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Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
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Name : |
SUN INTERNATIONAL |
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Registered Office : |
Room D2-6, 12/F., Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong |
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Country : |
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Date of Incorporation : |
16.11.2006 |
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Com. Reg. No.: |
37050797-001-08 |
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Legal Form : |
Sole Ownership |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of leather materials and leather shoes |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
INTERNATIONAL
ADDRESS:
Room D2-6, 12/F.,
Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street, Hunghom, Kowloon,
Hong Kong.
PHONE: 852-3421 0731
FAX: 852-2129 4309
Manager: Ms. Neeta Upadhyay
Establishment: 16th November, 2006.
Organization: Sole Ownership.
Capital: Provided by its Head Office.
Business Category: Importer, Exporter and Wholesaler.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SUN
INTERNATIONAL
ADDRESS:
Head
Office:-
Room D2-6, 12/F.,
Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street, Hunghom, Kowloon,
Hong Kong.
Sister
Company:
Sun Music Co.,
Hong Kong. (Same address)
37050797-001-08
Manager: Ms. Neeta Upadhyay
Italion Leather & Products., Hong Kong. (See attachment)
The
subject was established on 16th November, 2006 as a sole ownership firm with
Italino Leather & Products as the proprietor under the Hong Kong Business
Registration Regulations.
At
the very beginning the subject was located at 8B, 7/F., Lai Chi Bay Garden, 272
King Hill Road, Kowloon, Hong Kong, moved to 518A, Wui Wah Factory Building, 41
Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong in September 2006, to 513C
of the same building in May 2009, and further to the present address in
November 2013.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of leather materials and leather shoes.
Employees: 2.
Commodities Imported: India, Europe, South America, etc.
Markets: Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Capital: Provided by its Head Office.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Sun
International is jointly owned by Ms. Neeta Upadhyay and Mr. Kailash
Upadhyay. The subject is one of the
business names of Italino Leather & Products (Italino Leather), a Hong
Kong-registered company located at the same address.
Business
commenced in August 2006, the subject is engaged in the same lines of business
as Italino Leather. Italino Leather is
in finished leather and leather shoe business.
It is known as elegant leather producer using high quality chemical and
process technology in tannery. It
produces leather made out of Cow, Calf, Goat and Sheep skins in a variety of
specifications ranging from Drum Dyed, Vegetable Tanned, Aniline and Soft
Nappa, Natural Dry Milled, Oil Tanned, upholstery and Prints.
The
subject specializes in Glazed Kid, cow full grain, corrected grain, oil pull
ups and box leather, calf, cow natural and dyed crust leather, buffalo calf,
kid suede, kid/cow linings and industrial leathers from various origins. Its leather is used in manufacturing leather
shoes, leather garments and other leather goods. The subject has had affiliated suppliers and
factories in China.
The
subject also trades in leather footwear, boots, casual shoes, children shoes,
sandals, sport shoes, etc. Products are
exported to China, South Korea, Russia, Germany, North America, etc. Business is normal.
The
business of the subject are chiefly handled by the two partners who belong to
the Upadhyay family. History in Hong
Kong is over eight years.
On
the whole, consider the subject good for normal business engagements in small
credit amounts.
ITALINO
LEATHER & PRODUCTS
ADDRESS:
Registered
Office:-
Room D2-6, 12/F.,
Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street, Hunghom, Kowloon,
Hong Kong.
37050797-000-08
15th August, 2006.
Name: Ms. Neeta UPADHYAY
Residential
Address:
Block 8B, 7/F.,
Lai Chi Kok Bay Garden, 272 Lai King Hill Road, Kowloon, Hong Kong.
Name: Kailash UPADHYAY
Residential
Address:
Block 8B, 7/F.,
Lai Chi Kok Bay Garden, 272 Lai King Hill Road, Kowloon, Hong Kong.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.100.23 |
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Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
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 |
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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.