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Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SKYSOURCE HOLDINGS LTD. |
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Registered Office : |
c/o Benta Group Co. Ltd. Room 1501, 15/F., Chinachem Century Tower, 178 Gloucester Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.03.2009 |
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Com. Reg. No.: |
50555186 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Coal, iron ore, copper, paper, grains |
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No. of Employees : |
1 |
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
|
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 |
SKYSOURCE HOLDINGS
LTD.
ADDRESS: c/o Benta Group Co. Ltd.
Room 1501, 15/F., Chinachem
Century Tower, 178 Gloucester Road, Wanchai, Hong Kong.
PHONE: 852-2393 3470, 3695 0385
FAX: 852-2380 6550
E-MAIL: victor.chris@hk-skysource.com
Managing Director: Mr. Zhuang
Qing
Incorporated on: 9th March, 2009.
Organization Private
Limited Company.
Capital: Nominal: HK$77,700,000.00
Issued: HK$77,700,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
No maximum credit is advisable as the subject does not have an operating
office in Hong Kong.
SKYSOURCE HOLDINGS
LTD.
Registered Head
Office:-
c/o Benta Group Co. Ltd.
Room 1501, 15/F., Chinachem Century Tower, 178 Gloucester Road, Wanchai,
Hong Kong.
Associated
Companies:-
Guangzhou Brilliant Resources Ltd., China.
Guangzhou Xuyuan Trading Co. Ltd.
Room B1006, Fuli Yingtai Plaza, 100 Huangpu Dadao West, Tianhe District,
Guangzhou City, Guangdong Province, China.
[Phone: 86-20-3803 3233; Fax: 86-20-3803 3209]
50555186
1313197
Managing Director: Mr. Zhuang Qing
Contact Person: Mr. Victor Chris Chow
Nominal Share Capital: HK$77,700,000.00
(Divided into 77,700,000 shares of HK$1.00 each)
Issued Share Capital: HK$77,700,000.00
(As per registry dated 09-03-2014)
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Name |
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No. of shares |
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ZHUANG Qing |
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38,850,000 |
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LIN Zhenlong |
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38,850,000 |
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––––––––– |
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Total: |
77,700,000 ======== |
(As per registry dated 09-03-2014)
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Name (Nationality) |
Address |
|
ZHUANG Qing |
Room B1006, Fuli Yingtai Plaza, 100 Huangpu Dadao West, Tianhe
District, Guangzhou City, Guangdong Province, China. |
(As per registry dated 09-03-2014)
|
Name |
Address |
Co. No. |
|
Joy Enterprise Secretary Services Ltd. |
Room C, 19/F., Lockhart Centre, |
1336601 |
The subject was incorporated on 9th 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: Importer,
Exporter and Wholesaler.
Lines: Coal,
iron ore, copper, paper, grains
Employee: 1.
Commodities Imported: Indonesia,
other Asian countries, Russia, America
Markets: China,
other Asian countries
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$77,700,000.00
(Divided into 77,700,000 shares of HK$1.00 each)
Issued Share Capital: HK$77,700,000.00
Mortgage or Charge: (See attachment)
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.
Bankers:- The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
RB International
Finance (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 77.7 million ordinary shares of HK$1.00 each, Skysource Holdings
Ltd. is equally owned by Mr. Zhuang Qing and Mr. Lin Zhenlong, both are China
merchants.
Zhuang Qing is the only director of the subject. He is a China ID holder and does not have the
right to reside in Hong Kong permanently.
He is also managing director of the subject.
The subject does not have its own operating office. Its registered office is in a Hong
Kong-registered company located at Room 1501, 15/F., Chinachem Century Tower,
178 Gloucester Road, Wanchai, Hong Kong known as Benta Group Co. Ltd. [Benta
Group] which is handling its correspondences and documents.
The subject has one employee in Hong Kong while the other employees
belong to Benta Group.
The subject has had the following two associated companies in Guangzhou,
Guangdong Province, China:
Guangzhou Xuyuan Trading Co. Ltd. [Xuyuan]
Guangzhou Brilliant Resources Ltd. [Brilliant Resources]
The subject is carrying the same commodities as Xuyuan and Brilliant
Resources.
The subject is trading in coal, iron ore, copper, paper, grains, etc. It imports coal from Indonesia, Russia,
America, etc. According to the subject,
its core business is coal trading. It is
handling about 8 million tonnes of coal annually. Its business partner are in Asian countries,
Europe, North America, Africa, etc.
As at end of 2013, the subject has got supports from the following
banks:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
The Bank of East Asia Ltd., Hong Kong.
DBS of Singapore.
The contact person of the subject in Hong Kong is Mr. Victor Chris Chow.
The subject’s business in Hong Kong is not very active. History in Hong Kong is over five years
and three months.
Since the subject does not have its own operating office in Hong Kong,
consider it good for business engagements on L/C basis.
|
Date |
Particulars |
Amount |
|
14-09-2011 |
Instrument: Letter of Pledge Property: Any documents, bills of exchange, negotiable instruments, documents of
title, transport documents, insurance policies, delivery orders, godown warrants
and any other documents which are now or may in the future be in the Lender’s
possession and the goods and produce to which the Pledged Documents relate
which are now or may in the future be in the Lender’s possession. Mortgagee: RB International Finance
(Hong Kong) Ltd., Hong Kong. |
All obligations and liabilities |
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14-09-2011 |
Instrument: Charge On Collateral Account Property: All and any money from time to time standing to the credit of or
earned on such account The Facility Letter No. 20110819084810001 dated Mortgagee: RB International Finance
(Hong Kong) Ltd., Hong Kong. |
All moneys and liabilities |
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14-09-2011 |
Instrument: Trade Finance Security Assignment Property: 1 All the present and future
rights, title, interests and benefits of the Company in and to the following
assets: (i) the Export Credits; (ii) the Export Collection Bills; (iii) the
Sales Contracts; (iv) the Shipping Contracts; (v) the Guarantees; (vi)
the Invoice Receivables; (vii) the Trade Documents; (viii) the
Insurances and (ix) all claims, remedies and proceeds 2. Charges and agrees to
charge to the Lender by way of first fixed charge all the present and future
rights, title, interests and benefits of the Company in and to the following
assets: (i) the Goods together with their proceeds; (ii) the Charged Account
and all monies at any time standing to the credit of the Charged Account,
including all interest from time to time accrued or accruing on such monies 3. Pledges and agrees to
pledge to the Lender the Pledged Goods and the Trade Documents Mortgagee: RB International Finance
(Hong Kong) Ltd., Hong Kong. |
All obligations and liabilities |
|
10-02-2012 |
Instrument: Charge On Collateral Account Property: All and any money from time to time standing to the credit of or
earned on such account The Facility Letter No. 20110819084810001 dated Mortgagee: RB International Finance
(Hong Kong) Ltd., Hong Kong. |
All moneys and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.10 |
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|
1 |
Rs.102.40 |
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Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NNA |
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 |
-- |
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.