Incorporated on: 14th July, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SYSCON GLOBAL LTD.
Registered
Office:-
c/o World Trade Enterprises Consultancy Ltd.
Room 2105, 21/F., BJ1206, Trend Centre, 29-31 Cheung Lee Street, Chai
Wan, Hong Kong.
Associated Company:-
OM Services
D-136, Golani Mkt. Jalgaon, Maharashtra, India.
58678431
1632848
Managing Director: Mr.
Pravinchandra Waghanna
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 14-07-2012)
|
Name |
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No. of shares |
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Pravinchandra WAGHANNA |
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10,000 ===== |
(As per registry dated 14-07-2012)
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Name (Nationality) |
Address |
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Pravinchandra WAGHANNA |
75118 Behind Kothari Mangal Karalaya, Zillha Peth Jalgaon, India. |
(As per registry dated 14-07-2012)
|
Name |
Address |
Co. No. |
|
World Trade Enterprises Consultancy Ltd. |
15/F., Highgrade Building, 117 Chatham Road, Tsimshatsui, Kowloon,
Hong Kong. |
1156560 |
The subject was incorporated on 14th July, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 1708,
17/F., Nan Fung Tower, 173 Des Voeux Road Central, Hong Kong where is the
operating office of a commercial service provider Baililai International Group
(HK) Ltd. It moved to the present
address in August 2012 as it has changed its commercial service provider since
then.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Plywood,
block boards, timber, Indian organic spices, herbal products.
Employees: Nil.
Commodities Imported: India,
other Asian countries, etc.
Markets: China,
other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
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$10,000.00
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: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Syscon Global Ltd.
is wholly owned by Mr. Pravinchandra Waghanna who is an Indian.
He is an India passport holder and does not have the right to reside in
Hong Kong permanently. He is also
the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 2105, 21/F., BJ1206, Trend Centre, 29-31 Cheung
Lee Street, Chai Wan, Hong Kong.” known as “World Trade Enterprises Consultancy
Ltd.” [WTEC] which is handling its correspondences and documents. WTEC is also the corporate secretary of the
subject. This company has more than one
office in Hong Kong.
The subject has no employees in Hong Kong.
To our knowledge, the subject has had an associated company known as OM
Services in India. This firm is also
operated by Pravinchandra Waghanna. The
subject and OM Service are engaged in the same lines of business.
Om Services is an importing and exporting company that has been serving
its customers for around 25 years. It is
a supplier, exporter and importer of strong and durable plywood. Its wide array of products includes imported
timber, commercial plywood, MR plywood, BWR plywood, BWP plywood, shuttering
plywood, flexi plywood, block boards, etc.
Besides, Om Services also trades in Agro Commodities in India. Based in Jalgaon, the subject is a
manufacturer, supplier and exporter of an extensive range of organic Indian
spices that include whole spices as well as ground spices or masala such as dry
red chilli, red chilli powder, coriander seeds, coriander powder, turmeric
finger, turmeric powder, cumin seeds, cumin powder, fennel seeds, fennel powder
etc.
It also manufactures and exports pure Herbal Products that are prepared
from Herbal extracts of Bacoppa Monnieri (Brahmi), Azadirachta indica (Neem),
Stevia, Withania Somnifera (Ashwagandha), Physillium, Indian Gooseberyy (Amla),
Haritaki (Hirda), Terminalia Belerica (Baheda), Commiphora Wightii (Guggul),
Chanothis (Gunja), etc.
Om Services also offers customers with the other merchandise sourcing
services. The contact person of Om
Services is also Pravinchandra Waghanna.
However, the subject’s business in Hong Kong is not active. History in Hong Kong, which is short, is
just over two years.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to the
strict privacy laws prevailing in the country. In such cases, the companies are
not required to have any employees in Hong Kong nor do have an office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.82 |
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|
1 |
Rs.92.97 |
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Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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.