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Report Date : |
06.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SINO
OCEAN LTD. |
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Registered Office : |
c/o Yeung Ho Jiu & Co. 15/F., Fung Sang Trading Building, 54 Bonham |
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Country : |
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Date of Incorporation : |
09.04.2005 |
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Com. Reg. No.: |
35574630 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Agrochemical, Pesticides, Pharmaceutical Products, Solvents & API. |
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No. of Employees : |
no employees
in (It is to
be noted that the company does not have its own operating office in |
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 |
A2 |
A2 |
|
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 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 |
SINO OCEAN LTD.
c/o Yeung Ho Jiu & Co.
15/F., Fung Sang Trading Building, 54 Bonham Strand West, Sheung Wan, Hong Kong.
PHONE: 852-2543 3705
FAX: 852-2541 1556
E-MAIL: sinooceantd@gmail.com
Managing Director: Mr. Suresh Babu Sirigeri
Incorporated on: 9th April, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Fair.
Registered Head
Office:-
c/o Yeung Ho Jiu & Co.
15/F., Fung Sang Trading Building, 54 Bonham Strand West, Sheung Wan, Hong Kong.
35574630
0962002
Managing Director: Mr. Suresh Babu Sirigeri
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated
09-04-2013)
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Name |
|
No.
of shares |
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Kishore Kumar SIRIGERI |
|
10,000 ===== |
(As per registry
dated 09-04-2013)
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Name (Nationality) |
Address |
|
Kishore Kumar
SIRIGERI |
Room 1103, Block No. 62, 588 Lian
Hua South Road, Min Hang District, Shanghai, China. |
|
Suresh Babu
SIRIGERI |
Room 602, 6/F., Rightful
Centre, 12 Tak Hing Street, Jordan, Kowloon, Hong Kong. |
Suresh Babu
SIRIGERI (As per registry dated
09-04-2013)
The subject was incorporated on 9th April, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Room 601, 6/F., Chao’s Building, 143-145 Bonham Strand Street, Sheung Wan, Hong Kong where was the old address of an accountant company Yeung Ho Jiu & Co. The accountant company moved to the present address in February 2013, so did the subject.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Agrochemicals, pesticides, pharmaceutical products, solvents & API.
Employees: Nil.
Commodities Imported: China and other Asian countries.
Markets: India, Europe, Middle East, South America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Increase of
Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$500,000.00 |
on |
23-07-2009 |
Alternation of
Issued Capital:-
|
09-04-2005 |
paid up |
HK$ 1.00 |
|
23-07-2009 |
paid up |
HK$ 9,999.00 |
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|
––––––––––––– |
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Total: |
paid up |
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.
Having issued 10,000 ordinary shares of HK$1.00 each, Sino Ocean Ltd. is wholly-owned by Mr. Kishore Kumar Sirigeri who is an Indian.
The directors of the subject are Mr. Kishore Kumar Sirigeri and Mr. Suresh Babu Sirigeri. Currently the former is residing in Shanghai, China while the latter is in Hong Kong. The two Sirigeris are India passport holders.
The subject does not have its own operating office. Its registered office is in an accountant firm located at 15/F., Fung Sang Trading Building, 54 Bonham Strand West, Sheung Wan, Hong Kong known as Yeung Ho Jiu & Co.
The subject has no employees in Hong Kong.
The subject has had a representative office in Shanghai, China. It is trading in the following commodities: Agrochemical, pesticides, pharmaceutical products, solvents & API.
The followings are
some of the products carried by the subject:
Acetonitrile 99.9%, Artemisinin 98%, Sodium saccharin 99%, MIN Methane sulfonyl chloride 99%, MIN [MSC] Methane sulfonic acid 99%, MIN [MSA] Insoluble saccharin Di Methyl Thio phosphoryl Chloride 98.5%, [DETC] HMBT Meta Di Chloro Benzene 99.5%, NNI 98% 4 Chloro Butryl Chloride 99%, L+Tartaric Acid 99.5%, Lithium Metal 99%, 1 Bromo 3 Chloro Propene 99.5%, Methylene Chloride 99.9%, MIN Nitro Methane 99%, MIN Mono sodium gultamte Dextrose monohydrate Piprequine phosphate, Pyrrolidine Di Methyl Sulphoxide 99.9%, {DMSO} O, O-Di Methyl Phosphor Amidothioate 95%, MIN (DMPAT) Ofloxacin 98.5%, caustic soda 99%, White Flake Di Methyl Formamide 99.8%, [DMF] Mono Iso Propylamine 99.5%, [MIPA] Glyphosate 95%, Tech Carbofuran 98%, Tech BPMC 97%, 2 Chloro 5 Chloro Methyl Pyridine 98%, [CCMP] Cartap Hydrochloride 98%, Tech N-Methyl Pyrolidone 99%, [NMP] N- (phosphonomethyl) aiminodiacetic Acid, [PMIDA] L+ Mandelic Acid 99%, furfuryl alcohol 98%, 2 Methoxy Propene 99%, [2MP] Fumaric acid 99.5%, PTSA 99%, PTSC 99%, Morpoline 99%, MIN 2 Chloro 3 Cyano Priridine 99%, MIN [2C3CP] Methyl 2- Chloropropionate 98%, etc.
Most of the products are sourced from China and India. Prime markets are the other Asian countries, Europe, North America, the Middle East.
Mr. Kishore Kumar Sirigeri in Shanghai is responsible for the commodities sourcing.
The subject’s business in Hong Kong is handled by Mr. Suresh Babu Sirigeri. Business is not very active.
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.62.45 |
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|
1 |
Rs.102.00 |
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Euro |
1 |
Rs.84.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
-- |
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.