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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
FINEMASTER INTERNATIONAL TRADERS LTD. |
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Registered Office : |
Head Office & Principal Place of Business in Hong Kong |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.01.2001 |
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Com. Reg. No.: |
31463986 |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer and Exporter of Electronics, household electric
appliances, furniture, fixtures, hardware, fittings, garments, textile
products, footwear, plastic products, premium, novelties, gift items |
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No. of Employees |
20 |
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 : |
No complaints |
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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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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 |
FINEMASTER INTERNATIONAL
TRADERS LTD.
ADDRESS: Block A, 8/F., New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2722 2333, 2722 2357~9
FAX: 852-2314 3871, 2314 1524, 2721 5577
E-MAIL: general@sunrich-hk.com
marketing@finemaster-inter.com
Managing Director: Mr. Jairam Mangharam Gidwani
Registered in Hong Kong on: 19th January, 2001.
(Non-Hong Kong Company)
Organization: Limited Company.
Capital: Authorised: US$100,000.00
Issued & Paid Up:US$100,000.00
Business Category: Sundry Product Trader.
Employees: 20. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Suite 410, 4/F., Barkly Wharf, Le Caudan Waterfront Port Louis, Mauritius.
Head Office &
Principal Place of Business in Hong Kong:-
Block A, 8/F., New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 90162, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Brody Ltd., Hong Kong. [Dissolved]
Khalid A. AL Sanea Trading Agencies Est., Saudi Arabia.
Legend Zona Libre S.A., Panama.
Pacific Excel Ltd., China.
Solar Exports Ltd., Hong Kong.
Solar Time Ltd., Hong Kong
Sonex China Ltd., Hong Kong. [Dissolved]
Sonex Electronics Ltd., Hong Kong. [Dissolved]
Sonex Impex Ltd., UK.
Sonex Ltd., Hong Kong. [Dissolved]
Sonex Overseas Ltd., Hong Kong. [Dissolved]
Sonex Pacific Ltd., Hong Kong. [Dissolved]
Sonex Taiwan Ltd., Hong Kong. [Dissolved]
Sonex Traders Ltd., Hong Kong. [Dissolved]
Sunrich Taiwan Ltd., Taiwan.
Sunrich Traders Ltd., Hong Kong.
Tonald Investment Ltd., Hong Kong. [Dissolved]
etc.
31463986
F0010890
Managing Director: Mr. Jairam Mangharam Gidwani
Contact Person: Mr. Haresh U. Daswani
AUTHORISED
REPRESENTATIVES IN HONG KONG: (As per
registry dated 19-01-2014)
|
Name |
Address |
|
Jairam Mangharam GIDWANI |
30 La Salle Road, Kowloon Tong, Kowloon, Hong Kong. |
Authorised Share Capital: US$100,000.00
Issued & Paid Up Capital: US$100,000.00
DIRECTORS: (As per registry dated 19-01-2014)
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Name (Nationality) |
Address |
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Jairam Mangharam GIDWANI |
30 La Salle Road, Kowloon Tong, Kowloon, Hong Kong. |
|
Dinesh GIDWANI |
30 La Salla Road, Kowloon Tong, Kowloon, Hong Kong. |
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Milana Ajay MIRPURI |
30 La Salle Road, Kowloon Tong, Kowloon, Hong Kong. |
SECRETARY: (As per registry dated 19-01-2014)
|
Name |
Address |
Co. No. |
|
Harris Secretaries Ltd. |
8/F., Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong Kong. |
0031138 |
The subject was incorporated in Mauritius as a limited company. It has established a principal place of business in Hong Kong and was registered on 19th January, 2001 as an oversea company under Part XI of the Hong Kong Companies Ordinance. The subject has become a registered non-Hong Kong company since 14th December, 2007.
Originally the subject was registered under the name of Finemaster Ltd., name changed to Sunlic Traders Ltd. on 4th June, 2001, and further changed to the present style on 8th June, 2001.
Formerly the subject was located at Room 1501-1507, 15/F., AIA Tower, New World Centre, 20 Salisbury Road, Tsimshatsui, Kowloon Hong Kong where is the operating address of Sonex Traders Ltd., an associate of the subject. Moved to the present address in September 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: Electronics, household electric appliances, furniture, fixtures, hardware, fittings, garments, textile products, footwear, plastic products, premium, novelties, gift items, etc.
Employees: 20. (Including associates)
Commodities Imported: Bought in Hong Kong or from China and other Asian countries.
Markets: Latin America, South America, Middle East, Africa, Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Authorised Share Capital: US$100,000.00
Issued & Paid Up Capital: US$100,000.00
Profit & Loss: Business is profitable.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Finemaster International Traders Ltd. is a registered non-Hong Kong company while its registered office is located at Le Caudan Waterfront Port Louis, Mauritius.
Business commenced in January 2001 in Hong Kong, the subject is controlled by an Indian family bearing the surname Gidwani.
The subject is a member of Sunrich Group of companies. The holding company Sunrich Ltd. is not a Hong Kong-registered company.
The subject is trading in garments, textile products, footwear, electronics, household electric appliances, fixtures, hardware, fittings, dinettes, sofas, tables, chairs, beds, cabinets, other furniture, foodstuffs, perfumes, towels, soap, detergent, combs, plastic products, batteries, baby products, luggage, kitchenware, bicycles, spare parts, clocks, audio & video products, premiums, etc.
Commodities are acquired in Hong Kong and imported from China, the Philippines, Taiwan, Thailand, Indonesia, India, etc. Commodities are exported or re-exported to Panama, Chile, Argentina, Paraguay, Brazil, Peru, Ecuador, Colombia, Mexico, Venezuela, Bolivia, Curacao, the United States, Canada, Angola, Malawi, Ivory Coast, Central & West Africa, Saudi Arabia, Bangladesh, India, etc. Famous trade marks carried are “Legend”, “Muzzo Surf”, etc.
The subject is still looking for new suppliers in Asia. In order to approach more suppliers in China, the subject takes part in China Import & Export Fair which is held in Guangzhou City, Guangdong Province, China biannually.
The subject is mainly controlled by Mr. Jairam Mangharam Gidwani, an Indian merchant who has been in Hong Kong for a very long time.
The subject has got an associated company Sunrich Traders Ltd. [Sunrich] located at its operating address. Incorporated on 11th April, 2001, Sunrich is trading in garments, underwear, handbags, wallets, toys, dolls, bathroom fittings, etc. This firm is also controlled by Mr. Jairam Mangharam Gidwani.
Another associate Solar Exports Ltd., located at a different address, is also operated by J. M. Gidwani. Solar Exports is a member of The Indian Chamber of Commerce Hong Kong, Hong Kong. This company is trading in the following commodities:
Audio & Video Products;
Electrical & Electronic Products N.e.s;
Footwear;
Garments & Accessories;
Miscellaneous;
Plastic Products;
Premium, Novelties & Gift Items;
Textile Goods;&
Watches, Clocks & Components.
Formerly, the subject had a number of firms bearing the initial of Sonex. Sonex was a group of companies known as “Sonex Group of companies” which were also controlled by J. M. Gidwani. The Sonex Group included a number of firms while most of them were in Hong Kong. However, all the companies bearing the initial “Sonex” have been dissolved in Hong Kong.
The annual sales turnover of the subject and its associates ranges from US$200 to 250 million. Making a small profit every year.
The history of the subject in Hong Kong is over thirteen years.
On the whole, consider it good for normal business engagements.
Property information
of affiliates:-
1. Property Location: 15/F. and Car Parking Space No. 5 on Basement, Kowloon Centre, 33 Ashley Road, Kowloon, Hong Kong.
Owner: Solar Time Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-05-2000 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Shop No. 57B on 1/F., Chungking Mansion, 40 Nathan Road, Kowloon, Hong Kong.
Owner: Solar Time Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
16-02-1989 |
- |
Wayfoong Credit Ltd., Hong Kong. |
Mortgage to secure general credit facilities |
3. Property Location: Shop No. 64 on 1/F., Chungking Mansion, 40 Nathan Road, Kowloon, Hong Kong.
Owner: Solar Time Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances: (Under the same mortgage deed as Property 2)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.23 |
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|
1 |
Rs.101.68 |
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Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
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.