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Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUNSHINE INTERNATIONAL MINERALS
(HONG KONG) LTD. |
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|
|
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Registered Office : |
c/o X1Street
Ltd. Room 1803, 18/F., Kai Yue Commercial Building, 2C Argyle Street, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.12.2011 |
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Com. Reg. No.: |
59211329 |
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Legal Form : |
Not Available |
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Line of Business : |
Subject is a stone and stone product trader |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
SUNSHINE
INTERNATIONAL MINERALS (HONG
KONG) LTD.
ADDRESS:
Registered
Office:-
c/o X1Street Ltd.
Room 1803, 18/F.,
Kai Yue Commercial Building, 2C Argyle Street, Kowloon, Hong Kong.
Associated
Companies:-
Shanghai Yali Stone Co. Ltd., China.
Sparkle Minerals Pvt. Ltd., India.
Sunshine Granites Pvt. Ltd., India.
Xiamen Yali Stone Co. Ltd., China.
Yali Stone (Hong Kong) Ltd., Hong Kong.
Yali Stone Materials Co. Ltd., China.
Yali Stone, India.
59211329
1685842
1st December,
2011.
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2.00
(As
per registry dated 01-12-2013)
|
Name |
|
No.
of shares |
|
CHEN
Guokuan |
|
1 |
|
DOU Yangjun |
|
1 |
|
|
|
–– |
|
|
Total: |
2 = |
(As
per registry dated 01-12-2013)
|
Name (Nationality) |
Address |
|
CHEN Guokuan |
Room 402, Zhang Le Ge, Zhongyang Garden,
Fumin Road, Futian District, Shenzhen, China. |
(As
per registry dated 01-12-2013)
|
Name |
Address |
Co.
No. |
|
X1Street
Ltd. |
Room 1803, 18/F., Kai Yue Commercial Building, 2C Argyle Street,
Kowloon, Hong Kong. |
0711224 |
Sunshine
International Minerals (Hong Kong) Ltd. is equally owned by Mr. Chen
Guokuan and Mr. Dou Yangjun. The subject
has just issued 2 ordinary shares of HK$1.00 each while each of the
shareholders holds a single share.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at “Room
1803, 18/F., Kai Yue Commercial Building, 2C Argyle Street, Kowloon, Hong Kong”
known as “X1Street 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
subject has had an associated company in Hong Kong known as Yali Stone (Hong
Kong) Ltd. [Yali Stone], a Hong Kong-registered company located at a different
address. Yali Stone is also
equally-owned by the shareholders of the subject.
The
subject and Yali Stone are engaged in the same lines of business.
The
subject is a stone and stone product trader.
To our knowledge, the subject is an associated company of Yali Stone
Materials Co. Ltd. [YSM] which is a China-based firm.
Besides
the subject, YSM has had associated companies in Xiamen Special Economic Zone,
and Shanghai of China. It also has had a
“Mineral Department” in India. YSM’s
purchasing department in India is known as Yali Stone.
In
India, YSM is operating the followings:-
An
iron ore project, Tan Brown Mine, Black Galaxy Mine, Maple Red Mine, Indian
Grey Mine, Indian Azul Mine, New Indian Red Mine, etc.
The
subject’s main associated company Xiamen Yali Stone Co. Ltd. [Xiamen Yali] is
also a China-based firm. Xiamen Yali is
operated and owned by Chen Guokuan.
Xiamen
Yali has been at natural quarry exploitation and granites international trade
more than ten years. Every year it
purchases more than 600,000 tons of granites from India, Europe, Brazil and the
United States. Then our clients process
those raw stone materials in their factories into various types of stone
products which are supplied to the China and global markets. It is proficient in the complexity and
flexibility of the stone market. Relying
on our rich experience and deep comprehension of the market, Xiamen Yali will
become a large and professional importer and supplier of granites in China.
Apart
from Xiamen Yali, the subject has had another associated company Shanghai Yali
Stone Co. Ltd. [Shanghai Yali], a China-based firm. This firm is operated by Dou Yangjun.
Besides,
the subject also has had the following two associated companies in India:
·
Sunshine Granite Pvt. Ltd.; &
·
Sparkle Minerals Pvt. Ltd.
Sunshine
Granite is jointly owned by the shareholders of the subject and two India
merchants. This company was incorporated
on 29th July, 2010 and its paid up capital is Rs. 23,548,000.
Sparkle
Minerals is jointly owned by the shareholders of the subject and three India
merchants. This company was incorporated
on 8th January, 2010 and its paid up capital is Rs. 49,900,000.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is just over two years.
On
the whole, 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
|
|
1 |
Rs.98.40 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.