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Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SIAM CANADIAN (ASIA) LTD. |
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Registered Office : |
C/o Sharrow Ltd. Suite 2302, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.01.2008 |
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Com. Reg. No.: |
38895738 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of aquatic products, and agricultural products. |
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No. of Employees : |
No Employee 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
SIAM CANADIAN
(ASIA) LTD.
Address: c/o Sharrow Ltd.
Suite 2302,
23/F., Great Eagle Centre,
23 Harbour
Road, Wanchai,
Hong Kong.
Note: Your enquiry given as SIAM
CANADIAN (INDIA) LIMITED which is an associated company of the subject in
India.
Located at your is a firm known as SIAM CANADIAN (ASIA) LTD. which is
considered to be your enquiry.
PHONE: 852-2525 9991
FAX: 852-2877 6852
Managing Director: Mr. James
Peter Gulkin
Incorporated on: 22nd
January, 2008.
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.
Registered Office:-
c/o Sharrow Ltd.
Suite 2302, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong
Kong.
International Headquarters:-
Siam Canadian Foods Co. Ltd.
9th Fl., Suite 283/44 Home Place Office
Building, 283 Thong lor 13, Sukhumvit 55, Klongton-Nua, Wattana, Bangkok 10110
Thailand.
[Tel.: 66-2-185-3311 / 712-7570, Fax: 66-2-185-3317
E-mail: info@siamcanadian.com]
Holding Company:-
Siam Canadian Group Ltd., British Virgin Islands.
Associated Companies:-
Siam Canadian (China) Ltd., China.
Siam Canadian (India) Ltd., India.
Siam Canadian (Indonesia) Ltd., Indonesia.
Siam Canadian (Vietnam) Ltd., Vietnam.
Siam Canadian Group Ltd., Thailand.
38895738
1205879
Managing Director: Mr. James
Peter Gulkin
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 22-01-2013)
|
Name |
|
No. of shares |
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Siam Canadian Group Ltd. Portcullis TrustNet Chambers, P.O. Box 3444, Road Town, Tortola,
British Virgin Islands. |
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10,000 ===== |
(As per registry dated 22-01-2013)
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Name (Nationality) |
Address |
|
James Peter GULKIN |
62/24 Prompak Place, Sukhumvit 49/6, Klongton Nua, Wattana, Bangkok
10110, Thailand. |
(As per registry dated 22-01-2013)
|
Name |
Address |
Co. No. |
|
Sharrow Ltd. |
Suite 2302, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong. |
0288438 |
The subject was incorporated on 22nd January, 2008 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 aquatic products, and agricultural products, etc.
Employees: Nil.
Commodities Imported: Europe, Asian countries, North & South America, etc.
Markets: Asian
countries, Europe, North & South America, 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:
Unknown.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Siam Canadian (Asia) Ltd. is a wholly-owned subsidiary of Siam Canadian
Group Ltd. [Siam Canadian] which is a BVI-registered firm. The only director of the subject Mr. James
Peter Gulkin is a Canada passport holder and does not have the right to reside
in Hong Kong permanently. Most of the
time he is residing in Bangkok, Thailand.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Suite 2302, 23/F., Great Eagle Centre, 23 Harbour Road,
Wanchai, Hong Kong known as Sharrow 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.
The headquarters of Siam Canadian are in Bangkok, Thailand. From modest beginnings in Thailand in 1987,
Siam Canadian started off as a small trading company specialized in food
products. It was during this time that
Thailand’s seafood industry was entering a period of dynamic growth, fuelled by
the rapid expansion of aqua cultured shrimp.
In 1992, Siam Canadian opened its first overseas branch in Vietnam. It continued to grow its procurement network
and expand its operations by subsequently opening additional offices in China,
India and Indonesia. Siam Canadian
currently maintains 8 offices across Asia and additionally procures product
from Malaysia, South Korea and Bangladesh.
Besides, the Group has set up quality control teams in the office of
Argentina and the Philippines.
Siam Canadian later added the International Trading Division to its
Bangkok headquarters to facilitate procurement of products from other countries
where Siam Canadian does not maintain its own offices, particularly in South
America countries including Argentina, Peru, Brazil, North America and Europe.
Its range of products from its diverse geographical locations ensures
that its buyers can truly use us as a “One Stop Shop”, covering all their needs
from multiple sources through a single channel.
Its offices across Asia together with its strong presence in other
countries provides Siam Canadian the ability to market good quality food
products which covers hundreds of different frozen seafood items.
Siam Canadian sells to importers in over 70 countries on 6
continents. Your given enquiry Siam
Canadian (India) Ltd. is one of the associated companies of Siam Canadian.
Its Vietnam office is in Ho Chi Minh City while its China offices are in
Zhanjiang and Dalian City.
The Group has been named as one of the world’s top 30 farmed shrimp
suppliers and one of the Asia’s top 40 seafood companies. Now, the Group is trading in the following
commodities:-
·
Black Tiger Shrimp;
·
Cephalopods;
·
China Products;
·
Freshwater Fish;
·
Freshwater Shrimp;
·
Frozen Vegetables;
·
Miscellaneous;
·
Seawater Fish;
·
Seawater Shrimp;
·
Value Added Products; &
·
Vannamei White Shrimp.
Its frozen vegetable includes frozen pluses and beans, frozen fruit,
fresh vegetable, cashew nut, coffer, bamboo shoot, cabbage, carrot,
cauliflower, mushroom, onion, potato, pumpkin, shallot, spinach, sweet corn,
sweet potato, zucchini, Cole, celery, agarics, asparagus, miscellaneous.
The history of the subject in Hong Kong is over five 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.59.64 |
|
|
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
-- |
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.