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Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
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Name : |
SUN LUCK EXPORT LTD. |
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Registered Office : |
c/o Multi-Chain Ltd. Room 301, 3/F., Kam On Building, 176A Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.02.2007 |
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Com. Reg. No.: |
37639713 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is trading in the following commodities: LED Lighting Products, Garments, Garment Accessories, Small Electric
Appliances, Fish Tank Pumps, Sundry Products |
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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 |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
SUN LUCK EXPORT
LTD.
Registered
Office:-
c/o Multi-Chain Ltd.
Room 301, 3/F., Kam On Building,
176A Queen’s Road Central, Hong Kong.
China Office:-
Sun Luck Export Ltd. (Yiwu Representative Office)
2/F., No. 5, Building, Changchun San District,
Yiwu City, Zhejiang
Province, China.
[Tel: 86-5798 5557 642]
37639713
1109548
12th February, 2007.
Nominal Share Capital: HK$10,000.00
(Divided into 1,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
(As per registry dated 12-02-2014)
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Name |
|
No. of shares |
|
Ashok Jamandas
SAMIYANI |
|
500 |
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Naresh Kumar SURYAWANSHI |
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500 |
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––––– |
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Total: |
1,000 ==== |
(As per registry dated 12-02-2014)
|
Name (Nationality) |
Address |
|
Ashok Jamandas
SAMIYANI |
Room 303, Unit 3, Building 83, Futian San
District, Yiwu City, Zhejiang,
China. |
|
Naresh Kumar SURYAWANSHI |
2/F., No. 5, Building, Changchun San
District, Yiwu City, China. |
(As per registry dated 12-02-2014)
|
Name |
Address |
Co. No. |
|
Multi-Chain Ltd. |
Room 301, 3/F., Kam On Building,
176A Queen’s Road Central, Hong Kong. |
0209214 |
The subject was incorporated on 12th February, 2007. as a private
limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of IC International
Ltd., name changed to the present style on 12th April, 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued 1,000 ordinary shares of HK$1.00 each, Sun Luck Export
Ltd. is equally owned by Ashok Jamandas
Samiyani and Naresh Kumar Suryawanshi, both of whom are India merchants. Both are India passport holders and do not
have the right to reside in Hong Kong permanently. They are also directors of the subject. Currently they are residing in Yiwu City, Zhejiang Province,
China.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 301, 3/F., Kam On
Building, 176A Queen’s Road Central, Hong Kong” known as “Multi-Chain
Ltd.” which is handling its correspondences and documents. Multi-Chain Ltd. is also the corporate
secretary of the subject.
The subject has no employees in Hong Kong.
The subject has had an office in Yiwu City, Zhejiang Province, China.
However, this office is the main office of the subject.
The subject is trading in the following commodities:
LED Lighting Products, Garments, Garment Accessories, Small Electric
Appliances, Fish Tank Pumps, Sundry Products
Some of the products of the subject bear the following two brands: Sunlight,
Sunshine.
According to the subject’s Yiwu office, the
subject’s products are exported to India, Southeast Asia, the Middle East,
North America, etc. Besides, the subject
has had sales agents in Mumbai and New Delhi of India.
The subject’s Yiwu Office was set up in 2010
and registered in Jinhua City, Zhejiang
Province, China. Legal Representative is
Ashok Jamandas Samiyani.
The contact person of Yiwu Office is Ms. Jin Xinxin who is a Chinese.
She is also manager of the office.
There are four employees in the office which is administered by the two
shareholders of the subject. The annual
sales turnover of the office ranges from RMB 7 to 10 million Yuan. Made a small profit in 2012 and 2013.
The subject’s business in Hong Kong is not active. History in Hong Kong is over seven years.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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 |
|
-- |
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.