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Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
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Name : |
WORLD SUNNY LTD. |
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Registered Office : |
Unit 1316-1317, 13/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.07.2007 |
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Com. Reg. No.: |
38262462 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of leather such as sheepskin, cow skin, pig skin. |
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No. of Employees : |
12. (Including affiliate) |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
WORLD SUNNY
LTD.
ADDRESS: Unit 1316-1317, 13/F., Asia Trade Centre,
79 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2423 2881
FAX: 852-2426 2798
Managing Director: Mr. Lee Chi
Kuen
Incorporated on: 26th
July, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
12. (Including affiliate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 1316-1317, 13/F., Asia Trade Centre, 79 Lei Muk Road,
Kwai Chung, New Territories, Hong Kong.
Associated/Affiliated Companies:-
Kingland Cargo (HK) Co. Ltd., Hong Kong.
(Same address)
Shenzhen Kingland Cargo Logistics Co. Ltd.
4/F., Block B, Xingwei Logistics Centre, Bao’an International Airport,
518128 Shenzhen Special Economic Zone, China.
38262462
1153056
Managing Director: Mr. Lee Chi
Kuen
Contact Person: Ms. Shirley Li
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 26-07-2013)
|
Name |
|
No. of share |
|
LEE Chi Kuen |
|
1 = |
(As per registry dated 26-07-2013)
|
Name (Nationality) |
Address |
|
LEE Chi Kuen |
Unit 1316-1317, 13/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung,
New Territories, Hong Kong. |
(As per registry dated 26-07-2013)
|
Name |
Address |
Co. No. |
|
Dynamic Dragon Secretary & Nominee
Ltd. |
Room 1205, 1206, 12/F., Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
0558570 |
The subject was incorporated on 26th July,
2007 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: All
kinds of leather such as sheepskin, cow skin, pig skin.
Employees: 12. (Including affiliate)
Commodities Imported: Spain, Italy, India, etc.
Markets: China,
other Asian countries, etc.
Terms/Sales:
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$1.00
Profit or Loss: Made a small profit in the past three years.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment:
Met trade
commitments on time.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 1 ordinary share of HK$1.00, World Sunny Ltd. is solely
owned by Mr. Lee Chi Kuen who is a Hong Kong merchant. Lee is also the only director of the subject.
The subject is a leather materials trader. It is trading in all kinds of finished
leather and crust leather:-
Leather materials are imported from Spain, Italy, India, etc. Prime markets are China and other Asian
countries, etc. According to the
subject, it has been trading in the following commodities as well in recent
years: moulds, batteries, electronic devices, PCBs, machine parts, hardware,
plastic raw materials, etc.
The subject’s business is chiefly handled by Mr. Lee Chi Kuen himself.
The subject shares the same operating office with its affiliated company
Kingland Cargo (HK) Co. Ltd. [HK Kingland].
HK Kingland’s main office is in Shenzhen known as Shenzhen Kingland
Cargo Logistics Co. Ltd. [Shenzhen Kingland] which is a China-based firm. HK Kingland is offering clients with all
kinds of logistics and transportation services.
Shenzhen Kingland also trades in the above-mentioned products. Currently, it has branches and offices both
in India and Bengal. It has had good
trading cooperation with the suppliers in these countries and is specialized in
the skin field. Shenzhen Kingland and HK
Kingland can offer clients with purchasing, T/T payment, clearance and logistic
services.
Kingland trades in sheepskin, cow skin, pig skin, etc. These materials are processed into straps,
vanity bags, shoe leather and so on.
Shenzhen Kingland has developed business ties with a number of factories
and enterprises in Southern China.
Shenzhen Kingland is the first logistics company which purchases
commodities for its clients from abroad and transports the imported commodities
to its customers doors in China.
Payments are usually made on T/T to foreign suppliers.
Shenzhen Kingland has set up offices in Dongguan City and Shanghai,
China. It is engaged in the following
business scope:-
Currently Shenzhen Kingland has about 200 employees while 80% of them
are graduated from the faculty of transportation and logistic services. It has over 50 trucks plying between China
and Hong Kong, 93 container trucks in China.
Besides, Shenzhen Kingland has been cooperating with the other transportation
companies in China and in total there are fifteen fleets which include over 400
trucks.
According to Shenzhen Kingland, its annual sales turnover is over RMB100
million Yuan while net profit ranges from RMB4 to 5 million Yuan. Its total net assets is over RMB17 million
Yuan.
The subject is engaged in the same lines of business as Shenzhen
Kingland.
Since the history of the subject is about six years in Hong Kong,
consider it good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.68.36 |
|
|
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.