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Report Date : |
20.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SEARCH LIGHTS |
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Registered Office : |
C/o Excellent Honour Corporate Services Ltd. Flat B & C, 20/F., Full Win Commercial Centre, 573 Nathan Road, Yaumatei, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.08.2008 |
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Com. Reg. No.: |
39645104-000-08 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Importer and Exporter of all kinds of fabrics, textile 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 Operation 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
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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
SEARCH LIGHTS
Address: c/o Excellent
Honour Corporate Services Ltd.
Flat B
& C, 20/F., Full Win Commercial Centre,
573 Nathan
Road, Yaumatei,
Kowloon,
Hong Kong.
PHONE: 852-2626 0378
FAX: 852-2626 0372
Manager: Mr. Sanjeev Kumar Chopra
Establishment: 8th
August, 2008.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Fabric Trader.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Excellent Honour Corporate Services Ltd.
Flat B & C, 20/F., Full Win Commercial Centre, 573 Nathan Road,
Yaumatei, Kowloon, Hong Kong.
Associated Company:-
Rise International Ltd., Hong Kong.
(Same owner and same address)
39645104-000-08
Manager: Mr. Sanjeev Kumar Chopra
Name: Mr. Sanjeev Kumar CHOPRA
Residential Address: 11879 Street,
No. 10, 3/F., Sat Nagar Karol Bagh, New Delhi, India.
The subject was established on 8th August, 2008 as a sole proprietorship
concern owned by Mr. Sanjeev Kumar Chopra under the Hong Kong Business
Registration Regulations.
Initially the subject’s registered address was located at Suite 6601,
66/F., The Center, 99 Queen’s Road Central, Hong Kong where is the operating
address of a commercial service provider Regus Centre (HK) Ltd. It moved to the present address in July 2010
where is the operating address of Excellent Honour Corporate Services Ltd.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of fabrics,
textile products.
Employees: Nil.
Commodities Imported: India, China, other Asian countries, etc.
Markets: Hong Kong, China, other Asian
countries, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
advanced T/T, etc.
Capital: Not disclosed.
Profit or Loss: Keeping
a balance account in 2011 & 2012.
Condition: Business is not active in Hong Kong.
Facilities: Adequate for current running.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Search Lights is a sole proprietorship set up and owned by Mr. Sanjeev
Kumar Chopra who is an Indian. He is an
India passport holder and does not have the right to reside in Hong Kong
permanently. He is the manager of the
subject. Currently he is residing in New
Delhi, India.
The subject commenced business in August 2008. Chopra is the Manager.
The subject does not have its own operating office. Formerly, its registered office was in a
commercial service firm located at Suite 6601, 66/F., The Center,
99 Queen’s Road Central, Hong Kong known as Regus Centre (HK) Ltd. [Regus]
which is handling its correspondences and documents. It moved to the present address in July 2010
as it has changed its commercial service firm to Excellent Honour Corporate
Services Ltd. [Excellent Honour]. The
new address is the operating address of Excellent Honour.
The subject has no employees in Hong Kong.
According to the subject, it is a fabric trader. Commodities are chiefly imported from India,
China, other Asian countries, etc. Prime
markets are Hong Kong, China, other Asian countries, etc. Business is not active in Hong Kong.
It is likely that the subject has got an associated company in New
Delhi, India which is also trading in fabrics.
This firm may be also operated by Chopra. However, details are unknown.
The India 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 history of the subject in Hong
Kong is over four years and ten months.
Besides operating the subject, Chopra is also operating another firm in
Hong Kong known as Rise International Ltd. [RIL]. This firm is also in the office of Excellent
Honour. The subject and RIL are engaged
in the same lines of business. RIL was
incorporated on 8th February, 2010.
Since the subject does not have its own operating office and has no
employees in Hong Kong, on the whole, 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.58.74 |
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|
1 |
Rs.91.99 |
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Euro |
1 |
Rs.78.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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.