|
Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
FINEMASTER
INTERNATIONAL TRADERS LTD. |
|
|
|
|
Registered Office : |
Suite 410, 4/F., Barkly Wharf, Le Caudan Waterfront Port Louis |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
19.01.2001 |
|
|
|
|
Com. Reg. No.: |
31463986 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of Electronics, household electric
appliances, furniture, fixtures, hardware, fittings, garments, textile products,
footwear, plastic products, premium, novelties, gift items |
|
|
|
|
No. of Employees : |
36 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Not Registered in Hong Kong |
|
Payment Behaviour : |
No complaints |
|
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) |
|
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 |
FINEMASTER
INTERNATIONAL TRADERS LTD.
Block A, 8/F., New
Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2722 2333, 2722 2357~9
FAX: 852-2314 3871, 2314 1524,
2721 5577
E-MAIL: general@sunrich-hk.com
Managing Director: Mr. Jairam Mangharam Gidwani
Registered in Hong Kong on: 19th January, 2001.
(Non-Hong Kong Company)
Organization: Limited Company.
Capital: Authorised: US$100,000.00
Issued & Paid Up: US$100,000.00
Business Category: Sundry Products Trader.
Employees: 36. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
FINEMASTER
INTERNATIONAL TRADERS LTD.
Registered
Office:-
Suite 410, 4/F.,
Barkly Wharf, Le Caudan Waterfront Port Louis, Mauritius.
Head
Office & Principal Place of Business in Hong Kong:-
Block A, 8/F., New
Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
Mailing
Address:-
P.O. Box 90162,
Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Brody Ltd., Hong Kong. [Dissolved]
Solar Exports Ltd., Hong Kong.
Solar Time Ltd., Hong Kong
Sonex China Ltd., Hong Kong. [Dissolved]
Sonex Electronics Ltd., Hong Kong. [Dissolved]
Sonex Impex Ltd., UK.
Sonex Ltd., Hong Kong.
Sonex Overseas Ltd., Hong Kong. [Dissolved]
Sonex Pacific Ltd., Hong Kong. [Dissolved]
Sonex Taiwan Ltd., Hong Kong.
Sonex Traders Ltd., Hong Kong.
Sunrich Taiwan Ltd., Taiwan.
Sunrich Traders Ltd., Hong Kong.
Tonald Investment Ltd., Hong Kong. [Dissolved]
31463986
F0010890
Managing
Director: Mr. Jairam Mangharam Gidwani
Contact
Person: Mr.
Haresh U. Daswani
(As per registry dated 19-01-2013)
|
Name |
Address |
|
Jairam
Mangharam GIDWANI |
30 La Salle Road, Kowloon Tong, Kowloon, Hong Kong. |
Authorised Share Capital: US$100,000.00
Issued & Paid Up Capital: US$100,000.00
(As per registry dated 19-01-2013)
|
Name (Nationality) |
Address |
|
Jairam Mangharam
GIDWANI |
30 La Salle Road, Kowloon Tong, Kowloon,
Hong Kong. |
|
Dinesh GIDWANI |
30 La Salla Road, Kowloon Tong, Kowloon,
Hong Kong. |
|
Milana Ajay
MIRPURI |
30 La Salle Road, Kowloon Tong, Kowloon,
Hong Kong. |
(As per registry dated 19-01-2013)
|
Name |
Address |
Co.
No. |
|
Harris
Secretaries Ltd. |
8/F., Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong
Kong. |
0031138 |
The
subject was incorporated in Mauritius as a limited company. It has established a principal place of
business in Hong Kong and was registered on 19th January, 2001 as an
oversea company under Part XI of the Hong Kong Companies Ordinance. The subject has become a non-Hong Kong
company since 14th December, 2007.
Originally
the subject was registered under the name of Finemaster Ltd., name changed to
Sunlic Traders Ltd. on 4th June, 2001, and further changed to the present style
on 8th June, 2001.
Formerly
the subject was located at Room 1501-1507, 15/F., AIA Tower, New World Centre,
20 Salisbury Road, Tsimshatsui, Kowloon Hong Kong where is the operating
address of Sonex Traders Ltd., an associate of the subject. Moved to the present address in September
2009.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Exporter.
Lines: Electronics, household electric appliances, furniture, fixtures, hardware, fittings, garments, textile products, footwear, plastic products, premium, novelties, gift items, etc.
Employees: 36. (Including associates)
Commodities Imported: Bought in Hong Kong or from China and other Asian countries.
Markets: Latin America, South America, Middle East, Africa, Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Authorised Share Capital: US$100,000.00
Issued & Paid Up Capital: US$100,000.00
Profit & Loss: Business is profitable.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Finemaster
International Traders Ltd. is a non-Hong Kong company while its registered
office is located at Le Caudan Waterfront Port Louis, Mauritius.
Business
commenced in January 2001 in Hong Kong, the subject is controlled by an Indian
family bearing the surname Gidwani.
The
subject is trading in garments, textile products, footwear, electronics,
household electric appliances, fixtures, hardware, fittings, dinettes, sofas,
tables, chairs, beds, cabinets, other furniture, foodstuffs, perfumes, towels,
soap, detergent, combs, plastic products, batteries, baby products, luggage,
kitchenware, bicycles, spare parts, clocks, audio & video products,
premiums, etc.
Commodities
are acquired in Hong Kong and imported from China, the Philippines, Taiwan,
Thailand, Indonesia, India, etc.
Commodities are exported or re-exported to Panama, Chile, Argentina,
Paraguay, Brazil, Peru, Ecuador, Colombia, Mexico, Venezuela, Bolivia, Curacao,
the United States, Canada, Angola, Malawi, Ivory Coast, Central & West
Africa, Saudi Arabia, Bangladesh, India, etc.
Famous trade marks carried are “Legend”, “Muzzo Surf”,
etc.
The
subject is still looking for new suppliers in Asia. In order to approach more suppliers in China,
the subject takes part in China Import & Export Fair which is held in
Guangzhou City, Guangdong Province, China biannually.
The
subject is mainly controlled by Mr. Jairam Mangharam Gidwani, an Indian
merchant who has been in Hong Kong for a very long time.
The
subject has got an associated company Sunrich Traders Ltd. [Sunrich] located at
its operating address. Incorporated on
11th April, 2001, Sunrich is trading in garments, underwear, handbags, wallets,
toys, dolls, bathroom fittings, etc.
This firm is also controlled by Mr. Jairam Mangharam Gidwani.
Another
associate Solar Exports Ltd. is also located at the same address.
The
subject has also got a number of firms bearing the initial of Sonex. Sonex is a group of companies known as “Sonex
Group of companies” which are also controlled by J. M. Gidwani. The Sonex Group includes a number of firms
while most of them are in Hong Kong.
Sonex Group also has got affiliated companies in the Philippines,
Thailand and Indonesia.
Sonex
Group is engaged in the same lines of business as the subject, more or
less. Founded in April 2001, the Sonex
Group is a considerably large trading company in Hong Kong controlled by the
Gidwani family.
The
annual sales turnover of the Sonex Group ranges from US$120 to 150
million. Making a small profit every
year. The operations of the Sonex Group
have been active.
The
history of the subject in Hong Kong is over twelve years.
On
the whole, consider it good for normal business engagements.
Property
information of affiliates:-
1. Property Location: 15/F. and Car Parking Space No. 5 on Basement, Kowloon Centre,
33 Ashley Road, Kowloon, Hong Kong.
Owner: Solar Time Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
30-05-2000 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Shop No. 57B on 1/F., Chungking Mansion, 40 Nathan Road,
Kowloon, Hong Kong.
Owner: Solar Time Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
16-02-1989 |
- |
Wayfoong Credit Ltd., Hong Kong. |
Mortgage to secure general credit facilities |
3. Property Location: Shop No. 64 on 1/F., Chungking Mansion, 40 Nathan Road,
Kowloon, Hong Kong.
Owner: Solar Time Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances: (Under the same mortgage deed as Property 2)
4. Property Location: Workshops Nos. 1-12 on 11/F., Wah Yiu Industrial Centre,
30-32 Au Pui Wan Street Shatin, New Territories, Hong Kong.
Owner: Sonex Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
30-06-1993 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
5. Property Location: Workshops Nos. 13-24 on 11/F., Wah Yiu Industrial Centre,
30-32 Au Pui Wan Street Shatin, New Territories, Hong Kong.
Owner: Sonex Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
30-06-1992 |
- |
Banque Nationale de Paris, Hong Kong Branch. [Now known as BNP Paribas] |
Mortgage to secure general banking facilities |
6. Property Location: Flat D on 39/F. of Block 2 and Car Parking Space No. 159 on
1/F., Estoril Court, 55 Garden Road, Hong Kong.
Owner: Sonex Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
17-01-1994 |
- |
Banque Nationale de Paris, Hong Kong Branch. [Now known as BNP Paribas] |
Mortgage to secure general banking facilities |
7. Property Location: Flat B on 18/F. of Block C and Car Parking Space No. 8,
The Crescent, 11 Ho Man Tin Hill Road, Kowloon, Hong Kong.
Owner: Sonex Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
15-09-1987 |
- |
Wayfoong Credit Ltd., Hong Kong. |
Mortgage to secure general credit facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.14 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.84.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.