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Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
c/o Hong Kong United
Accounting & Secretarial Ltd. Unit D, 16/F., |
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Country : |
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Date of Incorporation : |
12.03.2009 |
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Com. Reg. No.: |
50388024 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
SUBJECT IS IN TRADER OF TEXTILE PRODUCT LIKE GARMENTS,
FABRICS. |
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No. of Employees : |
No employees in Hong Kong 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. |
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 – June 01, 2014
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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
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Source
: CIA |
SUNRISE
INTERNATIONAL TRADING CO.
LTD.
ADDRESS: c/o Hong Kong United Accounting
& Secretarial Ltd.
Unit D, 16/F., Cheuk
Nang Plaza, 250 Hennessy Road, Wanchai, Hong Kong.
PHONE: 852-2575 5599
FAX: 852-2891 1996
Managing
Director: Mr. Arun Bansal
Incorporated on: 12th March, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Textile Product Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SUNRISE
INTERNATIONAL TRADING CO.
LTD.
ADDRESS:
Registered
Head Office:-
c/o Hong Kong
United Accounting & Secretarial Ltd.
Unit D, 16/F.,
Cheuk Nang Plaza, 250 Hennessy Road, Wanchai, Hong Kong.
Associated
Company:-
Yiwu Xuwang
Textile Products Co.
Room 1105, Fortune
Building, Block B, Choucheng, Yiwu City, Zhejiang Province, China.
[Tel: 86-579-8519
8869; Fax: 86-579-8519 8017]
50388024
1316306
Managing
Director: Mr. Arun Bansal
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 12-03-2014)
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Name |
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No.
of shares |
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Arun
BANSAL |
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8,000 |
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Rajeev KUMAR |
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2,000 |
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––––– |
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Total: |
10,000 ===== |
(As
per registry dated 12-03-2014)
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Name (Nationality) |
Address |
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Rajeev KUMAR |
Room 1105, Fortune Building, Block B,
Choucheng, Yiwu City, Zhejiang Province, China. |
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Arun BANSAL |
1-1-101, Yingriwan Dong Zhou Garden, Yiwu,
China. |
(As
per registry dated 12-03-2014)
|
Name |
Address |
Co.
No. |
|
Hong
Kong United Accounting & Secretarial Ltd. |
Unit D, 16/F., Cheuk Nang Plaza, 250 Hennessey Road, Wanchai,
Hong Kong. |
0932922 |
The
subject was incorporated on 12th March, 2009 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Textile Product Trader.
Lines: Garments, Fabrics, other Textile Products.
Employees: Nil.
Commodities Imported: China, etc.
Markets: India, etc.
Terms/Sales: As per contracted.
Terms/Buying: CAD, or 30 days credit.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Sunrise
International Trading Co., Ltd. was incorporated on 12th March, 2009 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 D,
16/F., Cheuk Nang Plaza, 250 Hennessey Road, Wanchai, Hong Kong known as
Hong Kong United Accounting & Secretarial Ltd. which is handling its
correspondences and documents. This secretarial
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 of which 80% are owned by Mr. Arun Bansal, 20% are
owned by Mr. Rajeev Kumar. Both are
India merchants. Being India passport
holders, they do not have the right to reside in Hong Kong permanently. They are also directors of the subject. They are doing business in Yiwu City,
Zhejiang Province, China.
The
subject has had an associated company in Yiwu City known as Yiwu Xuwang Textile
Products Co. [Xuwang]. Your given
telephone and fax number which are 86-579-8519 8869 and 86-579-8519 8017
respectively belong to Xuwang.
Xuwang
is also owned and operated by Arun Bansal and Rajeev Kumar.
The
subject commenced business in Yiwu on 26th June, 2009.
To
our knowledge, Xuwang was registered with Yiwu City Government on 20th
September, 2012. Its business
registration No. is 330782400012628. The
registered sole owner is Arun Bansal.
Before
20th September, 2012, Arun Bansal and Rajeev Kumar did business with China
suppliers under the name of the subject, but the name of the subject has not
registered with Yiwu City Government.
According
to the Government of Yiwu City, Xuwang is a buying office for its customers in
India. The subject and Xuwang are
engaged in the same lines of business.
It is trading in Garments, Fabrics, other Textile Products, etc. Commodities are chiefly sourced from the
suppliers of Yiwu City. It exports 4 to
5 standard containers to India monthly.
According
to Yiwu City Government, the business of Xuwang is ‘normal’.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over five years and five months.
On
the whole, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.49 |
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1 |
Rs.100.32 |
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Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
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.