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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SANGAR ELECTRONICS (HK) LTD. |
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Registered Office : |
Room 502, 5/F., Wellborne Commercial Centre, 8 Java Road,
North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.07.2006 |
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Com. Reg. No.: |
36941276 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Heater, DVD Player,
MP3 Player, Home Theatre, TV Monitor, LCD, Portable DVD |
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No of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
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.
|
Source
: CIA |
SANGAR ELECTRONICS
(HK) LTD.
ADDRESS: Room 502, 5/F., Wellborne
Commercial Centre, 8 Java Road, North Point, Hong Kong.
PHONE: 852-3694 0692
FAX: 852-3529 2399
E-MAIL: ricky@sangarelec.com
Managing Director. Mr. Chamkaur
Singh Sangar
Incorporated on: 8th July, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: HBZ
Finance Ltd., Hong Kong.
Banking Relation: Satisfactory.
SANGAR ELECTRONICS
(HK) LTD.
Registered Head Office:-
Room 502, 5/F., Wellborne Commercial Centre, 8 Java Road,
North Point, Hong Kong.
Associated
Company:-
Murthy Management Consulting, Hong Kong.
(Same address)
36941276
1057884
Managing Director. Mr. Chamkaur
Singh Sangar
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 08-07-2013)
|
Name |
|
No. of shares |
|
Chamkaur Singh SANGAR |
|
10,000 ===== |
(As per registry
dated 08-07-2013)
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Name (Nationality) |
Address |
|
Chamkaur Singh SANGAR |
Flat D, 5/F., Block 2, Aidrich Garden, Shaukeiwan, Hong Kong. |
(As per registry
dated 08-08-2013)
|
Name |
Address |
Co. No. |
|
High Sky Ltd. |
Unit 20, 12/F., Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon
Bay, Hong Kong. |
0426584 |
The subject was incorporated on 8th July, 2006 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: Heater,
DVD Player, MP3 Player, Home Theatre, TV Monitor, LCD, Portable DVD, etc.
Employees: 4.
Commodities Imported: China, etc.
Markets: Europe,
Middle East, Africa, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C or as per contracted.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: HBZ Finance Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Sangar Electronics
(HK) Ltd. is wholly owned by Mr. Chamkaur Singh Sangar, Ricky who is an India
merchant. He is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject has had an office in Shenzhen Special Economic Zone,
China. It is trading in household
appliances and audio/video electronics.
The subject is trading in the following commodities:-
Heater, DVD Player, MP3 Player, Home Theatre, TV Monitor, CRT LCD,
Portable DVD, other Electronic Products, Electrical Products, Electric Fans,
etc.
The prime markets of the subject are Europe, the Middle East, Africa,
and some of the Asian countries.
Business is normal.
The subject’s business is chiefly handled by Chamkaur Singh Sangar,
Ricky himself. He can be reached at his
mobile phone number in Hong Kong at 852-9342 1264. Another contact person of the subject can be
reached at his Hong Kong mobile phone number 852-9342 4618.
The subject also receives OEM orders.
The subject has had a number of affiliated manufacturing factories in
Shenzhen Special Economic Zone, China.
Its Shenzhen company commenced business in 2003.
The subject has had an associated company Murthy Management Consulting
[MMC], a Hong Kong-registered company located at the same address. The contact person of MMC is also Chamkaur
Singh Sangar. MMC offer clients with
management consulting, insurance, financial services, etc.
As the history of the subject is about eight years in Hong Kong, on the
whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
26-06-2007 |
Instrument: Lien
& Set-Off Agreement Property: Fixed Deposit as
per enclosed schedule in the Name of Sangar Electronics (HK) Ltd. Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For secure (general credit facilities) allowed to Sangar Electronics
(HK) Ltd. from time to time by HBZ Finance Ltd. |
|
20-09-2012 |
Instrument: Lien
& Set-Off Agreement Property: Fixed deposits of the company set out
below & extensions or renewals Deposit No.: 405 Amount:
US$37,342.81 Maturity Date:
28th November, 2012. Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For secure (general credit facilities) allowed to Sangar Electories
(HK) Ltd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 58.42 |
|
|
1 |
Rs. 98.28 |
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Euro |
1 |
Rs. 80.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.