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Report Date : |
04.01.2014 |
IDENTIFICATION DETAILS
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Name : |
SINOWIN PACIFIC LTD. |
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Registered Office : |
Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.10.2003 |
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Com. Reg. No.: |
34432308 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Re-exporter of All kinds of pharmaceuticals, chemicals
and poisons |
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No. of Employees : |
1 |
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 : |
Slow but Correct |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
SINOWIN PACIFIC
LTD.
Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2368 3777, 2366 9260
FAX: 852-2724 2912
E-MAIL: info@sinowinpacificltd.com
Managing Director: Mr. Sadhak Mushtak Ahmed Yaseen
Incorporated on: 10th
December, 2003.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$3.00
Business Category: Chemical Trader.
Employee:
1.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
SINOWIN PACIFIC
LTD.
Registered Head
Office:-
Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated
Company:-
Shamas, Hong Kong. (Same address)
34432308
0874736
Managing Director: Mr. Sadhak
Mushtak Ahmed Yaseen
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00
each)
Issued Share Capital: HK$3.00
(As per registry dated 10-12-2012)
|
Name |
|
No. of shares |
|
Ziauddeen Ahmed AHMED YASEEN |
|
1 |
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Sadhak Mushtak AHMED YASEEN |
|
1 |
|
Hameed Irfan |
|
1 |
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|
– |
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Total: |
3 = |
(As per registry dated 10-12-2012)
|
Name (Nationality) |
Address |
|
Ziauddeen Ahmed AHMED YASEEN |
Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon,
Hong Kong. |
|
Sadhak Mushtak AHMED YASEEN |
Flat B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon,
Hong Kong. |
|
Hameed Irfan |
6B Rutland Gate, 2 Street, Chennai 600006, Tamilnadu. |
(As per registry dated 10-12-2012)
|
Name |
Address |
Co. No. |
|
VMC Secretaries Ltd. |
Room 1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui,
Kowloon, Hong Kong. |
0750831 |
The subject was incorporated on 10th
December, 2003 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: Importer
and Re-exporter.
Lines: All
kinds of pharmaceuticals, chemicals and poisons.
Employee: 1.
Commodities Imported: Imported from Europe and India.
Markets: Hong
Kong, China, other Asian countries.
Terms/Sales:
L/C, T/T or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$3.00
Profit or Loss: Making a small profit every year.
Condition: Business
is normal.
Facilities: Making
rather active use of general banking facilities.
Payment:
Met obligations
as required.
Commercial Morality: Satisfactory.
Banker:
Bank of
China (Hong Kong) Ltd., Hong Kong.
Standing:
Small.
Incorporated in December 2003, Sinowin Pacific Ltd. is a private limited
company equally owned by two Arabian and an Indian: Mr. Ziauddeen Ahmed Ahmed
Yaseen, Mr. Sadhak Mushtak Ahmed Yaseen and Hameed Irfan. Fist two of them, belong to the Ahmed Yaseen
family, have been in Hong Kong for a very long time. They are Hong Kong ID Card holders and have
got the right to reside in Hong Kong permanently.
The third joined in the subject as a shareholder and director in
September 2012. He is an India passport
holder and does not have the right to reside in Hong Kong permanently. His registered address is in Chennai, India.
The subject has just issued 3 ordinary shares of HK$1.00 each while each
of the shareholders holds a single share.
They are also directors of the subject.
The subject’s registered office is located at Flat B7, 11/F., Hankow
Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong where is a residential
building. The residential building is
not trespassed by outsiders. The
subject’s registered office is also the residence of the two Ahmed
Yaseens. To our knowledge, the premises
is owned by Mr. Momin Khan who bought it in December 1985 at a consideration of
HK$850,000.00. The two Ahmed Yaseens
have been leasing the premises from Mr. Khan Shabbir Ahmed who is the attorney of
the premises.
The subject is trading in pharmaceuticals, chemicals, chemical raw
materials and poisons. It is one of the
licensed wholesalers of poisons approved by the Government of the
Hong Kong Special Administrative Region.
Commodities are imported from Germany, other European countries and
India. Hong Kong is its prime
market. It also re-exports some of the
pharmaceuticals and chemicals to China, other Asian countries and the Middle
East. Business is normal.
According to the subject, it is also a commission agent. It is trying to increase its product
varieties. It is engaged in B2B
(business to business).
Besides, the subject has been trying to find more foreign suppliers and
increase its market shares in Asia and the Middle East.
The subject has had an associated company known as Shamas located at its
operating address. Shamas is a
partnership jointly owned by Mr. Ziauddeen Ahmed Ahmed Yaseen and Mr. Sadhak
Mushtak Ahmed Yaseen.
Business commenced in July 1975, Shamas is trading in diamond, ruby,
sapphire, precious stones, semi-precious stones, gold and general merchandises,
etc. Rough diamonds, polished and cut
diamonds are imported from India and Belgium, Israel, etc. Finished products are marketed in
Hong Kong, exported to India, other Asian countries, Europe, etc. Business has been active.
The businesses of the subject and Shamas are chiefly handled by the two
Ahmed Yaseens. The subject’s
history is about ten years in Hong Kong.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.41 |
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|
1 |
Rs.102.54 |
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Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
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 |
|
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 |
|
<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.