MIRA
INFORM REPORT
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Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
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Name : |
SKY FORCE LTD. |
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Registered Office : |
Unit 911, 9/F., Tsuen Wan Industrial Centre, 220-248 Texaco Road,
Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.01.2005 |
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Com. Reg. No.: |
35500546 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of earphones,
headphones. |
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No. of Employees : |
5 |
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 : |
Company involved in Racketeering Activities |
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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 |
Company name
SKY FORCE LTD.
ADDRESS
Unit 911, 9/F., Tsuen Wan Industrial Centre, 220-248 Texaco Road,
Tsuen Wan, New Territories, Hong Kong.
(Formerly located at:
Flat A, 12/F., Manley House, 86-98 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.)
PHONE: 852-8125 6526, 8125 2547,
2439 5188
FAX: 852-3157 1179
E-MAIL: info@sky-forceltd.com
MANAGEMENT
Managing Director: Mr. Jaswinder Singh
SUMMARY
Incorporated on: 5th
January, 2005.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,510,000.00
Issued: HK$1,510,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company name
SKY FORCE LTD.
ADDRESS
Registered Head
Office:-
Unit 911, 9/F., Tsuen Wan Industrial Centre, 220-248 Texaco Road, Tsuen
Wan, New Territories, Hong Kong.
Affiliated
Company:-
A&G Import Export (Shenzhen) Ltd., China.
BUSINESS REGISTRATION NUMBER
35500546
COMPANY FILE NUMBER
0943525
MANAGEMENT
Managing Director: Mr. Jaswinder
Singh
CAPITAL
Nominal Share Capital: HK$1,510,000.00 (Divided into 1,510,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,510,000.00
SHAREHOLDER
(As per registry dated 15-03-2013)
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Name |
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No. of shares |
|
Jaswinder SINGH |
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1,510,000 ======= |
DIRECTOR
(As per registry dated 10-05-2013)
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Name (Nationality) |
Address |
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Jaswinder SINGH |
Flat C3, 12/F., Block C, Chungking Mansion, 36‑44 Nathan
Road, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 18-03-2013)
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Name |
Address |
Co. No. |
|
Gurung & Shum Business Solutions Ltd. |
Room 406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong. |
1348317 |
HISTORY
The subject was incorporated on 5th January, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat A, 12/F., Manley House, 86‑98 Canton
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 8A Kam Chung Commercial
Building, 19-21 Hennessy Road, Wanchai, Hong Kong in August 2010 and
further to the present address in March 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of earphones, headphones.
Brand Name:
SSH.
Employees: 5.
Commodities Imported: China, other Asian countries, etc.
Markets: Asian
countries, Middle East, Europe, North America, Central & South America,
etc.
Terms/Sales:
L/C, T/T, D/P, etc.
Terms/Buying: As
per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,510,000.00 (Divided into 1,510,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,510,000.00
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Not
so good.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Small.
GENERAL
Having issued 1.51 million ordinary shares of HK$1.00 each, Sky Force
Ltd. is wholly owned by Mr. Jaswinder Singh who is an Indian. He is a Hong Kong ID Card holder and has
got the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject is trading in all kinds of earphones and headphones.
It is dedicated to the manufacturing and marketing of Audio Products
& accessories, including headphones, headsets, earphones, microphones,
speakers, audio accessories.
All the products bear the brand name SSH.
The subject’s manufacturing centre is located at Dongguan City,
Guangdong Province, China. The factory
area covers an area of 5,800 sq.m.. The
factory has 300 workers, 8 production lines.
It has had a number of OEM and ODM buyers.
In the last eight years the subject exported its goods to Europe, the
United States, Eastern Europe, South America and the other countries all over
the world.
The subject has developed various audio products for multi-national OEM
& ODM customers.
In late 2010, the subject was complained by its buyer as it had been
involved in racketeering. The subject
partnered a firm known as A&G Import Export (Shenzhen) Ltd. [A&G], in
Shenzhen Special Economic Zone, China, were said to be racketeers. A&G is a computer peripheral, mobile
phone and electronic product trader.
The complainant said, “If the agreed payment is T/T, they will disappear
after getting deposit if the amount is large.
Otherwise, they will not ship you goods or ship you worse materials
after getting full payment and run away.
If the agreed payment is L/C, they surely will ship worse material and
persuade you accept document to pay full, then run away.”
In view of this, consider the subject good for normal business
engagement on L/C basis or other secured terms.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.89 |
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|
1 |
Rs.101.14 |
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Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.