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Report Date : |
26.07.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
c/o Sharrow Ltd. Suite 2302, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai, |
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Country : |
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Date of Incorporation : |
22.01.2008 |
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Com. Reg. No.: |
38895738 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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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 |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 |
SIAM CANADIAN
(ASIA) LTD.
Registered Office:-
c/o Sharrow Ltd.
Suite 2302, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong.
Holding Company:-
Siam Canadian Group Ltd., British Virgin Islands.
Hong Kong Associated
Company:-
Siam Canadian (India) Ltd.
c/o Centre O Business Centre
14/F., China Hong Kong Tower, 8 Hennessy Road, Wanchai, Hong Kong.
[Tel: 852-3124 2888, Fax: 852-3124 2889]
Associated
Companies:-
Siam Canadian (China) Ltd., China.
Siam Canadian (India) Ltd., India.
Siam Canadian (Indonesia) Ltd., Indonesia.
Siam Canadian (SEA) Ltd., Myanmar.
Siam Canadian (Vietnam) Ltd., Vietnam.
Siam Canadian Foods Co. Ltd., Thailand.
Siam Canadian Group Ltd., Thailand.
38895738
1205879
22nd January, 2008.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER: (As per registry dated 22-01-2014)
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Name |
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No. of shares |
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Siam Canadian Group Ltd. Portcullis TrustNet Chambers, P.O. Box 3444, Road Town, Tortola, British Virgin Islands. |
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10,000 ===== |
DIRECTOR: (As per registry dated 22-01-2014)
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Name (Nationality) |
Address |
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James Peter GULKIN |
62/24 Prompak Place, Sukhumvit 49/6, Klongton Nua, Wattana, Bangkok 10110, Thailand. |
SECRETARY: (As per registry dated 22-01-2014)
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Name |
Address |
Co. No. |
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Sharrow Ltd. |
Suite 2302, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong. |
0288438 |
The subject was incorporated on 22nd January, 2008 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.
Siam Canadian (India) Ltd. is not registered in Hong Kong. It is nominally located at “14/F., China Hong Kong Tower, 8 Hennessy Road, Wanchai, Hong Kong” where is the operating address of a business centre known as “Centre O Business Centre” [Centre O]. The phone number of Centre O is 852-3124 2888. Siam Canadian (India) Ltd. is one of its clients.
Since Siam Canadian (India) Ltd. has not registered in Hong Kong, we provide you with a report on Siam Canadian (Asia) Ltd. which is an associated company of Siam Canadian (India) Ltd. The important point is that Siam Canadian (Asia) Ltd. [the subject] is registered in Hong Kong. Besides, the subject and Siam Canadian (India) are operated by the same person Mr. James Peter Gulkin.
The India office of Siam Canadian (India) is located at Viskhapatnam, India 530017. Its phone number is 91-830-186 9100.
The subject is a wholly-owned subsidiary of Siam Canadian Group Ltd. [Siam Canadian] which is a BVI-registered firm. The only director of the subject Mr. James Peter Gulkin is a Canada passport holder and does not have the right to reside in Hong Kong permanently. Most of the time he is residing in Bangkok, Thailand.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Suite 2302, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong known as Sharrow Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of the subject. The subject has no employees in Hong Kong.
The headquarters of Siam Canadian are in Bangkok, Thailand. From modest beginnings in Thailand in 1987, Siam Canadian started off as a small trading company specialized in food products. It was during this time that Thailand’s seafood industry was entering a period of dynamic growth, fuelled by the rapid expansion of aqua cultured shrimp.
In 1992, Siam Canadian opened its first overseas branch in Vietnam. It continued to grow its procurement network and expand its operations by subsequently opening additional offices in China, India and Indonesia. Siam Canadian currently maintains 8 offices across Asia and additionally procures product from Malaysia, South Korea and Bangladesh.
Siam Canadian later added the International Trading Division to its Bangkok headquarters to facilitate procurement of products from other countries where Siam Canadian does not maintain its own offices, particularly in South America countries including Argentina, Peru, Brazil, North America and Europe.
Currently, the
Group is chiefly trading in the following products:
Black Tiger Shrimp;
Cephalopods;
China Products;
Freshwater Fish;
Freshwater Shrimp;
Frozen Vegetables;
Miscellaneous;
Seawater Fish;
Seawater Shrimp;
Value Added Products; &
Vannamei White Shrimp.
Its range of products from its diverse geographical locations ensures that its buyers can truly use us as a “One Stop Shop”, covering all their needs from multiple sources through a single channel. Its offices across Asia together with its strong presence in other countries provides Siam Canadian the ability to market good quality food products which covers hundreds of different frozen seafood items.
Siam Canadian sells to importers in over 70 countries on 6 continents. Your given enquiry Siam Canadian (India) Ltd. is one of the associated companies of Siam Canadian.
The history of the subject in Hong Kong is over six 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.14 |
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1 |
Rs.102.22 |
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Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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.