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Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SUN CHASERS LTD. |
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Registered Office : |
C/o Companies Registrations & Secretary Ltd. Room 1701 (399), 17/F., Henan Building, 90 Jaffe Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.05.2008. |
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Com. Reg. No.: |
39251870 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Lights & Lighting Products, Manufacturing & Processing Machinery & Equipment, Office Supplies, Construction & Decoration Materials, Furniture & Furnishing Materials |
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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 : |
-- |
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Litigation : |
-- |
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
SUN CHASERS
LTD.
ADDRESS: c/o Companies Registrations
& Secretary Ltd.
Room 1701 (399),
17/F., Henan Building, 90 Jaffe Road, Wanchai, Hong Kong.
PHONE: 86-20-8349 9427
E-MAIL: sunchasersltd@gmail.com
Managing Director: Mr. Ashim Bhat
Incorporated on: 5th
May, 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: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Companies Registrations & Secretary Ltd.
Room 1701 (399), 17/F., Henan Building, 90 Jaffe Road, Wanchai, Hong
Kong.
Associated Company:-
Guangzhou Sun Chasers Ltd.
Zhongxin building, Baogang Avenue, Guangzhou, Guangdong, China
39251870
1233974
Managing Director: Mr. Ashim Bhat
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 05-05-2012)
|
Name |
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No. of shares |
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Ashim BHAT |
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10,000 ===== |
(As per registry dated 05-05-2012)
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Name (Nationality) |
Address |
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Ashim BHAT |
Room 2505, DS Building, 538 Dezheng Bei Road, Guangzhou, China. |
(As per registry dated 05-05-2012)
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Name |
Address |
Co. No. |
|
HKCN Secretary Services Ltd. |
Room 1301, 13/F., CRE Building, 303 Hennessy Road, Wanchai, Hong
Kong. |
0837258 |
The subject was incorporated on 5th May, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 2107, 21/F., CC Wu Building,
308 Hennessy Road, Wanchai, Hong Kong, moved to the present address with
effect from 3rd July, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Lights
& Lighting Products, Manufacturing & Processing Machinery &
Equipment, Office Supplies, Construction & Decoration Materials, Furniture
& Furnishing Materials.
Employees: Nil.
Commodities Imported: China, etc.
Markets: India,
other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As
per contracted.
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:
Bank of
China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Sun Chasers Ltd.
is wholly owned by Mr. Ashim Bhat 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. Currently, he is residing in
Guangzhou City, Guangdong Province, China.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 1701 (399), 17/F., Henan Building, 90 Jaffe Road,
Wanchai, Hong Kong known as Companies Registrations & Secretary Ltd. which
is handling its correspondences and documents.
The subject may have a representative in Hong Kong. Your given phone number 852-2138115 is
incorrect as there is only seven digits in the number. All the phone numbers in Hong Kong should
have eight digits.
The subject has had associated company in Guangzhou City, Guangdong
Province, China known as Guangzhou Sun Chasers Ltd. [Guangzhou Sun Chasers] which
is trading in the following commodities:-
Building & Infrastructure Materials
According to the subject it is a sourcing consultants. Guangzhou Sun Chasers is engaged in sourcing
commodities for its customers from the mainland China. It is specialised in procurement for the
Hospitality and Realty sectors. Most of
the products are exported to India and the other Asian countries. Business is normal.
Guangzhou Sun Chasers is also operated by Ashim Bhat. Your given phone number 86-20-8349 9427
seemed belongs to Guangzhou Sun Chasers.
However, we can reach nobody as this line is always engaged.
It is likely that the China firm deals with foreign parties under the
name of the subject and let foreign firms correspond with the subject’s
registered address in Hong Kong. The
China firm also exports commodities to foreign markets under the name of the
subject and its registered address in Hong Kong.
The business of the China is chiefly operated by Ashim Bhat. He has got an MSc degree in international
marketing.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five years and a
month.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.56.74 |
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|
1 |
Rs.88.53 |
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Euro |
1 |
Rs.75.20 |
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 |
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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.