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Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
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Name : |
SONQUEM
LTD. |
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Registered Office : |
c/o Chandler Partners Ltd. Unit 702, 7/F., Bangkok Bank Building, 18 Bonham Strand West |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.12.2012 |
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Com. Reg. No.: |
60735019 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
trader of chemical and chemical material including Amino-Resins, Phenolic Resins & Polyurethane. |
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No. of Employees |
no employees 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 : |
Unknown |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Hong Kong |
A1 |
A1 |
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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 has no tariffs on
imported goods, and it levies excise duties on only four commodities, whether
imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it
vulnerable to renewed global financial market volatility or a slowdown in the
global economy. 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 12% of
total system deposits in Hong Kong by the end of 2013. 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 total
trade 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. Credit expansion and tight
housing supply conditions have caused Hong Kong property prices to rise
rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China
signed new agreements under the Closer Economic Partnership Agreement, adopted
in 2003 to forge closer ties between Hong Kong and the mainland. The new
measures, effective from January 2014, cover services and trade facilitation,
and will improve access to the mainland's service sector for Hong Kong-based
companies.
|
Source
: CIA |
SONQUEM LTD.
Registered
Office:-
c/o Chandler Partners Ltd.
Unit 702, 7/F., Bangkok Bank Building, 18 Bonham Strand West, Hong Kong.
Holding Company:-
Arch Corporation Ltd., Hong Kong. (Same address)
60735019
1837560
11th December, 2012.
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 11-12-2013)
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Name |
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No.
of shares |
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Arch Corporation Ltd., Hong
Kong. |
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10,000 ===== |
(As per registry
dated 11-12-2013)
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Name (Nationality) |
Address |
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Arch
Corporation Ltd. |
Unit 702, 7/F., Bangkok Bank Building,
18 Bonham Strand West, Hong Kong. |
(As per registry
dated 11-12-2013)
|
Name |
Address |
Co.
No. |
|
Chandler Partners Ltd. |
Unit 702, 7/F., Bangkok Bank Building, 18 Bonham
Strand West, Hong Kong. |
0717996 |
SonQuem Ltd. was incorporated on 11th December, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Unit 702, 7/F., Bangkok Bank Building, 18 Bonham Strand West, Hong Kong” known as “Chandler Partners Ltd.” which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares of HK$1.00 each which are wholly-owned by Arch Corporation Ltd. [Arch], a Hong Kong-registered company located at the above-mentioned address. Arch is also the only director of the subject.
To our knowledge, the contact person of the subject is Mr. JC Murat who can be reached at your given Hong Kong mobile phone number 852-5808 4011. However, we cannot reach JC Murat as the phone number is just a mail box.
The subject is a chemical and chemical material trader. It is trading in the following commodities:
Amino-Resins, Phenolic Resins & Polyurethane.
Commodities are chiefly sourced from China and the other Asian countries.
The following companies are some of its
main customers:
· Comercial Vicsol, S.A. De C.V., Mexico
· Comercializadora Llantas Unidas Internacional S.A.S., Columbia
The subject’s business is chiefly handled by JC Murat himself. History in Hong Kong is over a year.
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 |
|
US Dollar |
1 |
Rs.59.64 |
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UK Pound |
1 |
Rs.99.21 |
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Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
MNL |
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.