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Report Date : |
03.03.2014 |
IDENTIFICATION DETAILS
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Name : |
SHEEN NETTWORK LTD. |
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Registered Office : |
c/o Prima Secretaries Ltd. |
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Country : |
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Date of Incorporation : |
16.10.2007 |
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Com. Reg. No.: |
38522686-000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garments, textile products |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
A1 |
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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 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
|
Source
: CIA |
SHEEN NETTWORK LTD.
ADDRESS: c/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.
PHONE: 852-2376 3611
FAX: 852-2736 5115
Managing Director: Mr. Ganeshkumar Guruviah
Incorporated on: 16th October, 2007.
Organization: Private Limited Company.
Capital: Nominal:HK$25,000.00
Issued: HK$25,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
c/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.
Trading as:-
Sheen Nettwork, Hong Kong. [BR No. 38522686-001]
Associated
Companies:-
Fortune Sheen Textile Pvt. Ltd., India.
Sheen Apparels Pvt. Ltd., India.
Sheen Nettwork (Europe) Ltd., UK.
Sheen Nettwork, India.
38522686-000
1176014
Managing Director: Mr. Ganeshkumar Guruviah
Contact Person: Ms. Elvie Romero
Nominal Share Capital: HK$25,000.00 (Divided into 25,000 shares of HK$1.00 each)
Issued Share Capital: HK$25,000.00
SHAREHOLDERS: (As per registry dated 16-10-2013)
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Name |
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No. of shares |
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Ganeshkumar GURUVIAH |
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12,500 |
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Ramachandran VENKATASUBRAMANIAN |
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12,500 |
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–––––– |
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Total: |
25,000 ===== |
DIRECTORS: (As per registry dated 16-10-2013)
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Name (Nationality) |
Address |
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Ganeshkumar GURUVIAH |
No. 2397/49, 18 Main Road, Kumaraswamy Layout, TT Stage, Bangalore, India. |
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Gururaj RAJENDRAN |
18/3 Singara Garden, Iind Lane O.W. PET CH-21, PDS, Chennal-600001, China. |
SECRETARY: (As per registry dated 16-10-2013)
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Name |
Address |
Co. No. |
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Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong. |
569406 |
The subject was incorporated on 16th October, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Suite 1402, 14/F., Chekiang First Bank Building, 1 Duddell Street, Central, Hong Kong where is the operating office of Prima Secretaries Ltd. As the secretarial firm moved to the present address in November 2009, so did the subject.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of garments, textile products, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: India, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$25,000.00 (Divided into 25,000 shares of HK$1.00 each)
Issued Share Capital: HK$25,000.00
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 contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Sheen Nettwork Ltd. is equally-owned by Ganeshkumar Guruviah and Ramachandran Venkatasubramanian. Being India passport holders, Ganeshkumer Guruviah is also one of the directors of the subject. Currently, they are residing in India.
Having issued 25,000 ordinary shares of HK$1.00 each, the subject is owned by the above-mentioned two shareholders.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong” known as “Prima Secretaries Ltd.” which is handling its correspondences and documents. Prima Secretaries Ltd. is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
To our knowledge, the subject is an associated company of Sheen Nettwork which is an apparel and hard goods sourcing company established in India.
The subject is engaged in the same lines of business as Sheen Nettwork. In fact, the subject’s business name is also Sheen Nettwork in Hong Kong.
The subject is a buying office of India Sheen Nettwork.
Sheen Nettwork is headquartered in Bangalore, India and has a production controlling office along with sampling and development team in Tirupur. Its branch office is in Chennai, India.
Sheen Nettwork’s liaison offices are also located in Italy, Canada as well. In recent years, an office has been set up in the United Kingdom known as Sheen Nettwork (Europe) Ltd. This company is engaged in wholesaling textile products. It is also jointly owned by the shareholders of the subject.
Another company Fortune Sheen Textile Pvt. Ltd., an India-based company, is also owned by the two shareholders of the subject.
Sheen Nettwork is selling the following commodities: fabrics, kids wear, toddlers wear, infant wear, woven sleak wear, men’s tee, women active wear, men’s intimates, ladies intimates, etc. It is also purchasing home textiles, home furnishings, all sorts of apparels, etc.
The annual sales turnover of India Sheen Nettwork is over US$100 million. Business keeps on improving.
India Sheen Nettwork deals with foreign parties under the name of Sheen Nettwork and let foreign firms correspond with the subject’s registered address in Hong Kong.
The subject’s business in Hong Kong is not active although it is fully supported by Sheen Nettwork, India. History 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 for the time being.
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.62.07 |
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|
1 |
Rs.103.61 |
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Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.