MIRA INFORM REPORT

Report Date :

08.11.2013

IDENTIFICATION DETAILS

Name :	SINOWIN PACIFIC LTD.
Registered Office :	Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	10.10.2003
Com. Reg. No.:	34432308
Legal Form :	Private Limited Company
Line of Business :	Importer and Re-exporter of All kinds of pharmaceuticals, chemicals and poisons
No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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, 31^st, 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

Company name

SINOWIN PACIFIC LTD.

ADDRESS

Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 852-2368 3777, 2366 9260

FAX: 852-2724 2912

E-MAIL: info@sinowinpacificltd.com

MANAGEMENT

Managing Director: Mr. Sadhak Mushtak Ahmed Yaseen

SUMMARY

Incorporated on: 10th December, 2003.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$3.00

Business Category: Chemical Trader.

Employee: 1.

Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.

Banking Relation: Satisfactory.

Company name

SINOWIN PACIFIC LTD.

ADDRESS

Registered Head Office:-

Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.

Associated Company:-

Shamas, Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBER

34432308

COMPANY FILE NUMBER

0874736

MANAGEMENT

Managing Director: Mr. Sadhak Mushtak Ahmed Yaseen

CAPITAL

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

Issued Share Capital: HK$3.00

SHAREHOLDERS

(As per registry dated 10-12-2012)

Name		No. of shares
Ziauddeen Ahmed AHMED YASEEN		1
Sadhak Mushtak AHMED YASEEN		1
Hameed Irfan		1
		–
	Total:	3 =

DIRECTORS

(As per registry dated 10-12-2012)

Name (Nationality)	Address
Ziauddeen Ahmed AHMED YASEEN	Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
Sadhak Mushtak AHMED YASEEN	Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
Hameed Irfan	6B Rutland Gate, 2 Street, Chennai 600006, Tamilnadu.

SECRETARY

(As per registry dated 10-12-2012)

Name	Address	Co. No.
VMC Secretaries Ltd.	Room 1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.	0750831

HISTORY

The subject was incorporated on 10th December, 2003 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.

OPERATIONS

Activities: Importer and Re-exporter.

Lines: All kinds of pharmaceuticals, chemicals and poisons.

Employee: 1.

Commodities Imported: Imported from Europe and India.

Markets: Hong Kong, China, other Asian countries.

Terms/Sales: L/C, T/T or as per contracted.

Terms/Buying: L/C, T/T, D/P, etc.

FINANCIAL INFORMATION

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

Issued Share Capital: HK$3.00

Profit or Loss: Making a small profit every year.

Condition: Business is normal.

Facilities: Making rather active use of general banking facilities.

Payment: Met obligations as required.

Commercial Morality: Satisfactory.

Banker: Bank of China (Hong Kong) Ltd., Hong Kong.

Standing: Small.

GENERAL

Incorporated in December 2003, Sinowin Pacific Ltd. is a private limited company equally owned by two Arabian and an Indian: Mr. Ziauddeen Ahmed Ahmed Yaseen, Mr. Sadhak Mushtak Ahmed Yaseen and Hameed Irfan. Fist two of them, belong to the Ahmed Yaseen family, have been in Hong Kong for a very long time. They are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

The third joined in the subject as a shareholder and director in September 2012. He is an India passport holder and does not have the right to reside in Hong Kong permanently. His registered address is in Chennai, India.

The subject has just issued 3 ordinary shares of HK$1.00 each while each of the shareholders holds a single share. They are also directors of the subject.

The subject’s registered office is located at Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong where is a residential building. The residential building is not trespassed by outsiders. The subject’s registered office is also the residence of the two Ahmed Yaseens. To our knowledge, the premises is owned by Mr. Momin Khan who bought it in December 1985 at a consideration of HK$850,000.00. The two Ahmed Yaseens have been leasing the premises from Mr. Khan Shabbir Ahmed who is the attorney of the premises.

The subject is trading in pharmaceuticals, chemicals, chemical raw materials and poisons. It is one of the licensed wholesalers of poisons approved by the Government of the Hong Kong Special Administrative Region. Commodities are imported from Germany, other European countries and India. Hong Kong is its prime market. It also re-exports some of the pharmaceuticals and chemicals to China, other Asian countries and the Middle East. Business is normal.

According to the subject, it is also a commission agent. It is trying to increase its product varieties. It is engaged in B2B (business to business).

Besides, the subject has been trying to find more foreign suppliers and increase its market shares in Asia and the Middle East.

The subject has had an associated company known as Shamas located at its operating address. Shamas is a partnership jointly owned by Mr. Ziauddeen Ahmed Ahmed Yaseen and Mr. Sadhak Mushtak Ahmed Yaseen.

Business commenced in July 1975, Shamas is trading in diamond, ruby, sapphire, precious stones, semi-precious stones, gold and general merchandises, etc. Rough diamonds, polished and cut diamonds are imported from India and Belgium, Israel, etc. Finished products are marketed in Hong Kong, exported to India, other Asian countries, Europe, etc. Business has been active.

The businesses of the subject and Shamas are chiefly handled by the two Ahmed Yaseens. The subject’s history is about ten years in Hong Kong.

On the whole, consider the subject good for normal business engagements in small credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.57
UK Pound	1	Rs.100.62
Euro	1	Rs.84.62

INFORMATION DETAILS

Report Prepared by :

SDA

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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