MIRA INFORM REPORT

 

 

Report Date :

07.02.2013

 

IDENTIFICATION DETAILS

 

Name :

Sunwell Global LTD.

 

 

Registered Office :

C/o Tricor Tengis Ltd. Level 28, Three Pacific Place, 1 Queen’s Road East

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

01.12.2003

 

 

Com. Reg. No.:

34119227

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Extrusion & Thermoforming Equipment Trader for Plastic Products, etc.

 

 

No. of Employees :

Nil

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

No Operating Office in Hongkong

Payment Behaviour :

Unknown

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

(31.03.2011)

Current Rating

(30.06.2012)

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'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

 

 

 

Company Name

 

SUNWELL  GLOBAL  LTD.

 

 

Company Address

 

ADDRESS:       c/o Tricor Tengis Ltd.

Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong.

 

PHONE:                        2980 1888

FAX:                 2956 2192

 

 

MANAGEMENT

 

Managing Director:  Mr. James Patrick Naughton

 

 

SUMMARY

 

Incorporated on:             1st December, 2003.

 

Organization:                 Private Limited Company.

 

Capital: Nominal:           HK$10,000.00

Issued:                          HK$7,800.00

 

Business Category:        Equipment trader.

 

Employees:                   Nil.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

 

 

 

ADDRESS

Registered Office:-

c/o Tricor Tengis Ltd.

Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong.

 

Holding Company:-

Turquandia Ltd., Hong Kong.

 

Associated Companies:-

Sunwell America Ltd., Mexico.

Sunwell Brazil Ltd., Brazil.

Sunwell India Enterprises Pvt. Ltd., India.

Sunwell Machines Co. Ltd., Taiwan.

Sunwell UK Ltd., UK.

Sunwell USA LLC, US.

Thermoforming Systems LLC, US.

 

 

BUSINESS REGISTRATION NUMBER

 

34119227

 

 

COMPANY FILE NUMBER

 

0873083

 

 

MANAGEMENT

 

Managing Director:  Mr. James Patrick Naughton

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into10,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$7,800.00

 

 

SHAREHOLDERS

(As per registry dated 01-12-2012)

Name

 

No. of shares

Turquandia Ltd., Hong Kong.

 

7,799

Swan Nominees Ltd., Hong Kong.

 

1

 

 

–––––

 

Total:

7,800

====

 

 

DIRECTOR

(As per registry dated 01-12-2012)

Name

(Nationality)

 

Address

James Patrick NAUGHTON

5105 East Sunset Drive, Yakima Wa 98901, US.

 

 

SECRETARY

(As per registry dated 01-12-2012)

Name

Address

Co. No.

Tricor Tengis Ltd.

Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong.

0041027

 

 

HISTORY

 

The subject was incorporated on 1st December, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Originally the subject was registered under the name of Grimsby Enterprises Ltd., name changed to the present style on 30th January, 2004.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Equipment trader.

 

Lines:                           Extrusion & Thermoforming Equipment for Plastic Products, etc.

 

Employees:                   Nil.

 

Commodities Imported:   US, Europe, Asian countries, etc.

 

Markets:                       India, other Asian countries, etc.

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               Various terms.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$7,800.00

 

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.

 

 

GENERAL

 

Having issued 7,800 ordinary shares of HK$1.00 each, Sunwell Global Ltd. is chiefly owned by Turquandia Ltd. which is a Hong Kong-registered nominee company.

 

The subject in fact is controlled by Mr. James Patrick Naughton who is an American.  He is a US 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 “Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong” known as “Tricor Tengis Ltd.” which is handling its correspondences and documents.  This firm is also the corporate secretary of the subject.

 

The subject has no employees in Hong Kong.  It is trading in the following products:-

 

·         Accessories;

·         Contact Heating Thermoforming Machines;

·         EPE Foam Tube or Profile Extrusion Lines;

·         EPS Foam Cups Steam Chest Moulding Systems;

·         EPS/EPE Foam Sheet Extrusion Lines;

·         EPS/EPE Re-Pelletizers;

·         FT Thermoforming Systems;

·         HIPS/PP/APET Rigid Sheet Extrusion Lines;

·         IRD Crystallizing & Drying Handling Systems;

·         Tooling;

·         Two Stations Post Trim Thermoforming Systems; &

·         XPS Foam Insulation Board Extrusion Lines.

 

The subject’s main associated companies are Sunwell America Ltd. and Sunwell USA LLC, both are US-based firms.

 

The Sunwell Group has had an associated company in India known as Sunwell India Enterprises Pvt. Ltd. [Sunwell India].

 

Sunwell India is engaged in the distribution of the above-mentioned products in India.

 

The Sunwell Group now has set up sales offices in Taiwan, the United Kingdom, Mexico, Brazil and the United States.  It also has had service support from Germany, Taiwan, the United Kingdom and the United States.

 

The Sunwell Group has been an approved supplier to TSL-USA for twelve years.

 

According to the Group, it has had 20 years experience in manufacturing the products.  40% of the products is sold in Europe, 20% in America, 30% in Asia and 10% in Africa.

 

The subject’s business in Hong Kong is not active.  History in Hong Kong is over nine 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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.09

UK Pound

1

Rs.83.12

Euro

1

Rs.72.02

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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%)

 

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